A willingness by companies to embrace a culture of innovation is central to continued economic prosperity on the island of Ireland, according to Dr William O'Kane.

Dr O'Kane is research and development director of Seagate Technology (Ireland), a technology company.

He was also the chairman of the judging panel of this year's Irish Times-sponsored All Island Innovation Awards.

"A willingness to take risks, to support innovation and to finance it, is what set this year's winners apart," he said.

"The standard of entries at this year's awards was very impressive and the fact we got over 100 entries is a very good sign. The future belongs to those who out-innovate the competition. Those who innovate are securing their revenue streams for the future, you need it to stay in business. It's a corporate imperative."

The Tánaiste, Ms Harney, told yesterday's awards luncheon that increasing research and development performance was a key means by which economic growth was stimulated.

"It is important to both our economies that we seek to stimulate research and development investments in all industrial sectors and these awards will contribute to that effort," she said.

Ms Maeve Donovan, managing director of The Irish Times, described innovation as the "bedrock of development" for most companies.

"Technology really is the great enabler," she said.

"The Irish Times is the only newspaper with a full-time science correspondent so we have an absolute leading role in that sector and that is why we like to be involved in a scheme like these awards.

"We believe innovation is critical to the development of the country's economy," she said.