Enterprise Ireland-backed firms to create 1,500 new jobs

As many as 1,500 new jobs are expected to be created over the next three years by start-up companies backed by Enterprise Ireland, according to a new report from the State agency.

Enterprise Ireland said it supported 102 so-called High Potential Start-Up (HPSU) companies last year. A high-potential start-up is defined as a company that is export oriented, focused on technological innovation and likely to achieve growth of at least €1million per annum over a three-year period, and led by an experienced team.

The majority of the firms to be backed by Enterprise Ireland were in areas such as software and services, cleantech, engineering, medical devices and pharmaceuticals.

The State body said it also backed 81 new early stage businesses under its Competitive Start Fund, which provides seed funding for start-ups.

A total of 43 new female-led start-ups were supported by Enterprise Ireland last year, the highest number ever. The number of female-led firms to receive funding more than doubled 16 in 2012 to 41 in 2013 on the back of a number of women-specific initiatives. Additional programmes launched last year included the development of a dedicated female accelerator programme and the launch of Enterprise Ireland’s first peer-to-peer online networking platform for female-led companies.

Sixteen of the firms to receive funding last year were spun out of third-level institutions, compared to ten in 2013.

Twelve new food and drinks start-ups received backing last year, the highest number ever.

In addition, 14 new start-ups established by entrepreneurs from overseas, involving a range of sectors and with founders who have moved to Ireland to establish their businesses from Singapore, India, Switzerland and Germany.