Supporting innovation in a competitive environment
Supporting innovation in a competitive environment
Mark O'Sullivan, Partner, Research & Development Incentives, recently featured in the Irish Times Special Report on Ireland's evolving innovation landscape and the critical role of R&D in driving economic growth and competitiveness. Read his commentary below.
Mark O’Sullivan believes the steady incremental enhancement and improvements have kept Ireland as a significant player in the global market in terms of R&D and innovation which has resulted in genuine job creation.
“Recent amendments from the Government proactively on the R&D tax credit regime have resulted in both large groups and SMEs benefiting,” he says. “For most companies, the credit rate has gone from 25 per cent to 30 per cent, while large groups under new Pillar II rules are still able to avail of a net 25 per cent credit.”
O’Sullivan also sees the role of third-level institutions as being critical.
“I have personally seen serious collaboration between industry and academia,” he says. “In particular, I see universities being able to give dedicated resources in specialised areas of research – commercial organisations would not have the bandwidth for such detail.
“In addition, over the past 18 months, I’ve seen a fantastic number of companies and start-ups being spun out of third-level institutions.”
O’Sullivan acknowledges that Ireland’s location, having direct access to European markets and Brexit have contributed to its success. Coupled with the State’s stable political position and effective tax policies, these attributes have given it a competitive edge, he says.
Mark O’Sullivan believes the steady incremental enhancement and improvements have kept Ireland as a significant player in the global market in terms of R&D and innovation which has resulted in genuine job creation.
“Recent amendments from the Government proactively on the R&D tax credit regime have resulted in both large groups and SMEs benefiting,” he says. “For most companies, the credit rate has gone from 25 per cent to 30 per cent, while large groups under new Pillar II rules are still able to avail of a net 25 per cent credit.”
O’Sullivan also sees the role of third-level institutions as being critical.
“I have personally seen serious collaboration between industry and academia,” he says. “In particular, I see universities being able to give dedicated resources in specialised areas of research – commercial organisations would not have the bandwidth for such detail.
“In addition, over the past 18 months, I’ve seen a fantastic number of companies and start-ups being spun out of third-level institutions.”
O’Sullivan acknowledges that Ireland’s location, having direct access to European markets and Brexit have contributed to its success. Coupled with the State’s stable political position and effective tax policies, these attributes have given it a competitive edge, he says.