Guinness Enterprise Centre (GEC), Ireland’s entrepreneurial superhub, has brought Ireland’s startup ecosystem together at its inaugural Startup to Scale Conference. The challenge of accessing funding was a key focus at the conference. Speaking at the event, Declan Hughes, Secretary General, Department of Enterprise, Tourism & Employment, highlighted the measures in Budget 2027 for startups seeking to scale in Ireland, along with his hopes for administrative reform in the European Single Market.
Taking place on Wednesday 7th October as part of the GEC’s 25th anniversary celebrations, the event united founders, investors and policymakers around the practical challenges facing ambitious businesses. The Budget 2027 announcements on 6th October provided a backdrop to the conference’s focus on access to finance.
Speaking at the conference, founders outlined significant challenges in getting access to funding, limiting their ability to successfully scale at home. These issues were echoed by David Varian, chairperson, Guinness Enterprise Centre, who described them as a weak spot.
In his remarks at the conference, Secretary General, Declan Hughes, Department of Enterprise, Tourism & Employment, acknowledged the challenges founders are facing and highlighted the launch of Startup Ireland, the focus on founders in the tax package and the announcement of a €1bn Scaling Fund through ISIF with Enterprise Ireland in accessing growth capital. He also outlined how the Irish Government is seeking to make the EU a more attractive growth market for scaling Irish businesses, offering startups an alternative to the US.
Secretary General, Declan Hughes, Department of Enterprise, Tourism & Employment, noted: “Over 25 years the GEC has always been about more than providing space. Its real contribution has been creating a community. A community of founders, mentors, investors, advisers and supporters who are genuinely invested in the success of others. Open, inclusive and collaborative, it created an environment where knowledge was shared, introductions were made, experience was passed on and ambition was encouraged. At its best, an enterprise ecosystem creates something incredibly powerful: a community that is ambitious for your success. That is one of the reasons the GEC has had such an enduring impact.
“If I had to identify the issue that most consistently emerges in discussions with scaling firms at this time, it is access to growth finance. Ireland has built a strong startup ecosystem. We should acknowledge that. If we can get the financing right for the journey from promising company to global company, we can achieve so much more.
“Too often, firms reach a point where the capital they need is not available at the scale or speed required. The risk is obvious. If companies have to leave Ireland in order to scale, sooner or later they will stop being Irish companies in any meaningful sense. That is why the challenge for policy today is not simply supporting entrepreneurship. It is supporting ambition. That ambition was reflected in the decisions announced by Government in Budget 2027. The measures announced recognise a simple reality: if we want more companies to start, stay and scale from Ireland, we need to address the practical barriers they face.
“As we know, when we talk about scaling, we often look first to the United States. But one of the greatest untapped opportunities for Irish companies is much closer to home. The European Single Market gives access to 450 million consumers, one of the most attractive and highest income markets in the world. In principle, it should be the natural scale-up platform for Irish businesses. In practice, many firms still encounter twenty-seven regulatory systems rather than one market. That fragmentation imposes real costs on growing businesses.
“More than three decades after the creation of the Single Market, we still have unfinished business. That is why the EU and Ireland are now placing such emphasis on simplification, market integration and capital markets reform, with a One Europe, One Market Roadmap. As part of our Presidency of the EU we are pushing for a single company registration for companies, EU Inc – digital first and complete in 48 hours, simpler and quicker and is transferrable across the EU. If we get this right, the Single Market could become the most powerful scale-up platform in the world.”
Commenting after the conference, David Varian, chairperson, Guinness Enterprise Centre, said: “Ireland has built a world-class startup system; the challenge now is making sure our best companies can scale here rather than leave to do it. Ireland’s weak spot has never been startup formation, it’s the scale-up stage; the Series B-plus rounds of funding where startups either sell to a foreign acquirer, or move to larger markets like London or the US to raise money.
“It’s encouraging to see that Budget 2027 is seeking to address this and our hope is that this will be built upon over years to come. Further cuts to Capital Gains Tax would encourage entrepreneurship, reward risk, support reinvestment, help retain business ownership in Ireland and facilitate the scaling-up of home-grown Irish firms.
“In the GEC, we know that entrepreneurship rewards entire ecosystems. GEC companies alone have generated €2.5bn in revenue, and €150m of that was in 2025. Meanwhile, they have generated 25,000 jobs across the Irish economy. For the GEC’s part, as a not-for-profit, we have reinvested €47m back into services and supports for founders. But it is incumbent on all stakeholders to support founders, equipping them with the knowledge, supports and investment they need to not just be Irish businesses, but Irish businesses scaling from Ireland and growing internationally.”