8th December 2008

SUPPORT FOR START-UPS PAYS DIVIDENDS FOR IRELAND INC.

EAC Seminar to mark Global Business Incubation Day

“The broad range of supports available to entrepreneurs to back the establishment of innovative, internationally focused businesses ensures that employment and economic growth accounted for by start up entrepreneurs will continue to increase in the years ahead. Indeed the continued development of indigenous companies will provide the platform for Ireland’s economy in the future.”

This is according to Donncha Hughes, manager of the Enterprise Acceleration Centre following a mid morning seminar hosted by the EAC to focus on the legal and practical issues faced in securing Venture and Seed Capital Finance in Ireland. Attended by over 25 businesses, the event was one of a series organised in Incubation Centres across the country to mark Global Business Incubation Day (Monday 8th December 2008). Referring to the official release of figures by Enterprise Ireland that there are now 240 companies in Enterprise Ireland supported campus incubation facilities across Ireland, Mr Hughes said that the investment to date by the Irish Government on behalf of the taxpayer has paid dividends. He added:

“Enterprise Ireland with support from the European Union through the European Regional Development Fund has invested €50m in campus incubation over the last ten years.  There are now 21 Enterprise Ireland-supported campus incubation facilities operational across the country, in both the Institutes of Technology and also in the Universities. Companies based in the centres operate across a range of sectors, including software, environmental technologies and digital media. Figures released by the Tánaiste reveal that employment across these centres is now reaching the 1,000 mark. The Centres operate a policy of graduating clients after a three year incubation period. Many successful companies have started life in the centres and moved on to other locations so the employment generation performance of the centres can not be overstated. The Enterprise Acceleration Centre is up and running for over two years and has attracted over 25 companies to locate in the Centre. Operating across broad clusters such as Wireless Networking, Renewable Energy, Software and Web Development, employment in these companies is over 50 and growing. The next challenge for the Enterprise Acceleration Centre is to manage the graduation process for our more established start-up clients.”

Complimenting the co-ordinated approach of Enterprise Ireland, the Enterprise Boards and the Enterprise Acceleration Centre to supporting start-ups, Gary Carroll, Chairman of the Advisory Board of the EAC noted that incubation space is a vital ingredient for new enterprises, but it is really only the starting point. He explained:

“Our new company, Episensor, benefits from the professional business and work environment offered by the office units, the boardroom and the restaurant available in the Enterprise Acceleration Centre. However, the key to the success of the EAC is the networking and collaboration among the companies. Our company is actively collaborating with several of the companies in the Centre. We also have strong links with LIT and other 3rd level institutions across the country in terms of research linked to new product development. The formal business development programmes offered by the EAC such as the LEAP and EnterpriseSTART programmes are critical to developing early stage start-ups in the Mid West. In these challenging times it is good to know that potential entrepreneurs can spot innovative opportunities and that there is a strong demand in the region for start up programmes focusing on turning these business concepts into sustainable businesses.”

When one considers that Enterprise Ireland client companies exported goods and services valued at €13.18 billion in 2007, there is little doubt that Irish businesses are successfully competing with the best in global markets. Campus based incubation centres working closely with Enterprise Ireland offer a superb model to assist new companies to develop technology and other innovations such that they can successfully pursue new market opportunities at international level. Over the next two and a half years Enterprise Ireland is set to invest significantly in 161 new start-ups as part of their ongoing High Potential Start Up (HPSU) strategy. The Enterprise Acceleration Centre is ready to play its part to ensure that Mid-West based businesses are well placed to secure this investment.

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The Enterprise Acceleration Centre hosted a networking event to mark Global Business Incubation Day on Monday 8th December. This two hour seminar for start up entrepreneurs focused on the legal and practical issues faced in securing Venture and Seed Capital Finance in Ireland. Pictured at the event were (l-r): Donncha Hughes, EAC Manager; Gary Carroll, Episensor; Frank Walsh, Enterprise Equity; and Richard Grey and Emer Carey, Matheson Ormsby Prentice.