Enterprise Ireland
Annual Report and Accounts 2007
Annual Report and Accounts 2007
Ireland as a nation showed itself to be innovative in 2007 when, as part of an innovation creation exercise, it became only the second country in the world to introduce Innovation Vouchers.
The Enterprise Ireland-managed Innovation Vouchers initiative, launched in July by Minister Micheál Martin has captured the imagination of the Irish small business community.
Enterprise Ireland completed three phases of the €10 million initiative by year-end, allowing a total of 428 Irish companies to benefit.
Under the initiative any small company in any sector can apply for one of the €5,000 vouchers. If successful, the company exchanges the voucher for advice and expertise from one of 24 ‘knowledge providers’ – participating Institutes of Technology, Universities and public research bodies – located throughout the country.
The initiative also allows companies to pool vouchers and jointly purchase research from the institutions.
Pioneered in the Netherlands, the initiative encourages small companies to work together with public knowledge providers on specific innovation questions and projects related to individual company needs.
A successful application for an Innovation Voucher must involve an innovative solution, provide additional value for the company and have ongoing benefits.
Minister Martin presented Ireland’s first Innovation Voucher to Applied Thermal Imagery Ltd in July. The Cork company is using the voucher to improve its knowledge of thermal imaging and heat-loss in construction projects, which will help strengthen its competitiveness.
Another company is planning to develop a tidal stream renewable energy system in association with the Hydraulic and Maritime Research Centre at University College Cork. Water Element Engineers Ltd needs to develop and test new prototypes and the voucher is helping to get the project started.
Other companies have used the vouchers for projects as diverse as anti-counterfeiting technology, enhancing the quality and consistency of soft and semi soft cheeses, remote sensing and digital mapping.
Enterprise Ireland believes support for innovation, particularly in small companies, is essential in developing the knowledge economy.
www.innovationvouchers.ie (link opens in a new browser window)
