World history has evidently been buttressed by technological innovation, research, and development. Similarly, the future of civilization is dependent on whatever technology has to offer. This is one of the reasons why Ireland is sorely focused on fostering local innovative businesses that attract significant foreign investment.
The Irish government commandeered the creation of the Research, development and innovation fund to aid micro and macro companies with funding for their research projects, fully developed and conceptualized ideas and also local unique innovative business processes.
Which projects qualify for funding
To apply for the Research and development fund a project must meet at least one of the two essential criteria.
- The first criteria being the invention of new technological concepts, contemporary business amenities, and facilities and or fresh business operating procedures that create a back breaking hurdle for the business during the preliminary stages of the project.
- The second criteria focuses on promoting and refining business innovation projects. Companies that have fully developed and advanced business models, service provision and delivery techniques qualify for the scheme.
The main perspective in which the RD&I fund is awarded in both criteria above is to promote companies to create unique ideas, progressive technology and above all fresh business delivery models. The fund also ensures that thriving businesses get a predatory and competitive shot at an international corporate level of business ascertainment and service provision.
The companies or business entities applying for the RDI funding scheme are required to meet a positive turn over value after all accrued interest rates, tax rates, depreciation value of assets and ammotization of capital liabilities has been set and deducted. Every applicant must also provide evidence of a stable stream of revenue not less than €500 000 within the past 6 months. Note that this shouldn't include external funding or capital investment of any sort.
The funds allocated to entities differ from one entity to the other; and the variance is mainly brought about by size of the busines entity and uniqueness of the applicant project. The figures below summarise the values allocated to each specific project and company.
Research & Development programme support scheme grants a maximum of €650,000 per applicant.
Small Companies and entities receive up to 45% of the total amount required to sustain the project whilst medium Companies can access up to 35% of the total amount required. The grant avails only up to 25% funding of the total project cost to large corporates and macro business institutes. Business Innovation Projects can only acquire a maximum grant of €150,000.
The Research Development and innovation funding program is one of the many business propagatory financial aid schemes availed to Irish companies and enables them to run agile and competitive businesses. It should be noted that other financial aid opportunities include the Europe Regional Development Fund which has helped several entities to stay afloat in the business game among many others.
For more details and assistance regarding RDI funding in Ireland, you can reach out to our expert consultants. Our highly experienced and well-informed team is ready to answer all your questions and give you all the help you might need.