Enabling the Irish-owned enterprise sector to fulfil its export potential in diversified global markets will provide Ireland with a strong domestic growth engine. To that end, Enterprise Ireland (EI) and Local Enterprise Offices (LEOs) have been active in supporting start-ups, and providing entrepreneurs and managers with the skills and training they need to scale business into international markets. Engagements with these programmes are on track to meet and exceed targets, including 85 high-potential start-ups being supported in 2023. To ensure access to finance for entrepreneurship and scaling, Enterprise Ireland, under its Pre- Seed Start Fund, approved funding for 74 companies in 2023, while the findings of the Finance for Scaling Working Group are expected to be published, and to begin being actioned, in early 2024. Exports have also shown substantial growth, with Enterprise Ireland client exports reaching a record €32.1 billion, in excess of the €30 billion target set for 2024, of which 71% went outside UK, reflecting the increased market diversification of Irish exports. Moreover, this export base is being transformed through climate projects, digitalisation initiatives, and innovative research investments, supported by Enterprise Ireland.
4.1 Support Entrepreneurship and Start-Ups
| Timeline | | | | Ongoing to Q4 2024: Strengthen the pipeline of entrepreneurs and | |
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| | | | start-ups through the Start your own Business Programme, New | |
| | | | Frontiers and FoodWorks, targeting increased participation | |
| | | | | |
| | | | Ongoing to Q4 2024: Support 60 companies annually through the | |
| | | | HPSU pre-seed offer | |
| | | | | |
| | | | Ongoing to Q4 2024: Support 90 new HPSUs at seed stage with risk | |
| | | | capital annually | |
| Responsibility | | | Enterprise Ireland | |
| Update | Update | | The LEO Start Your Own Business/Entrepreneurship programme continues to support budding entrepreneurs in setting up a business. As of the end of H2 2023, there are 363 programmes with 4,960 people participating across 6 - 8 modules, exceeding the target of 4,000 participants which was set for 2023. There is a further target set of 4,000 participants nationally by the end of 2024. Nine New Frontiers Phase 1 programmes have taken place in H2 2023, with nine Phase 2 programmes having taken place during the same period. This brings the total number of New Frontiers programmes run during 2023 to 23 Phase 1 programmes with 470 participants and 13 Phase 2 programmes with 170 participants. The annual Foodworks Programme continued to progress during 2023. The programme is a 10-month tri-agency (co-managed by Enterprise Ireland, Bord Bia and Teagasc) accelerator programme designed to support the accelerated growth of indigenous food and drink start-ups. This annual programme successfully concluded in H2 2023, where the 2023 iteration attracted a high number of applicants, resulting in the onboarding of seven high-potential food and drink companies during 2023. This included five female-led businesses. Participating companies apply for a series of grants to support salaries and other expenditures, where a total of €208,489 in grant funding was provided to participants during 2023. | | |
| | | The new Enterprise Ireland Pre-Seed Start Fund was opened for applications in Q1 2023 and remained open for applications throughout 2023. There was a strong interest across all sectors, with ICT attracting the greatest level of interest. There have been 74 approvals during 2023, ahead of the annual target for 2023 of 60 companies. | | |
| | | Enterprise Ireland has approved a total of 85 new High Potential Start Ups during 2023, against an end-of-2024 target of supporting 90 High Potential Start Ups. These start-ups span all sectors, with female founders involved in 26 projects and where 16 projects have a Sustainability/GreenTech focus. In addition, 28 follow-on investments were approved for existing HPSU clients. Enterprise Ireland is continuing to build the pipeline with active prospecting by all sectors, driving entrepreneurship through attending and sponsoring Start-Up Events. A media campaign commenced in Q4 2023 with a high reach campaign targeting the start-up community with radio, print ads, paid & organic search. The campaign was very successful in generating significant interest in the Pre-Seed Start Fund and also generating some new enquiries across Ireland and a number of female led enquiries. | | |
4.2 Develop Scaling Finance for Irish Firms
| Timeline | | | | Q3 2023: Delivery and publication of Report from the Finance for | |
