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It is Enterprise Ireland’s mission to help Irish businesses develop, scale and grow, but as part of this journey, all regions across Ireland will benefit from the development of vibrant and entrepreneurial ecosystems. It is important to be able to
Enabling and supporting growth in all regions is a key ambition for Enterprise Ireland, and the organization released its year-end 2022 statement earlier this week, stating that at the end of last year Enterprise Ireland supported 218,718 jobs for companies. It showed that 68% of them were outside of Dublin. The western region is doing well, with employment increasing by 8 percent in 2022. This represents his 1,088 net new jobs in the region.
A key regional support that continues to contribute to this growth is the government-funded Regional Enterprise Development Fund (REDF) managed by Enterprise Ireland. Over the past five years, REDF has been a key factor supporting the development of strategic projects and innovative start-ups across Ireland.
The aim of the REDF scheme is to support new collaborative and innovative initiatives that drive business development and job creation in communities across Ireland. This is achieved by co-financing the development and implementation of projects that can sustain and add to jobs at the national, regional and county levels.
Since 2017, there have been three nationwide calls for REDF. Also in the West of Ireland alone, in the last five years he has invested €22.7 million in the development of his nine REDF projects. This includes funding for eight physical locations and a virtual remote work consortium.
These nine REDF-backed projects, also funded by other partners, are expected to support more than 5,000 jobs over the next five years. Not only that, but it is estimated that all jobs created are supported by the service economy, making REDF-funded projects a strong engine of growth in the region.
According to a recently published report from KPMG, start-ups based in Galway’s innovation hub PorterShed (Eyre Square) have created 835 jobs since 2016.
Not only that, they have attracted €35 ​​million of inward investment into the region and donated €14 million to the Irish Ministry of Finance. This is a great foundation for his two new PorterShed buildings that recently opened.
REDF also funded the Galway Technology Center (GTC) in the city’s Mervue neighborhood, adding 12,500 square feet to the current 50,000 square foot space, making it one of the largest enterprise centers in the country. increase. It is intended to provide a dedicated space once a company is established and has 5-6 employees of his.
Based at the Atlantic Institute of Technology (ATU) in Galway, CREW or Creative Enterprise West supports startups specializing in digital content. The new Creative Industries Innovation Hub, funded by REDF, will provide 13,500 square feet of space dedicated to these businesses, and the hub is expected to be completed by the end of this year.
Providing new innovation hubs and technology facilities for start-ups is essential, but most important is the support system and the people who work with the entrepreneurs.
The West of Ireland has benefited greatly from genuinely dedicated people such as Mary Rodgers of PorterShed and Elaine Donohue of Bia Innovator Campus co-located with Teagasc in Athenry.
Bia Innovator is the food sector’s crown jewel, offering office space, test kitchens, consumer research, training, access to commercial units, industry expertise and more. Elaine brings a wealth of information and knowledge from the food industry to help over 40 onsite food businesses and provide consulting to many more.
Other REDF-funded projects in Co Galway include Goat’s Enterprise Center operating as a community hot desk space, Forge Works, Connemara’s Nua Na Mara Marine Innovation Development Center, and Ballyvane’s SCCUL. Includes Enterprise Center extensions. Focus on social enterprises.
Through REDF, we aim to enable sustainable wealth creation in the region through a hub and spoke model. We encourage funded projects to collaborate with each other and scale up to wider geographies. For example, GTC set aside funding for employees to specifically develop an outreach program.
Having ATU and Galway University in the area is also a great boon for entrepreneurs. They offer research and experimental facilities, including peer-to-peer support for startups in their dedicated Innovation Center.
Aspiring entrepreneurs interested in starting a business in the West of Ireland should have a dynamic enterprise infrastructure in place that provides varying levels of support as they establish, scale and grow their business. you can be sure.
From Start Your Own Business support provided by our local enterprise offices in the West, to PorterShed’s NDRC Accelerator Program and the Enterprise Ireland regional team based in Mervue, entrepreneurs have a wealth of help and advice available.
If you are starting or expanding an export-focused business, please contact your support agency for guidance.
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