• TEA score in 2006 was 7.4%, down from 9.8% in 2005
• Ireland is an entrepreneurial country, with entrepreneurship an active career choice for many Irish people
• Approximately 80,000 individuals were involved in starting a new business between Jan 2003 and June 2006. This is nearly 3 in every 100 adults in the country
• In 2006, nearly 122,000 Irish people were actively attempting to start a new business (nascent entrepreneurship). This is nearly 5 in every 100 adults in the country
• There are 214,000 Irish people who own or manage a business they started prior to 2003. This is nearly 8 in every 100 people in the country.
• Ireland ranks third in entrepreneurial activity in the EU (behind Greece and Czech Republic).
• Men are more active entrepreneurs than women in Ireland
• Entrepreneurial activity peaks for men and women aged 25-44.
• Entrepreneurship in Ireland is opportunity based – 9 out of 10 describe their motivations as taking advantage of a business opportunity
• One in 10 say that it is need/necessity based – “no better choices for work” • Independence is being cited as an increasing motivation over income
• The median start up costs are €40,000, with two in every three planning to start with under €100,000.
• Most entrepreneurs use their own funds and funds from family and friends
• Half of all early stage entrepreneurs expect to sell only in the Irish market, thought nearly all expect to have some customers overseas.
• There is a very supportive culture for entrepreneurship in Ireland.
• Entrepreneurs are held in high regard in Ireland
• Informal investment for entrepreneurs that require significant start up capital, is low in Ireland – ranking 16th lowest of 22 OECD countries.
• Only one in every 20 informal investors invested in an entrepreneur unknown to them – however, amounts invested are relatively high compared to other OECD countries.
• Levels of venture capital investment are relatively low. Ireland ranks 12th of eighteen OECD countries on the level of formal venture capital as a percentage of GDP. In Denmark, U, Canada and Norway, the level of formal venture capital, as a percentage of GDP, was at least twice the rate of Ireland.
• The average amount invested by venture capital companies is much lower than the US, with Ireland ranking 13th of 18 OECD countries in terms of the average amount of formal venture capital funding invested per company.
• 11% of the population plan to start a new business within 3 years.
• 8% of entrepreneurs expect to add 20 or more jobs in the next 5 years.
• 7% of entrepreneurs expect to have at least 50% international customers. • 29% of entrepreneurs plan to work part-time outside of their business.
• 10.6% of men were involved in entrepreneurial activity, compared with 5.7% of women, a slight decrease in the gender gap from 2006.
• The highest level of entrepreneurial activity was from those aged 25 to 34 (11.5%), with those aged 35 to 44 second (10.9%).
• When the population is divided into thirds based on income, the middle third shows the most entrepreneurial activity at 44%, with the upper third at 35%. • 1.9% of the population exited a business that was discontinued. The top reasons given were: ◦ Business was not profitable (25%) ◦ Personal Nature (23%) ◦ Opportunity to sell (16%) ◦ Retired (16%)
• The Irish show a positive attitude toward entrepreneurship and entrepreneurs (though less positive than 2006), with 83% believing entrepreneurs are held in high regard, 68% saying media coverage of entrepreneurship is positive (was 84% in 2006), and 63% saying it is a good career choice (was 70% in 2006).

Ireland has a very strong entrepreneurial community that is supported by the government, capital ventures (both abroad and domestic), and a very strong network of entrepreneurs. The European Union has steeped in to lend its support and the people of Ireland are responding. Ireland is not really considered as much of an emerging market and therefore there are many more Venture Capital firms and sources of Angel investors to obtain start up capital. Over the past decade, the Irish Government has implemented a series of national economic programs designed to curb inflation, reduce government spending, increase labor force skills, and promote foreign investment. Ireland joined in launching the euro currency system in January 1999 along with 10 other EU nations. The economy has felt the impact of the global economic slowdown in 2001-02, particularly in the high-tech export sector; the growth rate was cut by half. Growth is expected to be approximately 4% in 2003.

Important Resources