ENTREPRENEURSHIP IN IRELAND Global Entrepreneurship Monitor (GEM)

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1 ENTREPRENEURSHIP IN 2017 Global Entrepreneurship Monitor (GEM)

2 A SURVEY OF ENTREPRENEURSHIP IN GLOBAL ENTREPRENEURSHIP MONITOR (GEM) THE 2017 SURVEY OF ENTREPRENEURSHIP IN PAULA FITZSIMONS Fitzsimons Consulting & COLM O GORMAN Dublin City University JUNE 2018 GEM research in Ireland and this report are sponsored by Enterprise Ireland, with the support of the Department of Business, Enterprise and Innovation

3 The Global Entrepreneurship Monitor (GEM) is the world s foremost study of entrepreneurship. GEM is unique. GEM collects primary data on entrepreneurship. GEM focuses on the individual entrepreneur. GEM allows for international comparisons as data is collected in the same format across the world. GEM is a trusted resource of data, analysis and expert opinion on entrepreneurship for key organisations such as the United Nations, World Economic Forum, World Bank, and the Organisation for Economic Co-operation and Development. The sponsorship of Enterprise Ireland, with the support of the Department of Business, Enterprise and Innovation funded the inclusion of Ireland in the 2017 GEM project. The Irish GEM team would like to thank the two thousand members of the public who participated in the GEM survey and the entrepreneurs and expert informants that were consulted as part of this research project. The findings of this independent report do not necessarily represent the views of Enterprise Ireland or the Department of Business, Enterprise and Innovation. Although data used in this report is collected by the Global Entrepreneurship Monitor consortium, its analysis and interpretation is the sole responsibility of the authors. The authors, for their part, have attempted to ensure accuracy and completeness of the information contained in this publication. No responsibility can be accepted, however, for any errors and inaccuracies that occur. 2 GLOBAL ENTREPRENEURSHIP MONITOR

4 AUTHORS fitzsimons consulting PAULA FITZSIMONS is the founder of Fitzsimons Consulting, which specialises in entrepreneurship and growth. Paula has been the national coordinator for the Global Entrepreneurship Monitor (GEM) for Ireland since She previously served for several years on the governing body of GERA, the Global Entrepreneurship Research Association, as President of the national teams. Fitzsimons Consulting has designed and implemented several peer support initiatives to address gaps in enterprise development. The award winning Going for Growth, which is celebrating its 10th birthday this year is focused on supporting ambitious female entrepreneurs to realise their growth ambitions. It is supported by Enterprise Ireland and KPMG. ACORNS, an initiative to support early stage female entrepreneurs in rural Ireland, was designed and is implemented by Fitzsimons Consulting on behalf of the Department of Agriculture, Food and the Marine. The most recent of these initiatives, Back for Business, is focused on returning emigrants who wish to set up a business on their return to Ireland. It is supported by the Department of Foreign Affairs and Trade. CONTACT DETAILS: Tel: COLM O GORMAN is Professor of Entrepreneurship at Dublin City University Business School. His research focuses on entrepreneurship, innovation, and growth in new firms and in small and medium sized enterprises (SMEs). Specifically he has studied the growth strategies of SMEs, the nature of managerial work in high growth SMEs, mission statements in SMEs, and internationalisation processes in International New Ventures, and in SMEs. His research has explored the emergence of high-tech firms in the context of cluster dynamics, including a study of the factors that led to the rapid emergence of the software industry in Ireland during the 1990s. He has examined innovation processes in large firms. Colm has published in international peer-reviewed journals such as Entrepreneurship and Regional Development, European Planning Studies, Journal of Small Business Management, International Marketing Review, Organisational Dynamics, R&D Management, Small Business Economics, and Venture Capital. He has completed several European Union funded research projects. He has co-authored eight teaching cases studies on entrepreneurship published by the European Case Clearing House, including several award winning cases. CONTACT DETAILS: Tel: SURVEY OF ENTREPRENEURSHIP IN

5 FOREWORD Entrepreneurs are one of the most important components of the entire business ecosystem in Ireland. They create new businesses, new jobs, new products and new services. In the current international climate, it is imperative that new businesses and new business models continue to grow in numbers and quality in Ireland. That is why we have placed a central focus on entrepreneurship policy and SME development in the Government s Action Plan for Jobs and why the Government agreed the first National Entrepreneurship Policy Statement in This annual Global Entrepreneurship Monitor report is a valuable resource for tracking our comparative performance and policy analysis for my Department of Business, Enterprise and Innovation. We can see from the results that Ireland is a country where entrepreneurs are viewed with great admiration, with four-in-five Irish people holding entrepreneurs in high regard. Ireland is also 4 th in Europe in terms of high- and medium-tech entrepreneurship and in terms of the growth ambitions and the international focus of entrepreneurs. However, we need to stretch ourselves further to ensure we address key areas of untapped potential. Female entrepreneurship levels are increasing and I believe there is more that we can achieve in this area. As one example of what can be achieved by putting a spotlight on specific areas of potential, the share of female-led successful applications for Enterprise Ireland s High-Potential Start-up Programme has increased from 8 percent in 2012 to 28 percent in I am dedicated to closing the gap further and it is my ambition to see increasing numbers of women take up the reigns of business ownership. OECD review will form an important input to the ongoing development of our policies and supports for entrepreneurship and SMEs in Ireland into the future. I will continue to work with my Ministerial colleagues across Government to ensure that we create and sustain the most competitive and attractive environment to start, grow and scale businesses. One of our greatest assets is a national culture that is supportive of entrepreneurship, innovation and creativity in all walks of economic and social life and I will continue to work to ensure that we sustain a cohesive whole-of-government approach to supporting entrepreneurs and enterprise. After all, it is entrepreneurs, risk takers and enterprises that create the quality jobs and deliver economic growth in every part of the country and provide the resources needed to underpin our wider public policy objectives. We want them to succeed. It is in all our interests. Heather Humphreys, T.D., Minister for Business, Enterprise and Innovation As Minister, I value the importance of monitoring and evaluating the framework conditions for businesses in Ireland. Therefore, I agreed in early 2018 with the Organisation for Economic Co-operation and Development (OECD) to undertake a review of SME and entrepreneurship performance, potential and policies in Ireland. The SURVEY OF ENTREPRENEURSHIP IN

