Over 1,500 new jobs to be created by HPSUs by 2019

Business, Economy, Employment | Wed 10 Feb | Author – Business & Finance
Startup business

Enterprise Ireland has stated that over 1,500 jobs will be created over the next three years by 105 high potential start-up (HPSUs) companies supported by the economic development agency during 2015.

New research, presented at the annual Enterprise Ireland Start-Up Investor Day, indicated that nine out of 10 start-ups surveyed on behalf of Enterprise Ireland plan to increase staff in 2016.

The main export markets are seen as being the UK, Europe and USA.

“Last year was a record year for Enterprise Ireland supported new start-up companies with the highest number of funding approvals with a total direct Enterprise Ireland investment commitment of €31m in start-ups,” said Kevin Sherry, director of Global Business Development, Enterprise Ireland.

“A key role of Enterprise Ireland is to support entrepreneurs to start new enterprises, to develop innovative products and services and to scale their businesses on international markets.”

Richard Bruton TD, Minister for Jobs, Enterprise and Innovation, commented: “All of the start-ups involved today are the new ambitious promoters that will go on to become part of the growing number of internationally trading Irish companies that each year are increasing Irish exports and creating new Irish jobs – some I am confident will ultimately develop into the large employer Irish multinationals of the future.”

2015 was a record year for Enterprise Ireland in terms of supporting start-ups. According to the research of start-ups, the main barrier to growth is access to talent, followed by competitive pressures and regulation/compliance requirements.

Eight in 10 HPSUs see growth coming from new clients, while three quarters expect to grow by launching new products.

HPSUs are start-up businesses with the potential to develop an innovative product or service for sale on international markets and the potential to create 10 jobs and €1m in sales within three to four years of starting up.