Enterprise Ireland
Annual Report and Accounts 2007

4. Starting and scaling companies (continued)

• 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

Translating entrepreneurial ambition into reality

Finding individuals with the potential and entrepreneurial spark to innovate, and then to convert their ideas into internationalised export-focused HPSUs continues as a high priority for Enterprise Ireland.

As part of our strategy to translate entrepreneurial potential and ambition into high-quality HPSUs, we target the most important sources of embryonic and ambitious entrepreneurs.

In 2007, these sources included all companies in Ireland, third-level colleges and Universities, technology incubators, research centres and serial entrepreneurs. Through our overseas networks, we also targeted Irish expatriates capable of returning to Ireland to establish businesses in innovative areas.

As a result, in 2007 we supported the creation of 70 HPSUs nationwide with 22 located in the Borders, Midland and West region. Enterprise Ireland invested €17.5 million in these companies, against a total investment of €60 million. They are expected to generate sales of €630 million over the next three years, with export sales accounting for more than 70 per cent.

These new enterprises are spread over a number of emerging sectors and many involve highly innovative R&D. They currently employ 595 people and are expected to create an additional 761 skilled jobs over the next three years. This will bring their total employment to over 1,350.

Building growth potential

Enterprise Ireland focuses HPSU support on helping companies to survive the critical first three years by achieving sales thresholds of greater than €1 million and €5 million and building 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 92 HPSUs in securing their first crucial reference sale in 2007, with 81 of these in overseas markets and 11 in domestic markets. From 2005–2007 a total of 218 overseas reference sales were achieved by HPSUs.