6 CONTENTS RATES OF ENTREPRENEURSHIP, INTRAPRENEURSHIP, AND EXITS 09 ASPIRATIONS, ATTITUDES AND PERCEPTIONS 17 IMPACT OF ENTREPRENEURS SECTOR, JOBS, INTERNATIONALISATION, INNOVATION 21 WHO ARE S ENTREPRENEURS? (PERSONAL CHARACTERISTICS AND MOTIVES) 27 GENDER AND ENTREPRENEURSHIP 33 OWNER-MANAGERS OF ESTABLISHED BUSINESSES 39 INVESTORS AND BUSINESS ANGELS 45 THE ECO-SYSTEM FOR ENTREPRENEURSHIP 49 COMPARATIVE INTERNATIONAL DATA 55 GEM GLOBAL RESULTS 73 METHODOLOGY AND DEFINITIONS 79 SURVEY OF ENTREPRENEURSHIP IN

7 GLOBAL ENTREPRENEURSHIP MONITOR : SURVEY OF ENTREPRENEURSHIP IN 2017 RATES OF ENTREPRENEURSHIP, INTRAPRENEURSHIP, AND EXITS

8 Ireland ranks 6th highest in Europe (of 20) on the TEA Index 26,800 people reported they were involved in starting a new business in 2017 Ireland ranks 8th highest in Europe for intrapreneurs Both the rates of entrepreneurship and intrapreneurship are higher in the US than in Ireland. EARLY STAGE ENTREPRENEURS Ireland had relatively high rates of entrepreneurship in 2017 as evident by the TEA index. The TEA Index consists of two groups of entrepreneurs: nascent entrepreneurs and new business owners. Nascent entrepreneurs are people who are at a very early stage, for example, planning the start-up, organising the start-up team, saving money for a start-up, as well as those that have progressed further and recently started the new business, but have not paid salaries for more than 3 months. New business owners are people who have started a new business since January 2014, and have paid salaries for at least three months. These entrepreneurs at least part own and manage the new business. In Ireland, as many as 9 in every 100 people (adults, aged 18-64) report that they are either actively engaged in the very early stages of starting a business (6 in every 100) or have recently started a business (3 in every 100). Ireland ranks 6th highest of 20 European countries. Ireland ranks higher than some developed European economies, such as France, Germany, and Italy. In these countries just 4 or 5 in every 100 report that they are engaged in early stage entrepreneurial activity. However, Ireland ranks lower than the US, where nearly 14 in every 100 people report they are engaged in early stage entrepreneurial activity. The rate of early stage entrepreneurial activity in Ireland in 2017 is similar to the rate reported during the Celtic Tiger period. NEW BUSINESS OWNERS In Ireland, approximately 26,800 people reported they were involved in starting a new business in In 2017, 3.3% of the Irish population reported they were involved in starting a new business in the recent past (since 2014). This rate is similar to many other European countries, but is lower that the US, where the rate is 4.6% of the population. If the rate in Ireland was similar to that in the US, an extra 10,000 people would have been involved in starting a new business in INTRAPRENEURS 1 in 12 employees report they have been involved in the development of new activities for their employer, for example developing or launching new goods or services, setting up a business unit, a new establishment or subsidiary. Ireland is one of five countries that scores above the European average (20 countries) for both rates of entrepreneurship (new business owners) and rates of intrapreneurship (employees engaged in entrepreneurship for their employer in the past 3 years). The others are Estonia, the Netherlands, Switzerland, and the UK. However, in the US both the rate of entrepreneurship (new business owners) and rate of intrapreneurship are higher than they are in Ireland. 10 GLOBAL ENTREPRENEURSHIP MONITOR

9 EXITS As well as high levels of entrepreneurship in Ireland, there are many owner-managers that exit a business each year. These businesses may continue, for example when a business is sold or when it is passed on to a family member, or they may discontinue. In Ireland, 1.9% of people report they have recently exited a business that was discontinued. In 2017, family or personal reasons is the most cited single reason for exiting in Ireland (29% of all exits), when the business was discontinued. Family reasons, personal reasons and finding another job or business opportunity account for nearly half of all exits (47%). Lack of profitability (23%) and problems getting finance (14%) were the primary reason for exit for over a third of exits (37%). Brexit was a factor influencing the decision to close the business for 10% of owner-managers. Of those in Ireland that recently exited a business that was discontinued, 90% report that they are in employment (fulltime, part-time or self-employment). Half report that they aspire to start a business or are currently actively engaged in starting a business (nascent entrepreneur). Family or personal reasons is the most cited single reason for exiting in Ireland Brexit was a factor influencing the decision to close the business in 2017 for 10% of owner-managers Of those that recently exited a business, 90% are in employment (fulltime, part-time or self-employment) SURVEY OF ENTREPRENEURSHIP IN

10 WHO ARE THEY? EDUCATION 67% HAVE POST SECONDARY EDUCATION AGE SECTORS 42% CONSUMER SERVICES 24% BUSINESS SERVICES 34% EXTRACTIVE AND TRANSFORMATIVE 13% IN MEDIUM OR HI-TECH SECTOR 24% YRS MOTIVES 27% NECESSITY 30% YRS START-UP TEAMS 64% SOLO 25% YRS RESOURCES (HOUSEHOLD INCOME) 73% OPPORTUNITY 36% TEAM 21% YRS 14% 42% 44% LOWEST THIRD MIDDLE THIRD HIGHEST THIRD GENDER 65% 35% 26,800 NEW BUSINESS OWNERS IN 2017 PLACE OF BIRTH AND CURRENT RESIDENCE 1 IN 4 BORN OUTSIDE REGION OF RESIDENCE 16% Border Midlands 34% West Mid-West South-West 50% Dublin Mid-East South-East JOBS IMPACT 68% IS JOBS EXPECTATIONS 13% EXPECT TO HAVE 10+ JOBS IN 5 YEARS INTERNATIONAL ORIENTATION AN EMPLOYER NOW OR WILL BE WITHIN 5 YEARS OF STARTING 72% 25% HAVE INTERNATIONAL CUSTOMERS (SOME REVENUE FROM OVERSEAS) ARE BORN GLOBAL (>25% REVENUES FROM OVERSEAS) 12 GLOBAL ENTREPRENEURSHIP MONITOR

