Enterprise Ireland
Annual Report and Accounts 2005
Annual Report and Accounts 2005
In 2005, Enterprise Ireland supported 75 new high potential start-ups, exceeding the target of 65. These companies will create approximately 1,464 new jobs within their first three years. They are located across the country, with 34 located outside Dublin. Seventeen start-ups are from the Border, Midlands and West region.
During 2005, a comprehensive promotional strategy was developed and implemented to target the five main sources of potential start-ups: indigenous companies; multi-national companies; expatriates, third-level colleges and research centres; and serial entrepreneurs. Some examples include:
Targeting expatriate entrepreneurs: Irish networks were established in London, Boston, Los Angeles, Dubai and South Africa. Six networking events took place in the United States and the United Kingdom. Eight start-ups were set up in 2005 by expatriates returning to Ireland, in innovative areas such as photonics and the pipeline for 2006 is strong.
Promoting business start-up assistance: A large number of events were held in Ireland to encourage Irish entrepreneurs, including presentations to MBA students, industry associations (e.g. the Institute of Engineers) and to companies downsizing. A series of workshops were held in specific sectors such as Medical Devices, Biopharmaceuticals and Electronics. Participants included experienced industry representatives, universities and venture capital companies.
The first three years of any new business are critical. Enterprise Ireland enhanced its assistance to this early stage development process with the ultimate aim of increasing the number of indigenous companies that grow into mid-size and large companies. Some examples of this support are:
Improving access to early stage funding: Enterprise Ireland continued its close collaboration with Seed Funds and Venture Capitalists (VCs) to help clients secure third party finance. A series of quarterly networking events took place, enabling start-ups to pitch to a number of VCs. Companies also received mentoring on the preparation and delivery of their pitch.
Achieving first reference sales: In 2005, there were 59 key customer reference sales achieved with assistance from Enterprise Ireland, a substantial increase on the target of 40 for the year. In addition, a pilot initiative between Musgraves Group plc and Enterprise Ireland, called First Sale Programme, assisted five food companies to meet the requirements for achieving supplier contracts with multiple retailers.
