70% of Irish SMEs lack R&D budget

MORE than 70% of Irish SMEs lack a budget for research and development (R&D), according to a survey conducted by Network Ireland, the national representative body for women in business.

The survey identifies the need for EU assistance for SMEs to do more business in mainland Europe.

It found that only 5% of respondents are actively collaborating with other European organisations on an R&D footing and nearly 97% haven’t sourced any EU funding in the past three years.