Revealing the challenges facing start-up founders in Ireland
Scale Ireland have just released headline results of their ‘State of Start-ups’ Survey in their first Regional Start-up Summit. The event was held in Cork on 28th January 2022 and was addressed by leaders from the start-up and scale-up communities, government, and academia. The survey highlights critical issues reported by start-up founders including finance, employment, taxation, state assistance, gender and climate.
Our insights we wish to share with you:
The biggest challenges reported by Irish start-up founders are securing funding and retention of staff. Most entrepreneurs who completed the survey believe that attracting private capital is difficult, and keeping staff is becoming more challenging. Fostering a productive and collaborative environment for start-ups and scale-ups is essential, as it can provide the resources and supports they need. For instance, agencies and local enterprise offices are an avenue for financial and non-financial support. Third level education has a fundamental role to play in talent offer and R&D. Collaboration provides innovation, access to resources and information, and stimulates a culture of entrepreneurship.
What was the approach for the research?
In order to get the perception of entrepreneurs around the country, 230 start-up founders and CEOs were consulted in the survey. The survey comprised 26 questions. The main issues raised by start-ups were discussed at the summit.
How might you benefit from these insights?
Identifying the challenges faced by start-ups is an important step in generating the resources and supports needed for scaling. Some of the issues raised in the survey are relevant in both start-up and scale-up phases, including raising capital and keeping talent. Moreover, the survey indicates some of the skill sets that start-ups lack and need to be developed for a successful scaling, such as Marketing and Sales and Finance and Operations.
Link to survey results https://www.scaleireland.org/
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