Key Actions

Some of the key actions in 2012 that will be delivered on and are dealt with more fully in the specific sections include:

 

1. Design and launch a new Development Capital Scheme, aimed at addressing a funding gap for mid‐sized, high‐growth, indigenous companies with significant prospects for jobs and export growth. €50 million of State investment is expected to leverage up to an extra €100 million in private sector funding over its lifetime.

 

2. Restructuring of the enterprise agencies in order to better target supports towards indigenous businesses with job‐creation potential:

  • Establish a new Potential Exporters Division within Enterprise Ireland to target a wider group of potential exporting companies.
  • Establish a new “one‐stop‐shop” micro enterprise support structure through the dissolution of the existing CEB offices and the creation of a new Micro Enterprise and Small Business Unit in Enterprise Ireland that will work with Local Authorities to establish a new network of Local Enterprise Offices (LEOs) in each Local Authority.
  • Establish a joint Enterprise Ireland/IDA senior management team to work on cross‐agency priorities such as attracting international start‐ups, improving mentoring for SMEs, and helping SMEs win supply contracts from multinationals.
  •  

3. Extend the corporation tax exemption for start‐up companies until 2014.

 

4. Help more small businesses win big contracts, including:

  • Measures to make public procurement more accessible to Irish SMEs, such as amending pre‐qualification criteria, pre‐qualification panels for SMEs and a new Procuring Innovation initiative which focuses on procuring solutions to specific needs, rather than prescriptive products or services.
  • Measures to help more SMEs to win contracts with multinationals based here.

 

5. Measures to target improved performance by indigenous companies, including:

  • Greater funding for mentoring and management development networks.
  • Long‐term development programmes for 250 managers and short‐term programmes for 700 managers.
  • Increased mentoring of SMEs by top business leaders, multinationals and large Irish companies.
  • Securing 750 new buyers for exporting Irish companies in 2012.
  • Making 200 investments over €500,000 in EI‐assisted firms in 2012.

 

6. The targeted temporary Partial Credit Guarantee for SMEs struggling to access credit will go live – for every €100 million extra in loans guaranteed under this demand‐led scheme, over 1200 small businesses will benefit.

 

7. The Micro Finance fund will go live, generating up to €100 million in extra lending for micro‐businesses over ten years.

 

8. The second call for Innovation Fund Ireland will go live, worth approximately €60 million, to invest in small Irish based high‐tech companies.

 

9. Attract more mobile international entrepreneurs to start businesses in Ireland through a €10 million State fund for investment in international start‐ups, improvements to immigration arrangements, a targeted marketing campaign, greater use of existing networks in the IDA and the diaspora.

 

10. Launch the Diaspora Finders Fee initiative (“Succeed in Ireland”) to attract greater numbers of inward investors to Ireland.

 

11. Establish a Global Irish Network of advocates to maximise the opportunities from Diaspora interest in Ireland and secure greater investment in Ireland.

 

12. Through the Strategic Investment Fund, channel commercial investment from the NPRF and matching investment from private sector investors towards productive investment in the Irish economy. The NPRF will also commit €250 million to the Infrastructure Fund, which will seek up to €1 billion from institutional investors in Ireland and overseas for investment in infrastructure in Ireland.

 

13. Accelerate the delivery of economic outcomes from Government investment in research by implementing a Research Prioritisation Plan and enact new legislation to target the State’s research funding towards applied areas of research with strong potential for commercialisation and job‐creation.

 

14. The R&D tax credit system will be further improved, making it easier for small and large companies to invest in research and development.

 

15. Initiatives targeting a number of key sectors where we see particular potential for job creation, such as:

  • Manufacturing, including establishment of a Manufacturing Development Forum.
  • Establish a Health Innovation Hub to drive collaboration between the health system and the life sciences industry.
  • Publish and implement a Cross‐Departmental Plan for the development of the Green Economy.
  • Agri‐food – including winning more investment from multinational food companies for Ireland.
  • Cloud computing – including a Cloud Computing Strategy for the Public Service and establishment of a research centre in cloud computing.
  • Establish a cluster development team for digital games.
  • Establish industry clusters in these targeted sectors.