Taoiseach to announce 218 jobs by Dublin BIC backed firms

5 November 2013 – 218 jobs will be created by entrepreneurial start-ups backed by the Dublin Business Innovation Centre (Dublin BIC) over the next 12 months. The Taoiseach Mr Enda Kenny TD will make the announcement  at a function in Dublin this evening  to mark Dublin BIC’s 25th anniversary. The new jobs will be created across a range of some 30 entrepreneurial firms including Davra Networks, EmpowerTheUser, iCabbi, Learnosity, MMSOFT Design, OpenJaw Technologies, Point of Care, Stratus5 and SafeFood 360.

93% of entrepreneurial start-ups backed by Dublin BIC expect to increase employment over the next 12 months according to a DKM Economic Consultants study. The DKM report found that in 2012 Dublin BIC backed entrepreneurial start-ups employed 2,428 people directly and were responsible for another 2,032 indirect jobs.

“Ireland is one of the most exciting places in the world today to create the businesses of tomorrow and the work of the Dublin Business Innovation Centre has been vital in building this reputation,” said the Taoiseach, Enda Kenny TD. “Job creation is the Government’s top priority and I’m delighted that 218 new jobs are being created by Dublin BIC assisted firms. Small firms are vital to job creation and the Government’s Action Plan for Jobs aims to create a more supportive environment for entrepreneurs and small businesses to flourish.”

Ms Annette Hughes, director, DKM Economic Consultants, added that 82% of Dublin BIC supported start-ups survived the critical first five years compared to an average of 61% for all Irish start-up companies over the same initial timeframe.  Companies which have grown out of Dublin BIC include Havok, Bown Bag Films, MicksGarage, SourceDogg, Blueface, StatCounter, Storyful, Wirelite Sensors, Clevemama and many others.

The DKM report finds that Dublin BIC was responsible for over €22m of early stage direct funds being invested into over 100 start-up companies up to the end of 2012 either through seed capital or angel funding. Dublin BIC is supported by the Department of Jobs, Enterprise & Innovation and Enterprise Ireland.

Mr Des Fahey, CEO, DBIC commented: ““International research shows that 70% of net new job creation is generated by high growth companies that are less than five years old. We are an organisation with a track record of enabling entrepreneurs to have the best chance of succeeding. Our objective is to double our capacity over the next five years to assist budding entrepreneurs, in Dublin and surrounding areas, realise their ambitious business plans thereby creating additional economic wealth and employment in Ireland.”

Dublin BIC, which was established in 1988, is part of a national and European organisation of business and innovation centres which identify, select and support entrepreneurial start-ups. Its services include access to seed and angel capital; incubation space in the 6,000 sq. m. incubation Guinness Enterprise Centre plus advice on preparing firms for investment and international expansion.

Mr David O’Meara, who was CEO between 2003 and 2010 of Emmy award winning company Havok, which now employs 150 people, commented: “Havok may not have survived had it not started out with the Dublin Business Innovation Centre.”