Peadar Tóibín (Meath West, Sinn Fein)
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1403. To ask the Minister for Jobs, Enterprise and Innovation the annual cost of funding the high potential start-up programme; and the expenditure in this regard. [19221/17]

Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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Enterprise Ireland is the Department's main agency for developing Irish business. As part of a broad suite of programmes the agency is responsible for driving an increase in the innovative capacity of Irish firms as well as support for start-up businesses.

In 2016 Enterprise Ireland paid €31.5 million to pre-High Potential Start Ups and High Potential Start Ups (HPSUs).  This comprised €27.5 million in equity payments and €4 million in grants payments. 295 companies received equity payments and 193 grant payments.

New start-ups play a critical role in net new job creation in all advanced economies.  Ireland, by promoting the right combination of supports and business environment, can become the best small country in the world in which to start a business.  The World Bank Doing Business – Starting a Business Survey (2017) currently ranks Ireland as 10th out of 137 countries for its business environment and supports.

Enterprise Ireland offers a range of financial and non-financial supports to assist clients through all stages of the business development cycle. Enterprise Ireland’s start-up activity is focused on prospecting for and supporting High Potential Start-Ups. 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.

Start-up companies that have a well-developed business plan and meet the criteria of a HPSU can apply to Enterprise Ireland for equity support under the following two competitive funds:

- Competitive Start Fund: A €50k equity investment designed to accelerate the development of high potential start-up companies by supporting them to achieve commercial and technical milestones, such as evaluating international market opportunities or building a prototype.

- Innovative HPSU Fund: The Innovative HPSU Fund allows Enterprise Ireland to offer equity investment to HPSU clients, on a co-funded basis to support the implementation of a company’s business plans. First time and follow-on equity investments in HPSUs are supported under this offer.

In addition, pre-HPSU and HPSU companies can avail of Enterprise Ireland grant supports in the form of Innovation Vouchers, a Mentor Grant, a Business Links Grant and Competitive Feasibility Funding. As part of their developmental plans, these companies can also participate in capabilities-building events and programmes such as, Enterprise Excel at Selling and HPSU Founders Forum.

Over the period 2014 -2016, Enterprise Ireland supported a total of 308 High Potential Start-ups and 321 Competitive Start Funds. Of the total 629 start-ups supported by Enterprise Ireland from 2014 - 2016, 52% were located outside Dublin.