11 ENTREPRENEURSHIP ACTIVITY Nascent entrepreneurs New business owners Total early stage entrepreneurs (TEA) TABLE A IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY 5.8% 3.3% 5.9% 8.9% 13.4% 6.2% 19.4% 1.8% 1.1% 3.7% 6.4% 12.2% Every month in 2017 about 2,200 people started a new business in Ireland. About 3 in every 100 people in Ireland started a new business between January 2014 and July This is fewer than in Canada (8 in 100), the US (5 in 100), and the UK (4 in 100), though higher than some European countries such as Sweden and Germany (2 in 100). In 2017, Ireland ranks 9th (of 20 countries) in Europe for the number of people who have recently started a new business. In 2017, many Irish people were trying to start a new business. In 2017, about 6 in every 100 people were nascent entrepreneurs in that they took some steps towards starting a business (though most remain in employment). Ireland ranks 7th highest in Europe for nascent entrepreneurs. In many developed European economies, such as Italy, Spain, France and Germany, there are fewer nascent entrepreneurs (about 3 in 100). In contrast, the US (9 in 100) and Canada (11 in 100) have much higher rates. 11.3% 8.1% 18.8% 8.4% 5.1% 12.8% 3.2% 1.6% 4.7% 9.4% 4.6% 13.6% SURVEY OF ENTREPRENEURSHIP IN

12 INTRAPRENEURSHIP ACTIVITY Intrapreneurs in past 3 years (% of adults) 5.5% 9.1% 0.5% Intrapreneurs in past 3 years (% of employed adults) 8.1% 12.8% 0.7% TABLE B IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY Intrapreneurs are employees involved in the development of new activities for their employer within the past 3 years (e.g. developing or launching new goods or services). Many employees engage in the development of new activities for their employer. About 8 in every 100 employees in Ireland have engaged in the development of new activities in recent years. Ireland ranks 8th in Europe for intrapreneurs. Ireland s rate (8 in 100) is lower than the UK (11 in 100), the US (11 in 100) and Canada (12 in 100) and similar to Germany and Sweden (8 in 100). Estonia, the UK and the Netherlands have higher rates of both intrapreneurs and new business owners 7.8% 11.4% 8.2% 11.9% 8.6% 11.8% 2.8% 4.2% 7.6% 11.0% 14 GLOBAL ENTREPRENEURSHIP MONITOR

13 BUSINESS EXITS: RATES AND REASONS Entrepreneurs exited in last 12 months and business discontinued 1.9% 4.7% Family or personal reasons 29% 30% Reasons (discontinued businesses) - Top 4 in Ireland Business was not profitable 23% 59% Found another job or business opportunity 18% 22% Problems getting finance 14% 24% TABLE C IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY Family or personal reasons is the top cited single reason for exiting in Ireland- accounting for 29% of all exits. 23% cited lack of profitability as the primary reason for closing their business. 18% closed because they found a job or another business opportunity. 14% cited problems in getting finance as the primary reason for closing their business. Exits refer to owner manager that have exited a business (new or established) in the past twelve months. 0.4% 9% 10% 0% 4% 2.8% 17% 32% 14% 3% 3.3% 14% 18% 14% 12% 3.6% 20% 38% 6% 14% 0.8% 25% 27% 8% 3% 2.0% 21% 8% 30% 5% SURVEY OF ENTREPRENEURSHIP IN

14 GLOBAL ENTREPRENEURSHIP MONITOR : SURVEY OF ENTREPRENEURSHIP IN 2017 ASPIRATIONS, ATTITUDES AND PERCEPTIONS

15 Nearly 1 in 5 young people (18-24 years) aspire to start a business Successful entrepreneurs are held in high regard by most Irish people The perception that entrepreneurship is a good career choice is low in Ireland In the US and Canada more people perceive opportunities and more people are confident in their entrepreneurial capabilities (compared to Ireland) Fear of failure is a barrier for as many as 4 in every 10 Irish people ASPIRATIONS TO START A BUSINESS In Ireland, 1 in every 7 people aspires to start a business in the next 3 years. For those not currently an entrepreneur or owner-manager, 1 in every 8 aspires to start a business. Aspirations are much higher among younger people, with nearly 17% of those aged aspiring to start a business in the near future. Aspirations to start a business are much higher than recent start-up activity. In Ireland more than four times more people aspire to start a business compared to the number that have recently started. In all countries many more people aspire to start a business in the future, compared to the number that have recently started. ATTITUDES TO ENTREPRENEURSHIP Popular culture in Ireland is very supportive of entrepreneurship - the highest in Europe in terms of popular regard for successful entrepreneurs. Regard for successful entrepreneurs is higher in Ireland than it is in the US - 82% compared to 75%. As evidence of a supportive culture, many Irish people (7 in every 100) report that there are many stories of successful entrepreneurs in the media. 3 in every 10 Irish people have a role model in that they know a recent entrepreneur. In Ireland, a little more than half (53%) of people perceive entrepreneurship as a good career choice. This is lower than most other European countries (an average rate of 59%), with Ireland ranking 16th of 20 countries. It is also lower than Canada and the US, where nearly two-thirds (66% and 63%) see entrepreneurship as a good career choice. SELF-PERCEPTIONS OF OPPORTUNITIES AND SKILLS In Ireland, less than half of people (45%) see entrepreneurial opportunities in their local area. The norm across Europe is 41%, though some countries have much higher rates, for example Sweden (79%), Poland (69%) and the Netherlands (64%). Of those in Ireland that perceive opportunities, just half believe they have the skills and knowledge required to start a business. In Ireland, less than half of people (42%) believe they have the skills to start a business (European norm is 43%). In the US, Canada and Australia more people perceive opportunities and more people are confident in their entrepreneurial capabilities (compared to Ireland). Fear of failure would prevent 4 in every 10 Irish people (39%) from starting a business. This is similar to the US (34%) and many other European countries (European average is 43%). 18 GLOBAL ENTREPRENEURSHIP MONITOR

