The NHIRC was created in 1991 by the New Hampshire Legislature, designating $500,000 annually to increase collaboration, technology development and innovation between New Hampshire businesses and universities. Businesses match their project awards to fund research which often leads to new products and processes. Outcomes include:
- Increased competitiveness and profitability for businesses.
- An increase in the tax-base and in the number of quality jobs.
- Additional funding from venture capitalists.
- Federal funding of Small Business Innovation Research (SBIR) awards.
- Federal funding (EPSCoR) for NH educational institutions.
Other benefits from NHIRC projects can include:
- Use of specialized equipment at universities that individual companies could not purchase.
- Field experience for students sometimes leading to employment following graduation.
- Patenting and/or licensing research, often leading to commercial ventures.
- Testing a theory before investing substantially.
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“The history of industrial persistence in New Hampshire demonstrates the importance of constant reinvention. Innovation is the key to maintaining an economic base in manufacturing, and innovation depends on research, and applying research to economic development.”
April 2007, Governor John Lynch