Enterprise Ireland invested €24m in start-ups in 2019

Enterprise Ireland’s Start-Up Showcase event took place this morning (February 25) where it was announced that they invested €24m in Irish start-ups last year.

Enterprise Ireland invested a total of €24 million in Irish start-ups in 2019 and supported 127 start-up companies.

The government agency responsible for the development and growth of Irish companies in global markets, and investment was provided through Enterprise Ireland’s High Potential Start-Up (HPSU) and Competitive Start Fund (CSF) programmes.

More than 600 delegates attended the Enterprise Ireland Start-Up Showcase, including start-up businesses, industry experts and investors, which took place this morning in Croke Park.

“These founders are our future business leaders and their businesses are the lifeblood of our economy”

Jennifer Melia, manager of Enterprise Ireland’s HPSU division, said; “A strong start-up economy is absolutely vital to the future of Ireland. Start-ups are a powerful driver of economic growth, new talent and innovation. In Enterprise Ireland we are committed to helping founders to start and grow their business internationally. These founders are our future business leaders and their businesses are the lifeblood of our economy.

“2019 was another successful year for Irish start-ups across a range of sectors including ICT, medtech, fintech, food and manufacturing,” she continued. “We also saw a strong performance by start-ups from outside of Dublin. Furthermore, 38 of the businesses supported were founded by women which supports Enterprise Ireland’s recently launched 2020 Action Plan for Women in Business, aiming to increase the participation of women in entrepreneurship and business leadership.”

Enterprise Ireland has also launched a new campaign today – ‘The Formula for Success’ – which aims to attract ambitious founders, the disruptors of the future and fast-growing export-led early stage companies, to apply for High Potential Start-Up supports. A HPSU is a fast growing, export focused company, often with a need for significant investment. The formula for success centres on matching a founder’s vision and ambition with Enterprise Ireland’s investment, expertise and network to help them succeed.

“Disruptive technologies will significantly change the way that we work and live and we need to embrace the changes coming our way”

As part of the campaign Enterprise Ireland also published its six-year roadmap to grow and nurture the start-ups of the future. The plan outlines four key objectives with 14 key actions to support the development of the next generation of Ireland’s business leaders and make Ireland a great location to start and scale export-led start-ups that will be required to drive the future economy. They include:

  1. Build a strong HPSU pipeline of ambitious and diverse company founders
  2. Support company founders to design and build fast-scaling businesses in the sectors and markets of the future
  3. Improve the environment for entrepreneurship
  4. Work smarter together through collaboration as ‘one Ireland team’

“The launch of the roadmap is timely when we consider the vast and rapid technological advancements that are taking place. Today everything is faster, more efficient, and more easily accessible. Disruptive technologies will significantly change the way that we work and live and we need to embrace the changes coming our way,” added .

“This roadmap aims to meet these challenges and ensure we assist entrepreneurs to create strong and sustainable exporting businesses. This approach brings together and strengthens the financial and development supports, the sectoral and market intelligence and the connections to help entrepreneurs succeed – a formula for success to fulfil their potential in developing their business every step of the scaling journey.”

For more information on Enterprise Ireland’s Formula for Start-Up Success, click here.

By Stephen Larkin

Published: 25 February, 2020