Enterprise Ireland sets ambitious scaling strategy under new chief executive Jenny Melia

A new chapter is unfolding at Enterprise Ireland (EI) as Jenny Melia steps into the role of chief executive, with a mandate to implement an ambitious five-year strategy aimed at empowering indigenous Irish businesses to scale and thrive. This initiative comes in response to the evolving global landscape, particularly the rising tensions and potential trade barriers arising from the US political climate, including threats from former President Donald Trump that could severely impact Ireland's pharmaceutical exports and associated corporate tax revenues from major technology firms. This precarious situation places added importance on the success of domestic enterprises.

At a recent gathering in Tokyo, EI chairman Michael Carey and interim CEO Kevin Sherry presented the new strategy to over 100 Irish business leaders attending the EY Entrepreneur of the Year programme’s CEO retreat. Carey outlined a vision where indigenous companies would play a pivotal role in Ireland's economy, counterbalancing the success of foreign direct investment (FDI) that has historically dominated. He articulated a bold ambition: “Scaling is a potential game changer,” indicating that establishing a substantial fund—drawing from both public and private sectors—would be critical for nurturing homegrown firms capable of evolving into major multinationals, akin to the Kerry Group or Smurfit.

This focus on scaling represents a significant shift in EI’s approach, recognising a critical gap in funding for larger investments that can propel ambitious companies to the next level. As Carey highlighted, EI is the largest private equity investor in Europe, a status that positions it well to leverage its expertise in fostering the next generation of Irish multinationals. The funds, projected to be a mix of state resources and private investment, are intended to facilitate this vision of growth and innovation.

Melia, who previously held key positions within EI—including as Executive Director overseeing various sectors such as food, life sciences, and construction—brings a wealth of experience and a commitment to innovation. Her background in commercialisation and managing research initiatives uniquely positions her to navigate the complexities faced by domestic enterprises. She is also reportedly passionate about helping Irish companies expand their reach, something that will be vital since the new strategy prioritises support for businesses ready to scale.

The new five-year plan is bolstered by additional financial support from the government, with a recent announcement of a €250 million Seed and Venture Capital Scheme set to run from 2025 to 2029. This initiative aims to provide crucial funding for early-stage Irish companies, further enhancing the capital available for aspiring entrepreneurs and growing enterprises in the country.

This strategic focus on scaling comes at a pivotal time, as EI looks to cement its reputation as a powerhouse for domestic enterprise growth. A recent report by PitchBook identified Enterprise Ireland as the most active domestic venture capital investor in Europe, completing 988 investments between 2018 and the first half of 2022—42% more than any competitor. This substantial investment capability underscores the agency's role in fortifying the backbone of the Irish economy, ensuring that indigenous firms are not just participants but leaders within the global marketplace.

Carey’s vision, coupled with Melia's leadership, could usher in a transformative period for Irish businesses, ensuring that they are equipped to meet the challenges ahead, ultimately aiming for a future where Ireland is home to the next wave of global corporate giants. As the implementation of this strategy unfolds, the ability of these businesses to scale successfully will determine not only their individual prosperity but also the broader health and resilience of the Irish economy as it navigates an uncertain global trade environment.