At its annual Start-Up Day Conference in Dublin today, Enterprise Ireland announced that it invested €27.6m in 157 Irish start-ups last year.
As more than 600 people gathered at Dublin’s Aviva Stadium today (7 May), including Enterprise Ireland’s (EI) ‘Class of 24’ start-ups, the state agency announced its 2024 results and reiterated its ambitious plan to support 1,000 new start-ups over five years from 2025 to 2029.
Team Silicon Republic was there and we’ll have a special report tomorrow, that will include the winners of the pitching competition taking place today and feature top university pre-spin-out ventures emerging from EI’s Commercialisation Fund. The winner will receive an award that includes the opportunity to participate in UC Berkeley’s Venture Connectivity Program.
Last year’s €27.6m investment was provided through Enterprise Ireland’s High Potential Start-Up (HPSU) and Pre-Seed Start Fund (PSSF) programmes.
This included 90 HPSUs with the potential to create 10 jobs and €1m in sales within three years, 13 of which spun out of third-level institutions. In total, 25 companies were spun out of third-level institutions.
It also made 69 PSSF investments, which inject early-stage funding into new businesses.
And some 34 companies were supported through the EI Commercialisation Fund programme.
Last year was the final year of EI’s three-year strategy 2022 -2024, and its new 2025-2029 strategy, ‘Delivering for Ireland, Leading Globally, is certainly ambitious, as it aims to support 1,000 new start-ups over the five-year period to 2029.
“A key objective in our new strategy is to accelerate sustainable Irish business, so that in time exporting Irish companies will become the primary driver of the Irish economy,” said Kevin Sherry, EI interim CEO.
“As part of our plan, Enterprise Ireland is undertaking a dedicated consultation process by engaging with the start-up ecosystem on the supports available for early-stage companies in Ireland. This aims to strengthen our pipeline of early-stage companies with the potential to scale internationally, furthering Ireland’s position as a global leader in entrepreneurship and innovation.”
Opening EI’s Start-Up Day, Minister for Enterprise, Tourism and Employment Peter Burke, TD, said the Irish government will continue, through Enterprise Ireland, to provide funding, mentorship, market access and tailored programmes.
“Start-ups are critical to our economic future, our global reputation and our societal progress and we remain fully committed to fostering an environment where innovation flourishes, and where every entrepreneur has the tools needed to thrive and succeed.”
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