Government targets 50% increase in publicly funded research spin-outs by 2017

Life

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23 July 2013

Minister for Jobs Enterprise and Innovation Richard Bruton and Minister for Research and Innovation Sean Sherlock today announced new Government-approved metrics and targets to monitor the impact of state investment in Science, Technology and Innovation, in line with the National Research Prioritisation Exercise. The Government also approved the publication of individual Action Plans on each of 14 ‘priority areas’ of research which show the greatest opportunity in terms of supporting jobs.

Targets at national and agency level include an increase the share of publicly performed research and development (R&D) financed by enterprise to €180 million over 2013 to 2017 – an average of €36 million per annum; an increase the number of spin-out companies greater than three years old from 44 to 69 by 2017; an increase the number of firms engaged in R&D projects of significant scale from 1,070 in 2011 to 1,185 companies in 2017; a 10% increase in the turnover due to new-to-firm or new-to-market product innovations from 9.3% to 10.3%; and a further 1,100 researchers to be employed in the enterprise sector in addition to the circa 10,600 currently working.

Minister Bruton said: “A central plank of the Action Plan for Jobs is better using our research and innovation budget to drive job creation. Turning good ideas into good jobs is the key outcome that we need to see in the short term from our investment of scarce public funds in scientific research. These metrics and targets will help us to track that investment and the impact that it is having. We must make difficult decisions in order to achieve the outcomes we need from the money we invest in research, and I am convinced that today’s announcement represents a major step in helping to deliver the jobs and growth we need.”