Enterprise Ireland is to invest €12.65m in the New Frontiers start-up development programme over the next three years. The agency is now accepting applications from people with business ideas to apply for a place on the next New Frontiers, which is delivered through Ireland’s institutes of technology.
New Frontiers provides a package of supports including €15,000 in funding, office space, mentoring and workshops. The aim is to equip participants with the skills and contacts to help them start and grow a company.
According to Enterprise Ireland, 150 potential entrepreneurs were offered a place on the six-month core element of the programme last year. Since then, 120 of these participants have developed their ideas and launched start-ups. The remaining self-starters are continuing to work with New Frontiers to further their business ideas.
The Minister for Research and Innovation Sean Sherlock, TD, announced the funding this morning for the next three years of the programme.
He said the Government’s investment of €12.65m into New Frontiers over the next three years will aim to replicate the success of the first year of the programme and help get 450 entrepreneurs up and running.
One such start-up that took part in New Frontiers last year was EVB Sports Shorts. Founded by Yvonne Brady, the company is designing a sportswear line targeted at women.
Since completing New Frontiers, Brady has also been awarded €50,000 in Competitive Start funding from Enterprise Ireland to further develop the product and business.
Greg Treston, head of research and innovation and high-potential start-ups at Enterprise Ireland, said the feedback from participants from the first New Frontiers Programme has been encouraging.
“We are excited to be launching the programme for the next three years and look forward to working with more first-time entrepreneurs,” he said.