Enterprise Ireland has launched a new ‘fast-track Agile Innovation Fund’, to give SMEs rapid access to R&D funding.
The new grants are for businesses to respond more quickly to the threats posed by Brexit.
The new agile fund will allow companies to access up to 50% of their R&D spend in support for product, process or service development projects with a total cost of up to €300,000.
“In the context of Brexit, investment in Irish innovation will prove to be a key driver of global growth for Irish companies, helping them to diversify their product base, be competitive, and allow them to build their scale and reach into new markets,” says Julie Sinnamon, Enterprise Ireland CEO.
“This fund will enable many Irish companies to respond quickly and effectively to the challenges posed for their business by Brexit.”
Such grants work. A survey of 2,000 Enterprise Ireland clients in 2016 found that those who availed of innovation supports (specifically capability, funding and collaboration support) saw on average a 67% growth in global sales.