NDRC start-ups have so far generated more than 1,600 jobs

23 Oct 2017

From left: Communications Minister Denis Naughten, TD, with NDRC CEO Ben Hurley recently. Image: Shane O’Neill Photography

A new NDRC infographic reveals the economic impact of one of Europe’s most successful start-up accelerators.

Ahead of its Investor Day tomorrow (24 October), where 11 of the latest cohort will do battle before a coterie of seasoned investors, NDRC has revealed that so far, its start-ups have generated more than 1,600 jobs directly and indirectly worldwide.

The majority of the jobs, around 1,350 of them, are based in Ireland. According to NDRC data, on average, each of its start-ups employ six people, out of which four are full-time and two are part-time.

Keeping with its original mission of helping to commercialise tech transfer from academia, around 44pc of NDRC entrepreneurs have a master’s or PhD qualification.

About 34 of NDRC’s graduating start-ups have established operations overseas, and 40pc are now considering establishing a base in the UK due to Brexit.

In 2015, NDRC was ranked the No 2 university business accelerator in the world by UBI Global.

On mission

NDRC start-ups have so far created more than 1,600 jobs

Infographic: NDRC

According to its most recent annual results, companies backed by NDRC raised €152m in cumulative follow-on investment in 2016 – that’s a 22pc increase on the previous year.

Former NDRC companies that have secured significant Series A investment this year include NewsWhip, Bizimply, Nuritas and SilverCloud.

NDRC, headed by CEO Ben Hurley, was established by the State in 2007 as the National Digital Research Centre, and is based at the Digital Hub in Dublin 8.

According to its recent financials, it has invested in 226 companies and, combined, these have an estimated market value of €427m. It also reported investment returns of €460,000 for 2016.

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