What is The High Potential Startup Unit?
The High Potential Startup Unit can be defined as a company that is internationally focused and has the potential to employ at least 10 persons within 3 years of starting and to generate revenues of at least €1million. Our HPSU Team supports the development of a business with global ambition and a scalable business model that is capable of successfully competing internationally, has developed a differentiated and innovative product/service preferably through R&D, technology development, IP development.
The type of supports available to start-up businesses from Enterprise Ireland depends on:
(a) the stage of development of the business and
(b) the type of activity that the business is engaged in.
Enterprise Ireland supported 125 new startup companies in 2020. In total, it approved €48 million of funding. This is the highest level of funding the agency has ever awarded to early-stage companies in a single year. Then again, in 2021, a further 125 were supported and funding of €28 million was approved. Key sectors included fintech, cybersecurity, digital health and agri-tech.
The HPSU was designed to help businesses stabilise and adapt to the evolving situation. It will also help prepare them for getting back on the road to recovery.
Enterprise Ireland defines an HPSU as a startup venture that is:
- Introducing a new or innovative product or service to international markets
- Involved in manufacturing or internationally traded services
- Capable of creating 10 jobs in Ireland and generating €1 million in sales within three to four years of starting up
- Led by an experienced management team
- Headquartered and controlled in Ireland
- Less than five years old from the date of the company’s registration