As most European nations are looking for ways to tighten their borders, Ireland’s startup community is reaping significant benefits from several features including its youthful, educated workforce and international focus. Many Dubliners were initially driven to entrepreneurship by the economic recession. With the economic decline gone, the region now has a very promising future. Some of the major factors that will influence the growth of Dublin’s startup community are angel investors and other innovative local and international investors. In this regard, the following are 6 reasons why Dublin is an excellent place for angel investing:
1. Reputation and admiration of its startup ecosystem
In 2015 Global Startup Ecosystem Ranking by Compass, Dublin was named to be just outside the leading 20 startup ecosystems. The survey estimated the ecosystem to be about $2.8 billion. This means that Dublin is among the cities whose startup ecosystems are recognized worldwide.
2. Small size advantage
Dublin City has a manageable population slightly exceeding 527,000 people. In some areas, this may be an indicator of insufficient resources. However, this small population has been of a great advantage, especially for Dublin’s startups. Niamh Bushnell, startup commissioner, said that this small size enhances networking among budding entrepreneurs, thus making it easy for them to seek advice and mentorship from venture capitalists. In addition, its small size makes it quite achievable to source potential talent from the community, while structuring it to meet market demands.
3. Incomparable hospitality
Dublin outshines many places in terms of a responsive and supportive ecosystem for startups. The city’s vibrant mentality of pay-it-forward is similar to that which contributed to the greatness of Silicon Valley. This mentality is among the fundamental non-financial inspirations that converts entrepreneurs into angels. Thus, Dublin’s supportive foundation and startup successes make it attractive to prospective angels.
4. Home to numerous notable startups
Dublin is home to many enterprise software firms. This reputation is growing steadily. Fintech has also become one of the thriving sectors in the city. Some of the outstanding startups from Dublin include: Intercom, Ding, Teamwork, Boxever, FoodCloud and CurrencyFair. Besides these top startups, several tech corporations have also set up their headquarters in Dublin. This includes Microsoft, Apple, Intel, Google, Facebook, Twitter, Amazon and Airbnb. These companies have created thousands of employment opportunities for Dublin residents.
5. Strong community support
Dublin’s leaders are aware of the importance of having a strong and supportive startup ecosystem. Many initiatives and programs, such as Startup Ireland, Dublin Commissioner for Startups and Dogpatch Labs among others, have been set up to support local aspiring entrepreneurs. The government is also committed to support startups through initiatives like Enterprise Ireland. Other initiatives that bring together prospective entrepreneurs and angel investors include Dublin Startup Weekend and Angel Summit Europe.
6. Support from international investors
Lately, Dublin has continued to attract more international investments. In 2015, more than $300 million of capital was invested in Dublin-based firms. Out of these funds, more than 46% came from international investors. A recent venture pulse survey by the has shown that Ireland’s funding in the first quarter of 2016 almost doubled compared to the same period last year. The survey also found that almost 50% of the funds were contributed by international investors. All these factors show that international investors are constantly attracted to opportunities in the region.