Growth in Irish start-ups recorded in 2023, as annual figures reveal upswing of new companies outside of major urban hubs
Christine Cullen
Strategic Advisor | Experienced Managing Director | Trusted Leader | Impactful Communicator | Innovator
Ireland experienced a notable surge in its entrepreneurial landscape last year, marked by the registration of nearly 950 new companies - an impressive 4% increase compared to 2022. Unlike preceding years, a significant majority of the 22,581 new companies registered last year chose to establish themselves outside the major urban hubs, signaling a nationwide wave of innovation possibly influenced by economic uncertainties, a housing and cost-of-living crisis.
Regional dynamics revealed that 19 out of the 26 counties in the Republic of Ireland saw an increase in new start-ups last year, with Offaly leading the charge with a 28% increase. The sectoral landscape showed diverse growth rates, with sectors like motoring, fishing, and legal and accounting experiencing notable increases, while manufacturing and real estate faced declines.
Data collected on the entrepreneurial journey also revealed challenges, with 33% of companies facing closure within the first four years. Notably, 25% of insolvencies involved companies established in the last four years. These figures emphasise the need for enhanced support during this critical timeframe. Addressing these challenges would create an environment conducive to the growth and sustainability of emerging businesses.
This is very interesting Christine & that Offaly is leading the way with the increase!
Director of Corporate Affairs at SIRO
1 年Interesting stats, as ever Christine. As you note great to see businesses setting up outside the urban centres but how to keep them viable and still growing over the longer-term is a policy challenge.
Marketing Executive
1 年It's fascinating to see how a third of companies find their make-or-break in their first four years. You're absolutely right that these figures could inform and guide some support for businesses during that time. A great opportunity for the future of businesses in Ireland. Wonderful article and insights!
People are my Passion | Manager, Customer Success @ LinkedIn
1 年I find these updates fascinating Christine. Thanks for sharing. It's particularly intriguing to note that, alongside the rise in company registrations, a substantial majority of the newly registered businesses from last year opted to establish themselves beyond the confines of major urban centers. I always hope this trend has a positive impact on the housing market, especially considering the current challenges it faces. The struggle is real! ?? Wishing the newly registered business much success.