Oireachtas Joint and Select Committees

Tuesday, 13 November 2018

Seanad Public Consultation Committee

Small and Medium-Sized Enterprises: Discussion

2:30 pm

Mr. Eoghan Richardson:

I ask people to be aware that SMEs are sometimes unaware that they need to move away from the debt-type finance that exists to equity finance. Often SMEs are very frightened to let go of equity in their business but innovative new companies tend to be a little more able to do so. In fact, the Irish Business Angel Network has doubled its funding recently. Other avenues exist. If one is a particularly innovative company there are private venture capital companies one can avail of. Enterprise Ireland has a wide range but there is not just one network and multiple ways to grow. Like anything else, sometimes the first network is not the right fit and one might need to get a second or third fit. Perseverance is one of the greatest keys of innovation. I urge people to persevere and keep going as there could be a different network for them.

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