Enterprise Ireland has launched a new fast-track Agile Innovation Fund aimed at giving companies rapid access to innovation funding. The new measure has been introduced by Enterprise Ireland for companies to respond more quickly to market opportunities and challenges, including those posed by Brexit.
Offering fast-track approval and a streamlined online application process, Enterprise Ireland’s new fund will allow companies to access up to 50 per cent in support for product, process or service development projects with a total cost of up to €300,000.
Responding to the export challenges and opportunities presented to companies, the new fund is designed to help companies develop new products, processes and services for new market opportunities, enabling exporters to respond quickly and maximise export performance.
Investment in innovation by Irish companies has been found to be a key factor in driving their global performance. A survey of 2,000 Enterprise Ireland clients in 2016 found that those who availed of innovation supports (specifically capability, funding and collaboration support) reported on average a 67 per cent growth in global sales.
Launching the Agile Innovation Fund, Julie Sinnamon, Enterprise Ireland CEO, said: “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. Historically, Enterprise Ireland client companies who have received funding to build their innovation capability have seen tangible exponential growth in their global sales performance.
A number of Irish companies, including Cartoon Saloon, Mcor, Irish Dog Foods, Alpha Wireless and Ventac have already successfully availed of R&D funding via Enterprise Ireland.