Galway Independent Column - July 21st 2010

There was good news this week for companies involved in research, when Commissioner Maire Geoghegan-Quinn announced the latest EU round of financial support for research and innovation. €6.4 billion is to be spent over the next 14 months.

Under the EU’s Framework Programme 7 (FP7), Irish scientists and companies involved in research can apply to the programme for funding. Under the programme support is given for collaborative research conducted with public and private sector research partners in other EU countries. The monies will be allocated to SME’s as well as larger organisations and will act as a much needed financial stimulus

The package, the biggest ever, covers a vast range of scientific disciplines, public policy areas and commercial sectors. This funding is intended to advance scientific boundaries, increase European competitiveness and help solve societal challenges such as climate change, energy and food security, health and an ageing population. Around 16 000 participants from research organisations, universities and industry, including about 3 000 SMEs, will receive funding. Grants will be awarded through calls for proposals and evaluations over the next 14 months. This package is expected to create more than 165 000 jobs and is a long-term investment in a smarter, sustainable and more inclusive Europe. It is a key element within the EU's Europe 2020 Strategy and in particular the Innovation Union flagship initiative, which will be launched in autumn 2010.

Announcing the funding Commissioner Geoghegan-Quinn said that it would speed up the innovation process from research to retail and would give Europe a competitive edge. Minister for Finance Brian Lenihan TD encouraged Irish researchers, particularly from SME’s to apply for the funding which, he said, would allow them to use research to improve their competitiveness and grow their business.

Galway Chamber has consistently called on Government to support innovation and to foster a culture of research and development in particular in the SME sector. In our most recent Pre Budget Submission to the Minister for Finance we said that Government must put measures in place to allow Ireland Inc. to compete, innovate and grow while sustaining employment, supporting Irish companies and continuing to attract foreign direct investment. We have also lobbied to encourage Research & Development activity through the R&D tax credit.

Further information on the Framework Programme 7 (FP7) can be found on www.ec.europa.eu/research/fp7/

Speaking of innovation, congratulations to Macnas on their spectacular Wild Hunt parade on Sunday and while the Galway Arts Festival comes to a close this weekend we look forward to the Galway Racing Festival starting on Monday. Last year over 150,000 people attended the summer festival meeting and we look forward to a successful festival again this year.