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Budget

Start-ups struggle to find early stage funding

Trade
Source: Stockfresh

20 October 2014

A new survey of 280 start-ups and 21 incubator/accelerator managers has found that access to early stage funding is top barrier to growth for Irish start-ups.

According to a report published by Amarach Research for Startup Ireland, only 16% of Irish start-ups currently feel well served by government policy, 54% feel the start-up sector in Ireland is not represented effectively, while 78% said that the Irish start-up sector is not operating at full potential.

Almost a third of respondents (30%) said they were in the ideation/pre-startup stage, 34% were started less than a year ago and 36% started less than three years ago. Four-fifths of those involved are male, with only 20% female. Almost half (43%) are under 35 years of age, with 57% over 35. Some 46% had been involved in start-ups before but the majority were first-timers (54%). The most popular sector for start-ups is consumer/Internet (46%), followed by business/enterprise (45%) and mobile/apps at 26%.

Eoin Costello, co-founder of Startup Ireland, said: “The large emerging cohort of Irish-founded high tech companies can bring the country an unprecedented level of sustainable high-value employment, innovation and domestic wealth generation. Attracting international start-ups to locate in Ireland can also contribute to this. Ireland has, however, accumulated a number of unintentional obstacles to entrepreneurs and start-ups that slow down their formation and growth.”

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