It was announced today that Enterprise Ireland has launched a new fast-track Agile Innovation Fund, to give companies rapid access to innovation funding.

The new measure has been introduced by Enterprise Ireland for companies to respond more quickly to market opportunities and challenges, including those posed by Brexit.

The new fund will allow companies to access up to 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.

Launching the Agile Innovation Fund, An Tánaiste and Minister for Business, Enterprise and Innovation, Frances Fitzgerald TD said, "Innovation is a proven source of advantage and a driver of competitiveness and global performance for companies. Enterprise Ireland’s Agile Innovation Fund will help deliver on the Innovation 2020 action of optimising enterprise innovation supports and increasing their accessibility to firms. The Government has a strategic and concerted approach to supporting businesses to adapt to Brexit, and this new fund will further support Irish companies as they respond to these challenges."

Enterprise Ireland CEO, Julie Sinnamon added, "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. Historically, Enterprise Ireland client companies who have received funding to build their innovation capability have seen tangible exponential growth in their global sales performance."

Source: www.businessworld.ie