16 A CULTURE OF ENTREPRENEURSHIP Aspiring entrepreneurs Successful entrepreneurs are held in high regard There are many stories of successful entrepreneurs in the media Entrepreneurship is a good career choice TABLE D IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY 14.8% 22.8% 82% 82% 73% 73% 53% 81% Across Europe many people aspire to start a business. In Ireland, about 1 in every 7 adults aspires to start a business in next 3 years. This is four times more than the number that have recently started a business. The culture in Ireland is very supportive of entrepreneurship the highest in Europe in terms of popular regard for successful entrepreneurs. Positive regard for successful entrepreneurs is more common in Ireland than it is in the US. Many Irish people are aware of stories of successful entrepreneurs in the media. Ireland has the highest rate in Europe. Just over half of Irish people perceive entrepreneurship as a good career choice. 5.6% 48% 26% 43% The perception that entrepreneurship is a good career choice is lower in Ireland than it is in the US (63%), and is much lower than the Netherlands, the highest ranked in Europe (81%). 15.4% 23.1% 30.6% 69% 74% 86% 74% 77% 55% 54% 66% 65% In the years before the economic crisis, more Irish people perceived entrepreneurship as a good career choice. For 2003 to 2007, the average was 67%, compared to an average of 51% for 2012 to % 52% 56% 24% 19.0% 75% 74% 63% SURVEY OF ENTREPRENEURSHIP IN

17 PERCEPTIONS OF OPPORTUNITIES AND CAPABILITIES IN THE GENERAL POPULATION Opportunities in local area Skills & knowledge to start-up Role models: know a recent entrepreneur Fear of failure prevent start-up TABLE E IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY 45% 79% 42% 53% 30% 46% 39% 33% Less than 1 in every 2 people in Ireland see entrepreneurial opportunities in their local area. During the economic and financial crisis, the perception of opportunity was much less common, just 1 in every 4. Of the people in Ireland that perceive opportunities for new businesses in their local area, as many as 4 in every 10 report that a fear of failure would prevent then starting a business and just 1 in 2 believe they have the skills to start a business. 16% of people in Ireland that perceive opportunities for new businesses in their local and who are not currently active as an entrepreneur, aspire to start a business in the next 3 years. Less than half of people in Ireland believe they have the skills and knowledge to start a business. This is the norm across Europe. 13% 30% 20% 70% In the US, Canada and Australia many more people perceive opportunities and many more people are confident in their entrepreneurial skills and knowledge, compared to Ireland. 51% 60% 49% 56% 35% 39% 42% 47% Fear of failure would prevent nearly 4 in every 10 Irish people from starting a business. This is similar to many European countries. 58% 44% 60% 55% 7% 64% 11% 54% 19% 33% 44% 34% Three in ten Irish adults have an entrepreneurial role model, in that they know a recent entrepreneur. 20 GLOBAL ENTREPRENEURSHIP MONITOR

18 GLOBAL ENTREPRENEURSHIP MONITOR : SURVEY OF ENTREPRENEURSHIP IN 2017 IMPACT OF ENTREPRENEURS SECTOR, JOBS, INTERNATIONALISATION, INNOVATION

19 Ireland ranks 4th highest in Europe for tech entrepreneurship Ireland ranks 4th in Europe for entrepreneurs with high jobs growth expectations Born-Globals : 1 in 4 Irish entrepreneurs have a very strong international orientation 1 in 6 Irish entrepreneurs are innovative in that the product/service is new to all their customers SECTOR FOCUS The sector focus of the ideas and activities of nascent entrepreneurs and new business owners differs across countries. In recent years, Irish entrepreneurs have been particularly focussed on consumer services sectors, such as retail, motor, lodgings, restaurants, personal services, health, education, recreation. One in four Irish entrepreneurs is focussed on the business services sector with includes finance, insurance, real estate, and all business services. About one in five Irish entrepreneurs is in transformative sectors, activities such as construction, manufacturing, transport, wholesale, utilities. Using OECD sector classification, the ideas or new businesses of nearly 1 in every 9 entrepreneurs in Ireland are in medium or high technology sectors. Ireland ranked 4th of 20 European countries in JOBS IMPACT Many nascent entrepreneurs and new business owners (66%) in Ireland are already employing someone, or expect to become an employer within the next five years. INTERNATIONAL ORIENTATION Most nascent entrepreneurs and new business owners in Ireland have an international orientation in that they expect some revenues from international customers. Just one in four Irish entrepreneurs (28%) expects to have no revenue from customers from outside of Ireland (average in Europe is 40%). Born Globals expect to be very international - more than 25% of revenues from overseas customers. The number in Ireland (27%) is higher than the European average (23%). INNOVATION In Ireland, a significant minority of entrepreneurs are innovative on one of three innovation measures: newness of product, extent of competition, and newness of technology. However, the ideas of most nascent entrepreneurs and new business owners tend not be very innovative - that is they typically provide a product/service that is familiar to customers, have competitors, and use established technology. Many Irish entrepreneurs have high growth expectations. 2 in every 10 entrepreneurs expect to employ 10 or more, and to increase the number of jobs by 50%, within 5 years. 1 in every 10 entrepreneurs in Ireland have very high growth expectations, that is, they expect to employ 20 or more within 5 years. High growth (in jobs) expectations are more common in Ireland than in most other European countries. 22 GLOBAL ENTREPRENEURSHIP MONITOR

20 IMPACT: SECTORS (EARLY STAGE ENTREPRENEURS) Extractive sectors Transformative sectors Business service sectors Consumer service sectors High or medium technology sectors only TABLE F IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY 5% 21% 22% 34% 27% 42% 46% 66% 11.4% 16.1% The sector focus of entrepreneurs ideas and activities differs across countries. Consumer services sectors such as retail, motor, lodgings, restaurants, personal services, health, education, recreation account for nearly half of all Irish nascent entrepreneurs and new business owners. 1 in every 4 Irish entrepreneurs is focused on the business services sector, with includes finance, insurance, real estate, and all business services. About 1 in every 5 Irish entrepreneurs is focussed on transformative sectors, activities such as construction, manufacturing, transport, wholesale, utilities. 0% 14% 11% 30% 2.1% Medium and high technology sectors (OECD classifications) are the focus of the ideas or new businesses of nearly 1 in every 9 Irish entrepreneurs. 3% 24% 34% 39% 13.1% The rate of technology entrepreneurship in Ireland is higher than many other European countries. 4% 12% 41% 42% 9.9% 1% 11% 33% 55% 14.3% 7% 17% 35% 41% 8.2% 5% 18% 36% 41% 9.6% SURVEY OF ENTREPRENEURSHIP IN

