911 new jobs to be created in Government-supported start up companies

Number of jobs up 20% and companies up 26% on same period last year in Enterprise Ireland’s HPSU programme

Pictured l-r are the Minister for Jobs, Enterprise and Innovation Richard Bruton TD; Michael Moriarty, Enterprise Ireland  and Alan Wyley(right) founder of Connectedtrips.com – one of 53 new high potential start up companies supported by Enterprise Ireland in 2012 that together plan to create 911 new jobs by the end of 2014
Pictured l-r are the Minister for Jobs, Enterprise and Innovation Richard Bruton TD; Michael Moriarty, Enterprise Ireland  and Alan Wyley(right) founder of Connectedtrips.com – one of 53 new high potential start up companies supported by Enterprise Ireland in 2012 that together plan to create 911 new jobs by the end of 2014

The Minister for Jobs, Enterprise and Innovation Richard Bruton TD today [Thursday] announced that 911 new jobs will be created over the next three years in 53 new high potential start-up companies supported by Government through Enterprise Ireland.

Today’s announcement relates to companies to which support has been provided in the first six months of 2012 under Enterprise Ireland’s High Potential Start-Ups Programme. Both the number of investments and the number of jobs to be created are significantly up on the same period last year (755 jobs/42 companies).  These companies come from a wide range of sectors including the innovative sectors that the Government is targeting for growth such as financial services, ICT, digital games, pharmaceuticals and medical devices.

Minister Bruton made the announcement today at Connectedtrips Limited, a high-potential start-up company supported by Enterprise Ireland in 2012, which currently employs five people and has committed to creating an additional 17 jobs by end 2014. The company is located at Dogpatch Labs, Barrow Street, Dublin, an organisation which located in Ireland for the first time in 2011 following an investment by the National Pensions Reserve Fund under Innovation Fund Ireland (further details below).

Making the announcement, Minister Bruton said:

“Central to the Government’s plan for jobs and growth is developing a strong engine of indigenous business. We have a base of multinational companies located here that is the envy of many other countries. What we must also do if we are to create the jobs we need is to create a base of indigenous companies that match that level of success. As I have said before, our aim is not only to attract the next Google or Microsoft to Ireland, but to make it possible for the next Google or Microsoft to start-up in Ireland.

“The new Government has already delivered a series of measures aimed at better supporting indigenous companies to succeed in export markets. We have established a new potential exporters division in Enterprise Ireland to provide new supports for exporters. We have delivered new mentoring and management support programmes to help companies improve their performance. We are delivering new funding mechanisms such as the credit guarantee scheme and the microfinance fund that will provide over €800million of new funds for Irish businesses.

“In today’s announcement we can see that the performance of our high-potential start-up companies is continuing to improve. I am determined that with the continued implementation of the Action Plan for Jobs in 2012 and beyond, we can support young innovative companies to increase their impact on export growth and job creation”.

Commenting on the announcement Greg Treston, Head of High-Potential Start-Ups and Scaling at Enterprise Ireland said: “At Enterprise Ireland we are constantly reviewing and broadening the range of supports we can provide to these early stage companies to make sure that we are meeting their needs.  Initiatives are in place with specialist support at critical points along the start-up development path, and the overall seed capital and VC funding environment for new business has never been stronger.

‘Initiatives such as the Competitive Start Fund providing critical early stage financing to entrepreneurs, our Accelerated Growth Programme for companies with the potential to scale significantly and achieve rapid international growth, and the €10million International Start-Up Fund for overseas entrepreneurs to locate start up businesses in Ireland, are all paying dividends.  Enterprise Ireland’s funding and development supports, along with our network of overseas offices, are all at the disposal of innovative start-up companies to help them grow thriving international businesses’.

ENDS

For further information contact:

Ciara Concanon
Press and PR Manager
Enterprise Ireland

Ciara Concannon
01 7272284
087 2043435



EDITORS NOTES

High Potential Start-Ups Programme

In the period 2000-2011 Enterprise Ireland supported over 900 high-potential start-up companies which are responsible for employing over 25,000 people directly and indirectly in the wider economy, and have combined sales of over €1.5 billion, 75% of which is exported.

