Nonetheless, amid these challenges, Ireland presents a wealth of opportunities, positioning it as an ideal location for business operations.
Ireland stands out as an English-speaking country within the European Union, equipped with a talented and educated workforce.
Coupled with a business-friendly tax system, these factors make Ireland an attractive hub for businesses, before mentioning the various government agencies and semi-state bodies that provide a wide range of programs and support to ease the journey for businesses.
For business owners in this category, two primary entities come into focus: the Local Enterprise Office (LEO) and Enterprise Ireland (EI).
The LEO, with 31 offices across the country, acts as a local support network for small businesses, especially those with a domestic focus.
On the other hand, Enterprise Ireland, with a national reach and international presence, is dedicated to the development and growth of Irish enterprises in global markets.

Distinguishing Between LEO and EI:

The Local Enterprise Office (LEO) functions as the primary point of contact for entrepreneurs seeking guidance and assistance in launching or expanding their businesses within Ireland. It primarily caters to smaller businesses with a domestic focus.

On the other hand, Enterprise Ireland commits to fostering the growth and expansion of Irish businesses, aiming to position them as global leaders in their respective fields. Whether your business is a start-up or already a multinational enterprise, Enterprise Ireland can extend support to ambitious companies at all phases of their development.
The commitment begins domestically, where Enterprise Ireland actively contribute to the development of businesses, enabling them to effectively compete in global markets.
Through their extensive network of 39 international offices, their proficient advisors facilitate connections between Irish businesses and international opportunities, catalysing growth on a global scale.

Navigating the EI Ecosystem

Enterprise Ireland structures its support according to different business phases, ranging from startups to established SMEs and large companies.
The New Frontiers program serves as an entry point for many entrepreneurs into the EI ecosystem.
Enterprise Ireland's New Frontiers stands as the nationwide entrepreneurial development program designed for visionary startup founders harbouring innovative business ideas with the potential for scalability and job creation. This two-phase program provides essential guidance, advice, facilities, training, and mentoring, enabling entrepreneurs to develop their ideas effectively.
Subsequently, the Pre-Seed Start Fund (PSSF) offers financial support and various startup resources for early-stage startups.
Enterprise Ireland partners with high potential start-ups on their journey to international growth, offering an ecosystem of funding and support for expansion into untapped global markets. High Potential Startups (HPSUs) receive special attention from EI, and the Development Advisor (DA) plays a crucial role in keeping them informed about additional opportunities.
What makes New Frontiers a little different from accelerator programmes is that there is no equity required from your startup. Entry to the programme is competitive and keep in mind that Enterprise Ireland are equally as interested in you as the founder as they are in your business idea.
For businesses in operation for more than five years, transitioning from startup to a "core" company status within EI requires engagement with a different team. This transition prompts active involvement with the Development Advisor to ensure continued support and access to necessary resources.

Unlocking the Benefits of Working with EI

Collaborating with Enterprise Ireland offers access to a diverse array of supplementary supports, including but not limited to, innovation vouchers, feasibility grants, market research, mentoring, consultancy, crisis support, workshops, and employment grants.
Moreover, engaging with Enterprise Ireland functions as a valuable networking tool, unlocking further opportunities for business growth.
As business owners, it's crucial to strategically choose the supports that align with overall benefits and level of involvement. While EI offers an array of programs, businesses can selectively participate based on their specific needs and priorities. Cultivating relationships within the EI ecosystem not only enhances networking opportunities but also connects businesses with professional services familiar with EI's processes.
While Enterprise Ireland is a pivotal player in supporting businesses, it's essential to recognize that other state-backed initiatives exist. Depending on the sector or focus, various organizations offer access to both tangible and intangible resources. The strong third-level research landscape in Ireland further enhances the support available to businesses.
The terminology and acronyms used by EI and the Irish startup/SME community may initially pose a learning curve, however, from Borgo’s perspective, it is a partnership worth familiarizing yourself with and working on.
In conclusion, developing a relationship with Enterprise Ireland proves beneficial for medium to large-sized business owners looking to navigate the Irish business landscape.
Engaging with the relevant EI programs and supports, while strategically building connections, can contribute significantly to business growth and success.
If you are an Irish business owner looking to gain further insight into the supports available to you and your business, you can contact our team of experts by scheduling a call here, or by emailing info@borgo.ie where we will be delighted to assist.