75% of SMEs don’t have R&D budget, survey finds

ALMOST three quarters of small Irish firms surveyed said they don’t have a budget for research and development (R&D) included in their business strategies.

The Network Ireland survey also found that two-thirds of owner managers want to develop their businesses in Europe.

However, the majority of respondents said they have not sourced European funding in the past three years.

The online survey, which was completed by almost 400 people in the SME sector, show there is a need for better communications and encouragement for companies who wish to do business in Europe.

President of Network Ireland, Mary Kershaw said: “I believe that all member states and the European Union need to work with industry to promote doing business in Europe, by opening up new markets through better communications and increased access to EU research and development opportunities for these companies.”

The survey, which set out to establish how the EU can assist Irish SME’s to sustain and generate jobs, will be presented to Commissioner Máire Geoghegan Quinn.

The survey found that 43% of the companies currently do business in other European countries and more than half of them said they supply goods and services in Europe with Britain, Germany, Spain, Italy and Belgium popular markets.

One-third of businesses are also interested in joint ventures with European companies.