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New fund to entice entrepreneurs

Published 13/07/2015

Richard Bruton said the initiative would make a real contribution to creating more new businesses and jobs in Ireland
Richard Bruton said the initiative would make a real contribution to creating more new businesses and jobs in Ireland

A new 500,000 euro fund has been set up to entice new entrepreneurs to Ireland.

The Government is offering start-up companies a 50,000 euro investment if they relocate to Ireland.

It is hoped the Competitive Start Fund will attract international talent and bring members of the Irish diaspora back home, helping to stimulate the local economy.

Richard Bruton TD, Minister for Jobs said: " This initiative will make a real contribution to creating more new businesses and jobs in Ireland."

The scheme is part of a wider strategy to increase the number of start-ups that have the potential to employ more than 10 people and achieve export sales of one million euro within three years.

Minister for Business and Employment, Ged Nash TD, welcomed the announcement.

He said: "Two-thirds of all new jobs are created by start-ups in their first five years of existence - that is why we are taking action to encourage international start-ups, and indeed our own diaspora, to locate in Ireland.

"By actively targeting international start-ups, we hope to encourage more new businesses to start up, expand and create jobs here in Ireland. "

Online applications will be considered by a panel of judges including three successful entrepreneurs.

The top 20 w ill be invited to pitch for the 10 available investments.

Kevin Sherry, head of high potential start-ups at Enterprise Ireland, said: "By introducing a specific fund targeting overseas entrepreneurs and the Irish diaspora, Enterprise Ireland is strongly promoting Ireland to entrepreneurs as a great place to start a business.

"We are looking for new start-up companies to locate in Ireland where our world-class start-up ecosystem will allow them to start, scale and succeed - ultimately providing valuable jobs here into the future".

The closing date for applications is September 9.

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