Media Release

2nd October

LIT praises Enterprise Boards for Track Record of Achievement

“Small firms in Ireland make a significant contribution to our economy and currently account for 11 per cent of corporation taxes and 37 per cent of income taxes. The further development of this sector is crucial to Ireland’s future economic prosperity. Critical to this development is the enhancement of skills in the innovation and management arena which are now the driving force of business success in the knowledge economy.”

This is according to Donncha Hughes, Enterprise Acceleration Centre Manager following the launch of the Boardroom and meeting room facilities in the newly opened Enterprise Acceleration Centre located on campus of Limerick Institute of Technology. The first guests of the EAC were the Board of Limerick City Enterprise Board.

“LIT’s Enterprise Acceleration Centre has a very important remit to assist and support fledging companies, who have the potential to be the next high flyers generating technology, intellectual property and high quality employment, at a very sensitive stage in their development. The Centre is a significant asset in assisting indigenous start-up business and represents a valuable and practical approach to regional development. It is very fitting that the occasion of the launch of the Boardroom is a board meeting of Limerick City Enterprise Board who have a wonderful track record in developing small business and prospective entrepreneurs in the Greater Limerick area. Our Centre will play a complimentary role to the Enterprise Boards in the region.”

The EAC has 17 business incubation units available for start-up entrepreneurs who meet the criteria for high potential start-up businesses (HPSU) as stipulated by Enterprise Ireland. The enterprise development agency provided 82% of the funding required for the building which involved a total investment of €3.1 million. Mr Hughes stressed that the Enterprise Acceleration Centre will adopt a strong focus on innovation and development of management capability in working with entrepreneurs with the aim of accelerating business success.

“Figures released by the Revenue Commissioners in 2005 highlight that only 139 of the almost 8,000 companies located in Limerick employ more than 50 people.  The report of the Small Business Forum found that a quarter of a million companies or 97% of all businesses in Ireland employ less than 50 people. These companies collectively employ 777,000 people which is more than half of the total private sector, non-agricultural workforce. These companies represent a significant strategic opportunity for Ireland. However, a key measure of the challenge facing Ireland in developing our SME sector is that less than 3% of Irish SMEs have a turnover of greater than €10 million. Furthermore, research suggests that only 7% of Irish SMEs expect to export during 2006.”

Mr Hughes added that Limerick Institute of Technology have embraced the challenge of developing high performance SMEs with the newly opened Enterprise Acceleration Centre.

“Our goal will be to empower small business owner/managers with the ambition, ability and potential to grow their businesses into strong internationally trading entities. The Institute has exciting plans for the Enterprise Acceleration Centre which will also act as a focal point for LIT in forging linkages with business in the region. The management of the Centre will shortly be announcing details of a Business Start-Up Boot Camp and an Enterprise Platform Programme which are designed to assist entrepreneurs in the venture start-up phase.”

Donncha concluded that business incubation facilities are a proven stimulus in the development of indigenous industry.

“Enterprise Ireland’s Strategy 2005-2007 Transforming Irish Industry sets a target for Enterprise Ireland to support the creation of 210 New High Potential Start-Up (HPSU) companies nationwide by the end of 2007. The Enterprise Acceleration Centre will play a key role in ensuring that a share of these companies are established in the Mid-West region. If anyone is interested in finding out more they can visit LIT’s website which is www.lit.ie/eac and they are more than welcome to arrange a visit to tour the facility and the campus.”

Ends

For more information contact:

Colin McLean
External Services Manager
Limerick Institute of Technology
Moylish Park
Limerick
Ireland
Phone: +353 61 208208
Direct line: +353 61 208866
Mobile: +353 86 8366934
Fax: +353 61 208209
Website www.lit.ie

Funding for development of the Enterprise Acceleration Centre based on campus at Limerick Institute of Technology was provided under the National Development Plan, 2000-2006 and part-financed by the European Regional Development Fund. Enterprise Ireland, the Irish state development agency, has invested in the Enterprise Acceleration Centre (EAC) as part of their Regional Development Programme.

Media Release in Word format

EAC Manager, Donncha Hughes welcomes the Mayor of Limerick and member of Limerick City Enterprise Board, Cllr Joe Leddin to Limerick Institute of Technology.