Enterprise Ireland
Annual Report and Accounts 2004
Annual Report and Accounts 2004
A central objective of Enterprise Ireland is to support and stimulate balanced regional development. We aim to accelerate the growth of world class Irish companies, resulting in increased regional prosperity across the country.
Enterprise Ireland has a leadership role in developing infrastructure networks, encouraging start-ups and established companies and supporting first-time exporters throughout each region. To this end, we work closely with innovative companies that show strong growth potential and with our State and industry partners to foster pro-business environments around the country.
Through its funding offers, Enterprise Ireland aims to support balanced regional development, particularly in the Border, Midlands and West (BMW) region, and the South-East and South-West regions.
In terms of venture capital funding, four of the fifteen funds established under the Seed and Venture Capital Programme (National Development Plan 2000–2006), have specific regional commitments. Two of these venture capitalists have established offices in regional locations, one in Cork and the other in Dundalk and Galway.
It is vital that entrepreneurs and leaders of progressive companies around Ireland have access to appropriate enterprise space to develop their businesses. Facilitating this infrastructure need for companies at different stages of development is a key priority for Enterprise Ireland.
Community Enterprise Centres: Enterprise Ireland works closely with these local business support centres around the country to grow local businesses. In 2004, seven new Community Enterprise Centres (CECs) were completed in Macroom, Carlow, Lismore, Easkey, Ballyshannon, Moville and Emyvale and the centre in Ballina was expanded. A total of 97 such centres, involving an investment of €23 million by Enterprise Ireland, are now operational throughout the regions with associated employment of 3,000 people.
A new training and skills development initiative for centre managers was initiated in 2004, with certification to be given by Waterford Institute of Technology. Its aim is to strengthen the managers’ abilities to advise and guide the development of local businesses.
Bio-incubators: Dedicated on-campus incubation space for biotechnology start-ups doubled during 2004. Enterprise Ireland provided financial support for the conversion of six existing buildings into bio-incubators which will provide laboratory and office space for up to 20 start-up companies. Additional investment in 2004 of €750k brings total investment in bio-incubation space to just over €4 million. The facilities are located in Cork, Galway and Dublin.
Institutes of Technology incubators: These centres are key facilitators of new high technology companies and major contributors to sustained employment and wealth in the regions. A total investment of €32 million is funding 15 centres around the country. In 2004, two new incubators opened in Athlone and Tralee and building work began on a further five centres in Carlow, Castlebar, Cork, Dundalk and Waterford. These centres are due to open in 2005.
Webworks: These are a state-of-the-art network of regional technology hubs which offer advanced office accommodation and infrastructure, and soft supports such as mentoring, training and management development to new and expanding international traded services companies. The aim is to provide a focal point for the development of new businesses in a range of technology sectors leading to the emergence of regional clusters of sustainable business. Webworks facilities are approved for prominent city centre sites in Galway and Cork.
