Irish companies have one of ‘weakest innovation records’, IVCA says

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Irish Venture Capital Association argues that State’s domestic SME sector must be boosted despite FDI performance

Ireland’s success in attracting foreign direct investment has “masked the fact” that it has one of the weakest innovation records among small but advanced economies, venture capitalists have said.

“Indigenous enterprises with global ambition and the entrepreneurs that found them face considerable challenges in accessing risk finance to scale their businesses,” the group said.‘I find I am less impulsive shopping online than I am in person’Slow pace of infrastructure and skills development could seriously hobble foreign investment

“To ensure that the indigenous economy drives economic growth, it is crucial to significantly increase the number of R&D-intensive companies and the funding available for their growth and scaling,” the IVCA said. The IVCA submission outlined how other European countries, including Denmark, France and the UK, have already generated scaling finance for start-ups and SMEs through access to pension and sovereign wealth funds.

 

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