As part of a series focusing on thriving economies (part 1 and part 2), this third and final instalment focuses exclusively on Dublin.
We focus on what Dublin has to offer to the global start-up community, why it has become such an attractive location for global entrepreneurs and talk to two of our recent investments based in the capital.
Dublin is in the perfect position to capitalise on the aftermath of Brexit. In fact, even in the uncertain landscape leading up to the UK’s exit from the EU, it is well-placed to attract start-ups who are hesitant to lay foundations in the UK.
Following the 2008 crash, the Irish government established strategies to spark business growth, including introducing the role of a start-up commissioner. Since then, the ongoing support has only strengthened, with the government playing a key role in early-stage investment and working with local councils to build the perfect ecosystem for start-ups.
So, what can Dublin offer the global start-up community?
The flight route between London and Dublin is the busiest in Europe. Dublin is only a matter of hours away from every major European market and is the first stop for American companies looking to scale globally. But you don’t even need to travel outside of the city to reach a global network; Dublin’s Silicon Docks neighbourhood is home to multiple international tech giants such as Google, Facebook, LinkedIn, AirBnb, Twitter, Amazon… the list goes on. An enormous 80% of the world’s tech companies have a presence in Dublin, more than anywhere else in the world.
Enviable talent network
The Irish education system provides Dublin’s employers with an extremely high-quality talent pool, with Trinity College Dublin being ranked in the top tier of world universities and Ireland ranking in the top ten globally for knowledge transfer between universities and companies. While the presence of multinational corporations would suggest higher competition for talent, many young professionals are attracted to the city by the innovative start-up scene. In fact, Dublin’s status as a global hub leading the way in technology attracts an even larger pool of talented professionals.
Attractive corporation tax
Dublin offers everything a start-up could dream of and more: aside from policies, strategies and positions dedicated to the cause, Dublin has one of the most desirable corporate tax rates in existence at an extraordinary 12.5 per cent (compared to 19 per cent in the UK, 30 per cent in Germany and 35 per cent in the US). On top of this, select companies can benefit from a 25 per cent research and development tax credit, meaning they can maximise R&D and minimise costs.
In short, Dublin possesses the perfect combination of global infrastructure, an enviable talent pool, reliable support resources and an accessible business culture. These factors, alongside many more, make Dublin the collaborative, forward-thinking, energetic hub of activity it is today. On top of this, with investors optimistic about the capital’s start-up scene there are exciting opportunities for entrepreneurs and young businesses to secure funding and support. Serial Entrepreneur and Chairman of Recruitment Entrepreneur, James Caan CBE said: “In 2018, we executed an extremely successful expansion to the capital, offering Dublin-based entrepreneurs the chance to join our portfolio and benefit from our unique model for start-up recruitment businesses.”
Dublin possesses the perfect combination of global infrastructure, an enviable talent pool, reliable support resources and an accessible business culture.
Recruitment Entrepreneur’s first investment in the capital, 360 Search, is a leading financial recruitment firm specialising in asset management and pensions. Founded by Lynda Barnes in 2010, 360 Search boasts a team renowned for their expertise and market knowledge. For Lynda, the partnership creates huge opportunity: ‘We’re incredibly excited to join the Recruitment Entrepreneur portfolio. Our aim is to scale the business both in Dublin and overseas and we’ve found the right partner that truly supports those ambitions. Leveraging James’s extensive network and having access to the resources and support now available to us from Recruitment Entrepreneur will facilitate our strategic growth’.
"We've found the right partner that truly supports our ambitions" Lynda Barnes, CEO at 360 Search
[caption id="attachment_60975" align="alignright" width="407"] Niall O'Kelly and Mark Baker, Co-Founders of Darwin Hawkins[/caption]
Hot on the heels of their first investment in the capital, Recruitment Entrepreneur have recently partnered with financial recruitment business, Darwin Hawkins. Founders Niall O'Kelly and Mark Baker are excited for the future of their business, aspiring to become a key thought leader in Ireland and beyond. Mark praised the new partnership, stating “Recruitment Entrepreneur has a wealth of industry knowledge from an operations, recruitment and finance perspective, which has already provided us with infrastructure efficiencies in these early stages of our business set-up. James has shared invaluable advice about his experiences and leadership style and helped us design a strategy that will enable us to grow and scale in a way that matches our ambition.”
Abid Hamid, CEO of Recruitment Entrepreneur, applauded Mark and Niall’s strong position, saying, “Their deep understanding of the Irish market and extensive network of contacts will be invaluable assets as they establish Darwin Hawkins. We believe in the company and them as entrepreneurs. We’re excited about this new investment and we’re looking forward to working with them to achieve their ambitious objectives for the business.”
"Their deep understanding of the Irish market and extensive network of contacts will be invaluable assets as they establish Darwin Hawkins" Abid Hamid, CEO at Recruitment Entrepreneur
Entrepreneurs and young businesses would be hard pushed to find a healthier environment for sustained growth and success, and with the fastest-growing economy in Europe, Dublin’s status as a global leader is only set to strengthen in 2019.
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