The Rise of Dublin as the Leading Tech Hub
With 9 out of 10 unicorn companies having established headquarters in Dublin, the capital has become the leading tech hub in Ireland over recent years. According to a report by the Silicon Republic, Ireland was home to 17,160 start-ups in 2019 alone, with 7,127 new tech companies in Dublin.
The favourable economy of Ireland has been one of the main driving forces leading to this surge. In addition, Dublin’s workforce is diverse and talented, which attracts the best talents and investors internationally.
Want to explore a career in tech and considering Dublin? Continue reading the article to understand the booming tech scene in Dublin and the reasons for this growth.
What has made Dublin a global tech hub?
Several factors have played a role in attracting the best talent and new businesses to Dublin. Ireland’s innovation voucher scheme, business-supportive tax and economic structure to Brexit have all played favourable roles in supporting new start-ups in Ireland.
Business Friendly Government Policies
Without the right resources, it would have been impossible for most of the start-ups to continue growing. The Irish government has played a pivotal role in building the ideal economic environment for businesses to thrive in Ireland. Friendly-business policies, grants and unique tax benefits have welcomed new start-ups over recent years while also supporting the growth of the biggest tech companies.
Business friendly government policies have been one of the largest factors behind drawing the best of both international talent and investment opportunities. Additionally, the assistance programmes for work permits and visas by the IDA have eased people's relocation from within EU countries, thus welcoming a multicultural and strong talent pool.
Even during the COVID-19 pandemic, the Irish government came forward with special financial schemes for corporations of all sizes whilst providing grants and loans to organisations directly. These schemes included payments to workers and self-employed citizens who lost their jobs due to the pandemic. Schemes such as the Employment Wage Subsidy Scheme and short-term work support were issued as well as grants like the COVID-19 credit guarantee scheme which facilitated up to €2 billion to businesses for the next five and a half years with zero interest. Businesses were also offered up to €25,000 loans with zero interest and repayments for the first six months.
Hub of the Tech Giants
Dublin’s tech scene is more diverse than ever before and one of the main factors behind this scope is Brexit. When the UK decided to leave the EU, some of the biggest companies decided to relocate their headquarters to Ireland to avoid being caught up by the massive changes the referendum brought about. Low corporation tax and government incentives were also a big factor in attracting the top tech companies and unicorns to Dublin.
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The big companies and smaller start-ups have come together and devised a mutually beneficial tech business. The top tech companies in Dublin have majorly influenced the development of newer companies and their innovations. Newer innovations gave rise to new tech problems while new start-ups came up with solutions. Such a nurturing entrepreneurial environment makes Ireland one of the best places for start-ups to not just grow but also build partnerships with huge companies.
The advancing tech innovations and the continuous rise of newer businesses have made Dublin very attractive to VCs and investors. A Silicon Republic report in 2020 declared an investment of 48 million pounds by Enterprise Ireland alone.
Around 125 new companies have been funded since the start of the pandemic. This has boosted the ascent of agri-tech, fintech, digital health and many other innovative business plans that continue to ensure Ireland's flourishing start-up culture.
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Written by Sudipta Jana