Guinness Enterprise Centre start-ups generate €140m

Start-ups based at the Guinness Enterprise Centre generated €140 million in revenue last year, according to an economic impact report, which also found they returned €31 million to the exchequer.

The Dublin start-up hub's 160 resident companies produced €73 million in exports and employed 743 people. Salaries across those businesses totalled €44 million, while activity linked to the companies and their staff supported €146 million in overall economic output and about 1,300 jobs.

The figures were published as the centre marked 25 years in operation. Over that period, start-ups supported by the organisation, including graduate and current resident companies, generated a combined €2.5 billion in revenue, the report found.

The study, carried out by KHSK Economic Consultants, found that current and former resident start-ups now support 13,225 jobs each year.

The findings reflect the scale of businesses developed at the campus, which was established on the site of a former warehouse attached to the Guinness brewery. The centre has supported more than 1,500 start-ups through workspace, mentoring programmes and access to funding.

Economic footprint

The report outlines both the direct contribution of companies based on the campus and the wider effects of their spending and employment. For every four jobs created by firms at the centre, three more were created elsewhere in the economy, it found.

Resident businesses span sectors including sustainability, healthcare and artificial intelligence. They expect average revenue growth of nearly 70% this year, indicating continued expansion among firms currently based at the centre.

Recent graduates make up a notable share of the workforce. Of the 743 people employed by resident companies, 86% were recent college graduates, underlining the role of start-ups at the centre in early-career hiring.

The organisation describes itself as Ireland's largest start-up campus and business incubator. Its founding partners are Diageo, Dublin City Council, Dublin City Local Enterprise Office, Enterprise Ireland and Furthr.

Businesses to emerge from the centre include Havoc, which was sold to Intel for $110 million in 2007, and Adaptive Media, which Enea acquired for $45 million. The centre cited those deals as examples of companies that began at the campus and later secured trade sales.

Niamh Collins, Centre Director at the Guinness Enterprise Centre, said the report reflected the organisation's work over the past 25 years.

"I am very proud of the efforts of the GEC team over the past year, not to mention the past 25 years. That dedication is reflected in the success of the businesses based here. Ecosystems are crucial to start-up success, and the GEC provides a space where ambitious founders can be inspired, grow and scale."

"Our Economic Impact Report showcases the standards the GEC has set for success, with notable graduates including Havoc, sold to Intel for $110 million in 2007, and Adaptive Media, acquired by Enea for $45 million. We are helping to build international success stories from Ireland and will continue this momentum well into the future," Collins said.