This book is to ascertain the innovative and competitive capabilities of SMEs in Ireland. In this study, review of literature is done, research methodology is set to better attain the results, and research on innovation indicators and competitiveness indicators is also done with both secondary and primary resources. Results were presented and tabulated. This study concludes that SMEs in Ireland inevitably need innovation for survival, and have found out that they are more innovation active than the large firms. SME in Ireland is also productive and cost competitive. However, one could argue that with innovation indicators such as patenting applications, level of research and development investment, and the usage of venture capital, Ireland falls behind the average.