Enterprise Ireland
Annual Report and Accounts 2004
Annual Report and Accounts 2004
Enterprise Ireland actively supported 177 clients to enter new markets through our assistance with market entry strategies, our network of overseas offices and our provision of office space. There were 107 first-time exporters and 154 companies established a new market presence in overseas locations.
Over 9,500 sales meetings were organised for clients by Enterprise Ireland and 56 missions both at home and abroad introduced clients to top-level buyers. In addition, 21 trade fairs facilitated new market opportunities for 199 clients. Networking and partnering opportunities both at home and abroad continue to play a crucial role in developing trade and knowledge links.
A major outcome of these activities in 2004 was a new level of partnership agreed between Enterprise Ireland and the National Institutes of Health (NIH) in the USA, the world’s premier medical research organisation. The agreement appoints a representative from Enterprise Ireland with the NIH. This placement should increase the level, quality and scope of R&D activity within Irish lifescience enterprises through: the promotion of strategic collaborative arrangements with world class scientists; the in-licensing of complementary technologies from the NIH intellectual property portfolio; and the promotion of revenue-generating direct export sales activity.
Investing in research and innovation: Enterprise Ireland has intensified its drive to support the development of innovative products and services that offer unique extra value benefits to customers in world markets. We focus our support on three levels: In-company R&D, Applications-Driven Research and International Science and Technology. €30 million was approved under the Research, Technology and Innovation Competitive Fund in support of 154 in-company R&D projects and we invested a further €20 million through the R&D Initiatives Scheme. In support of the creation of applications-driven research (applied research), we provided €14.6 million in funding through the Commercialisation Fund. In addition, 52 company-college collaborative projects were supported through the Innovation Partnerships Initiative.
Competing through productivity: Enterprise Ireland actively promotes the direct link between improvements in productivity and enhanced competitiveness in world markets. We work closely with clients and with international organisations to support innovation in client productivity relating to new product development, process efficiencies, management development and technological advancements. In 2004, we provided €5.7 million to clients for human resource development, as part of a total industry investment of €14 million.
Starting up and scaling up: Stimulating and supporting innovative start-ups with high export growth potential is a central part of Enterprise Ireland’s strategy. In 2004, 65 new start-ups were supported by Enterprise Ireland across all sectors and the number of start-ups established by expatriate entrepreneurs doubled to 10% of the total. Increasing the number of Irish companies reaching scale is an important element in achieving continued economic growth. Enterprise Ireland has established a dedicated unit to specifically support the growth of scaled companies.
Driving regional enterprise: Driving enterprise growth throughout the regions of Ireland is central to Ireland’s continued economic growth and a key objective of Enterprise Ireland. A review of our strategy to support regional development is underway. We work closely with local industry bodies, third level institutions and other business networks to encourage and promote start-ups, spin-off enterprises and business expansions. We continue to co-invest with the private sector in the development of venture capital funding and four venture capital funds now have specific regional mandates. In 2004, seven new Community Enterprise Centres (CECs) were opened around the country in support of local enterprises. A total of 97 CECs, involving an investment of €23 million by Enterprise Ireland, are now operational throughout the regions, with associated employment of 3,000 people. We also continue to support the development of enterprise space throughout the regions including incubator space in Institutes of Technology, Universities and the new Webworks technology hubs.
Finance and investment: Enterprise Ireland supports the development of Irish industry through direct investments in individual companies and also through investment in venture capital funds. In 2004, Enterprise Ireland supported 163 significant investment projects. Of these, 51 investments were in projects located in the Border, Midlands and West. They included: R&D, start-ups, expansions, management and human resources and e-Business development.