Start-up investment by Irish economic development agency down 25%

THE Irish government body responsible for encouraging the growth of homegrown firms invested approximately 25% less in start-up companies last year than in 2017, it has emerged.

Enterprise Ireland (EI), led by Co Down woman Julie Sinnamon, invested €23m (£20.3m) in start-ups in 2018, down from €31m (£27.3m) in 2017.

Joe Healy, manager of the high-potential start-up division of EI, said there were still very high levels of investment in start-ups and claimed the agency’s focus had shifted. “We are focusing on companies of quality that demonstrate a high potential to grow internationally and create jobs, ensuring return on investment for the State,” Mr Healy explained.

He added that interest in entrepreneurship was “higher than ever”, stressing: “In 2018 alone, EI received more than 1,300 start-up inquiries, representing a 30% increase on the previous year.”

Overall the agency supported 132 start-up companies last year, down from 181 in 2017.

With just 42 days to go before the UK leaves the EU, Mr Healy said companies were viewing Brexit as an opportunity, par- ticularly those in the tech sector. “Even in the challenging climate, the appetite amongst entrepreneurs is strong,” he added.

Just over 80 of the firms supported last year by EI were classified as high-potential start-ups.