The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, today [Thursday] launched a €10million International Start-Up Fund, aimed at encouraging overseas entrepreneurs to locate start-up businesses in Ireland:
· The fund will be administered by Enterprise Ireland and will be open to company promoters anywhere in the world, but will be targeted particularly at the Irish diaspora, international expatriates, the "New Diaspora" (people from overseas who have previously worked or studied in Ireland), as well as serial and mobile entrepreneurs
· Key geographical targets will include North America, UK, Europe and Australia
· Key target sectors include Internet, Games, Cloud Computing, Medtech and Financial Services sectors
· The fund will target investor-ready projects seeking between €200,000 and €500,000
· Funding will be in the form of an equity stake taken by the State in the company
To support the marketing of the fund overseas Enterprise Ireland will be appointing a number of high profile successful Irish entrepreneurs to act as International Start Up Ambassadors. Dylan Collins, one of the most experienced Internet entrepreneurs in Europe, is one of the first to accept the role of fund Ambassador.
Announcing the fund, Minister Bruton said:
"This Government’s ambition is not only to turn the country around and get employment growing again, but to once again create a dynamic economy that is the envy of the world and has over two million people at work.
"This will not be easy, but one key strand of our new industrial strategy will be to create a genuine indigenous engine of growth. As I have said before, our ambition must not only be to attract the next Google or Microsoft to Ireland, but we must also seek to grow the next Google or Microsoft in Ireland. Indigenous companies provide proportionally more than three times more benefit to the Irish economy than multinational companies.
"Today’s announcement is a direct intervention by government to create more start-up companies here. Across the world, many of the start-up companies which go on to succeed and create jobs are driven by people within a small class of mobile, innovative, serial entrepreneurs. What the Irish Government is saying very clearly today to the international technology community gathered in Dublin is – come and start your company in Ireland, we are open for business, and we will support you".
"There is no reason why Ireland should not be a global centre for international start-ups. We already have a growing number of mobile start-ups locating here, and with strong Government supports, a business-friendly environment, a deep pool of skills as well as all the benefits that come with a base of multinational companies that is the envy of the world".
Commenting on the new initiative Frank Ryan, Enterprise Ireland Chief Executive said:
‘Stimulating the flow of new High Potential Start-Ups and supporting their growth are fundamental building blocks in Enterprise Ireland’s strategy for economic growth and job creation. We want mobile entrepreneurs to locate their businesses in Ireland and to see Enterprise Ireland as their dedicated partner.
‘The addition of the €10m fund provides a core offering around which the rest of our overseas entrepreneurship marketing and promotion efforts will be centred. The attraction of overseas entrepreneurs to Ireland is an important opportunity to expand our start up activity and they will significantly add to the diversity and skill-base of the Irish start up community’.
Dylan Collins, Irish serial entrepreneur who has established highly successful companies in various countries, said:
"I am delighted to be the first international ambassador for this start up fund. It’s an excellent way to build on Ireland’s position as one of the leading startup hubs in Europe. If you’re in a startup anywhere in the world which has international ambition, you need to come and talk to us right now".
Louis Ravenet, a serial US entrepreneur who earlier this year set up his company 2PaperDolls in Ireland, commented on what motivated him to move his business to Ireland:
"Ireland has a number of advantages for an early-stage business - it’s efficient, highly networked, co-operative and it is extremely refreshing that there isn’t a ‘hold cards close to the chest’ attitude here. 2PaperDolls is growing and we have found skilled software developers in good supply in the Irish market. And from a cost perspective, Ireland is a great place to do business - you have the low corporate tax rate and it’s inexpensive compared to other world-class capital cities for office space, housing, schools and getting around".
To find out more about the International Start Up Fund and Ireland as a location for your business visit: www.startinireland.com
To apply for the fund contact:
Start in Ireland Enquiry Desk, Tel: +353 1 7272140, startinireland@enterprise-ireland.com