IBEC, the group that represents Irish business, today welcomed the publication of the Innovation Taskforce’s report and said it would serve as a roadmap to guide the country towards becoming a smart economy.
The group specifically welcomed the report’s commitment to public investment in research and said that, despite the economic downturn, investment in innovation must remain a priority.
IBEC Director General Danny McCoy said: “The current economic downturn has reinforced the need to foster an economy built on innovation. This is where much of our economic success has come from in the past, and it is key to future growth.
“Public investment in research and innovation can generate real economic growth. The recommendation to maintain such expenditure is particularly welcome as it will position the country to take full advantage of the global economic recovery. Such a policy was successfully pursued by Finland in the early 1990s.
“The report acknowledges that successful innovation depends on cooperation between all stakeholders. This will involve collaboration between business and higher education institutions. If supported effectively, this will produce new technologies, service industries and knowledge, which will drive social change and support wealth and job creation.
“The immediate challenge is to ensure that the report’s recommendations are implemented. Lasting benefits will be secured if the recommendations are supported by tangible commitments such as:
* improved incentives for the commercialisation of good ideas and new products;
* enhanced R&D taxation initiatives;
* strengthening of the environment for creating and exploiting intellectual property.
“Innovation is fundamental to our future competitiveness and economic success. The effective implementation of innovation-friendly policies can lead to sustainable growth and increased productivity,” concluded Mr McCoy.
