Irish Govt to lure international start-ups with new €500,000 venture fund

13 Jul 2015

International start-ups are beginning to flock to Irish cities like Dublin and the Irish Government is aiming to sweeten the deal with a new €500,000 Competitive Start Fund.

The Competitive Start Fund will provide up to €50,000 in equity supports for 10 successful start-ups to start their businesses in areas like internationally-focused manufacturing or internationally-traded services.

The fund is part of Enterprise Ireland’s strategy for increasing the number of high potential start-ups (HPSUs) that have the potential to employ more than 10 people and achieve more than €1m in export sales within three years.

The Minister for Jobs, Enterprise and Innovation Richard Bruton TD said the objective is to attract international entrepreneurs and members of the Irish diaspora to start and scale in Ireland.

Applications are welcome from individuals and early-stage companies of all nationalities. Applications will open on Wednesday 26 August and will close on 9 September.

“As I have repeatedly said, we have great entrepreneurs and start-up businesses in Ireland — we just don’t have enough of them,” Minister Bruton pointed out.

“That is why we are specifically targeting international talent as part of our Action Plan for Jobs. As well as attracting international entrepreneurs to Ireland, this fund will also help attract back those talented Irish graduates who have gained international experience and who would now like to return to Ireland to start a business.

“This initiative will make a real contribution to creating more new businesses and jobs in Ireland.”

Ha’penny Bridge image via Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years