Over 880 New Jobs and Sales of €756m over the next 3 years

Today (5th March 2008) Minister for Enterprise Trade and Employment, Micheál Martin T.D. announced that Enterprise Ireland supported the establishment of 79 new export-focused high potential start-up companies (HPSUs) in 2007. The start-ups currently employ 660 people are expected to grow rapidly, creating an additional 887 highly skilled roles over the next three years. This will bring total employment to over 1,500.

A total €69m (towards expenditures such as R&D, productions and operations, key skilled employees and management development) is being invested by the 79 companies in developing their businesses. €20m of this investment is provided by Enterprise Ireland. The 79 companies are also expected to generate sales of €756 million, with exports accounting for over 70%.

Making the announcement at Enterprise Ireland's annual High Potential Start-up Showcase event, Minister Martin said:

"This is the highest number of start-up companies supported by Enterprise Ireland in any single year to date. Over the three years of its 2005-2007 strategy, Enterprise Ireland set a target of supporting 210 HPSUs. Today's announcement brings to 221 the number of HPSU's supported over the period. I would also like to acknowledge the considerable work undertaken by Enterprise Ireland in supporting these start-ups".

"A thriving entrepreneurial economy can bring about a range of economic, regional and social benefits and accordingly entrepreneurship has a key role to play in the future growth and prosperity of the Irish economy" the Minister added.

Commenting on the HPSU outturn for 2007, Frank Ryan, CEO of Enterprise Ireland said:

"The development of innovative export focused companies throughout Ireland is a key priority for Enterprise Ireland.  45 of the 79 companies that achieved HPSU status in 2007 are located outside of Dublin; with a highly significant 22 companies located in the Border Midlands and West (BMW) region. This reflects Enterprise Ireland's commitment to sustainable regional development and the quality of entrepreneurial talent and enterprise support available throughout all regions in Ireland."

Tom Hayes, Head of High Potential Start-Up Unit at Enterprise Ireland said:

"I am delighted to report a record year in 2007. Enterprise Ireland is committed to supporting new entrepreneurs to ensure that emerging technologies and business ideas, with export potential, become a commercial reality. Again this year, software and services companies are the dominant cohort with 47 companies emerging from this broad sector. To date in 2008, the pipeline of HPSUs is very encouraging" he added.

--ENDS--

NOTES

79 HPSU's in 2007
Enterprise Ireland supported 79 High Potential Start-up Companies in 2007. Enterprise Ireland has worked with the majority of these companies from embryonic concept stage to the stage where in 2007 they were formally recognised as achieving high potential start-up status.

A 'high potential start up' is defined as a company which is:

• Based on technological innovation;
• Likely to achieve significant growth in 3 years (Sales of €1m per annum and employment of 10);
• Export oriented;
• Led by an experienced team, with a mixture of technical and commercial competencies.
  

Sectoral breakdown of 2007 HPSU's

Regional Distribution of Companies

Background of the 2007 HPSU Company Promoters

 
*This table examines the previous role or recent background of the main entrepreneur responsible for the HPSUs formation.

Female Entrepreneurs   

12 Female Promoters are involved in 10 of the HPSU companies

For Further information contact:
Sarah O' Callaghan
Press & PR
Enterprise Ireland,
Glasnevin,
Dublin 9.
Tel: 01 - 8082755 
Mob: 087-1253221