Govt provides extra €55m for high-potential start-ups

3 Aug 2010

Enterprise Minister Batt O’Keeffe announced an extra €55m in funding for so-called high-potential start-up (HPSU) firms over the weekend.

An HPSU is an export-oriented firm that has an innovative product or business model and would be expected to generate sales of more than €1m annually within three years. The company must employ more than 10 workers. It must also be led by an experienced team with a mixture of technical and commercial skills.

The number of such firms the Government supports through investment will rise to 100 within six years, O’Keeffe said after the extra €55m was set aside to give early-stage entrepreneurs capital to get their businesses off the ground.

“This week, the Government set aside an extra €55 million so that the number of HPSUs generated can be gradually ramped up – from 70 this year to 85 next year and to 100 by 2016,” he said.

“The Innovation Taskforce called on Enterprise Ireland to prioritise start-up and early-stage enterprise activities and to draw innovative entrepreneurs to Ireland from abroad. It is Government policy to support Irish early-stage entrepreneurs with increased funding so that we can drive export-led growth.”

A total of €187m will provided over the next six years to HPSU’s through Enterprise Ireland.

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