A study into NDRC’s portfolio of companies shows that one-in-three startups are eyeing UK expansion in the next five years, with similar hopes for Australia and New Zealand as Ireland-based startups ramp up their business activities. Both the UK and US are cited as important markets for Irish digital entrepreneurs looking to scale, with current operations in the US very significant.
NDRC, which builds and invests in early stage digital and technology startups, recently commissioned research – with support from Bank of Ireland – that shows that the uncertainty surrounding Brexit is far from a problem for many entrepreneurs. The research of NDRC startups, undertaken by Behaviour & Attitudes, saw almost 70 NDRC entrepreneurs surveyed, covering those from Pre-Seed right through to Series A businesses, with fewer than one-fifth (17%) viewing Brexit negatively.
The results shows the average entrepreneur spending less than one year researching his or her business idea before deciding to set up shop.
Almost one-third of entrepreneurs have no formal education in business or technology areas, with just 39% having a background in computing, according to the research. Half of respondents cited working for themselves as a key reason for starting their own business, while many entrepreneurs relied on their own savings to fund their businesses in the early stages.
NDRC has built and invested in more than 200 companies to date, which employ more than 800 people between them. Some of NDRC’s portfolio companies are Logentries, FieldAware, Wia, Tandem HR and Nuritas – the latter of which recently announced a €16.8 million funding round.
Commenting on the research, CEO of NDRC, Ben Hurley said, "Discovering what makes up our entrepreneurs, and also what makes them tick, is of huge value to NDRC as we continue to seek out the best early-stage companies in the country. The findings show that a strong work ethic is a pre-requisite when building a business from the ground up. Meanwhile, Ireland’s education system helps, too, by providing a plethora of university graduates, something we’re seeing in the startup space to great effect."
Source: www.businessworld.ie
