Almost 80% of CEOs and founders say they currently have difficulty raising capital, and just over half say raising capital is their biggest challenge.
The survey, carried out by Scale Ireland of 340 local tech companies, shows that venture capital funding for start-ups and SMEs has declined in recent months due to the downturn in the tech industry. This was done in response to the fact that it has been shown that
However, investment in artificial intelligence (AI) is set to increase, with more than four-fifths of those questioned saying they are implementing some form of AI into their business.
Roughly one in eight say recruitment and retention is their biggest challenge, although this is less so than at the same time last year as layoffs and belt-tightening take hold in the tech industry. There is.
One in six people say their biggest hurdle is the cost of doing business.
Scale Ireland’s State of Startups Survey 2024 estimates that there are more than 2,200 indigenous technology startups and scale-ups in Ireland, employing more than 52,000 people. Of these companies, 943 are based outside of Dublin.
Scale Ireland’s main lobbying issues are around tax credits and state support for start-ups.
The survey found that access to state support “remains unattractive” among respondents, with 89% of respondents using “keep” share option schemes to retain or recruit staff. It turns out there isn’t. Meanwhile, almost two-thirds of survey respondents said they did not take advantage of the R&D tax credit, and 54% said they found the R&D tax credit “complicated.”
Martina Fitzgerald, CEO of Scale, who conducted the survey
In response to other questions about tax credits, 80% of respondents to the Scale Ireland survey said a 5% increase in research and development tax credits could have a positive impact, and 58% said angel investment respondents said they believed lower capital gains tax rates on homes would have a reasonable impact. A positive or significant impact.
Brian Caulfield, Chairman of Scale Ireland, said: “This research highlights the difficult investment environment facing start-ups and scale-up companies, and the need to attract further private investment into this sector. “There is,” he said.
“It also highlights the complexity of many state supports, and this year’s consultation by the Department of Revenue to simplify such systems is very welcome.”
Responding to the findings, Martina Fitzgerald, CEO of Scale Ireland, said: Founders and CEOs of Irish technology startups and scaling companies are embracing AI in a big way. ”