1850 new jobs to be created over next three years by 122 High Potential Start Up companies supported by Dept of Jobs through Enterprise Ireland – Minister Bruton

Wednesday 19 February 2014

L-R: Julie Sinnamon, CEO Enterprise Ireland, Julie O’Rourke, Rempad, Minister for Jobs, Enterprise and Innovation Mr. Richard Bruton TD , Yvonne Brady from EVB Sports Shorts Ltd and Martina Shelly, Yellow Schedule
L-R: Julie Sinnamon, CEO Enterprise Ireland, Julie O’Rourke, Rempad, Minister for Jobs, Enterprise and Innovation Mr. Richard Bruton TD , Yvonne Brady from EVB Sports Shorts Ltd and Martina Shelly, Yellow Schedule.

1850 jobs will be created over the next three years by 122 High Potential Start-Up companies supported by the Department of Jobs through Enterprise Ireland, the Minister for Jobs, Enterprise and Innovation announced today.

Minister Bruton was speaking as he announced the results of the Enterprise Ireland High Potential Start Ups programme 2013, which showed that:

  • 1850 new jobs will be created over the next three years by 122 High Potential Start Up companies
  • 103 new High Potential Start Up companies received investments from Enterprise Ireland during 2013, the highest number of new HPSUs supported during a single year and ahead of target
  • 41 female-led HPSU projects won investments during 2013, a major rise from 16 in 2012, as a number of women-specific initiatives by EI showed results
  • 2013 also saw a rise in the number of overseas entrepreneurs setting up their businesses in Ireland, and overseas projects represent 15% of the HPSU class of 2013

The showcase also features the 85 early stage projects supported during the year under Enterprise Ireland’s Competitive Start Funds, and representatives from the 2013 New Frontiers entrepreneur development programme.

Speaking at the launch Minister Bruton said: “At the heart of the Government’s Action Plan for Jobs is our determination to support a powerful engine of Irish enterprise alongside the successful multinational sector we have built up. We have put in place a number of new initiatives to deliver on this, including extra resources to support companies in overseas markets and a new network of Local Enterprise Offices to support more start ups. The Enterprise Ireland High Potential Start Ups programme is a key part of our plans. This is the programme that identifies the companies that could be the world-class Irish businesses of the future.

“The results published today show that the HPSU programme goes from strength to strength, with more companies, more overseas companies, more female-led companies, and more jobs than previous years. Enterprise Ireland deserves real credit for these achievements. I wish each of these companies every success for the future, I commend them on their achievements, and I look forward to seeing them grow into world-class companies of scale, creating the jobs we need”.

Lisa Vaughan, Enterprise Ireland Head of High Potential Start Ups and Scaling added: “The Action Plan for Jobs gives a clear mandate to Enterprise Ireland to drive entrepreneurship and new business start-ups. 2013 was a very strong year with many highlights, including the big increase in female led start ups and the strong showing of new start ups from overseas and spin-outs from Irish Universities and Institutes of Technology.

“All the companies here today have the potential to grow rapidly and become significant exporters. These companies play a really significant part in stimulating local economies and employment. The push now must be to help these young companies to realise their full potential to achieve significant scale and become major international businesses in markets across the globe”.

ENDS

Note:There will be a photo call on the day and Fennell Photography will syndicate photographs.

For further information contact:

Department of Jobs, Enterprise and Innovation

Press Office,

01 6312200

press.office@djei.ie

www.djei.ie

 Or The Press Office at Enterprise Ireland


Editors' Note: Background Information

A 'high potential start up' is defined as a company that is:

  • Based on technological innovation
  • Likely to achieve significant growth in 3 years (Sales of €1m per annum and employment of 10)
  • Export oriented
  • Led by an experienced team, with a mixture of technical and commercial competencies.


Highlights from 2013 include:

  • significant increase in female led investments up from 16 in 2012 to 41 in 2013, through our HPSU and CSF funding supports. This is in direct response to the Enterprise Ireland female specific initiatives introduced in 2012.
  • strong result from Enterprise Ireland-supported third-level research commercialisation with 10 High Potential Start-ups emerging as spin-outs from Irish Universities and Institutes of Technology.
  • 13 of the HPSU companies and four of the CSF companies originated from outside of Ireland.
Sectoral breakdown of 2013 HPSU Companies
SectorNumber
Software and Services62
Cleantech and Engineering19
Food and Consumer Products17
Medical Devices & Pharmaceuticals5
Total103
Sectoral breakdown of 2013 CSF Companies
SectorNumber
Software and Services66
Cleantech and Engineering6
Food and Consumer Products10
Medical Devices & Pharmaceuticals3
Total85
Regional Distribution of 2013 HPSU Companies:
RegionNumber
Dublin55
Mid East7
South17
Border5
West7
Mid-West8
Midlands4
Total103
Regional Distribution of 2013 CSF Companies:
RegionNumber
Dublin53
Mid East4
South14
Border4
West3
Mid-West5
Midlands2
Total85