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Over €30m invested in start-ups by Enterprise Ireland in 2017

Written by Robert McHugh, on 14th Feb 2018. Posted in Ireland

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New figures released today show that Enterprise Ireland invested €31 million in Irish start-ups in 2017 and supported a total of 181 highly promising start-up companies, 55% of which were based outside of Dublin.

Investment was provided through Enterprise Ireland’s High Potential Start-Up (HSPU) and Competitive Start Fund (CSFs) programmes by the Department of Business, Enterprise and Innovation.

Start-ups supported by Enterprise Ireland in 2017 include:

• 90 new High Potential Start-Ups (HPSU) – start-up businesses with the potential to create 10 jobs and €1million in sales within three to four years of starting up
• 91 new Competitive Start Funds (CSF), which inject critical early stage funding into new businesses
• 67 investments were in female-led start-ups amounting to 35% of all start-up investments
• Over half (55%) of start-ups supported during 2017 are based in regions outside Dublin
• 15 spin-out companies from the third-level sector
• 166 entrepreneurs participated in the nationwide New Frontiers programme
• 18 investments in overseas entrepreneurs who have moved to Ireland to establish their businesses

At its annual Start-Up Showcase event in Croke Park today, attended by over 600 companies, investors and representatives of the start-up ecosystem, Enterprise Ireland also announced a new €500,000 Competitive Start Fund for regionally based start-ups.

Enterprise Ireland’s Competitive Start Fund (CSF) for regional based start-ups is the second CSF call of the year and will open for applications to all start-ups based outside of Dublin on Tuesday 27 February. The €500,000 fund will provide up to €50,000 in equity funding for up to 10 successful applicants. The fund closes to applications at 3pm on Tuesday, 13 March.

Speaking at the Enterprise Ireland Start-up Showcase 2018, Minister for Business, Enterprise and Innovation, Heather Humphreys TD said, "The High Potential Start-Up companies and entrepreneurs here today are playing an important role in the indigenous business community and the regional economy in this country. The Action Plan for Jobs is clear in its focus on regional development and growth, and I am delighted to see that more than half of the start-ups supported by Enterprise Ireland last year and represented here today are based outside of Dublin."

She added, "It is encouraging to witness the diversity of the Class of 2017, with regionally-based, female-led, and third-level spin off companies all present, and I wish each company and entrepreneur every success as they continue to work with Enterprise Ireland."

Source: www.businessworld.ie


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