The Government has launched a new scheme which it says will make €500m available to companies in all areas of the economy for research and development (R&D).
The money will be allocated by IDA Ireland and Enterprise Ireland and will be available under the Government's science, technology and innovation strategy until 2013.
Enterprise, Trade & Employment Minister Micheál Martin said the new grant scheme would be streamlined to make the application process as straightforward as possible for companies.
Under the new scheme, repayable grants will be scrapped and funding will be open to companies in the service sector. Collaborations between companies or with third-level institutions will be eligible for funding, while increased funding and flexibility is promised for small and medium-sized businesses.
The plan has been welcomed by the Small Firms Association and ICT Ireland, which represents the technology sector.
