It has been a positive week on the technical front with news highlighting how Dublin is still a place companies want to be based.
First was one executive order that Arianna Huffington’s “behavior change” startup Thrive will establish a software engineering center in the capital, leading to the creation of 40 highly qualified roles. This was followed by news that Dublin has just been ranked third best European “technological city of the future” behind London and Paris.
This is the second year in a row that the Irish capital secured a third place and scored high on a number of fronts.
The Financial Times’ fDi Intelligence, which is behind the rankings, described Dublin as a “thriving hotspot in the start-up space”, something that many of those involved in the scene would wholeheartedly agree with.
Companies like Manna, Evervault and Wayflyer are becoming well known far beyond these shores, and there is a real pride in seeing such companies go global, and a hope that some can continue to achieve the kind of success that Stripe enjoys .
If there is a need for proof of the caliber of such companies, one only needs to consider the funding many of them have received too late and pull leading international VC companies like Tiger Global as backers in multimillion euro rounds.
It’s great to see, but companies that get to the stage where they can scale do so only by getting adequate support early. While Enterprise Ireland has rightly been praised for the support it provides to start-ups, more needs to be done. This is especially the case when the level of foreign direct investment has fallen.
Other nations have realized this with e.g. Germany, France and the UK announce major initiatives that make it easier for start-ups to thrive. These include better tax breaks for angel investors and steps that allow small businesses to compete more effectively with larger ones by offering attractive stock options.
At present, the government is doing little to encourage entrepreneurs to set up and grow businesses in Ireland. It is these companies that are likely to lead us to future prosperity and therefore more needs to be done to rectify this.
Why stop being the third best “technological city of the future” in Europe when we could be first?
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