Over €30m. invested in start-ups by Enterprise Ireland

ENTERPRISE Ireland, the state agency responsible for the development and growth of Irish companies in global markets, invested €31 million in Irish start-ups in 2017 and supported a total of 181 highly promising start-up companies, 55% of which were based outside of Dublin.

Investment was provided through Enterprise Ireland’s High Potential Start-Up (HSPU) and Competitive Start Fund (CSFs) programmes by the Department of Business, Enterprise and Innovation.

At its annual Start-Up Showcase event in Croke Park, attended by over 600 companies, investors and representatives of the start-up ecosystem, Enterprise Ireland also announced a new €500,000 Competitive Start Fund for regionally based start-ups.

Those who benefited from the investment included Education DESTY, Westport, founded by Stephanie O'Malley, and Tweet-Eye, Belmullet, founded by Christopher Collins.

Education DESTY is an online Social-Emotional Learning (SEL) programme aimed at supporting primary school-aged children. The DESTY programme trains Mentors by providing online support to help children to learn life skills such as understanding themselves, managing feelings and working with others.

Tweet-Eye is a digital marketing tool that helps micro businesses increase their customer leads. The system automates research and scheduling of posts across multiple platforms and provides integration and support for online sellers on platforms such as eBay and Etsy.

 Barry Egan, regional director, West Region, Enterprise Ireland said: “Cultivating an environment that allows start-ups and entrepreneurs with global ambition to prosper is a key focus of Enterprise Ireland. Last year, we supported 181 high quality start-ups that we believe have the potential to scale and expand in international markets.

“Crucially, 55% of these companies are based in regions outside of Dublin, in line with our strategic objective of driving growth at a regional level. Over one third were female-led start-ups, continuing our emphasis on supporting start-ups in under-represented sectors.”

 Start-ups supported by Enterprise Ireland in 2017 include:

* 90 new High Potential Start-Ups (HPSU) – start-up businesses with the potential to create 10 jobs and €1million in sales within three to four years of starting up.

* 91 new Competitive Start Funds (CSF), which inject critical early stage funding into new businesses

* 67 investments were in female-led start-ups amounting to 35% of all start-up investments

Over half (55%) of start-ups supported during 2017 are based in regions outside Dublin

* 15 spin-out companies from the third-level sector

* 166 entrepreneurs participated in the nationwide New Frontiers programme

* 18 investments in overseas entrepreneurs who have moved to Ireland to establish their businesses. 

Speaking at the Enterprise Ireland Start-up Showcase 2018, Minister for Business, Enterprise and Innovation, Heather Humphreys, said: “The High Potential Start-Up companies and entrepreneurs here today are playing an important role in the indigenous business community and the regional economy in this country.

“The Action Plan for Jobs is clear in its focus on regional development and growth, and I am delighted to see that more than half of the start-ups supported by Enterprise Ireland last year and represented here today are based outside of Dublin. It is encouraging to witness the diversity of the Class of 2017, with regionally-based, female-led, and third-level spin off companies all present, and I wish each company and entrepreneur every success as they continue to work with Enterprise Ireland.” 

 

Pictured are New Frontiers participants from the programme at GMIT in Galway and Castlebar were well represented at the Enterprise Ireland Start-up Showcase 2018

Richard McCurry, dounder - Newby Chinese,Galway, Tony O’Kelly, manager - New Frontiers Programme at GMIT, Dr. Barry Flannery, founder - Xerotech, Galway, Kevin McCaffrey, founder - Tr3dent, Galway, Anthony Cahill, founder - KyzenTree Technology, Galway, Anna Downes, founder - ShowHouz, Galway, Barry Egan, Regional Director - West Region, Enterprise Ireland (Funder of the New Frontiers Programme), and Padraic Walsh, founder – DeadDock, Mayo. Photo: Chris Bellew /Fennells.