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Speaking on Monday in the Guinness Storehouse at an Enterprise Ireland event entitled "Negotiating for success -- building competitive Irish companies with global capability," Mary Harney, Tanaiste and Minister for Enterprise, Trade and Employment, said Ireland's indigenous tech sector was still strong.
She said that the government body had supported 88 Irish firms since May 2001, most of which were high-tech companies, and in total these companies received over EUR60 million in venture capital from EI and its investment partners. "The Irish-owned internationally traded services sector is a substantial contributor to export-based revenue generation in the economy and is a significant vehicle for high-level research and development," Harney said. "The sector is still the fastest-growing sector in the economy and companies are continuing to compete aggressively in international markets."
In 2001, this sector exported EUR1.5 billion in goods and services, an increase of over 28 percent. Employment in the sector now stands at 21,000.
Harney admitted that "global trading conditions are much more difficult" but said that many companies are continuing to ramp up their international efforts in search of more revenues despite the difficulty. She claimed that in 2002, more than 100 young Irish firms have established an overseas market presence, and all 50 of Enterprise Ireland's incubator units worldwide are occupied. "It is people and intellectual capital that form the bedrock of Ireland's global success and with a firm focus on international markets Irish companies will be well positioned to benefit as tough market conditions ease."
Enterprise, Trade and Employment also published a list that named 72 of the 88 firms in which EI invested over the last 17 months. Some firms were not listed at their request for commercial reasons. One of the most striking characteristics of the list was that 53 of the 72 companies, or nearly 75 percent, were based in Dublin. Eleven companies were Cork-based.
Over the last few years, Enterprise Ireland has been looking to invest more cash in companies based outside of Dublin. A spokesperson for the body said that this was still a major goal of the organisation, but since most established tech firms are Dublin-based, a high-level of investment was still funnelled toward the capital. In terms of the regions, Enterprise Ireland tends to invest in start-ups, he said.
The news from the Tanaiste follows comments last week from Enterprise Ireland chief executive officer Dan Flinter at the 24th National Marketing Conference. At the event, Flinter remarked that the number of client/buyer meetings this year involving EI-supported firms has hit 6,800, an increase of 30 percent over this time last year. He also said that almost 200 client companies have participated in 19 trade missions to international market.
"There is clear evidence that Irish companies across the sectors are demonstrating a very strong appetite for exporting," Flinter said last week. "There is an inextricable link between exports and economic wellbeing and the key to driving exports is to maintain a clear connection to the marketplace."
In August, Enterprise Ireland revealed that it, along with its partners, invested EUR28 million in Irish companies last year. Over EUR14 million in equity funding was provided to 21 firms in first-round investments and over EUR14 million was spent on 30 later-stage Irish firms.
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