Enterprise Ireland today announced a new €500,000 Competitive Start Fund (CSF) to support start up activity in all sectors. The Fund which provides €50,000 in equity funding for each successful applicant will open for submissions on Wednesday 21st September 2016 and will close at 3pm, Wednesday 5th October 2016.
The Competitive Start Fund provides young companies in all 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.
The fund is open to applications from individuals, early stage companies or prospective businesses active in the Manufacturing & Internationally Traded Services sectors including the following subsectors:
– Cloud Computing
– Enterprise Software
– Industrial Products
Applications are invited from ambitious entrepreneurs and early stage companies capable of succeeding in global markets, creating jobs and growth.
The all sector 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.
Commenting on the announcement, Minister Mary Mitchell O’Connor said: “A key part of the Government’s Action Plan for Jobs is targeting sectors where we have established strengths, and supporting growth and expansion in those areas in order to create jobs. Ireland is recognised as a key hub for innovation and entrepreneurial drive and this new fund targeting all sectors across the board will make a real contribution to supporting more start-ups and ultimately more jobs in Ireland”.
Commenting on the announcement, Orla Battersby, Enterprise Ireland Manager, High Potential Start Up Division, said: “A key role of Enterprise Ireland is to help companies to start and scale their businesses and we see this all sector fund as a strategic investment in ambitious young companies looking for a support platform to launch their business ideas that will have global appeal. These businesses will represent some of Ireland’s newest and most exciting entrepreneurs and this fund gives a vital injection of funding and support when they need it most.”
Full details on the Competitive Start Fund, including the application form can be accessed on the Enterprise Ireland website.