22/03/2007

Minister Announces Innovation and Research Initiatives

Irish Minister for Enterprise, Trade & Employment Micheál Martin has unveiled a 10m euro fund to assist small Irish firms to become more innovative.

He also outlined further details of a network of Competence Centres to be created between companies with high-level R&D spend and with highly trained researchers which are expected to significantly contribute to Ireland’s knowledge economy.

Speaking at the launch Minister Martin said “Innovation Vouchers are the push that many small Irish companies need to explore what part they can play in building our knowledge led economy. This is a great opportunity for small companies to take part not only in the Irish pilot of this innovation creation exercise, but to be amongst the first small companies in Europe to take this step”. Pioneered in the Netherlands, Innovation Vouchers give small companies access to the vast knowledge available in Irish Institutes of Technology, Universities and other public research bodies. These vouchers worth €5,000 can be used by the average small Irish company to bring in knowledge that is new to the company.

Ireland is only the second country to introduce Innovation Vouchers as part of an effort to create a cultural shift in the small business community’s approach to innovation.

While small Irish companies continue to improve their productivity performance, few outside the high-tech sector spend more than €100,000 on R&D per annum. Innovation Vouchers will open doors to knowledge providers and give the financial support to start them on the innovation ladder.

(CD)

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