Ireland as a knowledge economy: availability of grant aid and incentives |
The Irish Government’s Strategy for Science, Technology and Innovation (STI) aims to further elevate Ireland’s status among the elite as an attractive location to do business. The strategy is based on a vision of placing Ireland firmly on the global map in terms of the excellence of our research and its application for the benefit of society.
The Irish Government’s commitment to implementing the strategy for STI was demonstrated in Budget 2009 whereby they provided €265 million for overall capital funding in third level institutions, €135 million to enable Enterprise Ireland to assist R&D intensive companies and €179 million to Science Foundation Ireland to support R&D.
The above commitment by the Irish Government was again reiterated when it launched a report at the end of 2008 entitled “Building Ireland’s Smart Economy: A Framework for Sustainable Economic Renewal”. This commitment has continued throughout 2009. The vision is to establish Ireland as “The Innovation Island” by creating an exemplary research, innovation and commercialisation economic environment.
Outlined in the report below is a summary of the range of financial supports which the Industrial Development Agency (IDA) provides to companies, in particular to companies that focus on R&D and high end manufacturing, together with an overview of the many tax incentives available.
The type of grant aid available from the IDA includes:
- Research, Development and Innovation (RD&I) grants
- Employment grants
- Capital grants
Ireland as a knowledge economy: availability of grant aid and incentives
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