Issue 660 (Week ending 21/01/2025)

According to our analysis of our end of year data, Ireland's entrepreneurs continue to thrive, and 2024 was no exception. With over 23,300 new businesses launched, a 5.5% increase compared to 2023, this past year firmly solidified Ireland's position as a global hub of innovation and enterprise.

These numbers are compelling and represent the second highest number of new companies registered in over a decade, after the unprecedented boom of 2021, when the post-pandemic backlog led to record-high start-up figures.

Much of this growth can be attributed to the business support sector, which stood out as a top performer last year. With nearly 4,900 new businesses, accounting for 1 in 5 start-ups, this sector is proving to be the backbone of Ireland's entrepreneurial ecosystem.

Financial services, accounting, and administrative support businesses all provide critical expertise to help new ventures and start-ups thrive. By fostering a strong support network, Ireland has created a ripple effect that drives wider economic activity and job creation.

Supporting Momentum

The government has signalled its commitment to addressing these challenges through measures outlined in its Programme for Government. Proposals such as establishing a new small business unit within the Department of Enterprise, creating a cost of business forum, and adjusting VAT and PRSI rates are welcome and could ease the burden on small businesses and ensure the momentum we've seen in 2024 continues.

At its core, the data tells a story of resilience, opportunity, and growth: Ireland's start-up ecosystem is not just surviving but thriving, thanks to a combination of entrepreneurial drive, abundant talent, and a robust support network. As we look to 2025, it's vital that we build on this momentum and ensure Ireland remains a dynamic and resilient hub for innovation.

The key takeaway from 2024 is the energy and determination of Ireland's entrepreneurs. They are the lifeblood of our economy, and their success drives the broader economic recovery and growth.

Here's to another year of innovation, resilience, and opportunity ahead!

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