Start-ups generate sales of €250m

24 Oct 2003

More than 84 high potential start-up companies supported by Enterprise Ireland have generated sales of €250m in the past three years, the Tánaiste and Minister for Enterprise, Trade and Employment Mary Harney TD has revealed.

The start-ups, she said, have in the past three years generated exports almost €93m and have created 3,600 jobs in the process. This, Harney said, proves that not all new jobs in the Irish economy are created by large multinationals locating their business in Ireland and underlines the role played by the indigenous small business sector in the Irish economy.

Harney was speaking at this morning’s Mallin/Invest Start-up Award in Dublin City University (DCU), which is designed to promote entrepreneurship in the university. Although the award is in its second year, some 50 business plans were presented by members of the DCU community. Already 21 companies are up and running at DCU’s incubation centre for start-up companies.

“The benefits of close collaboration and interaction between higher education and industry are well recognised in this country”, Harney said. Indeed, the college campus has been identified internationally as an ideal location for high-tech, start-up companies. Early-stage technology companies have a huge potential to grow and the academic community plays a major part in their success.”

Harney also emphasised the Government’s commitment to fostering a spirit of entrepreneurship and innovation among third-level students and graduates.

She said: “Enterprise Ireland funds the Third Level Business Incubation Programme. It has just started a special programme to provide incubation space for early-stage biotechnology companies in universities and teaching hospitals and as part of its commitment to facilitating the commercialisation of research, Enterprise Ireland is bringing a range of supports together under a new Commercialisation Fund.”

“The universities and Institutes of Technology have a key role to play in building a supportive environment for business growth. Their contribution to innovation development improves the business climate and influences the conditions in which growth is achieved,” the Tánaiste concluded.

By John Kennedy