500 start-ups later, leading business venture consultancy, CorkBIC celebrated its 30th anniversary on Monday at the Nano Nagle Centre in Cork City.
The event was attended by business leaders from throughout the region, as well as the Minister for Foreign Affairs and Trade and Deputy Leader of Fine Gael, Simon Coveney, and the Leader of Fianna Fáil, Micheál Martin.
The private-sector led organisation, specifically set up in 1988 to identify and support high growth companies in the South West of Ireland, has played a significant role in developing many of Ireland’s knowledge intensive companies over the last 30 years.
Saying Cork was ‘very fortunate’ to have an organisation like CorkBIC, Tánaiste Simon Coveney TD, said the organisation plays ‘a hands-on role in helping entrepreneurs navigate the tricky paths of raising finance, building great teams and finding customers’.
“These are at the core of any new business starting up and as result we have seen many great companies come through this network,” he said.
Michael O’Connor, CEO, CorkBIC, said the objective is to identify and develop high potential start-up teams – those using promising technology with capable, innovative people.
“We have 40 or 50 projects in the pipeline at any one time – 85% of which go on to scale over the critical first 5 years – which far outstrips the international survival average of 50%.”