SMEs score in research funds

SMALL and medium companies are predominant in an increased share of funding to industry here in the latest update on disbursement of a €50 billion EU research fund.

More than €55 million has been awarded to businesses here out of a €213m dividend received by Ireland to date from the seventh framework programme (FP7) for research and technological development. Although higher education colleges secured €130m, or 61% of the funding here, the 26% going to industry shows a much higher participation rate from the sector than in the last stage of the programme, according to the Department of Enterprise, Trade and Innovation.

“SMEs account for over 69% of the funding to private industry, funding that is enabling Irish SMEs to collaborate with world-class research teams across Europe,” a department report on Irish success in the FP7 announcement said.