Innovation Pays- Transforming Manufacturing Businesses with R&D Tax Credits
Northern Ireland has a long and proud history of inventors but there is growing concern that our best innovators are not accessing the financial support they are entitled to. That reputation for innovation and invention continues to this day with Northern Ireland ranking fifth out of all the UK regions for R&D performance, according to the Knowledge Economy Index Report, which was commissioned by Catalyst Inc in 2018.
Achieving Catalyst’s Knowledge Economy aspirations could inject £3 billion of GVA to the Northern Ireland economy by 2030 and add more than 80,000 jobs.
The Knowledge Economy is made up of individual companies that create, develop and commercialise new ideas, technical processes and export them around the world. Catalyst is a community of innovators coming together in a next-generation science park with locations in Belfast, Derry-Londonderry and Ballymena. Over 3,000 engineers, researchers, entrepreneurs and executives from over 200 companies are part of its thriving network that aims to produce world-leading products and services originating in Northern Ireland (Source: Catalyst Inc, 2018).
R&D is vital to a productive economy. Firms that invest in R&D have around 13 percent higher productivity than those
who don’t invest. More specifically within the manufacturing sector, innovative companies have experienced a growth rate of 38 percent within the last three years, compared to 10 percent growth managed by the least innovative.
The message is clear, innovation breeds success.
In the attached White Paper- Manufacturing NI's R&D partners, Momentum Group, outline how manufacturing firms can benefit from R&D tax credits.