MIT Medialab EU announces closure because its principal stakeholders have not reached agreement on a new funding model for the organisation.

Initial funding for the lab came from the Irish Government and it was expected to gradually become self-financing through securing corporate funding for its research activities. However, the climate of the past four years has proven extremely difficult for the lab, MIT and the international ICT sector.

Media Lab Europe was launched in 2000 as a ground-breaking research and innovation laboratory in the fields of digital technologies. Since its establishment, it has built up expertise in a range of innovative research.

Sam Kinsley ads in a comment: Karlin Lillington, of The Guardian, provides some good commentry on the reasons behind the closure of MLE and what we can learn from it.