Over 75% of firms planning to increase investment in research and development

Over three quarters (77 per cent) of firms in Ireland plan to increase their investment in research, development and innovation (RDI), a recent survey has found.

Research by the Innovation Index reveals 60 per cent of businesses cite a lack of funding as the primary barrier to increasing innovation.

Over 40 per cent of businesses identified the time-consuming nature of grant administration as a significant obstacle to RDI activities.

The research also found 77 per cent of businesses plan to increase RDI spending in response to challenges like AI and talent shortages.

Just over half of multinational corporations feel that Ireland’s RDI grants and R&D tax credit support compare equally or favourably to other countries, while 13 per cent said the Irish system compares negatively, and 36 per cent were not sure.

Ireland ranks 22nd on the Global Innovation Index, behind leading countries like Switzerland (1st), Sweden (2nd), the US (3rd), the UK (4th), and the Netherlands (5th).