476 jobs created by Dublin BIC tech start-ups

2 Jan 2009

Some 76 jobs have been created by 16 new export-oriented companies based at Dublin Business Innovation Centre (BIC), while existing firms added 400 jobs to the tally.

The BIC said this morning that 2008 was a watershed year insofar as it saw the highest number of investment deals in one year since Dublin BIC’s foundation 20 years ago

It was also Dublin BIC’s most successful year for numbers of new start-ups since 2000, with a 45pc increase in new start-ups over 2007.

The year was also notable for Dublin BIC-managed seed finance investments, with €10m invested in 19 early phase companies, the largest number of investments in one year since Dublin BIC’s establishment.

“We are optimistic about the future of emerging Irish companies, and see a clear silver lining for indigenous entrepreneurs amid the prevailing gloom,” said Desmond Fahey, chief executive officer, Dublin BIC.

“This year, for example, we estimate that around 400 jobs were created by the 350 companies we helped launch since our foundation 20 years ago. 2008 also saw us review 390 new business ideas and plans. 

“In particular, we’re starting to see a trend for entrepreneurs to emerge from the multinational sector. This is very exciting, given the extensive base of world-leading technology-based companies that set-up here in the past 20 years.

“The depth, diversity and quality of management teams and business ideas coming from this sector, in particular, reflects the strong global vision engendered in the multinational environment,” Fahy said.

Fahy also noted a trend in 2008 for companies to increase their investments in R&D and management development as they seek to create very distinct strategic competitive advantages.

“This was a key driver behind the increase in seed finance deals done over the year. This was also aided by a trend among some investors to put money into start-ups as a means of diversifying away from property-based portfolios.

“In terms of types of businesses, we are already seeing a trend towards ‘green’ technology and clean energy businesses, with solar and wind power innovations coming through. ICT, media and entertainment continue to feature very strongly, and virtually every company we work with is aimed primarily at international markets,” Fahy said.

By John Kennedy

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years