Number of jobs up 20% and companies up 26% on same period last year in Enterprise Ireland’s HPSU programme
The Minister for Jobs, Enterprise and Innovation Richard Bruton TD today [Thursday] announced that 911 new jobs will be created over the next three years in 53 new high potential start-up companies supported by Government through Enterprise Ireland.
Today’s announcement relates to companies to which support has been provided in the first six months of 2012 under Enterprise Ireland’s High Potential Start-Ups Programme. Both the number of investments and the number of jobs to be created are significantly up on the same period last year (755 jobs/42 companies). These companies come from a wide range of sectors including the innovative sectors that the Government is targeting for growth such as financial services, ICT, digital games, pharmaceuticals and medical devices.
Minister Bruton made the announcement today at Connectedtrips Limited, a high-potential start-up company supported by Enterprise Ireland in 2012, which currently employs five people and has committed to creating an additional 17 jobs by end 2014. The company is located at Dogpatch Labs, Barrow Street, Dublin, an organisation which located in Ireland for the first time in 2011 following an investment by the National Pensions Reserve Fund under Innovation Fund Ireland (further details below).
Making the announcement, Minister Bruton said:
“Central to the Government’s plan for jobs and growth is developing a strong engine of indigenous business. We have a base of multinational companies located here that is the envy of many other countries. What we must also do if we are to create the jobs we need is to create a base of indigenous companies that match that level of success. As I have said before, our aim is not only to attract the next Google or Microsoft to Ireland, but to make it possible for the next Google or Microsoft to start-up in Ireland.
“The new Government has already delivered a series of measures aimed at better supporting indigenous companies to succeed in export markets. We have established a new potential exporters division in Enterprise Ireland to provide new supports for exporters. We have delivered new mentoring and management support programmes to help companies improve their performance. We are delivering new funding mechanisms such as the credit guarantee scheme and the microfinance fund that will provide over €800million of new funds for Irish businesses.
“In today’s announcement we can see that the performance of our high-potential start-up companies is continuing to improve. I am determined that with the continued implementation of the Action Plan for Jobs in 2012 and beyond, we can support young innovative companies to increase their impact on export growth and job creation”.
Commenting on the announcement Greg Treston, Head of High-Potential Start-Ups and Scaling at Enterprise Ireland said: “At Enterprise Ireland we are constantly reviewing and broadening the range of supports we can provide to these early stage companies to make sure that we are meeting their needs. Initiatives are in place with specialist support at critical points along the start-up development path, and the overall seed capital and VC funding environment for new business has never been stronger.
‘Initiatives such as the Competitive Start Fund providing critical early stage financing to entrepreneurs, our Accelerated Growth Programme for companies with the potential to scale significantly and achieve rapid international growth, and the €10million International Start-Up Fund for overseas entrepreneurs to locate start up businesses in Ireland, are all paying dividends. Enterprise Ireland’s funding and development supports, along with our network of overseas offices, are all at the disposal of innovative start-up companies to help them grow thriving international businesses’.