1,500 new jobs to be created over next three years by 102 High Potential Start Up companies supported by Dept of Jobs through Enterprise Ireland – Minister Bruton
18th February 2015
The Minister was speaking at an event to announce details of the new start-up businesses to which Enterprise Ireland directly committed investment and supported in 2014. The impact of these new start-ups is felt right across all regions in Ireland and across a wide range of business sectors including software and services, medical devices and pharmaceuticals, cleantech, engineering, food and consumer products.
Minister Bruton was speaking as he announced the results of the Enterprise Ireland High Potential Start Ups programme 2014, which showed that:
- 1500 new jobs will be created over the next three years by the new 102 High Potential Start-Up companies.
- In addition, 81 new early stage businesses were supported under the
Enterprise Ireland Competitive Start Fund in 2014, which injects critical early stage funding into new businesses.
- 43 new female-led start-ups supported, the highest number ever. Last year Enterprise Ireland expanded its ambitious programme to drive an increase in the number of new businesses being established by female entrepreneurs. New initiatives during the year included the development of a dedicated female accelerator programme and the launch of Enterprise Ireland’s first peer-to-peer online networking platform for female-led companies.
- 16 spin-out companies from higher education institutions were supported in 2014. These businesses are built on publicly-funded research to become new HPSUs.
- 12 new food and drinks start-ups, the highest number ever. A feature of these projects is the high number of female promoters involved, and their wide regional spread.
- 14 new start-ups established by entrepreneurs from overseas, involving a range of sectors and with founders who have moved to Ireland to establish their businesses from Singapore, India, Switzerland and Germany.
The event also features representatives of the Enterprise Ireland funded New Frontiers programme, Ireland’s national entrepreneur development programme delivered at local level by the Institutes of Technology and funded and managed by Enterprise Ireland.
Speaking at the announcement Minister Bruton said: ‘At the heart of the Government’s Action Plan for Jobs is creating a powerful engine of Irish enterprise, that will accelerate jobs growth in towns and villages right across the country. We are constantly reviewing the needs of entrepreneurs and businesses and developing new initiatives to assist new start-ups, including extra resources to support companies in overseas markets, a new network of Local Enterprise Offices to support more start-ups, and the recently launched Action Plan for Jobs - Regional. The companies supported by Enterprise Ireland under its High Potential Start-Ups programme and Competitive Start Funds are key to our plans. These are the new ambitious promoters that will go on to become part of the growing number of internationally trading Irish companies that each year are increasing Irish exports and creating new Irish jobs – with some ultimately developing into the large employer Irish multinationals of the future. Today’s announcement that 102 fast-growing companies who we have supported will create 1500 jobs over the next 3 years is a great boost and further evidence of what is possible in this area’.
Enterprise Ireland’s Kevin Sherry, Manager HPSU and Growth Engagement, added: ‘All of these companies here today have the ambition and potential to grow rapidly and become significant exporters. Enterprise Ireland is clear in its ambition and strategy as set out in the Government’s Action Plan for Jobs to provide the impetus and supports that these companies need to realise their full potential and achieve significant scale. Enterprise Ireland congratulates all of the founders of each of these exciting new companies and is fully committed to assisting them develop and grow their businesses’.
Download the Enterprise Ireland HPSU Class of 2014 [pdf format].
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Editors' Note: Background Information
A 'high potential start up' (HPSU) 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.
Sectoral, Regional & County Breakdown
Sectoral Breakdown HPSU & CSF Companies 2014
|Software and Services||67||55|
|Cleantech and Engineering||11||9|
|Food and Consumer Products||16||14|
|Medical Devices & Pharmaceuticals||8||3|
Regional Distribution HPSU & CSF Companies 2014
|Mid East (Kildare, Meath, Wicklow)||6||4|
|South & South East (Cork, Carlow, Kilkenny, Waterford, Wexford, Tipperary South)||18||11|
|Border (Cavan, Donegal, Leitrim, Louth, Monaghan, Sligo)||5||3|
|West (Galway, Mayo, Roscommon)||5||5|
|Mid-West (Clare, Kerry, Limerick, Tipperary North)||9||6|
|Midlands (Laois, Longford, Offaly, Westmeath)||1||3|