26 February 2020
By Bryan Smyth
Enterprise Ireland, the government agency responsible for the development and growth of Irish companies in global markets, invested €24 million in Irish start-ups in 2019 and supported a total of 127 start-up companies. 7 of the 127 start-ups supported in 2019 are based in Cork.
Investment was provided through Enterprise Ireland’s High Potential Start-Up (HPSU) and Competitive Start Fund (CSF) programmes.
600 delegates attended the Enterprise Ireland Start-Up Showcase today in Croke Park including start-up businesses and investors. The Cork based start-ups supported by Enterprise Ireland in 2019 included TrustApp, Legit Fit, Masqt and Audiosourcere.
Enterprise Ireland Regional Director in the South and South East, Martin Corkery said: “A strong start-up economy is absolutely vital to the future of Ireland’s regions. These founders are our future business leaders and their businesses play an integral part of balancing regional development. There was real progress in nurturing innovation and new talent at a local level in 2019 with 42% of the companies supported by Enterprise Ireland located outside of Dublin.
“Cork has become a prime nurturing environment for start-up activity. With incubators and accelerators such as GatewayUCC, Tyndall Incubation Centre and Rubicon Centre, along with strong support from Local Enterprise Offices and CorkBIC, the city and county are becoming well recognised for innovation and entrepreneurship. The founders of each of the 7 start-ups from Cork profiled at the Showcase event demonstrate global ambition, inspiring others from across the county that they too can start and scale successfully.
“In Enterprise Ireland we are committed to helping founders to start, grow and fulfil their export potential. Our Global team in Enterprise Ireland are committed to building on the success achieved in 2019 across a range of sectors including ICT, MedTech, FinTech, Food and Manufacturing.
“It’s so important to recognise the growth of these 7 start-ups and their ultimate contribution to the region. This week’s Start-Up Showcase event is about commending those that have had the courage, determination and resilience to come through the challenges in entrepreneurship and remain ambitious. We would also like to recognise all the support from a wide range of partners focused on helping the new Startup Founders Class of 2019 to scale from Cork.”
Enterprise Ireland has also launched a new campaign today – ‘The Formula for Success’ – which aims to attract ambitious founders, the disruptors of the future and fast-growing export-led early stage companies, to apply for High Potential Start-Up supports.
A HPSU is a fast growing, export focused company, often with a need for significant investment. The formula for success centres on matching a founder’s vision and ambition with Enterprise Ireland’s investment, expertise and network to help them succeed.
As part of the campaign Enterprise Ireland published its six-year roadmap to grow and nurture the start-ups of the future. The plan outlines four key objectives with 14 key actions to make Ireland a great location to start and scale export-led start-ups that will be required to drive the future economy.
Martin Corkery added, “The launch of the roadmap is timely when we consider the solutions and technological advancements that are taking place in Ireland’s regions. Today everything is faster, more efficient, and more easily accessible.
This roadmap aims to meet these challenges and ensure we assist entrepreneurs to create strong and sustainable exporting businesses from their local base right here in Cork,” he concluded.