€10m Start Up Fund Announced

A new multi-million euro start up fund for new businesses has been released with the hope of encouraging overseas entrepreneurs to invest in Ireland.

Minister for Jobs, Enterprise and Innovation, Richard Bruton today launched the €10million International Start-Up Fund.

The fund will be administered by Enterprise Ireland and will be open to company promoters anywhere in the world, but will be targeted particularly at the Irish diaspora.

Key geographical targets will include North America, UK, Europe and Australia while target sectors include Internet, Games, Cloud Computing, Medtech and Financial Services sectors.

It is understood that the fund will target investor-ready projects seeking between €200,000 and €500,000 and if funding is granted it will be in the form of an equity stake taken by the State in the company.

To support the marketing of the fund overseas Enterprise Ireland will be appointing a number of high profile successful Irish entrepreneurs to act as International Start Up Ambassadors.

Dylan Collins, one of the most experienced Internet entrepreneurs in Europe, is one of the first to accept the role of fund Ambassador.

Announcing the fund, Minister Bruton said: "This Government’s ambition is not only to turn the country around and get employment growing again, but to once again create a dynamic economy that is the envy of the world and has over two million people at work.

"This will not be easy, but one key strand of our new industrial strategy will be to create a genuine indigenous engine of growth. As I have said before, our ambition must not only be to attract the next Google or Microsoft to Ireland, but we must also seek to grow the next Google or Microsoft in Ireland.

Today’s announcement is a direct intervention by government to create more start-up companies.

"There is no reason why Ireland should not be a global centre for international start-ups," said Minister Bruton.

Frank Ryan, Enterprise Ireland Chief Executive said: "Stimulating the flow of new high potential start-ups and supporting their growth are fundamental building blocks in Enterprise Ireland’s strategy for economic growth and job creation.

"The addition of the €10m fund provides a core offering around which the rest of our overseas entrepreneurship marketing and promotion efforts will be centred. The attraction of overseas entrepreneurs to Ireland is an important opportunity to expand our start up activity and they will significantly add to the diversity and skill-base of the Irish start up community."

(LB/GK)