LIT has launched a fund for start-up companies in Tipperary named in honour of the late Dr Tony Ryan.
The Ryan Entrepreneurship Fund for Tipperary will be ring-fenced to provide support to Tipperary-based start-up enterprises and will be primarily directed towards companies participating in one of the enabling programmes, courses or modules on LIT’s Enterprise Ladder. The fund has targeted raising €500,000 for companies based in LIT’s Thurles or Clonmel campuses, with over €100,000 already committed to the fund. The founder donors are the One Foundation, Pat McGrath of PM Group, Clancy Construction and the Thurles Chamber of Commerce.
The overall vision for the Ryan Entrepreneurship Fund for Tipperary is to invest funds in start-up businesses that will help sustain them through the vital and challenging development stage as well as to stimulate job creation in the county. Successful applicants will receive between €10,000 and €25,000 each in funding for their companies.
Announcing the fund, LIT President Dr. Maria Hinfelaar said, “We are delighted to launch this fund, primarily as it will support Tipperary based businesses on our Enterprise Ladder programmes at a vital and often challenging stage of their operations. We are also particularly pleased that the family of the late Dr. Ryan has agreed to the naming of the fund in his memory.
“We hope that the companies that benefit and prosper through the support of this fund will take inspiration from the fearless innovation shown by Dr. Ryan throughout his career.” she said.
Speaking on behalf of the Ryan Academy, its Chief Commercial Officer Eoghan Stack said, “The Ryan Academy has been promoting entrepreneurship in Ireland for a number of years and has seen the value first hand of investing in entrepreneurs and start-up companies. LIT Tipperary’s establishment of this fund will be a significant boost to businesses that will receive this funding”
The establishment of the fund is the latest illustration of LIT’s focus on supporting innovation, new enterprise and employment. This is at the heart of the LIT Vision and Strategy 2020, which focuses on providing Active Leadership in Education, Enterprise and Engagement with the wider community.