Enterprise Ireland
Annual Report and Accounts 2006
Annual Report and Accounts 2006
The 76 high potential start-up companies supported by Enterprise Ireland during the year have been showcased at the annual 'Class of…' event.
The Class of 2006 showcase introduced the high potential start-ups to the investment community, members of the Government, senior business leaders and the media.
The event recognised the important contribution these innovative companies make to the economy and saluted the ambition, determination and innovation of the entrepreneurs involved.
The 76 export focused start-ups, the highest number supported by Enterprise Ireland in any year to date, are all in knowledge intensive sectors.
Enterprise Ireland invested €17.5 million of the total €47.5 million investment in the companies, and worked with each of the 76 companies from embryonic and concept stage to their point of recognition as high potential start-ups.
Involving 170 entrepreneurs, the companies are expected to grow rapidly, create 1,260 new high skilled jobs, and generate exports worth €110 million over the next two years.
Entrepreneurs with industry experience, both in the indigenous and multi-national sector, provided the richest source of high potential start-ups in 2006, with 51 per cent created by individuals leaving employment in favour of starting their own business. Serial or repeat entrepreneurs accounted for 28 per cent of the group.
There was also a welcome increase in the level of female participation. Twenty per cent of the companies in the Class of 2006 had females as members of the senior management team – over double last year's number.
Integrated PBX applications company Soft Telecom was one of the featured companies. Its CEO Robbie Hanlon says:
“This was a very positive event that added value to our ongoing relationship with Enterprise Ireland. It introduced us to a ‘community' of companies in the same position as ourselves and provided valuable promotional and networking opportunities.”
At the event Enterprise Ireland facilitated networking sessions between the investors and companies, assisting relationship building and helping investors to identify potential opportunities.
Venture capitalist Brian Caulfield, attending on behalf of Dublin-based Trinity Venture Capital, says:
“This is a very interesting event that makes excellent use of our time as investors. It is always worth attending to see the breadth of the companies Enterprise Ireland is investing in. As a result of seeing the 2006 crop we will be tracking the progress of several companies.”
