Ged Nash

Minister Nash launches fund for design start-ups

Trade
Minister for Business & Employment Ged Nash. Image: Labour Party

6 July 2015

A €250,000 fund to support the creation of design-based start-up companies has been launched by Minister for Business & Employment Ged Nash.  Competitive Start Fund – Design will be delivered by Enterprise Ireland as part of the Irish Design 2015 (ID2015) programme.

The Fund will provide up to €50,000 in equity support aimed at start-ups in manufacturing or internationally traded services that are design-led or use design as a strategic competitive advantage. The Fund will provide new companies with early stage funding to ensure delivery of their design-based product or service.

The Fund is considered a core component of Enterprise Ireland’s strategy to increase the number and quality of high potential start-ups (HPSUs) that have the potential to employ more than 10 people and achieve €1 million in export sales within three years.

Now halfway through its term, ID2015 has seen more than 160 Irish designers, studios and companies showcasing at internationally at exhibitions and trade fairs etc; 40 companies receiving support through ID2015’s International Trade Fund, in association with Enterprise Ireland and other agencies; the establishment of 15 new design networks; and 12 major design exhibitions.

“Design impacts right across product development in sectors such as medical devices, electrical devices and food, and is also driving the emerging creative sectors such as graphics, film and animation, Web interface and ICT design, where exports and job creation are expected to outperform the norm,” said Minister Nash at a launch event last week. “Design is the missing link in Ireland’s innovation agenda. I am satisfied that the fantastic response to ID2015 programmes and events to date will redress that deficit by promoting the work of talented Irish designers on the international stage, strengthening the capability of the Irish design sector and promoting collaboration between the design sector and the wider business sector.”

Speaking at the same event, Kevin Sherry, manager of Enterprise Ireland’s start-up division, added: “Quality innovative design is a core element of competitive advantage for companies competing globally and Enterprise Ireland’s competitive start funds (CSF) are a key tool for accelerating start up activity in targeted sectors. We are delighted to launch during ID2015, a CSF dedicated to design-led companies which will help promote innovative design and encourage more design led start-ups leading to jobs in the wider economy.”

ID2015 is being convened by the Design & Crafts Council of Ireland (DCCoI), in collaboration with partner organisations, on behalf of the Department of Jobs, Enterprise & Innovation, the Department of Foreign Affairs & Trade, and Enterprise Ireland.

Applications will open on 15 July 2015.

TechCentral Reporters 

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