Great to see Minister Bruton focussing on technology and innovation, see below.

Company previously backed by Government achieves 1,000,000 customers after
150 days

Minister for Jobs, Enterprise and Innovation Richard Bruton recently opened the new expanded offices of SkillPages, a high-growth Irish social networking company which has achieved a million members after 150 days, to meet its founders and discuss the environment for tech start-ups in Ireland.

The company, founded in 2010, has offices in Dublin and Silicon Valley. It is a professional social network which attempts to bring together people looking for skills with people who have those skills. It has received support from Enterprise Ireland and some of its innovative ideas have derived from academic research in CLARITY, a research centre in UCD funded by Science Foundation Ireland.

Minister Bruton:

“I am determined that, in order to get jobs and the economy growing again, we must dramatically change the type of economy we have in Ireland. Where once we depended on speculation, we must now rely on innovation as the
basis of future growth.

“This weekend I returned from a week-long trade mission to Silicon Valley, where I saw first hand the highly innovative companies which are driving spectacular growth in the global technology boom. We in Ireland must not
only build on our traditional strengths to attract more of these companies here, but also learn from the highly innovative companies we already have here to drive a generation of Irish start-ups.

“Today I am delighted to see in SkillPages the great success that can come from a combination of government support, partnership with universities, and innovative people.

“I will be listening closely to hear what more government can do to support start-up companies like this to ensure that home-grown innovation can drive a generation of start-up companies and get jobs and the economy growing again”.

About SkillPages

SkillPages, the skill based social network, is transforming the way people with skills connect to the people who need them. The platform brings together your real life friends and social connections to help you find skilled people you can trust and also, to get found by people who need your skills. Over 1,000,000 people have joined SkillPages, finding skilled people they can trust and getting found by new customers, employers, business partners and more.

Since launching the SkillPages platform in January 2011, the company has been growing exponentially, with hundreds of thousands of people joining every month. SkillPages is a privately held company with offices in Dublin, Ireland and Palo Alto, CA.

See: www.SkillPages.com

About CLARITY

CLARITY is a multi-disciplinary research centre based at University College Dublin. It is a partnership between University College Dublin, Dublin City University and Tyndall Institute at University College Cork, funded by Science Foundation Ireland.

It reflects an ambitious vision to spearhead the evolution of the new science that is emerging at the intersection between two important research areas – Adaptive Sensing and Information Discovery.

CLARITY aims to lead to the development of innovative new technologies of critical importance to Irish industry in areas such as personal health, digital media and the environment, which will impact positively on the quality of life of people.

For more see – www.clarity-centre.org

80 companies backed by Enterprise Ireland last year to generate €528million in sales.

Minister for Jobs, Enterprise and Innovation Richard Bruton TD announced today [Wednesday 8th June] that the Government, through Enterprise Ireland, supported the establishment of 80 new high potential start up companies (HPSUs) in 2010, involving over 150 entrepreneurs.

These innovative young companies will create over 770 new jobs over the next three years, bringing their total employment to almost 1,300. Total sales over the same three year period are expected to reach €528 million, with exports accounting for over 80% of this figure.

The innovative, export-businesses supported through this scheme have played a substantial role in stimulating local economies and employment. Over the past decade, through the scheme, Enterprise Ireland has supported over 800 high potential start up companies which are responsible for employing over 25,000 people directly and indirectly in the wider economy, and have combined sales of over €1.5 billion, 75% of which is exported.

Making the announcement at Enterprise Ireland’s annual High Potential Start Ups Showcase event, Minister Bruton said:

“Government does not create jobs, businesses do; but government has a crucial role in the process through creating the environment and providing the supports which allow businesses to thrive.

“If we are to turn the corner and get employment growing again we must ensure that we do everything we can to address three key policy areas:
· reducing business costs;
· improving access to finance; and
· encouraging R&D, innovation and commercialisation so as to ensure that good ideas can become good jobs.

“We must also ensure that the public sector, as a significant economic actor in its own right, takes the lead in each of these areas.

“Enterprise Ireland’s High Potential Start-Up Programme, which supports the innovative, export-oriented businesses that will grow quickly and create the jobs of the future, is a key part of this job-creation strategy. Today’s event demonstrates what government and the private sector can do when they work together, and I am delighted to showcase the 80 projects supported in 2010 with the creation of 770 jobs and €528million in sales. It is particularly welcome to see that ten of the companies showcased today have developed from research in our third level institutions, which represents a substantial increase over previous years”.

