Irish businesses should apply for biggest ever EU innovation fund

Issued : Monday 19 July, 2010

"Irish businesses and universities should start applying for funding the EU's largest ever research fund.

"The latest EU package for research and innovation comes to €6.4 billion.

"This fund is aimed at developing smart and sophisticated ideas into commercialised and profit making businesses that can help solve problems like climate change.

"If Ireland is marketing ourselves as the innovation island, then we should be trying to maximise our benefits from this fund.

"Over 3,000 SME's are set to benefit from the funding Europe-wide, but many Irish companies would be well-placed to benefit from this fund.

"If we are trying to target the energy, digital and bio-technology sectors to drive our economy in future, using this fund can help many businesses make the leap from research ideas into commercial reality.

"This fund has been extended into new areas like health research for new medicine trials as well as increased investment in communications technology.

"The fact that we have an Irish commissioner over the portfolio will hopefully encourage more businesses to apply for funding.

"We are trying to create a high-end, resilient and flexible economy. Research and innovation is the essential component of that. We can use Europe to help stimulate our economy

"The fact that the Commission is increasing its investment in this programme shows the direction we need to take as an economy.

"Smart and innovative growth is clearly the way to go. I would just hope that the government deliver on this front rather than giving pious platitudes to our innovation community saying they are building a smart economy, but not backing it up with any action."