Working group recommends ways to increase the size and quality of the scale-up ecosystem in Ireland.
The Irish Government aims to implement recommendations in a report aimed at using finance as a catalyst to develop a scaling business ecosystem in Ireland.
The report, authored by the cross-departmental Finance for Scale Ups Working Group, has recommended a number of steps to foster and develop the Irish scaling ecosystem.
“Finance is an important catalyst for further development of the Irish scaling ecosystem”
These include ensuring that that scaling finance is available by introducing and promoting funds that will provide scaling finance options to founders and startups.
Incentivising investment
In a move that should be broadly welcomed by the venture capital sector in Ireland, the report recommends the Government investigates options for pension fund and institutional investor participation in scaling equity funds and encourage corporate venturing in Ireland.
The Scaling Working Group also recommends a review of the State’s tax model and design instruments that incentivise investment into scaling companies.
The report of the Finance for Scale-ups Working Group also calls for the establishment of an implementation committee to develop practical actions. That work will begin immediately, under the remit the Department of Enterprise, Trade and Employment.
“I very much welcome the findings and recommendations of the report by the Finance for Scale Ups Working Group published today,” said Enterprise Minister Peter Burke.
“Innovative businesses require risk capital to help fund their growth, and this report provides important information to us on the key role that the State has in helping our high potential and innovative firms reach their maximum potential.
“Finance is an important catalyst for further development of the Irish scaling ecosystem. With more scale-up capital and the expertise from scale-up investors, high potential firms could continue to grow significantly and deliver considerable benefit to the Irish economy.
“The successful implementation of the recommendations in this report, will increase scale up activity in the Irish funding ecosystem by improving access to appropriate finance.”
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