New €500,000 Enterprise Ireland fund aimed at overseas entrepreneurs and Irish diaspora

A new Enterprise Ireland fund will make up to €500,000 available to 10 overseas entrepreneurs and Irish diaspora who decide to set up their businesses here.

The fund will support start-up businesses in internationally focused manufacturing or internationally traded services.

Enterprise Ireland is inviting applications from individuals and early-stage companies of all nationalities. All applicants will have to agree to register as an Irish company before receiving investment from the agency. The majority of the management team/promoters must also agree to be based in Ireland for at least one year post investment. 

Enterprise Ireland said applications will be considered on a competitive basis by a panel of judges, which includes three successful entrepreneurs, and the financial support will be in the form of equity investment. 

The website for online applications will open on 26 August and close on 9 September 2015.

The 20 best applicants will be invited to Ireland to pitch competitively for the 10 available investments. Funding up to a maximum of €1,000 will be paid to the 20 finalists to enable them travel to Ireland.

The evaluation of projects is timed to coincide with the Startup Gathering, a national week of events taking place across Ireland from 5 to 10 October.

“Each year Enterprise Ireland supports over 400 start-ups,” said Kevin Sherry, head of high potential start ups at Enterprise Ireland. “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 start, scale and succeed – ultimately providing valuable jobs here into the future.”

“As I have repeatedly said, we have great entrepreneurs and start-up businesses in Ireland – we just don’t have enough of them,” said Minister for Jobs, Enterprise and Innovation, Richard Bruton.

“As well as attracting international entrepreneurs to Ireland, this fund will also help attract back those talented Irish graduates who have gained international experience and who would now like to return to Ireland to start a business.”

Full details on the eligibility criteria are available on the Enterprise Ireland website.

For more please click:http://www.businessandleadership.com/small-business/item/51258-new-500-000-enterprise/

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