Kick start for entrepreneurs from Enterprise Ireland’s Competitive Start Fund

26th January 2012

The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD today (Thursday) announced the 15 successful Lifesciences, Cleantech and Industrial companies that have been awarded funding under Enterprise Ireland’s Competitive Start Fund. This is one of four rounds of the fund rolled out by Enterprise Ireland over the past 12 months.  The Competitive Start Fund provides young companies 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 also announced that four more rounds of the Competitive Start Fund are planned for 2012, the first of which is being launched today Thursday, with advertisements in national press. The closing date for applicants is Thursday 9 February, and this call is open to start-ups from both ICT and Industrial sectors including sub-sectors such as Internet, Games, SaaS, Cloud Computing, Enterprise Software, Telecoms, Lifesciences, Cleantech and Industrial Products.

Making the announcement Minister Bruton said:

“If we are to get out of this crisis, we must work hard to create an indigenous engine of growth. 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, and in the coming weeks the government’s Action Plan for Jobs will implement a series of measures to deliver on our ambitious aims.

“Enterprise Ireland’s Competitive Start Up Fund is one of the instruments that the government uses to encourage and support indigenous companies in innovative and exporting sectors. This crop of 15 companies includes some very exciting start-ups in sectors where as a country we have established strengths. Through the Action Plan for Jobs and with further governerment support my aim is that companies like these can expand, create jobs, and drive our recovery”

Commenting on the announcement, John O’Dea, Enterprise Ireland Manager Industrial High Potential Start Ups, 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”.