Connectedtrips ltd

  • Connectedtrips (www.connectedtrips.com) is a global travel website and online community aimed at anyone who is interested in holidays, retreats and courses in the area of personal growth i.e. yoga, meditation, nutrition, healing and self help. The company is located in Dublin with five employees.
  • The company was founded in 2011 by serial entrepreneur Alan Wyley (co-founder of eWare and former CEO of EuroCommerce)
  • The company aims to have 22 people employed by the end of 2014.

Dogpatch labs

Dogpatch Labs is a Polaris Venture Partners initiative where, select, like-minded, like-driven teams building disruptive businesses are invited to work side by side in free co-working spaces and form communities that bring together the best entrepreneurial talent in tech hubs in Palo Alto - Silicon Valley, Cambridge - Massachusetts, New York City and Dublin -  Ireland.

The organisation announced in September 2011 that it was locating a facility in Dublin, its first outside the United States, following an investment by the National Pensions Reserve Fund under the Innovation Fund Ireland programme.

Since launching in late September 2011, 12 of the first 16 companies resident in our European Dogpatch Labs in Dublin have closed or announced seed rounds of financing ranging from $250k to $1m plus each – representing a 75% hit rate.  These companies range from University spin-outs created by PhDs from the likes of UCD and Trinity College Dublin, to founders who have left companies including Google, YouTube, Oracle, Sunguard and many more leading global technology companies.

Companies that originated in Dogpatch Labs Dublin have received funding from:

Local Venture Capital firms: - including Delta Partners, ACT, Enterprise Equity, Bloom Equity and Frontline Ventures and US Venture Capital Firms; Polaris, RRE Ventures, Lerer Ventures, Greycroft Partners and prominent Tech Angel Investors form Ireland, the US and the UK.

Dogpatch Labs Europe in Dublin is now home to 21 companies, each of which have hiring plans similar to Connected Trips and will be looking to scale their teams aggressively in the coming months and quarters.

Examples of some of the new High-Potential Start-Up Companies being supported in 2012 include:

Company NameProduct/ServiceLocationJobs
NomoseireFinancial services software that enables financial institutions with large capital flows to be compliant with international financial standards.Bishopstown, Cork14
Akari SoftwareCurriculum development and management software for higher education institutions.Little Island, Cork10
Epic Digital MediaMobile Workforce Management solution for locating mobile workers, scheduling their jobs and receiving accurate job reports from the field in real time.Dublin213
Stock StreakStock Streak is a social gaming platform that provides users the opportunity to play the stock market for free, enjoyment and educational purposes.  Foxrock, Co Dublin9
WatticsSoftware solution that can detect and analyse electrical appliance consumption.Belfield, Dublin 415
QstreamQstream is a real-time learning analytics platform company, targeting the pharma and medical device sector.Dublinand Boston27
OmniMotion TechnologyIrish Technology and Digital Services company, specialising in Motion Control Games, Simulations and Services for the Sports, Media and Entertainment sectors.Dublin212
Profector Life SciencesDrug delivery devices to help industry and academic scientists who need to deliver drugs to cells in developing new therapeutic approaches to common diseases.Maynooth, Co Kildare17
Easy DryBiodegradable paper towels.Dundalk, Co Louth4
Digital Marketing InstituteGlobal licensing of digital marketing training and certification programmes.Dublin39
Kerry AbrasivesKerry Abrasives are specialist manufacturers of precision engineered bonded abrasives. Its products are used in cutting, grinding, deburring and polishing all types of metal and metal alloysListowel, Co Kerry9
Connectedtrips LtdConnectedtrips is a global travel website aimed at anyone who is interested in holidays, retreats and courses in the area of spiritual and personal growth i.e. yoga, meditation, nutrition, healing and self help.Dogpatch Labs,  Barrow Street, Dublin 417
Scurri Web Services LtdThe company provide a transport brokering service – the goal of which is to offer unsold transport capacity in otherwise empty trucks for low prices to the public.Duncannon, New Ross, Co Wexford9
Salonaddict LtdOnline Booking TechnologySandyford, Dublin 1820
Digit Games Studio LtdDigit Games Studio is developing games that lend themselves to uptake on various social networking platforms.Princes Street, Dublin 247