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Dublin: 7 °C Thursday 21 November, 2019

2015 off to a strong start for new companies, and it could 'beat all predictions'

There’s already a 22.5% increase in the number of new companies this year.

Image: open sign via Shutterstock

IT’S PREDICTED THERE will be little break in the pace of new start-ups appearing on the scene this year, with January already off to a strong start.

Figures compiled for January by show a total of 3,713 new companies were set up between the 1st and 28th last month.

This is up 22.5% on the same period in 2014, which was the strongest year for start-ups since 2007.

Just shy of 18,000 start-ups were set up in 2014 – the first time the number surpassed 17,000 since before the financial crisis.

“Overall, the success rate of business start-ups seems to be improving,” Vision-net’s managing director Christine Cullen said.

In 2011, carried out research which showed that one in three companies was not making it past the first three years in business. We carried out the same research in 2014 and it had dropped to 1 in 4 which suggests a less hostile and better trading environment to look forward to in 2015.

Cullen said 2015 wil ‘beat all projections’ if the rate of activity in the start-up sector continues.

“It is clear that there is a need for continued support and mentoring of these new companies to further reduce that figure and help start-ups to become profitable entities who hire and spend in the economy,” she added.

The most popular sector for start-ups so far this year is professional services, accounting for 26%.

Two closely watched industries – construction and property – also saw continued improved momentum.

A total of 84 new Real Estate start-ups popped up last month, compared to 41 in January 2014 and creating the biggest increase in registrations for any one sector. Construction saw a 33% increase (118 vs 89).

Read: This year Ireland’s economy should finally be back where it was… eight years ago >

More: This woman wants your help so she can open Ireland’s first cat café >

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Nicky Ryan

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