Enterprise Ireland recently held a briefing for innovative high potential start up companies in the Limerick area on the options available for them to raise early stage funding The briefing was held in conjunction with Horwarth Bastow Charleton, Accountants (HBC) and took place in the Enterprise Acceleration Centre, Limerick IT on the 6th April.
Speaking at the event, Michael Moriarty, Enterprise Ireland HPSU Manager said: ‘Enterprise Ireland invests directly in over 80 innovative high potential start ups each year. We can see from our clients that one of the most difficult challenges facing these companies from the outset is their ability to raise critical early stage and development funding. Enterprise Ireland understands these ongoing difficulties and we are constantly supporting enterprises to successfully fund their early business plans’.
Close to 40 entrepreneurs and potential start-up companies attended the event where they heard an overview of the funding options for early stage companies. Barry Fitzpatrick of HBC, emphasised the importance of understanding how much cash the business will need and what this will achieve. He stressed the importance of treating investors as true business partners who can bring serious value to early stage business start ups. The attendees were also given a glimpse of the lessons learnt in this process from Ger Hartnett, who successfully launched Goshido.com in 2010.
Commenting on the funding challenges being faced by young companies and the significant increase in funding now available to them, Michael Moriarty added: Enterprise Ireland in association with the banks and other partners have invested in four venture capital funds to provide critical start up finance for new high potential businesses in Ireland. These four funds now have a total of €124m available for investment in high potential Irish companies. These funds are in addition to business angel programmes, which in 2010 raised €5.25 million for 25 early stage companies’