Returning Irish ex-pats boost start-up creation
Enterprise Ireland has announced that it invested 80 million euro in start-up companies during 2004. The businesses operate in a range of different sectors, including telecommunications, e-learning and medical devices. Speaking on 2 March, Ireland's Minister for Enterprise, Trade and Employment, Michael Martin, said that the new companies will create around 1,900 new jobs within the next three years, the majority of which will be highly skilled positions. 'A growing trend among [start-up] promoters is the number who have worked abroad and are now bringing their valuable international experience and networks to bear in either starting new businesses on their return to Ireland or joining the management teams of early stage start-up companies and bringing with them their international expertise and contacts,' said Frank Ryan, CEO of Enterprise Ireland. Seven of the new start-ups were indeed created by expatriates returning to live in Ireland. Enterprise Ireland is hoping to encourage this trend, and will be holding a series of expatriate events in the US, London and Dubai during 2005. As a number of Irish start-ups are establishing themselves in cutting edge sectors, they are making a valuable contribution to Ireland's research and knowledge base, said the minister, who also alluded to the sales potential of start-ups: 'A recent analysis by Enterprise Ireland of start-up companies from 1989 to 2004 shows that of the 470 companies, some 357, that is four-fifths, are still trading. These companies generated sales of almost one billion euro in 2003,' he said. Enterprise Ireland is a government agency responsible for the development of Irish industry. It works in partnership with client companies and helps them to build competitive advantage in the global marketplace.
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