Donegal acquatech businesses encouraged to apply for BIM mentoring programme

Ambitious aquatech businesses in Donegal are being encouraged to apply for a groundbreaking Bord Iascaigh Mhara (BIM) mentoring programme by the Minister for Agriculture, Food and the Marine, Charlie McConalogue.

Announcing that BIM is teaming up again this year with aquaculture accelerator, Hatch Blue, for its popular Innovation Studio, the Donegal minister commented: “I am delighted to announce applications are open for the 2024 BIM Innovation Studio which has fostered a wealth of innovation, energy and talent in Ireland’s growing aquatech sector since its inception seven years ago.”

“This programme offers a unique opportunity for companies with technology applicable to the globally important aquaculture sector to improve their investor readiness and increase market access. Ireland is leading the way in the development of the aquatech sector with some 60 Irish aquatech companies turning over €200 million in 2022 with the potential for significant growth and job creation.”

Welcoming the €15 million investment by ISIF in the Blue Revolution Fund, which invests in early stage aquatech companies, Minister McConalogue added: “This is a huge vote of confidence in the sector which has enormous potential.

"Aquatech companies can advance the health of the oceans while providing sustainable seafood regenerative ecosystem services and community benefits.”

The free, intensive two-week mentoring programme is aimed at supporting young aquatech companies in all aspects of development including technology and investment.

BIM’s Aquatech Development Programme is supported by the European Maritime, Fisheries and Aquaculture Fund (2021 – 2027) with an investment of €380,000 in 2024. The aim of the BIM Innovation Studio is to grow Ireland’s €200 million aquatech business and to position the country as the “Silicon Valley” of the sector.Now in its seventh year, some 50 projects and companies have completed the Innovation Studio, and have attracted a total investment of around €15 million, creating more than 200 hi-tech jobs.

Aquatech is any technology or innovation driving sustainable seafood farming, and it can be applied progressively to the breeding, raising, and harvesting of fish, shellfish, and aquatic plants. The BIM Innovation Studio offers opportunities for companies in areas such as pharmaceuticals, marine engineering, genetics, feed additives and artificial intelligence.

Applications for the BIM Innovation Studio are open until July 19. The BIM Innovation Studio takes place from October 1 to October 10 at the Lee Hotel, Cork City. Several companies will then be selected to pitch at the BIM Aquatech Conference on October 11 where the winner of the BIM Aquatech Business of the Year 2024 will also be announced. Eight to ten successful applicants will be matched with experienced mentors to further develop their business strategy, product, or service. They will also have access to a global network of aquaculture technical experts.

The Innovation Studio supports the ambitious goals set out in the Department of Agriculture, Food and the Marine’s Food Vision 2030 Strategy, including promoting Ireland as a knowledge base for aquaculture technology and research and attracting external investment into the sector.

Significant growth occurred in the seafood-tech sector over the last five years with the number of active companies growing from 42 in 2016 to 62 in 2021, according to BIM’s Business of Seafood 2022 report. Over this period employment in these companies increased from 517 in 2016 to 892 in 2021 while turnover increased from €86m in 2016 to €217m in 2021.