Event was focused on the role of innovation in driving growth in the food and drinks sector
In fact, products from Irish food and drinks companies which Enterprise Ireland support are in such demand that they exported almost €16bn worth in 2022.
R&D investment by EI-supported food and drink companies hit €165m in 2023
These companies, ranging in size from ambitious start-ups to established SMEs and large food multinationals, are economic cornerstones in communities around the country and employ close to 60,000 people.
Enterprise Ireland last week hosted the second annual Food Innovation Summit, which focused on the role of innovation in driving growth and prosperity in the food and drinks sector.
More than 400 senior leaders of food and drinks companies, innovation experts, policymakers and key stakeholders from the research ecosystem came together in Croke Park to connect, learn and understand the importance of food and drink innovation in an increasingly competitive global market.
Through keynote speakers and panel discussions with leaders from established and successful companies, attendees learned about the importance of permanent reinvention, how technology is transforming food, and about scaling a business through market driven innovation.
As innovation is essential to staying competitive, there was a strong focus on how R&D investment can fuel a company’s growth.
New data shows that R&D investment by Enterprise Ireland-supported companies in the food and drink sector hit €165m in 2023. This shows that the sector is moving in the right direction and provides a strong foundation to build on.
This year’s event was also a launchpad for four exciting new food and drink start-ups
However, as increased investment in research and innovation is vital to strengthening productivity, improving sales and margins, and accelerating the scaling journey, companies should consider how they can enhance this within their organisation.
The important role of Government and other critical stakeholders – including the Department of Enterprise, Trade and Employment, the Department of Agriculture, Food and the Marine, Teagasc, Bord Bia and others – was also recognised at the event.
This year’s event was also a launchpad for four exciting new Irish food and drink start-ups, and these innovators shared their journeys of bringing disruptive ideas to market, focusing on personalised nutrition, the circular economy, sports nutrition, and functional beverages.
Enterprise Ireland is committed to supporting companies at every stage of their journey, to increase their level of innovation, improve their competitiveness and expand their global footprint, with the ultimate goal of delivering export growth for Ireland.
Deirdre Glenn is head of food FDI, food start-ups, and food tech and innovation at Enterprise Ireland