Start-up firms share more than €34m in funding, report reveals

John Brennan, WestBIC chief executive, Rosemary Ward, deputy chief executive Propelor BIC, Larry O'Donoghue, AxisBIC chief executive and Martin Murray, the chief executive of Furthr. PICTURE: John Allen | *

placeholder image — John Brennan, WestBIC chief executive, Rosemary Ward, deputy chief executive Propelor BIC, Larry O'Donoghue, AxisBIC chief executive and Martin Murray, the chief executive of Furthr. PICTURE: John Allen | *

Benefits of BICs programme revealed at yearly update

START-UP firms, including many in Limerick, have shared in more than €34m in funding, a new report has revealed.

The information has been released in the Irish Business Innovation Centre’s annual report.

Business Innovation Centres, or BICs, are organisations that help start-ups and early-stage companies grow, usually by providing mentoring, investment support, business planning advice, and access to networks.

Last year, some €26.5m was paid in Innovative High Potential Start-Up funding, plus another €7.5m in Pre-Seed Start-Fund backing.

The report findings were released to coincide with this year’s Dublin Tech Summit which took place in the RDS.

Here, bosses of companies supported by the innovation groups, showcased their work. The summit linked entrepreneurs with a network of advisors, mentors, and service providers.

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It aims to provide practical, hands-on support across key areas of business growth, including funding, validation and scaling.

Some of the most pressing topics facing new business owners were discussed, including areas like raising funding, scaling sustainability and navigating competitive markets.

Among the speakers were former RTE journalist Mark Little and founder of AI firm Chirp, Rena Maykock.

Also speaking were Faye Walsh Drouillard, the founder and general partner of venture capital firm WakeUp, as well as Liam Dunne, chief executive and co-founder of Klearcom which is based in Waterford and provides voice testing services.

Chair of the Irish BICS, Martin Murray said: “For the founders of highly-innovative start-up and scale-up enterprises, the pace of change has never been so fast, the level of disruption has never been so great.

"Technological, geopolitical, financial and social change are impacting every aspect of what you do. In this environment, even successful serial entrepreneurs require guidance, mentoring and support. We work pro bono, so the only thing we are focused on is your success,” concluded Mr Murray in a statement.