Niall Collins (Limerick County, Fianna Fail)
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12. To ask the Minister for Jobs, Enterprise and Innovation the amount of funding Enterprise Ireland has provided from the high-potential start-up funding scheme in each of the years 2015 to 2016 and to date in 2017; the number of companies which have received funding from this specific scheme; the cumulative number of jobs that have been created after this form of funding was provided to these companies; the cumulative amount of additional exports in euro that have been generated by these companies after they received this form of funding for the same period; and if she will make a statement on the matter. [36849/17]

Frances Fitzgerald (Dublin Mid West, Fine Gael)
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In January 2017, Enterprise Ireland, an agency of my Department, published its strategy for the period 2017-2020. The strategy was developed in the context of Brexit and focuses on supporting clients to both Build Scale and Expand Reach.  Despite economic and market uncertainties, Enterprise Ireland’s strategic targets are to:

- Assist clients to create 60,000 new jobs by 2020 and to sustain the existing record level of jobs.

- Grow annual exports by €5bn to €26bn per annum.

- Increase the level of spend in the Irish economy by €4bn to €27bn per annum by 2020.

Enterprise Ireland works to increase the number of companies starting up, succeeding, expanding, exporting and ultimately creating jobs in Ireland. Of the total 629 start-ups supported by Enterprise Ireland across the period 2014-2016, over half - 52% - were located outside Dublin.

Enterprise Ireland’s start-up activity is focused on supporting High Potential Start-Ups (HPSUs). Encouraging the establishment and supporting the development of innovation-led HPSUs with a strong export focus is a key priority for Enterprise Ireland and is fundamental to building the next generation of world class Irish companies. 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.

Enterprise Ireland’s HPSU Fund supports the start-up and development costs of HPSU companies through an equity investment that is provided on a co-funded basis. This investment goes towards the achievement of an overall business plan, rather than funding towards discrete elements of a business plan, such as R&D or employment creation. The funding of a business plan in this way is similar to a venture capital (VC) approach. The HPSUs that Enterprise Ireland works with are developing and commercialising new or substantially improved technologies, products, processes or service offerings when compared to state-of-the-art in industry players in the European and global marketplace.

The table below presents the number of companies in the HPSU Class 2015, 2016 and to date in 2017. Data on the jobs created, exports and total payment to each cohort by Enterprise Ireland is also presented.

Notes:

The number of HPSUs approved is based on July end of month figures as reported to the Board.  The August figures are not available at this point.

The jobs created figure is based on job numbers per Annual Employment Survey (AES) in the year preceding ‘year achieved’ v AES for 2016. Employment figures for 2017 will not be available until 2018 when the AES for that year is complete.

The exports figure is based on exports per Annual Business Review (ABR) in the year preceding ‘year achieved’ v ABR 2016. Exports figures for 2017 will not be available until 2018 when the ABR survey is for that year is complete.

The payments figure is based on payments made for all HPSU grant types from the ‘year achieved’ to 4 September 2017. Companies do not receive their first payment immediately on grant approval and payment may be gradual over the following years.

The year achieved column refers to the HPSU Class of each respective year. This means for example, that payments to the HPSU Class in 2015, to date, is €19 million. The €19 million does not represent the total payment made to all HPSUs in the year 2015. Payments to each annual HPSU class are tranched so this means the payments column is live and subject to updating as payments are made.