VC conference told tax incentives needed to encourage investment in new businesses
Patrick Joy: “I’m a firm believer that you have to work hard, you have to have faith and there are no overnight successes”
Governments should create more attractive tax incentives to encourage people to invest in start-ups and growing businesses rather than choosing to sink their money into property, according to one of Ireland’s most successful entrepreneurs.
Patrick Joy, who built Suretank – a €71 million a year company based in Co Louth from scratch – believes better thought-out tax breaks could boost the economy. “I think the Irish Government should look at ways of creating incentives for people with surplus income to invest in businesses rather than using it to buy an apartment in Dublin,” Mr Joy said. “I know tax breaks might not be politically popular, but it worries me that we are not supporting people who want to start a business.”
New businesses that can could create employment and support local communities awere the economic drivers of tomorrow, he argued.
At the 13th InterTradeIreland venture capital conference at Titanic Belfast yesterday, Mr Joy told the 350-strong audience his early financial backers and a strong business plan had been instrumental to getting his business idea off the ground. “I’m a firm believer that you have to work hard, you have to have faith and there are no overnight successes.”
His business, which designs and manufactures cargo carrying units and tanks for the offshore oil industry, is a global player employing 600 people.
“Don’t over-promise and then under-deliver – under- promise and over-deliver because then you deliver the wow factor – your client or customer is going to walk away saying that’s a really great company,” Mr Joy added.
According to InterTradeIreland, there is no shortage of local venture capital funding available on the island. Drew O’Sullivan, its lead equity adviser, said: “There is an array of funding and equity supports available to Irish high-growth companies, particularly venture capital, seed and business angel funding. There has never been a better time for investor-ready SMEs to seek funding in Ireland.”