Commenting on the outturn for 2010, Hugh Cooney, Chairman of Enterprise Ireland said: ‘The environment for business start ups is strong, but having the right supports in place is crucial. Access to funding in particular is a critical ingredient for driving a flow of new start ups. Very early stage companies can face difficulties in raising external finance.

‘In direct response to our client needs, Enterprise Ireland has introduced a series of Competitive Start Funds, aimed at helping them bridge this gap and quickly validate their market. Enterprise Ireland has also facilitated the development of four seed funds, in partnership with the main Irish banks. These four funds are on target to invest in 40 new businesses in 2011. Together, they represent a significant increase in the availability of seed funding for Irish companies, with €124m now available for investment as against €30m in one fund in 2009. Enterprise Ireland is committed to continuing this drive to support entrepreneurial growth’.

Massive overhaul of company law will make it easier and cheaper to start and run a business – Bruton

Legislation published online today represents most significant reform of company law since 1963

***

Minister for Jobs, Enterprise and Innovation Richard Bruton today [Monday] published on his Department’s website “Pillar A” of the new Companies Bill, which will make it cheaper and easier to start and run a business.

The legislation, which comprises 952 sections and six schedules on over 1300 pages of text, is expected to represent the largest piece of legislation in the history of the State when complete. It is the most significant reform in Irish company law since 1963, and consolidates the 15 existing Company Acts as well as a significant number of statutory instruments and judgments.

Announcing the publication, Minister Bruton stated:

I have consistently said that if we are going to get the economy growing and if we are going to create and protect jobs, we must focus on three things:

• reducing costs to businesses
• improving access to finance and
• encouraging R&D and innovation.

This reform, like many others announced recently by my Department, will have a significant impact on reducing business costs. After these reforms are enacted, for example, it will now be possible for a person to start a business without needing to find a second director. Small businesses will no longer have to go to the expense of holding a physical AGM every year. The burden of company legal documentation will be greatly reduced. And crucially, it will be easier for business-owners to find out the nature of their legal rights and duties and will reduce the need consult with lawyers.

I commend all those involved for their work in the area, and I am determined to press ahead to complete these reforms so that Irish businesses can benefit from them as soon as possible”.

Minister Bruton decided to publish Pillar A of the Bill in advance of the completion of drafting of the entire Bill in order to allow people and businesses who will be affected to prepare for the changes made by the legislation. It is expected that the remainder of the Bill will be published in 2012, with speedy enactment thereafter.

As well as consolidating existing law in the area, Pillar A of the Bill will make important changes which will make it easier and cheaper to start and run a company. The legislation published today contains all provisions relevant to the private company limited by shares, which under the Bill will be known as “cls” instead of “ltd”, and which accounts for over 90% of companies in Ireland. This company type will now be put at the centre of Irish company law, and important reforms will be made to the way this company type operates:

• A cls will be allowed to have only one director,
• A cls will only be required to have one document in its company constitution, and the Act provides for a default document to apply in all cases except where the company changes this,
• A cls will have the same legal capacity as a natural person, reducing the necessity to prepare long company constitutions, and reducing legal disputes caused by the ultra vires doctrine,
• A cls will no longer be required to have a “physical” AGM every year – it will be possible to do this by correspondence,
• Other changes include an exhaustive listing of the duties of directors (previously contained in caselaw) and of all criminal offences under company law.

Pillar A of the Bill, which comprises 952 sections and six schedules on over 1300 pages of text contains all provisions dealing with the private company limited by shares (“cls”), which is the most common company type in Ireland, accounting for 90% of companies. Pillar B will deal with other company types.

Dr Tom Courtney, chairman of the Company Law Review Group, said:

The publication of the provisions of Pillar A of the Companies Bill represents a landmark moment in the development of Irish company law. The document which is published today is the product of years of very careful and painstaking work in remodelling Irish company legislation around the entity which uses it most – the private company limited by shares – and in making that legislation more accessible to those who need to be familiar with its provisions, whether in the business community or professional advisers. The publication of “Pillar A” will allow all of these stakeholders the opportunity to become familiar with the provisions of the proposed new law, and to interrogate these provisions from a technical perspective in advance of the Bill being enacted.

A copy of the bill can be found on the Departments website at the following link:

http://www.deti.ie/commerce/companylawreview/companiesbill.htm