Tenerife Cabildo Sets Ambitious R&D Budget for 2026
The Cabildo of Tenerife has made a bold commitment to research and development, announcing a substantial allocation in its budget for the year 2026. This move underscores the island’s dedication to fostering innovation and economic growth through strategic investments in R&D.
Transformation of the Innovation Department
In a significant shift, the Innovation Department of the Cabildo of Tenerife has evolved from a division within the island’s government into a fully independent entity. This transformation reflects a growing recognition of the importance of innovation in driving economic progress. For the upcoming year, the department is set to receive nearly 12.5% of the total budget earmarked for Research, Development, and Innovation (R&D). This allocation represents a remarkable increase of 25% in funding since the current administration took office in 2023, highlighting the government’s commitment to enhancing the island’s innovation landscape.
Significant Financial Investment in Innovation
During a groundbreaking presentation held on November 24, the Cabildo unveiled its ambitious innovation budget, which totals an impressive 140 million euros. This announcement coincided with the inauguration of the latest Tenerife Scientific and Technological Park, located in Cuevas Blancas, Santa María del Mar. The park, which officially opened its doors in November 2024, is poised to become a hub for technological advancement and entrepreneurial activity on the island.
Impact on Employment in the R&D Sector
The Cabildo of Tenerife has reported that approximately 70% of the jobs generated in the R&D sector across the Canary Islands are situated in Tenerife. This statistic translates to over 2,200 new jobs created in the region, reflecting the robust growth of the local economy driven by innovation. The expansion is also evident in the number of businesses established within the Scientific and Technological Park, which has seen a remarkable increase from 23 companies in 2023 to an anticipated 63 business initiatives by 2025 across its three locations. This growth not only signifies a thriving entrepreneurial ecosystem but also emphasizes the island’s role as a leader in research and development within the region.
Future Prospects for Innovation in Tenerife
The strategic allocation of funds towards R&D is expected to yield significant long-term benefits for Tenerife. By investing in innovation, the Cabildo aims to attract more businesses and talent to the island, fostering an environment conducive to technological advancements and sustainable development. The establishment of the Tenerife Scientific and Technological Park is a pivotal step in this direction, as it provides a dedicated space for startups and established companies to collaborate, innovate, and thrive.
Moreover, the increased funding for the Innovation Department is likely to enhance research capabilities and promote partnerships between academia and industry. This collaborative approach can lead to groundbreaking discoveries and the development of cutting-edge technologies that can be commercialized, further boosting the local economy.
Key points
- The Cabildo of Tenerife’s budget for 2026 allocates nearly 12.5% to R&D.
- Funding for the Innovation Department has increased by 25% since 2023.
- The total innovation budget is set at 140 million euros.
- The Tenerife Scientific and Technological Park was inaugurated in November 2024.
- 70% of R&D jobs in the Canary Islands are located in Tenerife.
- Over 2,200 jobs have been created in the R&D sector in Tenerife.
- The number of companies in the Scientific and Technological Park is expected to grow significantly by 2025.
