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Ireland tops EU for SME ‘innovation’ amid decline in funding

Posted in: All / Posted on August 3, 2016

The European Commission has released new data suggesting that Ireland’s small businesses rank highest in the EU for “innovation”.

The Commission’s “digital scoreboard” says Irish SMEs came out on top in a comparison among 28 member states because of their strong record of “in-house innovation, the fast growth of jobs in the Irish innovation sector and the high growth in knowledge-intensive industries”.

However, the Commission also said that finance for Irish businesses has declined in the last 12 months by at least 5pc.

And it claims that the venture capital investments have gone down by 8.8pc, a figure that appears to clash with rival statistics from the Irish Venture Capital Association, which has reported a doubling of venture funding in the first three months of the year to €237m.

The bulk of the Commission’s positive report on Ireland is associated with licence and patent revenues from abroad.

The Commission was unable to clarify whether this includes revenue from multinational firms that have bases in Ireland.




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