Enterprise Ireland has launched a new "Agile Innovation Fund", to give companies rapid access to innovation funding.
The agency said it was introducing the new fund for companies to respond more quickly to market opportunities and challenges, including Brexit.
The new fund will allow businesses access up to 50% in support for a product, process or service development project with a total cost of up to €300,000.
Enterprise Ireland said the new fund will enable exporters to respond quickly and maximise export performance.
Investment in innovation by Irish companies has been found to be a key factor in driving their global performance.
A survey of 2,000 Enterprise Ireland clients in 2016 found that those who availed of innovation supports reported on average a 67% growth in global sales.
Julie Sinnamon, Enterprise Ireland's CEO said that in the context of Brexit, investment in Irish innovation will prove to be a key driver of global growth for Irish companies.
New investment will help them diversify their product base, be competitive and allow them to build their scale and reach into new markets.
"Historically, Enterprise Ireland client companies who have received funding to build their innovation capability have seen tangible exponential growth in their global sales performance," she added.
A number of Irish companies - including Marco Beverage Systems, Cartoon Saloon, Mcor, Irish Dog Foods, Alpha Wireless and Ventac - have successfully availed of research and development funding via Enterprise Ireland.
