‘We are optimistic about emerging companies’
That was a 45% increase on 2007, and represents the agency’s strongest performance since the year 2000.
By the end of last year these young firms had delivered collective sales of €6 million and generated 76 new, mainly graduate and knowledge-based jobs.
Last year was also notable for Dublin BIC-managed seed finance investments, as €10m was invested in 19 early-phase companies.
This was the largest number of investments in one year since Dublin BIC’s establishment.
Desmond Fahey, chief executive officer, Dublin BIC said: “We are optimistic about the future of emerging Irish companies and see a clear silver lining for indigenous entrepreneurs amid the prevailing gloom. In 2008, for example, we estimate that about 400 new jobs were created by the 350 companies that we helped launch since our foundation 20 years ago. 2008 also saw us review 390 new business ideas and plans.”
In particular BIC is starting to see a trend for entrepreneurs to emerge from the multi-national sector, a development that was very exciting, given the extensive base of world leading technology based companies who set-up here in the last 20 years, he said.
“The depth, diversity and quality of management teams and business ideas coming from this sector, in particular, reflects the strong global vision engendered in the multi-national environment.
“We also noted a trend in 2008 for our companies to increase their investments in R&D and management development as they seek to create very distinct strategic competitive advantage,” he said.
That focus was a prime factor behind the increase in seed finance deals done over the year which was helped also by a trend among some investors to put money into start-ups as a means of diversifying away from property-based portfolios.
“We may even see a call for the introduction of government export credit guarantees to support our wider international agenda,” said Mr Fahey.
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