21 IMPACT: JOBS AND JOBS GROWTH ASPIRATIONS (EARLY STAGE ENTREPRENEURS) Early stage entrepreneurs with any jobs now or any jobs expected in five years 5 year jobs growth expectations (10 or more jobs within 5 years and jobs growth of at least 50%) 5 year jobs growth expectations (20+ jobs) TABLE G IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY 66% 87% 21% 27% 12% 13% 66% of Irish nascent entrepreneurs and new business owners are already employers, or expect to become employers within the next five years. This is lower than in previous years. Many Irish entrepreneurs have high growth expectations. High growth expectations are more common in Ireland than in most other European countries. 1 in every 5 Irish entrepreneurs expects to have 10 or more jobs and to increase jobs by 50% within 5 years. 1 in every 10 Irish entrepreneurs have very high growth expectations, in that they expect to have 20 or more jobs within next 5 years. 48% 2% 0% Ireland ranks 4th in Europe for entrepreneurs with high jobs growth expectations 77% 21% 12% 64% 16% 14% 75% 8% 5% 60% 24% 18% 81% 29% 18% 24 GLOBAL ENTREPRENEURSHIP MONITOR

22 IMPACT: INTERNATIONAL ORIENTATION (EARLY STAGE ENTREPRENEURS) No revenues from customers outside country 1-24% of revenue from customers outside country 26-75% of revenue from customers outside country % of revenue from customers outside country TABLE H IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY 28% 75% 45% 63% 13% 33% 14% 25% 7 in every 10 nascent entrepreneurs and new business owners in Ireland have an international orientation in that expect some revenues from international customers. An international orientation is more common in Ireland (7 in 10) than many other European countries. Across Europe, the average is 6 in every 10 entrepreneurs. Born Globals, entrepreneurs that expect to have more than 25% of revenues from overseas customers, account for 1 in every 4 Irish entrepreneurs. This is similar to the norm in Europe. 3 in every 10 Irish entrepreneurs are focussed exclusively on the domestic market. 13% 16% 4% 2% 34% 58% 4% 4% 23% 40% 25% 12% 42% 27% 12% 19% 47% 33% 12% 9% 14% 70% 10% 6% SURVEY OF ENTREPRENEURSHIP IN

23 IMPACT: INNOVATIVENESS (EARLY STAGE ENTREPRENEURS) Product/service is new to all of our customers No businesses offer the same product/service Business uses the very latest technology (available less than 1 year) TABLE I IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY 17% 33% 18% 18% 15% 35% Across most countries, the ideas and businesses of entrepreneurs tend not be very innovative. Most entrepreneurs provide a product/service that is familiar to customers, have competitors, and use established technologies. 1 in every 6 nascent entrepreneurs and new business owners in Ireland has a product/service that is new to all of their customers. 1 in every 5 entrepreneurs in Ireland has no competing business offering the same product/service. 1 in every 7 entrepreneurs in Ireland is using the very latest technology. 1% 12% 18% 1% 15% 9% 3% 9% 16% In Ireland, a significant number of entrepreneurs (40%) have ideas and businesses that are innovative on one of these measures in that they have a relatively new product; they face few competitors; or are using new technology. 19% 6% 9% 15% 4% 13% 15% 13% 11% 26 GLOBAL ENTREPRENEURSHIP MONITOR

24 GLOBAL ENTREPRENEURSHIP MONITOR : SURVEY OF ENTREPRENEURSHIP IN 2017 WHO ARE S ENTREPRENEURS? (PERSONAL CHARACTERISTICS AND MOTIVES)

25 Migrants are more entrepreneurial Nearly 1 in 3 migrants aspires to start a business Women are under-represented as early-stage entrepreneurs Rates of entrepreneurship are generally higher for those with more education 1 in 3 Irish entrepreneurs are primarily motivated by the desire to increase income 1 in 4 Irish entrepreneurs are primarily motivated by no better alternative or seeking to maintain income The OECD and the European Union have advocated for inclusive entrepreneurship policies that seek to ensure that all people have the opportunity to be a successful entrepreneur. In their 2017 report The Missing Entrepreneur, they identify particular groups that may be under-represented or disadvantaged, including women, youth, seniors, previously unemployed, and immigrants. PERSONAL CHARACTERISTICS In 2017 nearly 11 in every 100 of those born overseas but living in Ireland was an entrepreneur (nascent entrepreneur or a new business owner). In comparison, about 8 in every 100 of those born in Ireland was an entrepreneur. Of the new business owners in Ireland, 74% were born in Ireland, 12% in the UK (including NI), and 14% were born elsewhere. The last group accounts for 14% of new business owners but only approximately 3% of the Irish population (aged 15-64) Entrepreneurial intentions are much higher among immigrants, particularly those from other countries (i.e. countries other than the UK or the US). 30% of immigrants from other countries aspire to start a business in the next 3 years (for those not already active as entrepreneurs). The comparison for those born in Ireland (Republic) is about 8%. Over the years the majority of nascent entrepreneurs and new business owners in Ireland have been aged between their late twenties and mid-forties. Given the age profile of Ireland s growing population, Ireland is characterised by a demographic that produces a demographic dividend in that many people in Ireland are in the more entrepreneurial age groups. In Ireland rates of entrepreneurship are about 10% for those aged between 25 and 44 years. High rates of entrepreneurship in Ireland are also evident among older age groups. Ireland ranks 3rd in Europe in terms of senior entrepreneurship, those aged between 55 and 64 years, with 1 in every 7 Irish entrepreneurs classified as a senior. In contrast, Ireland ranks 9th in Europe in terms of youth entrepreneurship - those aged between 18 and 24 years. 1 in 11 entrepreneurs in Ireland is a youth entrepreneur. In Estonia nearly 1 in every 4 entrepreneurs is a youth. In Ireland, rates of entrepreneurship are generally higher for those with more education. 7 in every 10 entrepreneurs in Ireland have post-secondary education. Ireland has the 5th highest rate of entrepreneurship in Europe for people with graduate education. MOTIVES The strongest primary motivation cited by nascent entrepreneurs and new business owners in Ireland is to increase income. 1 in 3 Irish entrepreneurs (33%) cite this motive. However, the second strongest primary motive, more than 1 in 4 Irish entrepreneurs (27%), is no better alternative or seeking to maintain income. In Ireland, 20% of entrepreneurs are motivated by a desire to be independent. In comparison, more entrepreneurs in Switzerland, 1 in every 2 entrepreneurs, and the US, 1 in every 3 entrepreneurs, is motivated by a desire to be independent. Using a binary Opportunity versus Necessity categorisation, shows that Irish entrepreneurs are predominately motivated by opportunity (84%), as compared to necessity (16%). 28 GLOBAL ENTREPRENEURSHIP MONITOR

