Some 218 new jobs to be created over the next 18 months are to be announced this evening by entrepreneurs based at the Dublin Business Innovation Centre (BIC).
At a function later today to mark the 25th anniversary of BIC, Taoiseach Enda Kenny will announce the new jobs being created by about 30 entrepreneurs.
The new jobs will be created across a range of some 30 entrepreneurial firms, including Davra Networks, EmpowerTheUser, iCabbi, Learnosity, MMSOFT Design, OpenJaw Technologies, Point of Care, Stratus5 and SafeFood 360.
“Ireland is one of the most exciting places in the world today to create the businesses of tomorrow and the work of the Dublin Business Innovation Centre has been vital in building this reputation,” Kenny said.
“Job creation is the Government’s top priority and I’m delighted that 218 new jobs are being created by Dublin BIC firms. Small firms are vital to job creation and the Government’s Action Plan for Jobs aims to create a more supportive environment for entrepreneurs and small businesses to flourish.”
Economic impact of Dublin BIC
It is understood that 93pc of entrepreneurial start-ups backed by Dublin BIC expect to increase employment over the next 12 months, according to a DKM Economic Consultants study.
The DKM report found that in 2012, Dublin BIC-backed entrepreneurial start-ups employed 2,428 people directly and were responsible for another 2,032 indirect jobs.
Annette Hughes, director, DKM Economic Consultants, added that 82pc of Dublin BIC-supported start-ups survived the critical first five years compared to an average of 61pc for all Irish start-up companies over the same initial timeframe. Companies which have grown out of Dublin BIC include Havok, Brown Bag Films, MicksGarage, SourceDogg, Blueface, StatCounter, Storyful, Wirelite Sensors, Clevemama and many others.
The DKM report finds that Dublin BIC has been responsible for more than €22m of early stage direct funds being invested into more than 100 start-up companies up to the end of 2012 either through seed capital or angel funding. Dublin BIC is supported by Enterprise Ireland, and the Department of Jobs, Enterprise and Innovation.
Dublin BIC, which was established in 1988, is part of a national and European organisation of business and innovation centres which identify, select and support entrepreneurial start-ups. Its services include access to seed and angel capital; incubation space in the 6,000 sq-metre incubation Guinness Enterprise Centre, plus advice on preparing firms for investment and international expansion.
A fitting testimony to the impact of BIC came from David O’Meara, who was CEO between 2003 and 2010 of Emmy Award-winning company Havok, which now employs 150 people, and which chip giant Intel acquired in 2007 for €110m. “Havok may not have survived had it not started out with the Dublin Business Innovation Centre,” O’Meara said.
BIC by the numbers:
· 91pc of Dublin BIC-supported firms expect turnover to increase
· In 2012, 50.4pc of turnover was spent on payroll, employing 2,500 people, 68pc of whom were graduates. The average employment per firm was 17
· In total, Dublin BIC start-ups contributed close to 4,500 full-time positions in 2012 alone. The implied employment multiplier is two, which means that for every job created by Dublin BIC companies, an additional job is created in the rest of the economy
· 500 start-ups were created since foundation
· 140 existing enterprises were helped to expand