New fund of up to €250,000 to stimulate business start-ups by female entrepreneurs
26th August 2013
The Minister for Jobs, Enterprise and Innovation, Mr Richard Bruton TD, today (Monday 26 August 2013) announced the establishment by Enterprise Ireland of a new €250,000 Competitive Feasibility Fund for Female Entrepreneurs aimed at continuing to significantly boost the number of high potential female-led business start-ups. This initiative is part of a drive by Enterprise Ireland to boost the number of innovative, export-oriented businesses being set up and led by female entrepreneurs.
The fund will be open for applications from Tuesday 20 August 2013 until Tuesday 10 September 2013. The funding call is open to female-led start-ups in Manufacturing and Internationally Traded Services including Internet, Games, Apps, Cloud Computing, Enterprise Software, Lifesciences, Food, Consumer Products, Medical Devices and e-Health.
Today’s announcement follows on from two successful female entrepreneurship funds launched by Enterprise Ireland in 2012. These funds attracted over 200 applications resulting in an additional 30 female-led businesses receiving funding to investigate the viability of new growth orientated businesses which can succeed in global markets. This latest fund will be followed in October by a new Competitive Start Fund for Female Entrepreneurs, continuing the commitment to deliver on the key measure under the Action Plan for Jobs aimed at supporting growth in female entrepreneurship.
Making the announcement, Minister Bruton said: ‘A key part of the Government’s plan for jobs and growth is encouraging more businesses to start-up, grow, and create jobs. Making sure that we have a substantial increase in the number of female-led start-ups is part of that strategy. As part of the Government’s Action Plan for Jobs in 2012, Enterprise Ireland launched a new women-in-business drive to support female entrepreneurs, including several female competitive funding programmes which attracted a very high level of applicants with ambitious and innovative projects. Today’s announcement that we are targeting this new €250,000 competitive feasibility fund specifically at start-up companies led by women will build on this momentum – ensuring that more women get involved in starting businesses, getting into exports, and creating jobs’.
Commenting on the announcement, Julie Sinnamon, Enterprise Ireland Executive Director, Global Business Development, said: ‘The development of high-potential start-up businesses is core to Enterprise Ireland’s role in developing sustainable export-oriented companies. We see this new fund as a strategic investment in female-led start ups. It will support them to expand their business horizons and set up innovative international companies that can win business abroad and create jobs at home’.
Full details of the Fund and the application form are available on the Enterprise Ireland web site: www.enterprise-ireland.com/ambitiouswomen
The closing date for applications is Tuesday 10 September 2013.
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Notes to Editors
The Competitive Feasibility Fund for Female Entrepreneurs provides female-led companies with critical early stage funding to test the market for their products and services and progress their business plans for the global marketplace. Up to 10 companies are expected to benefit under this round of funding, and up to €250,000 is available.
The fund is aimed at businesses with the potential to become a High Growth Potential Start-up (HPSU). These are companies that can develop scalable innovative technologies, products or services for sale on world markets. We are seeking to support projects that are likely to achieve significant growth in three to four years (sales of €1m per annum and employment of 10 or more) or, where a company is required to have FDA or CE approval, to have €1 million in sales within three years of approval to sell).