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Innovation

Ireland above EU average for innovation - study

A Europe-wide study rated us highly for research and skills – but noted a lack of financial support for innovative products.

IRELAND IS PRODUCING better innovation than many other European countries, according to a new study which found we are above average in the EU.

Excellent research systems and good human resources were particular strengths highlighted in the Innovation Union Scoreboard report on all 27 EU member states.

However, the report noted a “strong decline” in small businesses introducing innovative products, and said entrepreneurship was a weakness overall.

The availability of finance was also cited as a drawback. Organisations representing small and medium enterprises have repeatedly highlighted difficulties in securing credit from banks.

Sweden, Denmark, Germany and Finland topped the EU chart, qualifying as “innovation leaders” with performance well above average.

Ireland was part of a larger group dubbed “innovation followers”, just above the average mark. Ireland came just behind Luxembourg and the UK, and just ahead of France.

More: Small businesses report more difficulty in securing bank credit>

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