By Philip Hayden, 3rd January 2019
It is no secret that Ireland has spent many years supporting Irish innovation through homegrown businesses and attracting foreign investment using various development and grant schemes. The Research, Development & Innovation funding (RD&I funding) is one of a large suite of funding options available to new and existing businesses. The RD&I fund is specifically targeted towards Small, Medium and Large companies that develop new or substantially improved products, services or processes. The key element of this funding scheme is to aid the Irish companies in gaining a competitive advantage in their chosen field.
What projects are eligible for RD&I funding?
There are two distinct categories under which an application to the Research, Development & Innovation fund can be made.
- Research & Development Support – this covers new products, services or processes that present a technical challenge for the company.
- Business Innovation Projects – This category focuses on the delivery or production methods when it comes to new services.
The principle aspect in both versions of funding is that the aim must be a relatively unique approach rather than simply adhering to best practice within the chosen industry. This is because the funds are meant to encourage and support Irish innovation.
Another requirement is that the Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) figure must be positive in the last set of accounts/within the last nine months for the applicant company. In addition, sustainable revenue of €500,000 must be displayed and no other finance should have been received in the last six months.
What amount of funding can I access?
Funding levels will vary depending on company size and the type of project applied for. The below highlights the breakdown of the same.
- Research & Development Support – Maximum Grant €650,000
- Small Companies up to 45% of the total amount required
- Medium Companies up to 35% of the total amount required
- Large Companies up to 25% of the total amount required
- Business Innovation Projects – Maximum Grant €150,000
- All Company Types up to 50% of the total amount required
While the conditions and eligibility for a Research, Development & Innovation fund award can be restrictive, it is worth noting that this is just one of a wide range of funding options available to new and existing businesses. Other examples include the European Regional Development Fund (ERDF) or the Agile Innovation Fund.
Research Development & Innovation funding can be applied for by new or existing Irish limited companies from Enterprise Ireland. To learn more about opening a company in Ireland to avail of the various funding opportunities please Contact Us or call us on 01-6461625.