26 WHEN START? YOUTH AND SENIOR ENTREPRNEURS Rate of youth entrepreneurship (18-25 years) 6.6% 24.6% 1.6% Rate of senior entrepreneurship (55-64 years) 7.7% 13.1% 1.5% TABLE J IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY 6 in every 10 nascent entrepreneurs and new business owners in Ireland are aged between 25 and 44 years. 1 in every 11 entrepreneurs in Ireland is young aged between 18 and 24. In Luxembourg and the Netherlands, nearly 1 in every 6 entrepreneurs is young. Ireland ranks below the European average for youth entrepreneurship. 1 in 7 Irish entrepreneurs is a senior aged between 55 and 64. Ireland ranks 3rd highest in Europe in terms of senior entrepreneurship. 7.6% 9.3% 17.2% 8.1% 7.5% 12.5% 3.9% 4.2% 11.4% 7.6% SURVEY OF ENTREPRENEURSHIP IN

27 WHO STARTS? EDUCATION LEVELS Rate of entrepreneurship for those with graduate education 14.6% 19.3% 5.7% Early stage entrepreneurs with post secondary education 71% 88% 22% TABLE K IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY 7 in every 10 nascent entrepreneurs and new business owners in Ireland have some form of post-secondary school education. In Ireland, rates of entrepreneurship are generally higher for those with higher levels of education. Ireland ranks 6th highest in Europe for the rate of entrepreneurship among those with a graduate education. 15.7% 74% 30.1% 86% 15.3% 79% 3.6% 63% 16.8% 87% 30 GLOBAL ENTREPRENEURSHIP MONITOR

28 WHY START A NEW BUSINESS? PRIMARY MOTIVE To increase income To be independent Multiple mixed motives No better alternative ( necessity ) or to maintain income TABLE L IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY 33% 42% 21% 48% 20% 42% 27% 47% The desire to to increase income motivates 3 in every 10 nascent entrepreneurs and new business owners in Ireland. This is the most common primary motive in Ireland. See no better alternative or seeking to maintain income is the primary motive for nearly 3 in every 10 entrepreneurs in Ireland. The desire to be independent is the primary motive for 1 in every 5 entrepreneurs in Ireland. In Switzerland, Germany and the US the desire to be independent is a much more common motivation - 1 in every 2 entrepreneurs in Switzerland, 4 in 10 in Germany, and 1 in 3 in the US. 11% 7% 6% 10% More generally, about 8 in every 10 Irish entrepreneurs is motivated by opportunity, compared to about 2 in 10 motivated by necessity, in that they see no better alternative for work. 26% 38% 7% 29% 27% 29% 23% 21% 19% 17% 45% 20% 35% 20% 23% 23% 42% 36% 4% 17% SURVEY OF ENTREPRENEURSHIP IN

29 GLOBAL ENTREPRENEURSHIP MONITOR : SURVEY OF ENTREPRENEURSHIP IN 2017 GENDER AND ENTREPRENEURSHIP

30 Women in Ireland rank 8th highest in Europe for entrepreneurship Men in Ireland rank 4th highest in Europe for entrepreneurship Men are nearly twice as likely as women to be an entrepreneur in Ireland There are many more men (17,000) than women (9,800) new business owners in Ireland in 2017 More men than women perceive opportunities to start a business in Ireland More men than women aspire to start a business in Ireland The rate of entrepreneurship (nascent entrepreneurs and new business owners) for women in Ireland is 8th highest in Europe. The rate for men is 4th highest in Europe. In Ireland, men are nearly twice as likely to be an entrepreneur (nascent entrepreneurs and new business owners) compared to women. This gap between men and women is higher in Ireland than in many other European countries. In some countries, such as the Netherlands and Spain, the gap between men and women is very narrow. In the case of the Netherlands, the rate of entrepreneurship for women is higher than it is in Ireland (9.4%, compared to 6.3%), while the rate for men, though high, is lower (10.5%, compared to 11.7%). This means that a man in the Netherlands is just 1.1 times more likely than a woman to be an entrepreneur, while in Ireland a man is 1.9 times more likely than a woman to be an entrepreneur. This gender gap is evident in the number of those that started a business in There were an estimated 17,000 men and 9,800 women new business owners in Ireland in If women started businesses at the same rate as men, an additional 8,000 more women would have started a business in Men and women differ in terms of their perceptions of entrepreneurial opportunities and their self-belief that they have the skills and knowledge required to start a business. More men (48% of all men) than women (41% of all women) perceive opportunities to start a business in Ireland. There are countries where the perceptions of entrepreneurial opportunities are high among both men and women, for example Sweden and Poland. As is the case in many countries, in Ireland more men (52% of all men) than women (33% of all women) believe they have the skills and knowledge to start a business. About half of all men, compared to four in every ten women, believe that it is easy to start a business in Ireland. These differences between men and women in terms of perceptions of opportunities and perceptions of knowledge and skills required to start a business may explain the differences in entrepreneurial aspirations between men and women. For those men and women not currently active as entrepreneurs, 19% of men and 11% of women, aspire to start a new business within the next three years. The ideas and new businesses of men and women differ in terms of sectors of activity. In Ireland consumer services sectors, such as retail, motor, lodgings, restaurants, personal services, health, education, and recreation are the dominate focus of current entrepreneurial activity. These activities are more important for women than they are for men. Consumer services sectors account for 58% of ideas and businesses of women compared to 38% for men. Nearly one third of women (30%) are active in government, health, education and social services sectors, compared to just 11% of men. Similarly, more women (27%) than men (20%) entrepreneurs are in retail trade, hotels and restaurants. However, a similar percentage of women (13%) and men (14%) are active in in the professional services sector. Though even in professional services sector, there 34 GLOBAL ENTREPRENEURSHIP MONITOR

