National aid for innovation, coming from subsidies or tax incentives, has become a fundamental element for Spanish companies to invest in Research and Development (R&D). The conclusion emerges from the VI International Innovation Barometer of the international consulting firm Ayming, which also points out that access to financing is a determining factor for companies to continue their innovative projects. Specifically, when asked how ICT companies finance their Innovation projects, 64% of those surveyed claim to resort to self-financing as one of the main sources of fundraising, while 48% make use of Tax Deductions in R&D and 30% is financed through public aid.
The barometer indicates that in a historical moment like the current one, marked by the public funds of the Recovery Plan – designed to promote sustainable and digital growth -, “aid is consolidated as an essential pillar in the financing strategy of Innovation for the technology companies.” In this way, the report recognizes, “l“National subsidies have gained ground, with 85% of companies resorting to this type of support”. At the same time, “international subsidies are in second place, with 54%, followed by regional aid, with 38%. This trend underlines the increasingly crucial role of public funds in promoting Technological Innovation and strengthening the competitiveness of the sector”.
María Sanz de Galdeano, Director of Innovation at Ayming Spain, has pointed out that “innovation allows companies to better adapt to the current and future demands of consumers, and to the demands of sustainability, encouraging them to invest in strategic areas such as the implementation of new tools and technologies (41%), improving existing products to increase customer satisfaction (32%) and Implementing Artificial Intelligence (32%)”.
In turn, Manuel Mestre, director of the Help Area of the same consultancy, has indicated that “many times, this initial investment allows companies to tackle projects that, otherwise, they would not be able to execute.” The same international report highlights that 87% of ICT companies in Spain affirm that they will increase their investment in this strategic area in the next year. On the contrary, none of the companies of the more than 1,200 R&D&I, finance and technology directors and CEOs – surveyed in 17 countries – have expressed the intention to reduce corporate R&D budgets.
According to the study, representatives of six out of ten companies in the technology sector surveyed consider that data analysis is the main advantage provided by the use of Artificial Intelligence in Innovation processes, followed by idea generation, with 57%, and prototyping and simulation, with 32%.
In addition, Sustainability has become a fundamental pillar of Innovation in the Spanish technology sector, with 34% of ICT companies allocating up to 20% of their budget to sustainable Innovation. In fact, “three out of ten technology companies position sustainability as the main driver of investment, far removed from companies in other sectors,” indicates the aforementioned barometer.
Regarding the main factors that drive companies to invest in sustainable innovation, first of all, regulatory compliance with 52%, followed by consumer demand and market trends with 48%, and brand reputation (48%).
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