€23m invested in 2018 start-ups by Enterprise Ireland

€23m invested in 2018 start-ups by Enterprise Ireland

The State-backed agency responsible for the development and growth of Irish start-ups invested €23m in 132 new businesses in 2018.

Enterprise Ireland, the organisation that the Department of Business, Enterprise and Innovation funds via the Competitive Start Funds (CSF) and High Potential Start-Up (HPSU) programmes, confirmed the figures at its Annual Start-Up Showcase event at Croke Park, Dublin.

The organisation confirmed that 82 start-ups with high growth potential to create ten jobs and generate €1m in sales – within four years of establishing – were given financial support in 2018.

15 of these high potential start-ups (HPSUs) included new fintech companies. Early-stage funding was provided via the CSF, with 15 spin-out companies from higher education institutions also obtaining finance from Enterprise Ireland in 2018.

Joe Healy, manager, HPSU division, Enterprise Ireland, noted a substantial rise in the number of enquiries for financial support from new start-ups last year.

“The appetite and enthusiasm amongst entrepreneurs is strong,” said Healy.

“In 2018 alone, Enterprise Ireland received over 1,300 start-up enquiries, representing a 30% increase on the previous year.

“A huge amount of supports exist within the start-up eco-system and we continue to work with our partners, be it through New Frontiers, the third level sector, the accelerators, the local enterprise offices, the BICs and the investment community to help early-stage companies develop and succeed.”

The strategy for Enterprise Ireland between 2017 and 2020 was to improve support for start-ups with an ambition to scale their business and reach globally.

Mr Healy confirmed that at the midway point of this four-year strategy, Enterprise Ireland is “on course to meet the ambitious target of creating 60,000 new jobs by the end of 2020”.

Are you planning on realising your ambitions and launching a new business in 2019? Your local TaxAssist Accountant can help you from day one by looking at your cashflow position and helping you to determine the right structure for your start-up business.

At TaxAssist Accountants, we believe that a watertight financial plan is imperative to any growing business.

Arrange a free initial consultation on your new business plans with your local TaxAssist Accountant today by calling 1890 98 76 09 or drop us a line using our online enquiry form.

Date published 22 Feb 2019 | Last updated 22 Feb 2019