Agile Innovation Fund

Local Enterprise Offices are highlighting the new fast-track Agile Innovation Fund from Enterprise Ireland, that can give small companies from across the country rapid access to innovation funding.

The new measure has been introduced by Enterprise Ireland and can help clients of Local Enterprise Offices respond more quickly to market opportunities and challenges, including those posed by Brexit.

Offering fast-track approval and a streamlined online application process, the new Agile Innovation Fund will allow companies, including small companies, to access up to 45% or 50% in support for product, process or servicedevelopment 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% growth in global sales.

Julie Sinnamon, Enterprise Ireland CEO said: “Investment in innovation delivers for small businesses. Enterprise Ireland has designed and tailored this new fund to precisely meet the needs of Irish companies, including small companies – substantial financial support for innovation, localisation and product development, a streamlined online application and a fast-track approval process. Enterprise innovation is a key differentiator in competitive markets and Enterprise Ireland’s Agile Innovation Fund will assist companies in their innovation agenda.This fund, which is open to clients of Local Enterprise Offices, will enable many Irish companies to respond quickly and effectively to the challenges posed for their business by Brexit.”

Highlighting the fund to clients of Local Enterprise Offices, Oisin Geoghegan, Chair of the network of Local Enterprise Offices said: “The new Agile Innovation Fund is targeted at small companies with short product life cycles, which need to develop products rapidly. There’s a streamlined online application process for clients of Local Enterprise Offices, with fast-track approval. What makes this fund very appealing to small businesses is that it can help fund areas like the development of prototypes, consultancy services and even staff salaries, where eligible.”

Neurent Medical Ltd, a medical device company in Oranmore, has recently availed of innovation funding through its Local Enterprise Office in Galway. In May, the company announced plans to create up to 25 new jobs, after a successful fundraising round.

To apply or for more details visit globalambition.ie/agile