Supporting Irish Start-Ups in the Life Science Sector: An assessment of how the support structures provided by Enterprise Ireland are utilised by Irish Life Science Startups

Abstract

This study evaluates the supports that Enterprise Ireland is currently providing to startup companies in the Irish Life Science sector by exploring how seven different Irish start-ups within the sector have utilised the support system. This study found that the current Life Science support network within Ireland was found to be effective at funnelling potential start-ups into the Enterprise Ireland support system and it was also found companies with reasonable business plans are receiving the required level of funding and support to scope out their business plans. In all seven companies studied, Enterprise Ireland funding and support was sufficient for the business to navigate the difficult first year following formation / spin-out. At approximately the one year mark the way in which each company interacted with Enterprise Ireland diverged significantly. The companies who were successful in securing revenue from external investors grew quickly and generated a significant level of employment, whereas the companies that could not secure this funding stalled in their development. In two cases there was difference of opinion between Enterprise Ireland and the founders of the companies with respect to the future development of the business, this had a negative impact on how the companies engaged with the support processes. Overall it was concluded that the current support system provided by Enterprise Ireland is performing well when it comes to the identification of viable candidate companies and is offering the supports needed in the critical early stages of business development. Two key areas where the current offerings require improvement were identified; firstly, more assistance is needed for companies who are having difficulty securing external sources of funding as this was a significant road block to business development. Secondly, the depth of Enterprise Ireland business mentors within the Life Science sector requires development as a number of companies could not gain access to the required level expertise needed to develop their business plans.