51 New Start Ups in 2002

€70 M Investment Supported by Enterprise Ireland

1600 New Jobs Projected in 3 Years

"Entrepreneurship Takes Root" - Tánaiste

Mary Harney, Tánaiste and Minister for Enterprise Trade and Employment today (Monday 7 April) announced that in 2002 Enterprise Ireland supported the establishment of 51 new high growth potential start-up businesses involving a total investment of €70 million. Projected employment in these businesses is 1600 in 3 years. The Tánaiste was speaking in Dublin at a Business Start-Up Showcase organised by Enterprise Ireland.

Making the announcement the Tánaiste said: "This number of start-ups during a time of difficult global markets is clear evidence of a strong level of serious entrepreneurial activity. Despite the continuing tough global environment the rate of new start-ups continues to be strong running at approximately one every week. In the first quarter of this year 13 start-ups with a total investment of €6 million are being supported by Enterprise Ireland.

"One third of the companies represented at this event are located in regions outside Dublin and just over half of these again are located in the BMW Region. Many of the companies have raised substantial venture capital funding and it is very heartening to know that we have a truly competitive and vibrant venture capital community engaged in the business development process.

"The emergence of a genuine culture of entrepreneurship in Ireland is as welcome as it is crucial to our future economic well-being. We have moved well away from a culture and a society that viewed entrepreneurs with scepticism. Now we view entrepreneurs as local heroes with the courage to take on the new challenges that come with starting and building a successful business.

"The success of our entrepreneurs is due in large measure to the fact that their ambitions and sights are set far beyond the horizons of the domestic market. From the start-up phase entrepreneur led companies are aggressively pursuing sales in export markets.

"State support for entrepreneurship, through Enterprise Ireland, is clearly focused on the ongoing creation of new entrepreneur led business entities with a solid base in innovation, intellectual capital and a capability of becoming internationally competitive within a short period of time.

"Interestingly - 2 years ago the IT sector, and software in particular, would have dominated the start-up pipeline. This year Enterprise Ireland estimates that emerging businesses in new sectors such as biotechnology, photonics, medical devices and functional foods will play a significant part in boosting start-up numbers to 60. These are new areas of opportunity where we have a strong research base - a base that can provide the foundation for a new generation of campus companies.

"We have arrived at a point in time where the culture of entrepreneurship has taken firm root in Ireland. It is vitally important for the future that we facilitate the individuals who will be responsible for the development and creation of the next wave of internationally successful Irish owned and Irish led companies - a wave that we are already seeing emerge." The Tánaiste concluded.

Welcoming the Tánaiste's announcement Dan Flinter, Chief Executive Officer of Enterprise Ireland said: " The start-up companies announced by the Tánaiste today have emerged from a number of backgrounds. Some are the direct result of research in our Third Level institutions that resulted in the creation of campus companies, others are serial entrepreneurs that have realised value from their previous businesses and were prepared to re-invest in a new venture, and still more had the courage to leave the relative comfort of secure employment to realise their own business venture. At the same time they all have one thing in common - the drive and ambition to grow their businesses in international markets." Dan Flinter concluded.

Notes for Editors

The 49 new start-up businesses profiled at the Business Start-up Showcase are attached below. 2 of the 51 companies supported by EI were not represented at the Showcase.