Minister for Business, Enterprise and Innovation Heather Humphreys has announced funding to support overseas entrepreneurs and start-ups led by experienced business professionals.
Minister Humphries has launched two new Competitive Start Funds (CSF’s) totalling up to €1 million. Each fund will provide up to €50,000 in equity funding for up to 10 successful applicants and will open for submissions on August 21st and close on September 4th.
The CSF for overseas entrepreneurs is specifically for start-ups that are currently based overseas but are willing to relocate to Ireland. The other CSF is directed at highly experienced business professionals with 25 years or more of relevant experience in Ireland or abroad, of which at least 10 years should be at a senior or leadership level.
As well as securing up to €50,000 for their company, the successful applicant will have the opportunity to participate in a business development programme delivered over three months by DCU Ryan Academy. Both of the funds will run simultaneously and be administered by Enterprise Ireland.
Commenting on the announcement, Sarita Johnston, HPSU Start Manager, Enterprise Ireland said: “The funds for overseas entrepreneurs and experienced business professionals are central to the Competitive Start Fund, which is designed to inject crucial funding into early-stage start-ups with the potential to scale to international markets.”
Commenting on the annoucement, Minister Heather Humphreys said: “Adequate funding and support for all innovative start-ups with the potential to succeed is a key priority for this Government.”
“Ireland is a hub of start-up activity and by attracting talented entrepreneurs to Ireland from overseas and encouraging the development of business ideas by mature, highly-skilled professionals, the CSF is crucial for the development of Ireland’s start-up ecosystem.”
The CSF is part of Enterprise Ireland’s strategy for increasing the number and quality of High Potential Start-Up Companies (HPSUs) that have the potential to employ more than 10 persons and achieve €1 million in export sales within three years.
Full details on the Competitive Start Fund, including the application form, can be accessed on the Enterprise Ireland website: www.enterprise-ireland.com/CSF
Pictured above: Heather Humphreys TD, Minister for Business Enterprise and Innovation, and Sarita Johnston, HPSU Start manager at Enterprise Ireland. Copyright© Fennell Photography 2018