Fifteen successful companies that have been awarded funding under Enterprise Ireland’s Competitive Start Fund for software start-ups. The fund is aimed at getting critical financial support into very early stage companies to explore the market fit for their services and move swiftly to market launch.
Over the past 10 months, Enterprise Ireland has launched four such funds for start-ups across various sectors.
Congratulating the companies when he met them to discuss their plans Minister for Jobs, Enterprise and Innovation said: "If we are to get out of this [economic] crisis… it is vital that we find ways of enabling our indigenous firms to perform better and take full advantage of export opportunities. 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."
Tom Cusack, Enterprise Ireland manager high potential start-ups, said: "We see this fund as a strategic investment in these young companies. It gives a vital injection of funding and support to these promoters when they most need it.
"Under the terms of the Competitive Start Fund, start-ups will receive an equity investment of up to €50,000 for a 10% ordinary equity stake. In addition to funding, each start-up will be provided with an experienced business mentor to support them. The application process has been designed and improved to be fast and efficient to allow the new start ups to concentrate on validating their business concept and getting to market entry stage as quickly as possible."
The deadline for applications to the next Competitive Start Fund is 19 October.
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