By You-niq Team Log
Posted in Article
Welcome to the New Ireland. The time of Celtic Tiger Ireland is long gone, and the recession-stagnated Ireland is coming to an end. We are ushering in a New Ireland, an Ireland 2.0, one where immigrant communities can, and should, play a pivotal role in restoring Ireland’s rightful place on the global stage.
Entrepreneurship is consistently a distinguishing characteristic of immigrant communities around the world. Research demonstrates that immigrants are generally 30% more likely to start a business compared to local counterparts (Brookings study). 1 in 2 first generation immigrants are able to identify business opportunities that have significant positive implications through job creation, attraction of investment, and international growth.
History has demonstrated the power of immigrant entrepreneurs. From world-known heroes like Google’s Sergey Brin (A Russian emigrant) to Intel’s Andrew Grove (originally from Hungary) to movie, weightlifting, and political superstar Arnold Schwarzenegger who emigrated from Austria. These people have had local and international impact through their vision, determination, and entrepreneurial prowess.
According to the US Chamber of Commerce, immigrant-owned companies have created nearly half a million jobs and morethan $50billion in revenue. Research by Vivek Wadhwa, an executive-in-residence at Duke University, shows that 40% of Fortune 500 companies were founded by immigrants.
The same could be true here in Ireland as well. Most recently, Irish immigrants, Limerick brothers Patrick and John Collison, created Stripe that has been reported to have a valuation of over $100million. Raomal Perera, a Sri Lankan native living in Ireland, is a serial entrepreneur who co-founded two IT companies, one which was listed on the NASDAQ and was later acquired for over $450million.
There is something in the Irish environment that is ripe with opportunities for entrepreneurial exploit. The government has put a lot of effort in branding Ireland as a great place to start a business. Who better to access this than immigrant communities already in Ireland? A fertile environment for business coupled with unique perspective and international networks that immigrant communities in Ireland have is a perfect formula for incredible success.
The infographic highlights the top 10 reasons why Ireland is a perfect place to setup businesses. Add to this over €600million of seed funding available for early stage companies, Europe’s best accelerators and incubators progressing ideas to the next round of funding, and international access it is easy to see why Ireland is indeed a perfect place to start your business.
Now is the time to start. Be a part of shaping the New Ireland.
For more on Daniel Ramamoorthy, who is the founder and CEO of Treehouse, visit
www.thetreehouse.com, Twitter: @mynameisdanram and email: about.me/danielramamoorthy