Enterprise Ireland
Annual Report and Accounts 2007

4. Starting and scaling companies

• Homepage
• Chairman’s statement
• Chief Executive Officer’s report

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• Section 1
  Achieving export sales
• Section 2
  Industry-led research and innovation
• Section 3
  World class productivity and management development
• Section 4
  Starting and scaling companies
  • World-class project management drives AspiraCon export aspirations
  • High potential start-ups celebrated at annual showcase
  • Arantech sets the pace in global markets
• Section 5
  Driving regional enterprise

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• Membership of the Board and Committees
• Organisation structure
• Corporate governance
• Financial statements
• Global office network

Encouraging and supporting the growth of export focused, innovation-led companies is fundamental to building the next generation of world-class Irish companies.

In 2007 Enterprise Ireland therefore continued to place top strategic priority on creating and supporting high potential start-up companies (HPSUs) and increasing the number of enterprises that grow in scale to become international organisations.

HPSU and scaling companies are hugely important for Ireland. These are the enterprises that will fuel growth and lead Ireland’s future economic prospects internationally. Creating new HPSUs and growing companies to scale is also essential for stimulating local economies and employment, fostering the climate of innovation in Ireland, and translating Irish entrepreneurial ambition and potential into market-focused reality.

The overall strategic target in our work with Ireland’s entrepreneurs over the past three years was to support the creation of 210 new HPSUs by year-end 2007. With a total 221 HPSUs created, Enterprise Ireland has successfully exceeded that target and created a highly significant cluster of innovative enterprises driving forward with vision, ambition and scaling potential.

During the 2005–2007 strategy period, Enterprise Ireland focused on creating support structures over the full range of requirements for HPSUs, including R&D, management development, market development and finance. We also worked with City and County Enterprise Boards, Business Innovation Centres, and third-level institutions to actively promote the establishment of HPSUs throughout Ireland.

A crucial element to the success and growth of start-ups is access to early stage funding. Enterprise Ireland therefore continued to support the development of seed and venture capital funding in Ireland. We also assisted in organising networking events for HPSUs and investors and in helping entrepreneurs to prepare and present business plans.

Our dedicated HPSU Division will continue to drive the development of these innovative new companies, with the added focus in the period of the new 2008–2010 strategy of assisting Irish companies to achieve scale at the earliest stage of development.