Innovation is at the heart of all successful businesses.The benefits can be significant – from developing products and services that secure a competitive advantage to reducing costs and accessing incentives and funding. As Ireland takes further steps towards economic recovery and growth, fostering innovation has never been more important. At KPMG, we work with forward thinking businesses in every sector.
This report, our third annual KPMG Innovation Monitor, is produced by KPMG’s R&D Incentives Practice in conjunction with RedC Research. It highlights many of the issues affecting innovation in Ireland including business attitudes to innovation, tax incentives, R&D tax credits and linkages to universities. Amongst the report highlights it is encouraging that 87% of those surveyed believe that Irish companies are either more innovative or the same as other countries, an increase of 5% on last year.
One of the reasons for producing this report is to help understand the overall environment for innovation in Ireland. We believe it is essential to know what is working and what needs improvement. For example, the R&D tax credit regime has enabled businesses to invest in new/ enhanced products, services and processes across a wide range of sectors. However, as with all policies, it needs constant review as Ireland competes as a business location with many other destinations with equal ambition. The purpose of this report is to help inform the conversation amongst business, Government and other stakeholders about the best ways to promote innovation in Ireland.
We hope that it provides you with an interesting and thought-provoking snapshot of innovation led issues. If you are in business and looking to build more innovation in your enterprise, please do get in touch with us.
Shaun Murphy, Managing Partner, KPMG in Ireland