We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.


Lack of finance the biggest barrier to starting new businesses in Ireland, say entrepreneurs

Over one-in-two entrepreneurs surveyed believe the lack of finance options for start-ups was stifling the growth of new businesses.

A SURVEY OF 350 leading Irish entrepreneurs have said that the lack of finance is the biggest obstacle that entrepreneurs come up against when starting a new business.

The EY Entrepreneur Of The Year Entrepreneurship Barometer found that 59 per cent noted a lack of finance as the biggest barrier to starting a new business in Ireland with 41 per cent stating that access to finance should be the foremost imperative for government action.


Over 74 per cent said they believed that Ireland doesn’t provide sufficient support for struggling or failed entrepreneurs, while 41 per cent said that the access to talent also presented a key challenge to those looking to set up business in Ireland.

Attracting experienced hire was an issue for 38 per cent who cited it as a specific, while an additional 24.4 per cent noted difficulties in sourcing both experienced hire and skilled graduates.

The survey found that while multinationals were seen as direct competitors in the race to hire the best talent, a skills shortage, with a particular emphasis on the need to increase the pipeline of graduates with engineering, sales and programming skills, is an issue.

There has also been a call for the government to create an infrastructure for shared resources, guidance and supports to get struggling entrepreneurial businesses back on track.

Partner-in-Charge of EY Entrepreneur Of The Year Frank O’Keeffe said it is vital for government, industry and academia to understand the specific challenges facing entrepreneurs and there should be collaboration to solve problems.


He added that government should address legislative and cultural barriers to success, stating together we can “shape the future of entrepreneurship in Ireland”.

O’Keeffe added:

The entrepreneurs who fed insights into our Entrepreneurship Barometer represent 28 of the island of Ireland’s 32 counties.

Together, they employ 152,250 individuals; generating revenues of €16.6 billion and creating 13,650 new jobs in just 2013 alone.

This is a community who should be supported and celebrated as having the power to bring our country back to economic stability.

Read: Meet the Kerry author chosen to take part in Twitter’s literary festival>

Read: Coveney ‘not surprised’ by claims of Apple’s $850m Irish tax avoidance>

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Your Voice
Readers Comments
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.