1,600 New Jobs in Pipeline from High Potential Start-Ups supported by Government in 2011 - Bruton
92 High Potential Start-Ups supported by Enterprise Ireland in 2011 to generate €200m of sales within 3 years
The Minister for Jobs, Enterprise and Innovation Richard Bruton T.D. today (Wednesday) opened the Enterprise Ireland High Potential Start Ups Showcase, featuring the 92 new start-up companies supported by Enterprise Ireland in 2011, well ahead of the targeted 85. Together these companies aim to employ over 1,600 new staff by the end of 2013 and to generate over €200m in annual sales within three years. The celebration of entrepreneurship also features the 55 early stage entrepreneurs who have been supported by the Enterprise Ireland Competitive Start Fund to test the market for their products and services and progress their business plans for the international marketplace.
Today’s end of year figures come following quarterly announcements made by the Minister last year outlining the performance of the High Potential Start-Up Programme during each quarter of 2011. As part of today’s annual results, the Minister also outlined the results for Q4 2011, which saw support agreed during that period for 19 companies which have committed to creating 365 jobs by end 2013.
Today’s event gives these companies and entrepreneurs an opportunity to network and showcase their businesses to a wide cross section of the banking, venture capital, entrepreneurial and business community.
Speaking at the event, Minister Bruton said: “If we are to rebuild our economy, and create the jobs of the future in Ireland, we must not only continue to attract more high-end multinational companies, but we must also crucially ensure that more high-growth small businesses can establish, expand and turn into the large employers of the future. The Government’s Action Plan for Jobs 2012 includes a series of new supports targeted at the crucial indigenous sector of the economy.
“Today’s news that indigenous companies supported by Government on this programme during 2011 will create over 1,600 jobs in 3 years is very welcome, as is the fact that the number of HPSUs supported has come in well over target. This programme is a crucial tool at the disposal of Government in our strategy for job-creation, and the range of dynamic businesses on show here today, most of them in key sectors that the Government is specifically targeting for jobs growth in the coming years, is highly encouraging.
“We must now look to the future, and under the Action Plan for Jobs we have committed a series of ambitious targets, including supporting 95 of these companies in 2012, an increase of 50% in the number of overseas entrepreneurs supported and an increase of 40% in the number of new HPSUs arising as spin-outs from research. I am determined to achieve these ambitious targets so that we can create more high-growth indigenous companies and achieve the employment levels we so badly need”.
Hugh Cooney, Chairman of Enterprise Ireland, added: ‘Today’s Showcase event is highly encouraging and in Enterprise Ireland we are determined to support these entrepreneurs in every way possible to expand, create jobs and contribute to economic growth. Initiatives are in place augmenting 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, and the €10million International Start-Up Fund for overseas entrepreneurs to locate start-up businesses in Ireland, are already paying dividends. Enterprise Ireland’s funding and development supports, along with our network of overseas offices, are all focussed on helping young start ups to scale and grow the business, and the pipeline for new start up projects for 2012 is equally promising’.