👻 No Budget fear for start-ups
An Irish tech Golden age, a Budget with positives for start-ups, and Irish female entrepreneurs thriving
Welcome to the sixth edition of “The Land of Saints, Scholars, and Techies”!
After an (unplanned) summer hiatus that stretched into autumn, we are back better than ever charting another exciting month in the world of Irish tech and start-ups.
October saw some significant news and announcements as the Irish budget was viewed favourably in general by the Irish start-up community, Stripe continue to blaze a trail towards an IPO and Irish companies achieved exits, funding, and all-around success.
Thank you to the 8 new subscribers to “The Land” who joined following the July release! (You have been very patient waiting for the follow-up release) If you enjoy this month’s edition then I would love you to share this with your own network - colleagues, friends, family, and beyond - or on social.
If this has been sent to you or you aren’t subscribed, why not become the 83rd subscriber and enjoy a (reasonably) concise curated monthly e-mail directly to your inbox for free and level up your knowledge on the Irish tech and start-up scene. The next target is 100 subs which I would love to achieve by the end of the year.
The Stories
Budget Blues or Blessings 💰 October saw the Irish Government publish their 2022 Budget. This was largely well-received by the start-up community with significant commitments given to funding in the sector as well as other changes around EIIS and tax relief to help companies scale and compete. Away from start-ups, October saw Ireland commit to raising their corporate tax rate which will finally answer the question of whether FDIs are here for tax or our talent and ecosystem. There is a belief that Ireland has done well from the deal so we shall see how it all plays out in the coming years. My guess is Ireland continues to attract significant FDI but a number of these companies don’t end up paying too much at the top rate of corporation tax.
A Rising Tide 📈 The Irish tech golden age may be upon us as we see a number of Irish companies achieve Unicorn status as well as significant acquisitions and exits from others according to an excellent article from RTE. These success stories combined with the visibility of Stripe’s growth and their presence in Ireland are having a positive trickle-down impact on the Irish tech sector’s reputation and resources and will hopefully lead to even more significant Irish tech companies in the future.
Only a matter of Time ⌛ Talking of Stripe, October saw them continue to dominate the news whether it was through surging revenues, more acquisitions and partnerships, a return to Crypto, or ongoing links to an IPO. It seems like it is only a matter of time before the IPO announcement comes and it is set to be one of the biggest we have seen. With their ever-increasing presence in Ireland, this must be viewed positively in the long term for the tech ecosystem, though in the immediate they may be frustrating various companies with their hiring spree pulling in talent at a rapid pace.
Get Your Money 🤑 As mentioned above, Irish companies continue to successfully achieve exits and October saw another couple of acquisitions with StitcherAds in Waterford acquired by Kargo for €55m and EssentialSkillz in Galway acquired by Marlowe for €30m. These acquisitions will hopefully have positive impacts on these regions with employees leveraging their experience gained and new money for future opportunities.
E-Scoot Scoot 🛵 In one of the earlier editions of “The Land” I discussed the number of Irish players in the E-scooter market and now it seems they may be able to operate on their home soil soon. The Irish Government passed e-scooter legislation in October which will see them soon rampant on our streets. These indigenous companies won’t have it all their own way though as Europe’s biggest e-scooter players are eyeing up the market too.
Who run the world? Girls 👩💻 October saw a record seven Irish female entrepreneurs nominated for EU Innovation Awards. These women are leading the growth of some amazing companies in tech and beyond and hopefully are only a sign of more to come. To achieve this though we need to empower women and girls earlier in their lives through education, inspiration, and funding. In the same month as Ada Lovelace Day and National Women’s Enterprise Day, this was certainly a positive story to read.
Chasing a balance ⚖️ Four Day Week Ireland revealed that more than 17 companies have signed up for their pilot programme to run in 2022. With 85% of Irish employees in favour of a 4 day week, we can expect more and more companies will look to offer increased flexibility and give a better work-life balance to many of their staff. Hopefully, this programme will serve as a guide and inspiration for other companies who currently are adapting to a shortened week or looking to give more time back to their employees.
Cutting Back on Carbon 🌍 Dublin-based start-up Carbonspace received seed funding of 900k from Yield Lab and Rockstart. The company has developed a carbon footprint monitoring platform for companies within the food and forestry sectors. It is an exciting time for the company as greater attention is given to the climate problem and opportunities abound to leverage technology to help drive a solution.
Funding flowing 💶 Other Irish companies received funding through October too. Companies such as SideQuest, Vudini, OneProjects, and Overwatch all announced various levels of funding to drive the growth and development of their projects. While there are some concerns around funding in a post COVID world it is positive to see companies get this support and indigenous companies continue to develop and support the Irish economy.
Jobs 👔 October continued to provide jobs announcements in various companies across Irish tech and start-ups
Finally, if you are enjoying this newsletter and interested in the start-up scene and events in Dublin then I would suggest following StartUp Digest Dublin and signing up for their newsletter
Thanks for taking the time to read this newsletter!
Make sure to subscribe to receive a monthly email with all the latest from the tech and start-up industry in Ireland and to be extra sound send it to your friends, family, colleagues, neighbours, butcher, postman, etc.
If you have any feedback on the newsletter please reach out in comments, email, or chat as I am only at the start of this journey and all ears on how I can improve.
Equally, it would be amazing to show me some support by clicking on the big green button below to share the Land of Saints, Scholars, and Techies on social media. (If you do share it on LinkedIn, be sure to tag me so I can say thanks!)
My Story and The Land’s Background
👋 To quickly introduce myself to anyone new … My name is Seán. I am in my late 20s, I was born and raised largely in Dublin so apologies if my capital bias may sometimes show up. I work in a start-up within the tech industry and believe that the Irish market and ecosystem is a dynamic one for such a small country.
With COVID and too much time on my hands, I decided to create this newsletter to capture the biggest stories and provide some commentary and thoughts of my own. My aim is to provide value to my readers by curating and commenting on what I believe to be the most compelling stories so you can stay informed with one quick email.
Thank you for taking some time out of your busy lives to read!
💬 Contact me: thelandsst@gmail.com
🤝 Want to be friends then connect with me on LinkedIn
Cheers,
Seán