31 are more men, as the rate of entrepreneurship is higher for men. In Ireland more men (79%) than women (54%) that are nascent entrepreneurs and new business owners are, or expect to be, employers. Men and women also differ in terms of growth expectations. In Ireland of all entrepreneurs, 28% of men and 9% of women, expect to employ 10 or more and to increase the number of jobs by fifty percent within 5 years. Men and women entrepreneurs do not differ in terms of their international orientation. Nearly 1 in 3 women (entrepreneurs) are active in the Government, health, education and social services sector Men and women entrepreneurs differ in terms of growth expectations but are similar in international orientation SURVEY OF ENTREPRENEURSHIP IN

32 RATES OF ACTIVITY IN POPULATION IMPACT OF EARLY STAGE ENTREPRENEURS Nascent entrepreneurs New business owners Early stage entrepreneurs (TEA) Established owner-managers Exited a business (not continued) Intrapreneurs 7.6% 4.2% 11.7% 6.6% 2.3% 8.3% 4.1% 2.3% 6.3% 2.2% 1.4% 4.8% Any jobs now or expected in 5 years More than 10 jobs in 5 years time (and doubling number of jobs) Born global - more than 25% revenues from overseas 72% 28% 29% 54% 9% 25% ASPIRATIONS, ATTITUDES & PERCEPTIONS Aspire to start a business Perceive opportunities for start-ups Believe they have the skills and knowledge to start a business Easy to start a business in Ireland SECTOR FOCUS Consumer services 38% 58% 34% 15% Business services 2 in 10 5 in 10 5 in 10 5 in 10 Extractive or transformative 28% 27% 1 in 10 4 in 10 3 in 10 4 in 10 Medium/high tech 14% 6% 36 GLOBAL ENTREPRENEURSHIP MONITOR

33 GENDER: EARLY STAGE ENTREPRENEURIAL ACTIVITY Rate for men Rate for women Rate as a ratio Men:Women TABLE M IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY 11.7% 24.5% 6.3% 14.4% 1.9:1 1.1 : 1 About 17,000 men and 9,800 women started a new business (that is paying wages) in Ireland in The rate of entrepreneurship (nascent and new business owners) for women in Ireland is 8th highest in Europe. The rate for men is 4th highest in Europe. Men are much more likely than women to be new business owners nearly twice as likely in Ireland. In Ireland, for entrepreneurs (nascent and new business owners) more men (72%) than women (54%) are, or expect to be, employers. 4.4% 2.4% 2.6 : 1 Men and women in Ireland differ in terms of growth expectations. 28% of men who are entrepreneurs, compared to 9% of women who are entrepreneurs, expect to have 10 or more jobs and to double jobs within 5 years. 15.3% 9.2% 1.7:1 22.6% 15.0% 1.5:1 14.8% 10.7% 1.4:1 6.5% 2.8% 2.3:1 16.7% 10.7% 1.6:1 SURVEY OF ENTREPRENEURSHIP IN

34 GENDER: PERCEPTIONS OF OPPORTUNITIES AND SKILLS (GENERAL POPULATION) Men Opportunities in local area Women Skills & knowledge to start-up Men Women TABLE N IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY 48% 81% 41% 77% 52% 59% 33% 53% About 5 in 10 men, and 4 in 10 women, perceive opportunities to start a business in Ireland. Many more men than women in Ireland believe they have the skills and knowledge to start a business. This is the case across many European countries. About 5 in every 10 men, compared to 4 in every 10 women, in Ireland believe that it is easy to start a business. 15% 11% 37% 24% 54% 49% 57% 41% 63% 57% 63% 48% 59% 58% 44% 44% 7% 8% 17% 5% 69% 59% 62% 46% 38 GLOBAL ENTREPRENEURSHIP MONITOR

35 GLOBAL ENTREPRENEURSHIP MONITOR : SURVEY OF ENTREPRENEURSHIP IN 2017 OWNER-MANAGERS OF ESTABLISHED BUSINESSES

36 The number of owner-managers in Ireland is low in a European context The majority of Irish ownermanagers are over 45 years old 9 in 10 owner-managers live in households classified as middlethird or top-third in terms of household income Just 1 in 17 Irish owner-managers is active in medium or high technology sectors. Established owner-managers are those that own and manage a business that they were involved in starting. That is, these individuals started a business in the past and have retained both management and ownership roles. As such, this measure is different from measures of self-employment and the general usage of the term owner-manager, which would include, for example, individuals that acquire a business and subsequent generations that take over the running and ownership of a family business. It also, in this report, does not include individuals with new businesses (less than 3.5 years old) these individuals are classified as new business owners. In Ireland, about 1 in 25 people (4.4%) reported that they are an owner-manager of an established business (at least 3.5 years old). This is low in a European context (7.7% on average). The majority of Irish owner-managers are over 45, with two-thirds aged between 45 and 64. This is high relative to many other countries (average of 54% in Europe). The vast majority of owner-managers (9 in every 10) in Ireland live in a either household that is in the middle-third or top-third of all households based on household income. The businesses of Irish owner-managers are mostly in low technology sectors, with just 1 in 17 Irish owner-managers active in medium or high technology sectors. Just 1 in 16 Irish owner-managers expect to employ ten or more, and to double the number of jobs, within 5 years. However, this is a high rate relative to other European countries. Irish owner-managers are very active in international markets, with 1 in 5 having, or expecting to have, more than 25% of their revenues from customers outside of Ireland within the next five years. Half of all Irish owner-managers believe that entrepreneurship is a good career choice, and that it is easy to start a business in Ireland, while more (60%) see opportunities for new businesses in their local area. 40 GLOBAL ENTREPRENEURSHIP MONITOR