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| | | | Scaling Working Group | |
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| | | | Q4 2023: Analyse recommendations of the Working Group report, | |
| | | | and develop implementation plan | |
| Responsibility | | | Department of Enterprise, Trade and Employment | |
| Update | Update | | In response to challenges for scale ups in accessing finance in Ireland, a Finance for Scale Ups (FSU) Working Group was established. The Group’s aim was to develop a report during 2023, detailing actionable recommendations to support high potential firms to access scaling finance, noting that Ireland, and the wider EU, continue to lag behind in terms of access to finance when compared with other regions. Publication of the report is expected in Q2 2024. | | |
| | | Following publication of the report by the Working Group which is expected in Q2 2024, an implementation group will be formed shortly thereafter. This implementation group, consisting of key stakeholders from the Working Group, will be responsible for the delivery of the actions and recommendations detailed within the report, and will meet regularly to track progress and ensure key milestones are reached. | | |
4.3 Enhance Scaling Capabilities and Skills
| Timeline | | | | Q4 2023: Redesign leadership programmes that support scaling | |
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| | | | including the Leadership 4 Growth and Go Global for Growth to meet | |
| | | | the changing needs of scaling companies | |
| | | | | |
| | | | Q4 2023: Expand programme of events and number of participants | |
| | | | availing of strategic funding upskilling initiatives so that more | |
| | | | business owners have access to advice on how to rapidly scale a | |
| | | | business and source the most appropriate funding based on their | |
| | | | business needs | |
| | | | | |
| | | | Ongoing: Continue to support the scaling of Irish companies through | |
| | | | initiatives such as the Job Expansion Fund, the Capital Investment | |
| | | | Initiative and tailored company expansion packages to contribute to | |
| | | | the overall White Paper target of a 50% increase in the number of | |
| | | | large Irish companies by 2030 | |
| Responsibility | | | Enterprise Ireland | |
| Update | Update | | Both the Leadership 4 Growth and Go Global 4 Growth programmes are being redesigned, largely driven by feedback derived from stakeholder engagement and evaluations conducted during 2023. The subsequent tendering process was largely completed by the end of Q4 2023 with programme alumni and other stakeholders consulted during the tender preparation and analysis assessing barriers to entry for the programme with subsequent improvements to enhance client experience and impact. In regard to Leadership for Growth, the Pre-Qualification stage was completed in 2023. The issue of tenders, responses review, evaluation, interviews and design will be completed by end of Q2 2024. Additionally, the client recruitment for cohort 1 will commence in Q3 2024 with the cohort expected to commence by Q4 2024. With regard to Dynamic Leadership, Roadmap to Growth (which will replace Going Global), the Pre-Qualification questionnaire (PQQ) phase will close and the PQQ evaluation will take pace in Q1 2024. The short listed responders will be invited to tender during Q2 2024 and the tender will close in the same quarter. The tender response review, evaluation, interviews and design will be completed by Q3 2024 along with client recruitment for cohort 1. This cohort will commence in Q4 2024. | | |
| Enterprise Ireland completed a funding bootcamp to support scaling clients through raising funding, and delivered a series of Scaling and Funding webinars during 2023. Twelve Companies attended the Bootcamp, which was the start of a series of events arranged for the cohort of companies, culminating in attendance at the three-day TechCrunch Disrupt event in San Francisco, which gave companies the chance to connect with investors. Enterprise Ireland also continued its partnership with the Initial Public Offering (IPO) Ready programme throughout 2023. During 2023, IPO Ready sponsored 10 Enterprise Ireland clients to access strategic finance, understand the IPO process, get investor ready and understand capital markets. The programme focused on 5 key modules, pitch days, one-to-one mentoring and seminars. In H2 2023, Enterprise Ireland engaged with 10 companies in preparation of a Stanford University CFO training event for Q1 2024, as well as organising a Get Investment for Scaling Programme attended by twelve companies. The programme consisted of a number of activities designed to help companies accelerate their progress on their journey to get investor ready. A new strategic leadership programme for CFOs to support the acceleration of scaling companies has been approved by Enterprise Ireland and is expected to go to tender in early 2024. |
