Chipmakers in line for subsidies under new strategy to support ‘critical' industry
Chipmakers in line for subsidies under new strategy to support 'critical' industry
Burke will tell government that the strategy is a clear signal of support for a sector that is economically and strategically vital
Daniel Murray
05:00
An Intel factory employee holds a wafer with 3D stacked Foveros technology at an Intel fab in Hillsboro, Oregon, in December 2023. Picture: Orla Murray Coalesce
Business Post subscribers can read:
• What is contained in the government's semiconductor strategy
• Why this is such a critical time for the sector
• How subsidies could be decided on by the government
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Irish Examiner
a day ago
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Irish firms wanting to scale up face €1.1bn funding gap over next five years
Irish enterprises who are looking to scale up their operations will experience a funding gap of about €1.1bn over the next three to five years given the small size of investment funds available, a new report has found. According to the report, commissioned by the Department of Enterprise from the SQW Economic Research Consultants, the funding gap is particularly acute in areas where deals are valued between €5m to €10m range, as well funding for capital and research and development intensive sectors, and long-term investments, particularly in areas where product development can be lengthy. It found the demand for equity finance among scaling firms has increased in Ireland over the last decade, and expects that trend will continue. The report noted Irish firms had similar problems to the rest of Europe when it comes to accessing appropriate scaling funds, and it continues to be a top concern for start-ups. The report said the scaling finance gap is primarily driven by supply side issues, in particular the small size of funds. 'This limits the quantum of later-stage capital available and ability to write the size of cheque required for scaling,' the report said. 'According to stakeholder consultees, the supply of equity finance for scaling is limited. There is a particular issue in relation to the size of the funds available, which are seen as too small to serve scaling companies, as well as investors being too risk averse,' the report said. Fund managers also found fundraising a challenge given the lack of Irish private institutional capital investing in this asset class, 'in part due to their appetite but also due to regulatory barriers'. On the company side, there is also an issue of unmet demand where firms have the tendency to ask for less funding than needed in practice to scale due in part to the "perceived lack of capital available and the anticipated challenges in securing finance'. The report said there was a need for future Government intervention in this area to improve the supply of scaling finance. It suggested there was a need for larger investment funds in the range of €200m to over €300m to execute scaling strategies, which should aim to both increase the quantum of scaling finance and the size of deals. It also said there was a need for long-term patient capital given the types of sectors where demand is strong and the gap is most acute. 'The provision of State funding will need to crowd in and be matched by private investment. Unlocking private institutional finance is critical, especially from pension funds,' the report said. Enterprise minister Peter Burke said one of the key challenges for enterprises across the country was 'accessing capital' and 'it can be the reason preventing them from realising their potential and growing into large, even multinational, businesses'. Mr Burke said the findings of the report 'will inform the development of appropriate and targeted policy measures, which I intend to bring to Government later this year'. The report gathered evidence through an e-survey of "potential scale-up firms" in Ireland, with 166 responses, as well as interviews with fund managers, stakeholders and Irish firms.
Irish Independent
4 days ago
- Irish Independent
Gunman who killed four at NFL's New York headquarters identified as former high school football star
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Irish Examiner
4 days ago
- Irish Examiner
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NYPD officers stand in line during the dignified transfer of Didarul Islam, who was shot and killed by a gunman (Angelina Katsinas/AP) Surveillance video showed the man exiting a double-parked BMW just before 6.30pm carrying an M4 rifle, then marching across a public plaza into the building. Then, he started firing, Ms Tisch said, killing a police officer working a corporate security detail and then hitting a woman who tried to take cover as he sprayed the lobby with gunfire. The man then made his way to the elevator bank and shot a guard at a security desk and shot another man in the lobby, the commissioner said. The man took the lift to the 33rd floor offices of the company that owned the building, Rudin Management, and shot and killed one person on that floor. The man then shot himself, the commissioner said. The building, 345 Park Avenue, also holds offices of the financial services firm KPMG. 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The building where the shooting happened is in a busy area of midtown, located a short walk north from Grand Central Terminal and about a block east of St Patrick's Cathedral. Through late July, New York City is on pace this year to possibly have its fewest homicides and fewest people hurt by gunfire in decades. But the city's corporate community has been on edge since last December, when UnitedHealthcare chief executive Brian Thompson was killed outside a hotel hosting a conference. The man charged in that killing, Luigi Mangione, is awaiting trial. Prosecutors accuse him of killing Mr Thompson because he was angry at perceived corporate greed, particularly in the health insurance business. He has pleaded not guilty.
