More Enterprise Ireland start-ups than expected in 2009

8 Jul 2010

The number of new high-potential start-ups (HPSUs) supported by Enterprise Ireland last year exceeded expectations, according to the agency’s annual report released today.

In 2009, Enterprise Ireland made seed capital investments in 73 new HPSUs which together will create more than 900 new jobs and achieve total sales of more than €600m within the next three years.

Enterprise Ireland’s investment in more than 800 start-up companies over a 20-year period (1989–9) has yielded more than €1bn in Irish exports and in excess of 14,000 jobs.

Regarding commercialisation of research, more than 120 client companies were approved financial support in excess of €100,000 for significant R&D projects, a large increase on 2008 (89).  Thirty-five spin-out companies emerged from Higher Education Institutes (HEIs) with Enterprise Ireland support – a three-fold increase on the numbers achieved in 2008.

“As Ireland emerges from recession and business activity in our main trading partners recovers, indigenous exporting firms can build on the base they maintained over difficult times and focus on further growth,” commented Minister for Enterprise, Trade and Innovation Batt O’Keeffe TD.

“These firms already have a significant economic impact in every region of Ireland. We estimate that these firms, and other Enterprise Ireland-supported start-ups, can between them generate 60,000 jobs over the next five years.”