Commissioner: EU facing an innovation emergency

IRELAND is one of just two EU countries where the spend by industry on research and development (R&D) fell last year.

While it grew in the EU overall, Innovation Commissioner Máire Geoghegan-Quinn warned of an innovation emergency. She is hosting Europe’s first Innovation Convention in December, at which some of the world’s top business people, including Ryanair’s Michael O’Leary, will give a master class on innovation.

Ireland remains in the top 10 EU countries for spend on R&D by its businesses but makes up just 1.5% of the EU’s spend, putting the country at the bottom of the table.