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| Enterprise Ireland continues to support the scaling of Irish companies, where the investment pipeline continues to build across all sectors. Companies are focusing on Digital Transformation and Operational Excellence in addition to R&D, capital investment and expansions. Enterprise Ireland furthermore continues to actively engage companies which show the potential to achieve global growth of €1 billion over the coming 10 years and is closely monitoring progress related to increasing the number of large companies supported by 50% by 2030. The number of large companies supported by Enterprise Ireland has continued to increase in 2022 versus 2021, and remains on track for reaching the 2030 target. |
| Timeline | | | | Q1 2024: Complete OECD-led study on incubation and acceleration | |
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| | | | programmes to support internationalisation of HPSUs | |
| | | | | |
| | | | Q4 2024: Launch new policy on incubation and acceleration | |
| | | | programmes that will increase the internationalisation of HPSUs | |
| Responsibility | | | Department of Enterprise, Trade and Employment | |
| Update | Update | | The Department of Enterprise, Trade and Employment facilitated OECD led interviews and roundtables with a broad spectrum of stakeholders throughout during Q3 2023. These interviews and roundtables helped inform the wider study as it advanced during H2 2023, where an initial draft was completed on schedule in late 2023. The project continues to progress well and it is expected that a draft will be finalised and published during Q2 2024. | | |
| | | The launch of a new policy will follow on from completion of the OECD study on incubation and acceleration programmes to support the internationalisation of HPSUs. The OECD project is underway and a full draft is expected to be completed in Q2 2024. | | |
4.4 Accelerate the Export Growth of Irish Enterprise
| Timeline | | | | Q4 2024: The total value of exports reported by Enterprise Ireland | |
|---|
| | | | client companies on an annual basis to reach €30 billion by 2024, | |
| | | | and updated accordingly following periodic review | |
| | | | | |
| | | | Q4 2024: The value of Enterprise Ireland client companies’ exports | |
| | | | going to destinations outside of the UK market will represent 70% of | |
| | | | total exports | |
| Responsibility | | | Enterprise Ireland | |
| Update | Update | | In 2022, Enterprise Ireland recorded the highest ever level of growth in export value, as exports increased by 19% to €32.1 billion, ahead of the Q4 2024 target of €30 billion. 2023 results are being captured in the Enterprise Ireland Annual Business Review survey during H1 2024. | | |
| | | Enterprise Ireland client exports in 2022 reached a record €32.1billion of which 71% was to destinations outside the UK. The UK now accounts for exports of €9.22 billion, representing 29% of total exports during 2022. The 2023 results are being captured in the Enterprise Ireland Annual Business Review survey during H1 2024. | | |
4.5 Expand LEO Mandate to Develop the Export Potential of Irish Businesses
| Timeline | | Q1 2023: Launch pilot of new LEO/Enterprise Ireland framework to | |
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| | extend direct financial assistance to small companies in the | |
| | manufacturing and internationally traded sectors to become export- | |
| | ready | |
| Responsibility | | Local Enterprise Offices; Enterprise Ireland; Department of | |
| | Enterprise, Trade and Employment | |
| Update | The LEO Framework for companies employing more than 10 and fewer than 50 full time employees with international ambition was launched in Q1 2023. The framework supports the extension of direct financial assistance to small companies in the manufacturing and internationally traded sectors to become export ready. The framework launch has been supported, through bringing together the Enterprise Ireland Regional Teams and the corresponding LEO teams to share knowledge and experience and case studies and develop working relationships to best support client engagement, development and support. A business case was developed by Enterprise Ireland with the Department of Enterprise, Trade and Employment, to outline the rationale and a roadmap to deliver on an increase in the number of first-time exporters. Enterprise Ireland will launch a pilot of the new Export Accelerator Programme during 2024, which aims to build overseas market entry capability and to generate a market entry plan for first time exporters. The full rollout of this initiative is expected in 2025 | | |
