Complementing R&D Tax Credits with RD&I Grant Funding
There is a rich ecosystem in Ireland to support companies at every stage of their Innovation journey, whether it is an Innovation voucher if you are just starting out and want to test an idea with third level support (Value €5000) all the way up to a strategic collaborative disruptive technology project which can be funded up to a scale of €5-€7 million euro, there is an option to fit your needs. The most relevant supports for you will vary depending on a number of factors such as the size of your company or the type of research you are considering.
The Knowledge Transfer Ireland (KTI) RD&I funding tool https://www.knowledgetransferireland.com/Research_in_Ireland/Find-RD-I-Funding/ is a starting point to help you identify the right support.
This information in Figure 2 is a useful slide from the IRDG Irish Research and Development Group) that summarises succinctly the different supports you can avail of in Ireland and Europe depending on your specific interest at a point in time.
Irish Research & Development Group (IRDG) - Overview of Innovation Supports in Ireland Example R&D Project and Net Cost to the Business
This example in Figure 3 shows how the cost of an R&D project can be supported by both grant funding and tax incentives.
Example of how R&D Tax Credits & Grant Funding can support an R&D ProjectThere are not many playbooks that exist which help companies establish & manage and get the best return from RD&I. That’s why we built the
ReaDI-Watch Platform, which has been described as a company’s “Google Maps” for R&D and Innovation by setting companies in the right direction. On ReaDI-Watch, supported by our team of experts, you can digitally establish your R&D and Innovation as a management function in your business. Auto-reports for R&D tax credits, team & time management, grant funding draw-down supports, and RD&I strategy templates & guidance are just some of the features ReaDI-Watch has to offer, which saves time & headaches for teams building a lean & traceable RD&I function. Get in touch today with our team to learn more. https://readi-watch.com