Enterprise Ireland
Annual Report and Accounts 2004
Annual Report and Accounts 2004
The success and long-term strength of Ireland’s economy is directly impacted by the establishment and growth of Irish-owned companies that secure wealth and jobs for the country. They also help to foster a culture of world class innovation and entrepreneurship.
Enterprise Ireland’s approach is two-fold: supporting and stimulating the creation of high potential start-up companies (HPSUs); and increasing the number of small and medium sized enterprises that grow into scaled companies.
We support new businesses that operate in growth sectors, have a significant competitive advantage in their market and have the drive and commitment to acquire strong global market positions. Our wide-ranging support includes: expert advice on company and market development; early stage funding; networking; training; on-campus support; incubator facilities; and the generation of sales opportunities.
During 2004, Enterprise Ireland supported a record 65 new high potential start-up companies. They will create approximately 1,900 new jobs within their first 3 years across all sectors, with particular buoyancy in information and communications technology, healthcare and lifesciences. They also represent a good regional spread, with 43% based in regions outside Dublin.
There has been increased focus on technology start-ups in emerging sectors such as information and communications technology, prepared foods, biotechnology and photonics. Of this year’s start-up companies, 34 came from the technology sectors, followed by 24 from the industrial and lifesciences sectors and seven from the food and retail sectors.
Many of these start-ups originated as either spin-offs from research in third level institutions or as initiatives undertaken by expatriates returning to Ireland. In 2004, Enterprise Ireland increased its focus on both of these areas in a bid to tap into their potential for entrepreneurship.
A crucial element to the success and growth of every start-up is access to early stage funding. Supporting the development of seed and venture funding initiatives continues to be a high priority for Enterprise Ireland. We welcome the re-introduction of the Business Expansion Scheme by the Department of Finance which encourages crucial investment in early stage manufacturing and internationally traded services companies.
Enterprise Ireland is pro-active in assisting entrepreneurs as they prepare to present their business plans to investors and in introducing entrepreneurs to third party investors. Some examples of Enterprise Ireland’s activities in 2004 in support of start-ups seeking seed and venture funding are detailed in the feature article: Connecting HPSUs and Investors.