4.6 Support Market Diversification of Irish Firms
| Timeline | | | | Ongoing to Q4 2024: Deliver digital sales and marketing capability | |
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| | | | programmes to support clients to reach new markets and customers, | |
| | | | in addition to its Market Discovery Fund, Enterprise Ireland will also | |
| | | | undertake the Strategic Marketing Review and Digital Marketing | |
| | | | Review | |
| | | | | |
| | | | Ongoing to Q4 2023: Launch the Post Brexit: Market Growth & | |
| | | | Diversification Grant to support firms impacted by Brexit to identify | |
| | | | new market opportunities, develop a market entry plan and grow | |
| | | | exports in markets outside of the UK | |
| | | | | |
| | | | Q2 2023: Develop proposal for a new targeted approach to increase | |
| | | | the number of first-time exporters to contribute to the Government’s | |
| | | | target of growing Irish-owned exporters by 2,000 by 2030 | |
| | | | | |
| | | | Q4 2024: Co-ordinate and promote over 100 trade events in key | |
| | | | international and local markets annually in 2023 and 2024 to give | |
| | | | clients the opportunity to connect with existing and new customers, | |
| | | | access key decision makers, increase sales in international markets | |
| | | | and exchange ideas | |
| | | | | |
| | | | Q4 2023: A new Enterprise Ireland website will be launched to better | |
| | | | signpost relevant supports for Enterprise Ireland and provide an | |
| | | | enhanced customer experience for client companies, international | |
| | | | partners and customers | |
| | | | | |
| | | | Ongoing to Q4 2023: Enterprise Ireland and Local Enterprise Offices | |
| | | | to target the delivery of 200 new exporters per annum by end 2023 | |
| | | | | |
| | | | | |
| | | | Q4 2024: A LEO website review to be completed as part of the wider | |
| | | | LEO digital transformation plan | |
| Responsibility | | | Enterprise Ireland | |
| Update | Update | | The Sales and Marketing client support programmes that Enterprise Ireland manages are experiencing strong uptake and pipeline development. To date, across the various marketing support programmes, over €6.3 million has been approved to 208 clients to help them develop their sales and marketing capabilities internationally. The programmes include the Strategic Marketing Review, Digital Marketing Capability, Digital Marketing Assessment and the Marketing Discovery Fund. Enterprise Ireland Market Research Centre (MRC) has handled 1,933 client research assignments by the end of 2023. The Digital Marketing Unit hosted an in-person client Digital Marketing Workshop in Q3 2023, where 133 clients attended. | | |
| The Post-Brexit Market Growth & Diversification grant was launched in April 2023 in conjunction with Bord Bia to support Brexit-impacted companies in planning their new market entry strategies outside of the UK. The funding programme concluded in December 2023. There was a strong level of interest in the post-Brexit support, which resulted in 55 client companies being approved a total of €1.833m. The drawdown of the total approved was €1,701m which was impressive given the short-term nature of the support. This was a collaboration between EI’s Sales & Marketing team and Bord Bia. |
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| During 2023, a business case was developed with the Department of Enterprise, Trade and Employment, to outline the rationale and a roadmap to deliver an increase in the number of first-time exporters. The intention was to develop and launch a new national partner led approach to create and deliver a New Exporters Accelerator Programme along with a dedicated New Exporters Central Team to be hosted within Enterprise Ireland. The business case is currently under review, with a decision expected in early 2024. |
