Dublin BIC and Skillnet Ireland have launched The Innovation Exchange, which aims to connect SMEs with multinationals facing digital challenges.
The initiative is designed to address the barriers that exist for SMEs engaging with large multinational organisations and government.
Following a pilot in 2021, an investment of €5m will now see The Innovation Exchange being rolled out to companies nationwide.
The initiative has the aim of supporting c.300 companies in 2022 who can assist with digital transformation across sectors such as energy, food, travel, health, education, human resources, logistics and compliance.
Paul Healy, chief executive of Skillnet Ireland, said The Innovation Exchange captures the spirit of collaboration that lies within the Irish business ecosystem.
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“Through the Innovation Exchange, and in partnership with Dublin BIC, we are connecting ambitious SME leaders with some of the leading global organisations based in Ireland with the common goal of boosting innovation and competitiveness,” Healy added.
"The collaboration is creating opportunities for participating SMEs through access to new markets, new customers and industry expertise. Participating multinationals can, in turn, gain access to start-up creativity, new ways of working, and ways to successfully harness emerging technologies.”
Michael Culligan, CEO, Dublin BIC, stated: “The Innovation Exchange is an ambitious initiative for businesses which accelerates innovation and drives real results.
“By developing the structures and processes to make innovation partnerships work, The Innovation Exchange will see SMEs bring their solutions to some of the largest corporate businesses in Ireland. Not only does this relationship offer solutions to multinational businesses, but it has the ability to help SMEs in charting a course toward expansion, scale and success.”
Minister Simon Harris said the Department of Higher Education, Research, Innovation and Science is funding the Innovation Exchange with €5m investment.
Glanbia and IBM are two of the multinational corporations currently taking part in The Innovation Exchange. Current participating SMEs include Tigim, Empeal and Buymedia.
