Ireland’s global strategy to be an “international force of innovation, entrepreneurship and investment” is yielding high dividends, according to a recent press statement by Enterprise Ireland, the Irish government agency for international development. The agency just reported that record employment and job growth is being reached among Irish businesses operating in America.
In 2017, 59 Enterprise Ireland-supported companies had a new presence in various states around the US, an 18% increase over 2016. In addition, 181 Irish start-up organizations received support from the agency last year.
Most noteworthy is that over 100,000 people all across the US are employed in 800 Irish-owned companies in a broad range of industries including construction, energy, medical devices and software. The United States Bureau of Economic Analysis also reported that in 2017 the value of Ireland’s foreign direct investment (FDI) reached over 85 billion USD, ranking Ireland the 9th largest source of FDI.
“The strong employment figures of Irish businesses operating in the United States show depth of engagement and confidence in this market," said Julie Sinnamon, CEO of Enterprise Ireland.
Aligning with this growing economic success, Enterprise Ireland now has multiple offices in the US including New York, Boston, Austin, TX, Chicago, Il and Mountain View, CA. In addition to funding support, the agency also provides a range of services including export assistance, assistance with research and development, as well as sharing a broad network of global industry-specific contacts. A key mission of Enterprise Ireland is to assist Irish enterprises to start and grow with the goal of growing export sales in global markets.
Outside of the US, Enterprise Ireland is also well positioned. It is the third largest venture capitalist in Europe by deal count. The country globally is the second largest exporter of software products and accounts for over 60 billion dollars in annual exports.
For Irish firms currently looking to export into the U.S. market, Enterprise Ireland has launched a new Market Discovery Fund for client companies. The fund is designed to provide financial support for a physical presence in-market including offices, participation in trade events and market research.