Creating new high potential start-up companies (HPSUs) and growing companies to scale are critical to the success and long-term strength of Ireland's economy. These companies support local economies, secure wealth and high-value employment and foster a culture of innovation and entrepreneurship.
Entrepreneurship throughout Ireland, the level of which was rated as strong by the 2005 GEM Report (Global Enterprise Monitor), is the focus of concentrated Enterprise Ireland activity. The organisation works to encourage entrepreneurship and provides support to emerging HPSU companies, technology companies coming out of the R&D environment, and companies targeting ambitious export growth.
Finding and converting individuals' potential and entrepreneurial ambition into quality export focused HPSUs is therefore a high priority. Our dedicated HPSU Division works with the regional teams to encourage regionally-based high potential start-ups, and with the overseas teams helps HPSUs secure first and subsequent international reference customers.
Enterprise Ireland also works with ambitious companies that have secured leadership or a significant position within their target markets and therefore have the potential to achieve scale.
In addition, we focus on building clusters of companies and encouraging corridors within sectors. Clustering helps to build the synergies of Irish businesses working in the same sector and encourages activities that benefit them as a group.
The overall strategic target in our work with Ireland's entrepreneurs is to support the creation of 210 new HPSUs by year-end 2007.