32,000 people set up new businesses in Ireland last year

Wednesday 18 June 2014 12.13
One in eleven of the adult population is engaged in some form of early stage entrepreneurial activity
One in eleven of the adult population is engaged in some form of early stage entrepreneurial activity

32,000 people in Ireland set up new businesses in 2013 and 85% of those expect to become employers.

That is according to the latest Global Entrepreneurship Monitor, or GEM, published this morning. 

The report suggests that one in eleven of the adult population is engaged in some form of early stage entrepreneurial activity.

The rate of early stage entrepreneurial activity is also at its highest since the onset of the economic crisis. 

The monitor - which is supported by Enterprise Ireland, Forfás and the Department of Jobs - says the pipeline of future entrepreneurs also looks strong as, those indicating that they intend to start a business in the next three years increased significantly in 2013.

It is now at its highest level since Ireland first became involved in GEM research in 2000.

The GEM report show that total early stage entrepreneurial activity in Ireland rose to 9.2% from 6.1% in 2012.

It also reveals that the majority of early state entrepreneurs expect to be employers and they have ambitious growth aspirations. 22% expect to employ ten or more people after five years, which compares very favourably with international averages.

13% of early entrepreneurs also expect to have 75% or more of their customers in overseas markets.

The rate at which individuals are turning to entrepreneurship out of necessity continue a downward trend, 19% from 28% in 2012. This rate is lower than the international averages across the OECD (21%) and EU-28 (24%) and broadly in line with the EU-18 (18%).