Issue 620 (Week ending 24/01/2024)

- CRIFVision-net records total of 22,581 new company start-ups in 2023
- Number of start-ups in Ireland up by 944 on 2022
- Overall company start-ups up 4% year-on-year
- 33% of companies face closure within the initial four years
- CRIFVision-net MD Christine Cullen: "A growing trend in the establishment of start-ups outside the major urban centres could be influenced by the ongoing housing crisis, coupled with low unemployment rates."

Ireland recorded a surge in start-ups in 2023, with nearly 950 new companies registered last year, mostly outside of the major urban hubs, indicating the emergence of vibrant start-up ecosystems beyond the traditional city centre locations, according to the latest figures from credit analyst CRIFVision-net.

The annual figures released today reveal that a total of 22,581 new start-ups were registered in 2023, with the sector rebounding strongly after 2022 recorded the lowest figures for new companies on record since 2016 (21,018).

Unlike recent years, 2023 saw the majority of new companies established outside of the major urban hubs, suggesting that economic uncertainty and inflation in 2022 catalysed a wave of innovation and entrepreneurial spirit across the whole country.

The level of start-up growth recorded in 2023 was the second highest rise in new companies in the past six years since 2017. Only 2021 saw a higher level of start-up growth, largely attributed to unprecedented circumstances created by the pandemic.

The research revealed the challenges encountered by start-ups during their first four years, indicating that 33% of new companies experience closure within this timeframe, with heightened vulnerability observed in the third and fourth years.

Stay tuned for next week, where you can find overviews of the Data, Regional, and Sectoral of 2022 vs 2023, alongside comment from Christine Cullen, Managing Director of CRIFVision-net.