Following calls by the Minister for Jobs, Enterprise and Innovation, local Fine Gael TD Tom Hayes is encouraging local entrepreneurs to apply for funding from Enterprise Ireland.
The Minister announced that 30 entrepreneurs and start-ups were already set to benefit from up to €1.5 million in funding from the organisation.
The Competitive Start Fund provides young companies in the ICT & Industrial sectors with the critical early stage funding to test the market for their products and services and progress their business plans for the global marketplace.
“Following the announcement this morning local entrepreneurs still have the opportunity to apply under the next round of funding. This round opens on Wednesday the 26th of September and will close on Wednesday the 10th of October. In total there is still €750,000 up for grabs from Enterprise Ireland.
“This funding is being aimed at companies in sectors such as Internet, Games, Apps, Mobile, SaaS, Cloud Computing, Enterprise Software, Life Sciences, Cleanteach and Industrial Products” Mr Hayes said.
The announcement is part of the ongoing delivery of a key commitment in the Action Plan for Jobs 2012.
“A key part of the Government’s plan for jobs and growth is creating a powerful engine of indigenous enterprise. While multinational investment in Ireland is and will remain crucial, it is vital that we find ways of enabling our indigenous firms to perform better and take full advantage of export opportunities. This is particularly important in rural areas where Foreign Direct Investment can often be tough to come by.
“For any entrepreneur access to early stage funding is vital. Enterprise Ireland’s Competitive Start Fund is part of a suite of finance measures aimed at making it easier for these entrepreneurs to get into business, expand, export and create the jobs we need. This fund is only one of a series of new finance instruments including the Micro Finance Scheme and the Loan Guarantee Scheme which will go live shortly. I am keen to see as many Tipperary applicants as possible to all these schemes” concluded Deputy Hayes.
Under the terms of the Competitive Start Fund, start-ups will receive an equity investment of up to €50,000 for a 10% ordinary equity stake. In addition to funding, each start-up will be provided with an experienced business mentor to support them. The application process has been designed and improved to be fast and efficient to allow the new start-ups to concentrate on validating their business concept and getting to market entry stage as quickly as possible. Visit www.enterprise-ireland.com/csf for more information.