More than 1,000 startups are coming to Ireland for the first time this year and the latest number to come to Ireland shows how many of them are taking advantage of the government’s new investment package.
The number of venture-backed companies is up 30% to 830 from 730 in the previous year.
The surge in Irish start-ups has also created a new industry for entrepreneurs, with a number of Irish-based tech start-up companies launching their own businesses.
There are also more Irish-born investors in venture capital firms than there are here in the United States.
This is partly because of the high number of foreign founders here.
Ireland is home to about 40,000 Irish-owned companies, compared with about 3,000 US-based companies.
The number of start-Up Ireland companies is nearly twice as large, at 4,300.
However, there are a number companies that have been successful, including Uber, Airbnb, Spotify, Twitter, Dropbox, and the likes.
Ireland also has one of the highest numbers of venture firms in the world, with more than 3,400 in Ireland alone.
The new investment program, announced in January, is designed to help attract and nurture new talent and entrepreneurs, as well as boosting the economy by increasing the flow of capital from outside the country.
The package also includes €8bn in funding to help companies launch their first products, as the Irish government has set a goal of providing €40bn in investment by 2020.
It also includes the introduction of a new “strategic investment fund”, which will allow companies to invest in technology that will help the country attract talent from around the world.
“This investment is an important step in bringing Irish start ups to Ireland and Ireland has the potential to become a global hub for the creation of new start- ups and a platform for innovation,” said Eileen Murphy, head of investment and strategy at the Irish Business Council.
“It is also important to highlight that the investment package is designed for all businesses, and will not be limited to just tech companies.”