To counter this, Independent.ie has put together a list of five start-ups to watch out for in 2017.
Who? Cyc-Lok is a Carlow based start-up company owned by Stephen and Louise Murphy.
What? Cyc-lok was established in 2014 to develop a Europe-wide and, later, global network of secure bicycle parking facilities in response to the dramatic surge in cycling for recreation and especially for transport in urban commuter zones.
Why in 2017?
They are currently working on rolling out pilot units in the city of Palo Alto in California. They are also hoping to work with large tech companies in Silicone Valley.
Meanwhile, closer to home Cyc-Lok are extending their network with Irish Rail in a number of DART and rail stations.
Who? FirmwaveEdge, founded in 2015 by three entrepreneurs from Cavan.
What? Firmwave Edge is the first low-power, wireless sensor network platform powered by the latest Intel Quark™ microcontroller technology.
Why in 2017? In 2016 the company grew by approximately 120pc, and they are aiming to continue this growth in 2017. They currently have a team in Poland and Dublin and plan to enter the US market in 2017. What this exciting space...
Who: Wia, founded in 2015 by Conall Laverty.
What: Wia is a cloud platform that enables users to build a scalable and powerful back-end to launch their Internet of Things (IoT) solutions, thereby allowing developers to create a production ready solution in minutes without having to stress about server management, data copying and storage.
Why 2017? In October 2016 Wia won the Best Startup at the Irish Internet Associations Awards, so we feel there are further great things to come from this company.
Who? Wellnice, founded by two Limerick friends Trin O’Brien & BJ Broderick.
What? The company produces 100pc vegetable and fruit juice ice-pops.
Why 2017? In 2016 the company was runner-up in the Bank of Ireland Start-up Awards (food & drink category), and with their ice-pops available in a large number of Super Valu Supermarkets, as well as Fresh stores, and a number of heath food shops, we think that 2017 will be a pretty cool year for the girls!
Who? Urban Volt was founded in 2015 by former Merrill Lynch corporate-financier Kevin Maughan together with business partner Graham Deane and Declan Barrett.
What? Urban Volt will go into a commercial building and make all the upfront investment in LED lights in a building. The client will then own the lights after 5 years. Urban Volt gets paid a proportion of the savings companies make from using LED lighting over five years.
The process involves zero capital expenditure for customers and the customer gets the return from the energy savings without having put in the investment.
Meanwhile, the environment wins with an immediate reduction in carbon emissions.
Why 2017? Very much in the 'growth' phase now, the company has confirmed that they will be expanding into international markets in 2017 so watch this space!