Small businesses urged to invest in R and D

SMALL businesses in the mid-west region are missing out on huge opportunities by failing to invest in research and development (R&D), manufacturing and marketing, a leading academic from Limerick Institute of Technology (LIT) said over the weekend.

LIT director Maria Hinfelaar said homegrown companies needed practical assistance to place marketing at the centre of their business and that local SMEs needed to be able to respond quickly to changing markets.

Dr Hinfelaar was speaking at a major regional marketing conference at Limerick's Radisson SAS hotel that was organised by employers group IBEC.

The conference was attended by 80 representatives from companies in the region.

"It is imperative that Ireland's indigenous SME base develops to compete successfully on the international stage, if our economic success of the last decade is to continue," she said.

"Key to that success is excellence in R&D, manufacturing and marketing."

Dr Hinfelaar said Ireland's small domestic market meant even small businesses needed to export if they wanted to grow and develop and local companies should take note of State-backed help that was on offer.