If you’ve been toying with the notion of starting your own business, the timing couldn’t be better. There’s a tangible passion and entrepreneurial drive taking hold across the country. Last year, 20,000 people took the plunge and set up a start-up. Here are 4 reasons why now is the time to dive in with them, for you and your career.
It’s a good time to be inspired
The entrepreneurial spirit and thirst for innovation is driving many young business leaders to set off on their own. Combined with a hunger for meaning and purpose some of the most successful Irish start-ups are focusing on solving pressing global issues. FoodCloud, an app that connects businesses with surplus food with charities that need it is an excellent example of non-profit social entrepreneurship.
Very few places have the potent mixture of successful multinationals and driven, inspiring entrepreneurs keen on making a difference in the world. Many multinationals are recognising the emerging talent and are increasingly engaging with start-ups. Companies like Citi and Bank of Ireland are offering space to work free of charge.
It’s a good time to shake things up
Now is the time to be disruptive. If you have a creative idea that can shake things up a bit, then embrace it. In the last few years American brand behemoths have been disrupted by the likes of razor company Dollar Shave Club and yoghurt brand Chobani. While Netflix, Uber and AirBnB have led to significant disruption across traditional industries.
If there’s something you love doing then find the market for it. Even if you don’t have experience. Many innovative ventures are being established by those with no experience as they can add fresh thinking to tired industries.
It’s a good time for support
The signs are positive that Dublin is becoming a premier international hub for startups. In the last 18 months, private venture capital in Irish start-ups has exceeded €500m, a significant increase from the previous year.
And it’s not just happening in Dublin. Cork has been home to some of the most financially successful start-ups to come out of Ireland. For example, Trustev, and Teamwork.com have been making waves. In August an old bakery building in Skibbereen became Ireland’s first digital hub called Ludgate@Skibbereen. This hub perfectly reflects the collaborative spirit that exists across the country, as it was established by a group of local entrepreneurs and digital ambassadors. It created 75 jobs in the initial phase of development, and is promising over 500 jobs in the next 5 years.
It’s good for the economy
Startups, in their first five years of existence, create two-thirds of all new jobs. Encouraging more people to start a business and attracting the diaspora home to set up shop here, is vital for the economy. Attracting the next Google or Facebook to start their journey here will do wonders for job creation and innovation.
Since 2012, 100,000 new jobs have been created in Ireland. There is a strong ambition to achieve full employment in the coming years and it is envisioned that the startup community will have a vital part to play in reaching this goal.
Ireland is fast positioning itself as one of the best players in the start-up scene. While it is encouraging to see so many determined entrepreneurs, we do need more. We have all the elements to create a startup revolution – the drive, the talent, the support. That idea you’ve been bugging everyone about? Why not take the risk and dive right in?