Minister launches new competitive feasibility fund
The Minister for Jobs, Enterprise and Innovation, Mr Richard Bruton TD, today [Tuesday] announced the establishment by Enterprise Ireland of a €250K Competitive Feasibility Fund aimed at stimulating high potential business start-ups by female entrepreneurs. The fund will be open for applications from Tuesday 17th of July 2012 until 4th of September 2012. This initiative is part of a drive by Enterprise Ireland to boost the number of innovative, export-oriented business being led and set up by female entrepreneurs.
Today’s announcement marks the delivery of a key measure under the Action Plan for Jobs 2012, and is aimed at supporting growth in female entrepreneurship.
The Female Entrepreneurship Competitive Feasibility Fund is designed to assist female entrepreneurs to investigate the viability of a new growth orientated business that can succeed in global markets. The focus is on developing new businesses that can move beyond the domestic market and demonstrate real potential for internationalisation.
The closing date for applications is 4h September 2012, and successful applicants will be notified by the end of September.
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. In Ireland we currently have a relatively low level of female entrepreneurs, so by targeting a substantial increase in that number we can make a real difference to the overall level of entrepreneurial activity in Ireland. For example, Australia is often cited as an example of international best practice in this area – if we had the same level of female entrepreneurship in Ireland as in Australia, we would have over 34,000 extra entrepreneurs running businesses which they started in Ireland. They could potentially create a lot of extra jobs.
“Today’s announcement that we are targeting this €250,000 fund specifically at start-up companies led by women is a start in addressing this challenge. The Taoiseach has set the ambition of making Ireland the best small country in the world in which to do business by 2016 – ensuring that more women get involved in starting businesses is a key part of this”.
Commenting on the announcement, Julie Sinnamon, Enterprise Ireland Director for Global Business Development, said; ‘The development of early stage high potential start up businesses is core to Enterprise Ireland’s role in developing sustainable export oriented companies. This fund is directed at supporting an important group of female entrepreneurs to expand their business horizons and set up innovative export focussed companies that can win business abroad and create jobs at home. It is about giving them a vital injection of funding and support when they most need it’.
Further Enterprise Ireland initiatives and supports for emerging female led enterprises will be announced via a national awareness campaign over the coming months.
Full details of the Fund including the Application Form are available on the Enterprise Ireland web site: www.enterprise-ireland.com/femaleentrepreneurship
The closing date for applications is 4th September 2012.
ENDS
For further information contact:
Press Office, Department of Jobs, Enterprise and Innovation, 01-6312200, press.office@djei.ie
Eileen Banks, Press Officer, Enterprise Ireland
+353 1 7272805; +353 87 2445814; Eileen.Banks@enterprise-ireland.com
NOTES TO EDITORS
The objective of the Competitive Feasibility Fund for Female Entrepreneurs is to assist a female-led new start-up company, or female entrepreneur, to investigate the viability of a new growth-orientated business proposition which has 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.
The purpose of the Feasibility Grant is to to enable the female promoter (and Enterprise Ireland) to reach firm conclusions regarding the project's viability and set out investor-ready plans and financials associated with developing and commercialising the product or service on international markets. The Fund is open to manufacturing and internationally traded services business, including sectors such as ICT, Industrial, Food, Internet, Games, SaaS, Cloud Computing, Enterprise Software, Telecoms, Lifesciences, Cleantech, and Engineering, Electronics and Construction etc.