Economic Development

• Part of the New European Innovation Agenda, aims to strengthen regional innovation ecosystems, bridge the innovation gap in Europe and improve Europe’s overall innovation performance.
• Being part of the Regional Innovation Valley (RIV) initiative unlocks new funding and international collaboration opportunities for Ireland’s regions, to enhance competitiveness and innovation.

All three of Ireland’s regions have received the designation of ‘Regional Innovation Valleys’ (RIV) by the European Commission on 19^th of June 2024.

• The Eastern and Midland Region comprises counties Dublin, Wicklow, Kildare, Meath, Louth, Offaly, Laois, Westmeath and Longford.
• The Northern and Western Regioncomprises counties Galway, Mayo, Roscommon, Donegal, Sligo, Leitrim, Cavan and Monaghan.
• The Southern Regioncomprises counties Clare, Limerick, Tipperary, Wexford, Waterford, Carlow, Kilkenny, Cork and Kerry.

This label recognises the regions’ potential as hubs of innovation and economic growth within a network of 149 similarly designated regions across Europe.

Regions selected to receive a RIV label are committed to:

• Strengthening their Research & Innovation (R&I) ecosystem
• Enhancing the co-ordination and directionality of their R&I policy and investment towards key EU priorities
• Engaging in R&I collaboration between more and less advanced regions with complementary smart specialisation strategies.

A map of all 149 selected Regional Innovation Valleys can be found here: Map of Selected Regions for RIV Status

Matchmaking

A key component of the Regional Innovation Valley initiative is its matchmaking process to facilitate connections between enterprise, research and public institutions, create partnerships, provide access to a pool of experts and mentors, and match innovation projects with potential investors and funding sources.

The European Commission will support these cross-regional and cross-sectoral partnerships by connecting various stakeholders within each region’s innovation ecosystem through matchmaking events and targeted communication actions.

Smart Specialisation

Smart Specialisation is an innovation policy concept, developed by the European Commission, which aims to boost regional innovation by harnessing the inherent strengths of each region through fostering collaboration between businesses, research institutions, public authorities and civil society. Ireland’s Smart Specialisation Strategy was developed by the Department of Enterprise, Trade and Employment.

Smart Specialisation provides a roadmap for each region to address challenges such as embracing digital transformation, reducing fossil fuel reliance, achieving circularity, as well as enhancing global food security and advancing healthcare, while emphasising the importance of research and development, skills and entrepreneurship.

More Info on Smart Specialisation

The New European Innovation Agenda

The New European Innovation Agenda, adopted on 5 July 2022, aims to position Europe at the forefront of the new wave of deep-tech innovation and start-ups. It will help Europe to develop new technologies to address the most pressing societal challenges, and to bring them to the market. Europe wants to be the place where the best talent work hand in hand with the best companies and where deep-tech innovation thrives and creates breakthrough innovative solutions across the continent.

The New European Innovation Agenda – European Commission (europa.eu)

Funding

While funding is not awarded to Ireland with this designation, it does enable regions to unlock new European funding sources and international collaboration opportunities. It also offers new opportunities for small and medium-sized businesses to access collaboration domestically and internationally to drive innovation.

Innovation agencies, companies, RPOs and innovation hubs are encouraged to signal their interest in engagement to the relevant Regional Assembly.

Eastern and Midlands Regional Assembly – Email: info@emra.ie