Enterprise Ireland
Annual Report and Accounts 2004
Annual Report and Accounts 2004
In 2004, Enterprise Ireland conducted a review of all start-up companies supported since 1989. This showed that of the 470 companies supported, 76% were still trading, 4% had been taken over, and only 20% had been closed. The surviving companies have sales of about €1 billion and currently employ over 7,000 people. These results show a high survival rate of Enterprise Ireland supported start-ups. They also support Enterprise Ireland’s approach to delivering customised initiatives for start-ups, such as assistance with achieving first reference sales.
Achieving first reference sales: Enterprise Ireland has introduced a new focus to assist early stage companies to get their first reference sale – the key reference site that is often needed by potential customers before they are comfortable to buy from a new company, especially in international markets. Enterprise Ireland assisted 22 companies to secure this crucial first sale in 2004.
Building management teams: While the majority of start-ups originate from the creation of an innovative new product or service that has a significant technical competitive advantage in the market, their ultimate success also depends on having a balanced management team. Enterprise Ireland staff work intensively with the business promoters of start-ups to build their highly-skilled management teams. These managers need different abilities to commercialise their offering, to secure the necessary funding to bring it to market, to sell the product or service in international markets and to manage their corporate growth.
Targeting potential entrepreneurs from the third level sector: Enterprise Ireland organised a series of road shows to third level institutions in Cork, Limerick, Dublin and Galway, with venture capitalists and representatives from recent start-up companies. This was designed to encourage students, postgraduates and researchers to become entrepreneurs.
Enterprise Ireland continues to work in partnership with all of the third level colleges and in 2004 supported eight Enterprise Platform Programmes (EPPs), assisting potential entrepreneurs with innovative ideas or technologies to develop a business. Enterprise Ireland directly supported and funded 69 of these individual projects through the Commercialisation of Research and Development initiative. Mentors were also provided to each promoter to give guidance and direction to each project.
Enterprise Ireland also continued its support of the commercialisation of university-based research through its Campus Company Initiative, which encourages university staff and campus company promoters to set up businesses. A total of six new projects were supported in several universities, including Trinity College Dublin, University College Dublin, Dublin City University and University College Cork.
Targeting expatriate entrepreneurs: High potential start-up companies founded by returned Irish expatriates doubled from 2003 to 2004 to 10% of all start-ups. Encouraging Irish expatriates to return to Ireland to establish new businesses is a key area of focus for Enterprise Ireland. In 2004 a number of events and initiatives in markets with strong expatriate communities were held. Examples include: the networking events held by BioLink USA-Ireland, the American networking association for the biotechnology industry; TechLink, which brings scientific industry experts together; and the Young Irish Professionals network launched in the UK.