New report reveals attracting talent and accessing capital are all beginning to stifle innovation

Entrepreneur looking at downward graph

A suite of ambitious policy recommendations are urgently required to establish an eco-system in which Irish entrepreneurial endeavours can thrive and prosper, for the benefit of business and wider society.

This is according to the Ibec Founders report, which highlights the clear barriers to growth being faced by entrepreneurs and founder-led enterprises in Ireland.

 Amongst the key findings of the report are:

  • 57% of respondents said that the ‘red tape/bureaucracy’ associated with applications for funding/grants has put them off applying for funding.
  • 60% of respondents said that the availability and access to tax incentives such as Capital Gains Tax Relief, Employment Incentive and Investment Scheme, R&D Tax Credit is poor or very poor.
  • 24% said access to talent is poor or very poor.
  • 88% said digital skills are important or very important to the future success and resilience of their enterprise, with 47% saying that their enterprise currently does not have the digital skills necessary to meet their business ambitions.

Speaking at the launch of the report, Ibec Executive Director of Membership and Sectors, Sharon Higgins outlined: “Founder-led enterprises are the nuclei of innovation and progress, and play a pivotal role in economic prosperity.  As the economic headwinds continue to change however, 2022 has ushered in a new phase of uncertainty for entrepreneurs. Our survey findings show that challenges such as increased asset and labour prices, and difficulty in accessing capital and attracting talent are all beginning to stifle innovation and growth of the domestic founder-led ecosystem.

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“As we plan for the future in this changing economic environment, we need the right incentives and supportive ecosystem to ensure founders can flourish. Their contribution to economic prosperity and a thriving ecosystem needs further recognition.”

View the full report here