This article summarizes the main findings and recommendations of a report published in December 2010 by the Irish Academy of Engineering (IAE). The report, representing the views of a committee of distinguished Irish engineers from a wide range of disciplines, addresses the role of engineering research in Ireland's economic development and the measures that must be taken to ensure the effective performance of that role. The IAE calls for radical changes in the structures and procedures that govern engineering research in Irish universities and argues that the wealth-creating potential of applied engineering research must be accorded higher priority. Practical and urgent recommendations are set out for government, universities and industry. (Contains 1 figure.)