37 WHO ARE THEY? EDUCATION 68% HAVE POST SECONDARY EDUCATION AGE 9% YRS 27% YRS 27% YRS 37% YRS RESOURCES (HOUSEHOLD INCOME) 13% 44% 43% LOWEST THIRD MIDDLE THIRD HIGHEST THIRD GENDER 75% 25% 128,000 OWNER MANAGERS OF ESTABLISHED BUSINESSES IN 2017 PLACE OF BIRTH AND CURRENT RESIDENCE SECTORS 37% EXTRACTIVE AND TRANSFORMATIVE 28% BUSINESS SERVICES 35% CONSUMER SERVICES JOBS IMPACT 85% IS JOBS EXPECTATIONS 6% EXPECT TO HAVE 10+ JOBS IN 5 YEARS 6% IN MEDIUM OR HI-TECH SECTOR AN EMPLOYER, OR WILL BE WITHIN 5 YEARS MOTIVES INCREASE INCOME INDEPENDENCE MULTIPLE MIXED MOTIVES 30% 15% 25% 30% NO BETTER ALTERNATIVES 1 IN 5 BORN OUTSIDE REGION OF RESIDENCE 34% West, Mid-West, South-West 21% Border, Midlands 45% Dublin, Mid east, South east INTERNATIONAL ORIENTATION 71% 20% HAVE INTERNATIONAL CUSTOMERS (SOME REVENUE FROM OVERSEAS) VERY INTERNATIONAL (>25% REVENUES FROM OVERSEAS) SURVEY OF ENTREPRENEURSHIP IN

38 OWNER-MANAGERS OF ESTABLISHED BUSINESSES Owner-managers of established businesses 4.4% 12.4% 1.4% % of owner-managers of established businesses aged % 71% 22% TABLE O IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY Owner-managers of established businesses are those that continue to own and manage a business that they started prior to The rate of owner-managers of established businesses in Ireland is relatively low. More than 6 of every 10 owner-managers of established businesses in Ireland are aged between 45 and 64 years. This is high relative to other countries. Owner-managers in Ireland are well educated. Nearly 7 of every 10 have some form of post-secondary school education. 9 in 10 owner-managers in Ireland are in the top-third or middle-third of all households based on income. 8 in 10 owner-managers in Ireland were born in Ireland. 1 in 10 was born in the UK, including NI. 6 in 10 owner-managers in Ireland see opportunities for new businesses. 9.0% 6.2% 3.3% 6.3% 66% 64% 54% 58% 1 in 2 owner-managers in Ireland believe that it is easy to start a business in Ireland. 1 in 2 owner-managers in Ireland believe that entrepreneurship is a good career choice. 7.8% 59% 42 GLOBAL ENTREPRENEURSHIP MONITOR

39 OWNER-MANAGERS OF ESTABLISHED BUSINESSES IMPACT: SECTOR, GROWTH EXPECTATIONS, INTERNATIONAL ORIENTATION High or medium technology sectors only Expect 10 or more jobs within the next 5 years and to increase jobs by 50% More than 25% of revenues from customers outside the country TABLE P IN THE COMPARATIVE INTERNATIONAL DATA SECTION CONTAINS FULL DATA FOR EACH COUNTRY 6% 21% 6% 11% 20% 40% Medium and high technology sectors (OECD classifications) are the focus of the ideas or new businesses of 1 in 17 owner-managers of established businesses in Ireland. Irish owner-managers have relatively high growth expectations. 1 in 17 owner-managers in Ireland expects to have 10 or more jobs and to double jobs within 5 years. Ireland ranks fifth highest in Europe. Irish owner-managers are active in international markets. 1 in 5 owner-managers in Ireland has more than 25% of annual revenues from customers outside the country. 0% 1% 2% 11% 7% 10% 8% 9% 29% 22% 1% 13% 11% 4% 3% 11% 6% 14% SURVEY OF ENTREPRENEURSHIP IN

40 GLOBAL ENTREPRENEURSHIP MONITOR : SURVEY OF ENTREPRENEURSHIP IN 2017 INVESTORS AND BUSINESS ANGELS

41 The number of informal investors in Ireland is relatively low (12th of 20 European countries) Informal investors are a significant source of funds: providing at least 180 million to entrepreneurs More men are informal investors; men are more likely to invest outside the family; and men provide more funds INVESTORS AND BUSINESS ANGELS The number of informal investors in Ireland is relatively low. Informal investors are those that have provided funds in the past 3 years to others that are starting a business. Ireland ranks 12th in Europe. In % of people (adults, aged 18-64), or 1 in 24, provided funds to some else s new business in Ireland in the past 3 years. The mean amount invested in Ireland was 25,500. The median amount invested was 7,000. Typically informal investors provide funds to someone known to them, such as a family member, a relation, a work colleague, or a friend. In Ireland, nearly 9 in every 10 informal investors reported that they had provided funds to a family member, a friend or a work colleague. About 13% of informal investors are Business Angels those that invest in a stranger s business. There were nearly 5,000 business angels in Ireland in 2017 having invested at some time during Extrapolating to the population suggests that informal investors in Ireland provided at least 180 million to entrepreneurs in This is in addition to the money that entrepreneurs use to fund their own businesses. Men in Ireland are more likely than women to have provided funds to someone else s business in the past three years. In Ireland, 6 in every 100 men, compared to 2 in every 100 women, is an informal investor. In Ireland, men more often provide funds to a work colleague, friend, or stranger (74%), rather than to a close family member or relative (26%). Women, in contrast, provide funds equally to a close family member or relative (50%), and to a work colleague, friend, or stranger (50%). Men invest higher amounts when providing funds. 46 GLOBAL ENTREPRENEURSHIP MONITOR

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