Enterprise Ireland offers a range of financial and non-financial supports to assist clients to win business and sustain and create jobs through all stages of the business development cycle. Start-ups remain a key source of employment for the Irish economy and over time many start-ups will develop and grow and emerge as the medium and large sized companies of the future. Supporting Start-ups through feasibility funding, Competitive Start Funds, HPSU supports and the LEO network is critical to job creation now and in the future.
As part of Enterprise Ireland’s offering in the Start-Up space, the agency looks to develop and target High Potential Start-Up (HPSUs). HPSU companies are defined as start-up ventures that are:
- Introducing a new or innovative product or service to international markets.
- Involved in manufacturing or internationally traded services.
- Capable of creating 10 jobs in Ireland and realising €1 million in sales within three to four years of starting up.
- Led by an experienced management team.
- Headquartered and controlled in Ireland.
- Less than six years old.
Table 1 outlines the number of HPSUs approved in the years 2010 to 2015 and the total amount paid to them in relation to all approvals from the year they became a HPSU. These companies have created 3,706 jobs (3,287 Full Time and 419 part time) between 2010 and 2014. The most recent export data available is from the 2014 Annual Business Review survey.
Of the 476 HPSUs approved between 2010 and 2014, 331 (69%) returned a survey in the 2014 ABR and reported exports totalling €157.7m. It should be noted that, in general, HPSUs require five years post-approval to reach target milestones for sales and employment. In any year’s cohort there will always be a number of HPSUs which fail or do not reach the target milestones.
Table 1: Number of HPSUs for the years 2010 to 2015 and total amount of funding* paid to these as at 15 July 2015
|
Year Achieved
|
No of HPSUs approved
|
Total Payments from year approved as HPSU to 15/7/2015
|
|
2010
|
80
|
€23,158,005
|
|
2011
|
93
|
€25,215,194
|
|
2012
|
97
|
€21,093,454
|
|
2013
|
104
|
€19,815,796
|
|
2014
|
102
|
€15,429,713
|
|
2015 (at end of June)
|
45
|
€6,050,310
|
|
Grand Total
|
521
|
€110,762,472
|
*Payments are in relation to all approvals from the full suite of Enterprise Ireland client offers. Source – Standard Enterprise Ireland Cognos Payment Report of 15 July 2015.
