Dara Calleary (Mayo, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

334. To ask the Minister for Jobs, Enterprise and Innovation the funding, in tabular form, Enterprise Ireland has provided from the high potential start-up funding Scheme; the total number of companies which have received funding, for each year from 2010 to 2015 to date; the cumulative total number of jobs that have been created after this form of funding has been provided to these companies; the cumulative amount of additional exports in euro that have been generated by these companies after they have received this form of funding; and if he will make a statement on the matter. [34700/15]

Richard Bruton (Dublin North Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Enterprise Ireland offers a range of financial and non-financial supports to assist clients to win business and sustain and create jobs through all stages of the business development cycle. Start-ups remain a key source of employment for the Irish economy and over time many start-ups will develop and grow and emerge as the medium and large sized companies of the future. Supporting Start-ups through feasibility funding, Competitive Start Funds, HPSU supports and the LEO network is critical to job creation now and in the future.As part of Enterprise Ireland’s offering in the Start-up space the agency looks to develop and target High Potential Start-ups (HPSUs). HPSU companies are defined as start-up ventures that are:

- Introducing a new or innovative product or service to international markets.

- Involved in manufacturing or internationally traded services.

- Capable of creating 10 jobs in Ireland and realising €1 million in sales within three to four years of starting up.

- Led by an experienced management team.

- Headquartered and controlled in Ireland.

- Less than six years old.

Table 1 below outlines the number of HPSUs approved in the years 2010 to 2015 to date and the total amount paid to them in relation to all approvals from the year they became a HPSU. These companies have created 3,706 jobs (3,287 full time and 419 part time) between 2010 and 2014. The most recent export data available from the 2014 Annual Business Review survey shows that of the 476 HPSUs approved between 2010 and 2014, 331 (69%) returned a survey and reported exports totalling €157.7 million. In general, HPSUs require five years post approval to reach target milestones for sales and employment.

Table 1:Number of HPSUs for the years 2010 to 2015 and total amount of funding* paid to 5 October 2015.