Small businesses in Limerick City & County encouraged to access innovation funding
Small companies from across the region are being encouraged to put innovation at the very top of their business agenda.
To help make this a reality, Eamon Ryan, CEO of Local Enterprise Office Limerick is highlighting the new Agile Innovation Fund from Enterprise Ireland which can give local companies rapid access to innovation funding.
The new measure has been introduced by Enterprise Ireland and can help clients of Local Enterprise Office Limerick 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 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.
Highlighting the fund to local companies, Eamon Ryan, CEO of Local Enterprise Office Limerick 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 will make this fund very appealing to small businesses in our county is that it can help fund areas like the development of prototypes, consultancy services and even staff salaries, where eligible.”
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.”
DATA STORAGE AND MANAGEMENT LTD based in Limerick, has recently availed of innovation funding through Local Enterprise Office Limerick. Wendy Ryan, Managing Director of Data Storage and Management Ltd. said:
“Over the past twenty years, our company has had to constantly re-invent itself in response to the changing needs of its customers, so the need for innovation and change management has been ongoing. New and innovative technology that was the subject of this funding is now helping us drive new business and retain existing business by demonstrating to our customers how we can provide encrypted and password protected access to our database and their records in a more efficient and cost-effective manner.”