| Enterprise Ireland’s programme of Trade Missions and events are important gateways to international markets; promoting opportunities for Irish enterprise globally, whilst also highlighting the innovation that Irish companies are bringing to international markets. 20 Enterprise Ireland Trade missions took place in 2023, across North America, Europe, the Middle East and Asia. These included nine joint Enterprise Ireland and IDA Trade Missions, to markets including Australia, USA and France and Germany, Canada and Singapore. In Q4 2023, South Korea hosted the first Team Ireland Trade Mission Week which saw the arrival of Taoiseach and Ministers for Enterprise Trade and Employment, Agriculture, Food and the Marine and Further and Higher Education, Research, Innovation and Science. As part of Trade Mission week, a contingent of Enterprise Ireland client companies were introduced to potential investors and partners in South Korea, with several prominent and strategically important contract signings taking place. Enterprise Ireland also led out on 104 global trade events during, highlighting Irish innovation to a global audience. Enterprise Ireland hosted 48 trade events across 17 countries on St. Patrick’s Day, supporting 350 clients and was furthermore a sponsor of the Bloomberg New Economy event held Ireland in April 2023, which supported clients in engaging and connecting on prospective business opportunities. |
| The development of a new Enterprise Ireland client website to better signpost relevant supports available from Enterprise Ireland and an enhanced customer experience, commenced and successfully launched on schedule in H2 2023. This further amplified the positive impact of the new Enterprise Ireland corporate branding which was launched in H1 of 2023. |
| 72 first time new exporters from the Local Enterprise Offices were delivered during 2023, against the LEO target of 100 first time exporters. During 2023, the Local Enterprise Office transitioned 204 companies into Enterprise Ireland where a number of these are expected to evolve into first time exporters. In 2023, 84 Enterprise Ireland clients were recorded as first-time exporters. Work is ongoing with the Department of Enterprise, Trade and Employment, to develop a new exporters accelerator to increase the number of new exporters. |
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| The wider LEO Digital Transformation Programme was approved formally by Enterprise Ireland during 2023. The LEO Digital Transformation Programme is now being considered along with the Enterprise Ireland Service Delivery Programme with regard to a single procurement framework and single technical solution. Procurement process and subsequent appointment of successful vendor are due for completion by the end of Q4 2024. The Enterprise Ireland EI Website Project review and update was launched successfully in Q4 2023. |
4.7 Transformation of Irish exporting base
| Timeline | | | | Ongoing to Q4 2024: Support 425 climate projects between 2022 | |
|---|
| | | | and 2024, to enhance the sustainability and competitiveness of the | |
| | | | Irish exporting base | |
| | | | | |
| | | | Ongoing to Q4 2024: Support 400 digitalisation interventions | |
| | | | between 2022 and 2024 to enable the digital transformation of Irish | |
| | | | exporters | |
| | | | | |
| | | | Ongoing to Q4 2024: Support 300 significant R&D projects (defined | |
| | | | as projects with a value in excess of €100,000) between 2022 and | |
| | | | 2024 to drive the competitiveness of Irish companies in international | |
| | | | markets | |
| Responsibility | | | Enterprise Ireland | |
| Update | Update | | Enterprise Ireland continued intensive engagement with client companies on sustainability and climate issues during 2023, with awareness campaigns, targeted sectoral meetings and leadership programmes and workshops being utilised as part of this engagement process. 207 climate projects, totaling €7.8 million, were supported by Enterprise Ireland in 2023. This brings a total of 358 projects supported during the course of 2022-2023, against a target of 425 by end of 2024. Enterprise Ireland continues to work with the Department of Enterprise, Trade and Employment, as well as other partners to raise awareness of these offers to the Enterprise Ireland client base. | | |
| | | Enterprise Ireland staff continued to work closely with client companies on their strategic development plans and to incentivise projects in digitalisation strategy & roadmap development, digital marketing capability development and digital process innovation projects as part of the suite of wider interventions. In this regard, projects for a total of 170 companies were approved in 2023. | | |
| | | Enterprise Ireland continues to accelerate the development of research and innovation capability in Irish enterprise, where 107 R&D projects with grant expenditure greater than €100k were approved during 2023. This builds on the 102 R&D approvals over €100K achieved during 2022. | | |