Tuesday 17 September 2019

EI launches fast-track funding for companies

Paul Stack, Marco Beverage, with EI CEO Julie Sinnamon
Paul Stack, Marco Beverage, with EI CEO Julie Sinnamon
Ellie Donnelly

Ellie Donnelly

Enterprise Ireland yesterday launched a new fast-track Agile Innovation Fund which gives companies rapid access to innovation funding in response to market opportunities.

The new structure will allow companies to access up to 50pc support for product, process or service development projects with a total cost of up to €300,000.

The moves is aimed in particular at enabling exporters to respond quickly and maximise export performance, and its part of a wider push to encourage firms to diversify from the established UK export market.

"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," said Enterprise Ireland CEO Julie Sinnamon.

A previous recipient of EI R&D funding, Paul Stack of Marco Beverage Systems, said the support can help drive the innovation agenda at a firm. "For us, Enterprise Ireland funding for one product generated platform technologies that could be used in others and this innovation transformed our brand awareness and opened new markets.

"People sometimes see an R&D grant as something to get a product to market, but a reputation for innovation also increases your brand value and drives sales all by itself," he said.

Irish Independent

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