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Accelerating the development of world-class Irish companies to achieve strong positions in global markets resulting in increased national and regional prosperity
Enterprise Ireland
Prague 27th April 2006
Summary
Ireland Enterprise Ireland Current interventions Proposed interventions Structural funds
Key Factors Behind Economic Success
“Outward Oriented” Economic Policies - 1960s Membership of EEC - 1973 Major Investment in Education and Skills - 1975 Social Partnership Agreements - 1980s Tax Reform - 1990s Irish Industrial Policy – 1990s
Enterprise Development Structure in Ireland
Policy Coordination
Foreign Direct Investment
Indigenous IndustryTrade Promotion
Research Commercialisation
Research of strategic economic valueMicro enterprise development
County (Local) Enterprise
Boards
Enterprise IrelandEnterprise Ireland International Network International Network
Enterprise Ireland’s Agenda
Addressing market failure
Lack of very early stage risk capital Inadequate feedstock of start ups Lack of scale Low productivity Low propensity to export Low level of Research & Development activities Low level of training activities
Enterprise Ireland Approach 2000 2006
Funding high potential start ups
Start up capital for start ups Venture capital market
Funding R and D
Funds for R and D projects Build research capability in colleges Support college infrastructure for spin offs.
Enterprise Ireland Approach 2000 2007
Productivity
Fund management development Support productivity funding Provide enterprise space
Enterprise Ireland’s Vision for Ireland
Centre for new product and service innovations
Market knowledge and innovation will characterise company formation and competitive differentiation
Superbly positioned in key emerging growth sectors
SMEs of scale and globally competitive
World-class technology commercialisation and absorption mechanisms
Highly skilled innovative and customer driven management teams
Cadre of large indigenous companies competing on the global stage
Key Elements of Approach
InnovationBusiness Development
Internationalisation
Investing in applied research
Exploiting Technology
Building Competitiveness
Growing Businesses
Diversifying Markets
Growing Exports
Enterprise Ireland Approach 2007 2013
Finance for SMEs
Provide seed capital for start ups Develop venture capital market
R and D
Support high risk R&D projects Build research capability in colleges Support college infrastructure for spin offs. Encourage collaborative R&D
Enterprise Ireland Approach 2007 2013
Productivity
Fund management development Support productivity funding Provide enterprise space
Applied R&DStart-up
PhaseEarly
growthAccelerating
growthSustaining
growthMaturitygrowth
Investigative and
Exploratory Research
Funds
SeedCorn
FirstRound
SecondRound
DevelopmentCapital
ReplacementCapital
MBO / MBIDevelopment
Capital
Founders, family and friends
SFI, EU FP6 - Public Sector – Enterprise Ireland, BES, SCS
Business angels
Venture capital funds (EI Seed & VC Programme)
Corporate venturingPublic listing / IPO
Basic R&D
Proof ofConceptFunding
Funding of Basic Research, High Growth Start Up and Expanding SMEs
Risk Capital Gaps Evident at Various Times along these Stages of Development
Use of Structural Funds
Advantages
•Supports Member States programmes •Provides additional funds •Requires very clear programming •Requires performance indicators
Disadvantages
•Inflexibility•Administration •Burden on SMEs
Thank you