The programme was launched in 1998, a "quantum leap to help create a knowledge economy" attributed to the vision of Irish-American businessman Chuck Feeney, founding chair of Atlantic Philanthropies.
[5] Approximately €230 million was allocated for major research initiatives in fifteen higher education institutions.
[citation needed] Cycle 5 of PRTLI funding was announced in 2010, involving €277m of state expenditure, and a further €59m of private investment.
[10][2] Don Thornhill, former secretary general of the Department of Education and Science (1993-1998) and former chair of the HEA (1998-2005), later wrote:[4]The step changes in the funding of research excellence introduced by PRTLI as well as the... SFI programmes enormously strengthened the "knowledge and human capital" endowments of the Irish third level sector.
It also provided the foundations for the export and technology-based recovery of the Irish economy in the aftermath of the 2008 economic collapse.