At a time when venture funding locally and globally is tightening, Enterprise Ireland’s support of entrepreneurship in Ireland is critical.
Enterprise Ireland has revealed that €27m in funding was invested in Irish start-ups in 2022.
Overall, some 161 start-up companies received support through the State agency’s various programmes, including the High Potential Start-up (HPSU), Competitive Start Fund and Pre-Seed Start Fund.
“36% of the start-up businesses supported in 2022 were founded by women, the highest ever”
Of these 91 were HPSU investments in firms that have the potential to create 10 jobs and generate €1m in sales within three years of starting up.
Some 600 delegates attended the Enterprise Ireland Start-Up Showcase today (18 April) in the RDS which brings together the ‘Class of 2022’ Start-Up companies and the wider Start-Up ecosystem including investors, State agencies, and Start-Up accelerators.
In addition, and for the first time, the event also plays host to technology-based companies who have their roots in state-funded research. In 2022, 24 companies were spun out of third level institutions, supported through the Enterprise Ireland Commercialisation Fund Programme.
This year, the event marks the start of Enterprise Ireland’s ‘Summit’ week, which celebrates Enterprise Ireland’s 25th anniversary. Summit week is bringing together Irish businesses from a broad range of sectors, Enterprise Ireland’s global team and key stakeholders to discuss the progress of Irish enterprise and its current and future impact for the benefit of both economy and society.
“A strong start-up eco-system is vital to the future of Ireland. Start-ups are a powerful driver of economic growth, new talent and innovation,” said Kevin Sherry, executive director of Enterprise Ireland.
“At Enterprise Ireland we are committed to helping founders to start and grow their business internationally. The Start-Up Showcase is a great opportunity to celebrate our future enterprise leaders and their businesses as they are the lifeblood of our economy.
“Emerging from the global pandemic, 2022 was a successful year for Irish start-ups across a range of sectors including ICT, medtech, fintech, food and manufacturing. We also saw a strong performance by start-ups setting up outside of Dublin.
“Furthermore, 36% of the start-up businesses supported in 2022 were founded by women, the highest ever which further supports Enterprise Ireland’s strategy to increase the participation of women in entrepreneurship and business leadership. The class of 2022 will serve as role models for new founders who have the determination and resilience required to get their enterprises up and running.”