Minister for Enterprise Trade and Employment, Micheál Martin TD today announced that Enterprise Ireland supported the establishment of 79 new export-focused high potential start-up companies (HPSUs) in 2007 – including two HPSUs supported by the Midlands Innovation and Research Centre – NewCode Technologies and Europharma Concepts.

The 79 start-ups currently employ 660 people and are expected to grow rapidly, creating an additional 887 highly skilled roles over the next three years. This will bring total employment to over 1,500.

A total €69m (towards expenditures such as R&D, production and operations, key skilled employees and management development) is being invested by the 79 companies in developing their businesses. €20m of this investment is provided by Enterprise Ireland. The 79 companies are also expected to generate sales of €756 million, with exports accounting for over 70%.

Making the announcement at Enterprise Ireland's annual High Potential Start-up Showcase event, Minister Martin said: "This is the highest number of start-up companies supported by Enterprise Ireland in any single year to date. Over the three years of its 2005-2007 strategy, Enterprise Ireland set a target of supporting 210 HPSUs. Today's announcement brings to 221 the number of HPSU's supported over the period. I would also like to acknowledge the considerable work undertaken by Enterprise Ireland in supporting these start-ups".

"A thriving entrepreneurial economy can bring about a range of economic, regional and social benefits and accordingly entrepreneurship has a key role to play in the future growth and prosperity of the Irish economy" the Minister added.

Commenting on the HPSU outturn for 2007, Frank Ryan, CEO of Enterprise Ireland said:

"The development of innovative export focused companies throughout Ireland is a key priority for Enterprise Ireland. 45 of the 79 companies that achieved HPSU status in 2007 are located outside of Dublin; with a highly significant 22 companies located in the Border Midlands and West (BMW) region. This reflects Enterprise Ireland's commitment to sustainable regional development and the quality of entrepreneurial talent and enterprise support available throughout all regions in Ireland."

Tom Hayes, Head of High Potential Start-Up Unit at Enterprise Ireland said:

"I am delighted to report a record year in 2007. Enterprise Ireland is committed to supporting new entrepreneurs to ensure that emerging technologies and business ideas, with export potential, become a commercial reality. Again this year, software and services companies are the dominant cohort with 47 companies emerging from this broad sector. To date in 2008, the pipeline of HPSUs is very encouraging".