Ireland near top in Europe for entrepreneurship

The level of new Irish entrepreneurship is increasing and is one of the highest in Europe, according to a study released today.

The report, an assessment by the Global Entrepreneurship Monitor with Irish sponsors Enterprise Ireland, Forfás and InterTradeIreland, also looked at entrepreneurship levels across Organisation for Economic Co-operation and Development (OECD) and European Union countries.

Out of 25 countries, the Republic was ranked fifth in terms of total early-stage entrepreneurial activity.

The population survey of 2,000 Irish adults, reported that 9.8 per cent of them were in the process of planning or starting a new business compared to 7.7 per cent in 2004.

In New Zealand 17.6 per cent were involved in the early stages of starting a firm, compared to 12.4 per cent in the US and 9.2 per cent in Norway.

Almost three out of four of those starting a new business needed on average almost €10,000, while 26 per cent needed €250,000.

The Minister for Enterprise Trade and Employment, Micheál Martin, said the Republic was now close to the level of the most entrepreneurial of the OECD countries and most particularly the US, "which is well recognised as a hot spot for innovation and new ideas".

"The positive disposition towards entrepreneurship, together with a highly responsive environment to the needs of enterprise at a national and local level, are driving the growth in the number of people interested in starting their own business," he said.

The report found a "low level" of informal investors such as "business angels" in Ireland. Almost 2.45 per cent had informally invested in the start-up of a business compared to 2.28 per cent in 2004. The EU and OECD average was 3.08 per cent.