Enterprise Ireland
Annual Report and Accounts 2006
Annual Report and Accounts 2006
In 2006, we supported the creation of 76 HPSUs nationwide. The total investment in the 76 companies was €47.5 million, of which Enterprise Ireland invested €17.5 million.
These companies are expected to create in the region of 1,260 high-skilled jobs and generate exports worth €110 million over the next two years. A number of these new enterprises are involved in highly innovative R&D in emerging sectors such as Mobile Telecommunications, Semiconductors and Biopharmaceuticals.
As part of the strategy to translate entrepreneurial potential and ambition into high quality HPSUs, we continued to target the most important sources of embryonic and ambitious entrepreneurs. These sources include indigenous companies, multi-nationals, third-level colleges, technology incubators, research centres and serial entrepreneurs. Through our overseas networks, we also targeted expatriates who are capable of returning to Ireland to establish businesses in innovative areas.
In support of our objectives we launched a targeted promotional campaign involving a series of advertisements in broadsheet newspapers and trade magazines. There were also a number of editorial pieces in broadsheet newspapers using Enterprise Ireland client companies as case studies and billboard advertising in institutes of technology and Galway Airport.
Enterprise Ireland focuses its HPSU support on helping companies to survive the critical first three years, to achieve stability with sales of greater than €5 million and to build potential to achieve scale. This support includes expert advice and mentoring, access to early stage funding, incubator facilities, on-campus support, training, and assistance in securing key customer reference sales.
A key reference sale is that all-important confidence-building contract with a customer that is likely to be a catalyst for further sales. Enterprise Ireland assisted 89 HPSUs in securing their first crucial reference sale in 2006, 79 were in overseas markets.
A crucial element to the success and growth of start-ups is access to early stage funding. Supporting the development of seed and venture capital funding therefore continued to be a high priority for the organisation.
During the year we commenced a new phase in our strategy to build a competitive venture capital community with the announcement by the Minister for Enterprise, Trade and Employment, Micheál Martin, T.D. of an injection of €175 million to support private venture capital funds investing in start-up and early stage companies.
In addition, Enterprise Ireland welcomed the Government's decision to extend the Business Expansion Scheme as it plays a vitally important role in assisting more Irish entrepreneurs to bring their business, products and ideas to market faster than would otherwise be the case.
Enterprise Ireland continued its work in assisting entrepreneurs to prepare and present business plans and in organising networking events for HPSUs and investors.
