Irish high-potential start-ups to spawn 911 new jobs over next three years
Up to 911 new jobs are set to be created by 53 new high-potential start-ups (HPSUs) that are supported by the Irish Government through Enterprise Ireland, Jobs Minister Richard Bruton, TD, has just announced.
Bruton made the announcement at the online start-up Connectedtrips, a HPSU that currently employs five people. The Enterprise Ireland-supported start-up has today committed to creating an additional 17 jobs by the end of 2014.
The company is located at Dogpatch Labs on Barrow Street as part of Dublin's digital hub. Connectedtrips is a global travel website and online community aimed at anyone who is interested in holidays, retreats and courses in the area of personal growth, ie yoga, healing and self help.
The company was founded in 2011 by serial entrepreneur Alan Wyley, the co-founder of eWare and former CEO of EuroCommerce. It set up shop in Dublin with five employees last year.
Creating jobs around Ireland
As for the remaining 52 Enterprise Ireland supported start-ups that will be aiming to create up to 900 jobs within the next two years, they are based all around the country. They include EasyDry, a company that is pioneering biodegradable paper towels. It is based in Dundalk, Co Louth. The UCD spin-out Wattics, which has developed a smart metering solution and is based at NovaUCD, is another company that will be on a mission to create new jobs, as will Akari Saoftware, which is based in Little Island in Co Cork.
Dogpatch companies also plan to scale up and create jobs
And Dogpatch Labs also said today said that each of the 21 companies that are based there have hiring plans similar to Connectedtrips. Apparently, they will be looking to scale their teams aggressively in the coming months and quarters.
Dogpatch Labs located in Ireland last September following an investment by the National Pensions Reserve Fund under Innovation Fund Ireland.
Creating our own Google's and Microsoft's ...
Bruton said today that developing a strong engine of indigenous business is central to the Government's plan for jobs and growth.
He spoke about how Ireland has a base of multinationals that have located in the country, making it the envy of other countries.
However, he said the aim is not only to attract the next Google or Microsoft to Ireland, but to make it possible for the next Google or Microsoft to start up in Ireland.
"We have established a new potential exporters division in Enterprise Ireland to provide new supports for exporters. We have delivered new mentoring and management support programmes to help companies improve their performance. We are delivering new funding mechanisms, such as the credit guarantee scheme and the microfinance fund, that will provide more than €800m of new funds for Irish businesses," added Bruton.
Enterprise Ireland also announced today that the number of jobs is up 20pc and companies up 26pc compared to the same period last year in its HPSU programme.
Greg Treston, head of HPSUs and scaling at Enterprise Ireland, said this morning that the agency is constantly reviewing and broadening the range of supports it can provide to the early-stage companies it supports.
"Initiatives are in place with specialist support at critical points along the start-up development path, and the overall seed capital and VC funding environment for new business has never been stronger," he said.
Treston also spoke about Enterprise Ireland's Competitive Start Fund that provides early stage financing to entrepreneurs, the Accelerated Growth Programme for companies that offers the potential to scale faster to achieve rapid international growth, and the €10m International Start-Up Fund for overseas entrepreneurs to locate start-up businesses in Ireland.
"Enterprise Ireland's funding and development supports, along with our network of overseas offices, are all at the disposal of innovative start-up companies to help them grow thriving international businesses," he added.