15 entrepreneurs and start-ups set to benefit from €750k Fund – Minister Bruton
Minister launches call for applicants for next round of funding, announces 30 companies successful under previous rounds under Enterprise Ireland Fund
The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD today (Tuesday 25 September 2012) named the 30 successful companies that have recently been awarded funding under Enterprise Ireland’s Competitive Start Fund, and announced a new call for applicants to the fund.
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.
Minister Bruton announced the final open call for applications to the fund for 2012, to be launched on Wednesday 26 September 2012, with advertisements in national press during the call. 15 companies are expected to benefit under this round of funding, under which a total of €750,000 is available. This will bring to 60 the number of early stage projects approved in 2012 under the Competitive Start Fund. The closing date for applicants is Wednesday 10th October and this call is open to start-ups from both ICT and Industrial sectors including sub-sectors such as Internet, Games, Apps, Mobile, SaaS, Cloud Computing, Enterprise Software, Lifesciences, Cleantech and Industrial Products.
Today’s announcement is part of the ongoing delivery of a key commitment in the Action Plan for Jobs 2012.
Making the announcement Minister Bruton said:
“A key part of the Government’s plans 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. As I have said before, our industrial policy must not just be aimed at attracting the next Google or Microsoft to Ireland – we must strive to create the next Google or Microsoft here in Ireland.
“For Ireland’s dynamic and innovative community of entrepreneurs, 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 year we have developed a series of new finance instruments, including the Micro Finance Scheme and the Loan Guarantee Scheme which will go live shortly. The continuing strong response to these measures is enormously encouraging, and I commend all involved and wish these entrepreneurs every success in their ventures”.
Commenting on the announcement, Tom Cusack, Enterprise Ireland Manager, Communications and Digital Content, High Potential Start Up Division, said: “We see this fund as a strategic investment in these young companies. They represent some of Ireland’s newest and most exciting entrepreneurs and this fund gives a vital injection of funding and support when they most need it”.
Commenting on the fund, Aidan Robb, Managing Director, Cargo Defenders, said
‘The Competitive Start Fund gave our company the financial kick start we needed to develop an operational prototype and prepare our new smart security curtain for launch into the market sooner. It’s a simple and uncomplicated source of finance.’
About the Enterprise Ireland Competitive Start Fund
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 further information, please contact:
Tel: + 353 1 7272805 or Mob: +353 87 2445814
Department of Jobs, Enterprise and Innovation
Tel + 353 1 6312220
Note for Editors
Details of the 30 companies awarded funding under the Enterprise Ireland Competitive Start Fund and being announced today are:
Competitive Start Fund