Enterprise Ireland to create 1,500 new jobs in next three years

Business development agency, Enterprise Ireland is expected to help start-ups create 1,500 new jobs in the next three years, according to Jobs Minister, Richard Bruton.

The Enterprise Ireland Competitive Start fund, which gives funding to new businesses in their early stages of development, supported 81 new firms in 2014 and the fund is expected to assist a further 102 start-ups during the next 36 months.

Mr Bruton said Enterprise Ireland has been at the heart of a journey “which is moving away from the sort of speculation that was rewarded to focusing on enterprise.”

“Moving away from property to focus on innovation, moving away from debt to focus on competitiveness, that’s what’s at the heart of the success that I think Enterprise Ireland is now creating,” added Bruton.

Bruton said a CSO reporting showing Ireland as the fifth most expensive EU country in which to live in 2013 was a “residue from the Celtic Tiger years when we were the second most expensive country in Europe”.

“In the intervening years our rate of inflation has come down much more rapidly than the rest of Europe so we are improving our ranking,” said Bruton.

“In terms of our competitiveness generally, our unit wage costs have improved by about 20 per cent and the growth of a lot of Irish companies is off the back of a much more competitive base.

“We always have to be alert to the competitive challenges that we face.”

In addition, the Irish Venture Capital Association (IVCA) revealed this week a 41 per cent increase in funds raised for Irish SMEs from venture capital investors in 2014.

A total of €401m was raised, with an eighth of the funds coming from Silicon Valley-based investors, which IVCA director general, Regina Breheny called “a tremendous validation of Irish technology”.

“The Irish venture capital community continues to be the main source of funding for Irish innovative SMEs both through direct investment and as the local lead investor for international syndicates who invested €200m in this period,” added John Flynn, chairman, IVCA.



Image: William Murphy

Date published 5 Mar 2015 | Last updated 5 Mar 2015