OVER 1,500 new jobs and a whopping €75m boost to the Exchequer are just two benefits resulting from an ambitious €10m redevelopment and expansion plan for Dublin 8.
Last week, the Guinness Enterprise Centre (GEC) unveiled proposals for its landmark building on Taylor’s Lane.
Planning permission for the project has also been lodged with Dublin City Council.
Since it was established in 2000, the GEC has provided a launch pad for hundreds of successful start-ups in Ireland, many of which now have a global footprint.
It is currently home to 85 companies with more than 400 employees on-site.
Once completed, the expanded development will see the GEC become home to 160 companies with more than 750 employees and a further 220 co-working companies.
Subject to receiving planning approval, construction will begin later this year and the two additional floors in the building are expected to be completed before the end of 2020.
Speaking at the announcement, the Lord Mayor of Dublin, Nial Ring, said: “This expansion of the Guinness Enterprise Centre was made possible by Dublin City Council’s agreement to guarantee this refurbishment and expansion funding.
“We were pleased to do so in order that the GEC, which has been offering supports and affordable working spaces to start-ups and scaling micro enterprises since 1999, will develop further innovation at the heart of Dublin City.”
The importance of the GEC – not just to the locality in Dublin 8, but nationally and globally – was recognised as they were named ‘Number 1 Business Incubator in the World (Collaborating with Universities)’ at the World Incubation Summit in Toronto last year.
The Chairman of the GEC, David Varian, added: “Building on our success to date this expansion enables us to deliver on our vision to scale the GEC as a global entrepreneurial super-hub.
“We will be interconnecting the regional centres in Ireland with our global university partners and thereby supporting the creation of world leading companies out of Ireland.”
The GEC has partnered with more than 40 hubs in Ireland through its innovative CoConnect programme where regional start-ups can utilise the GEC when they are in Dublin.
In addition, the centre has partnered with more than 30 of the leading university Business Schools across the world giving entrepreneurs, both in the GEC and the regions, the opportunity to work with the universities on their strategic business challenges.
Julie Sinnamon, CEO of Enterprise Ireland, said: “Supporting enterprises to build scale and expand reach is a key focus of Enterprise Ireland and the Regional Enterprise Action Plan for Dublin announced by the Minister today, helps us to further drive growth in key sectors.”
Olivier Masclef, CEO, Black Shamrock and a GEC client from 2016-2018 said: “We arrived in Ireland in March 2016 as a two-person company and expect to employ over 100 by the end of this year.
“We found the GEC a fantastic place with a great community of like-minded people, with great facilities and top-class staff.
“It is a great place to work, find inspiration and to share experiences with fellow early stage entrepreneurs.”