Minister tempts diaspora with €10m International Start-Up Fund
27 October 2011 | 0
The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, has launched the International Start-Up Fund which is "aimed at encouraging overseas entrepreneurs to locate start-up businesses in Ireland", with a €10million fund.
To be administered by Enterprise Ireland, while the fund will be open to company promoters around the world, the launch statement said that it will be "targeted particularly at the Irish diaspora, international expatriates, the ‘New Diaspora"’, which was defined as people from overseas who have previously worked or studied in Ireland. It will also target serial and mobile entrepreneurs.
Geographical areas to be targeted include North America, UK, Europe and Australia, while the key sectors will include Internet, Games, Cloud Computing, Medtech and Financial Services sectors.
Projects ready for investment in the €200,000 to €500,000 will be sought, and funding will be in the form of an equity stake taken by the State in the company.
To support the marketing of the fund overseas Enterprise Ireland will be appointing a number of high profile successful Irish entrepreneurs to act as "International Start Up Ambassadors". Dylan Collins, described as one of the most experienced internet entrepreneurs in Europe, is one of the first to accept the role of fund ambassador.
"This Government’s ambition is not only to turn the country around and get employment growing again," said Minister Bruton, " but to once again create a dynamic economy that is the envy of the world and has over two million people at work.
"This will not be easy, but one key strand of our new industrial strategy will be to create a genuine indigenous engine of growth. As I have said before, our ambition must not only be to attract the next Google or Microsoft to Ireland, but we must also seek to grow the next Google or Microsoft in Ireland. Indigenous companies provide proportionally more than three times more benefit to the Irish economy than multinational companies.
"Today’s announcement is a direct intervention by government to create more start-up companies here. Across the world, many of the start-up companies which go on to succeed and create jobs are driven by people within a small class of mobile, innovative, serial entrepreneurs. What the Irish Government is saying very clearly today to the international technology community gathered in Dublin is – come and start your company in Ireland, we are open for business, and we will support you".
"There is no reason why Ireland should not be a global centre for international start-ups. We already have a growing number of mobile start-ups locating here, and with strong Government supports, a business-friendly environment, a deep pool of skills as well as all the benefits that come with a base of multinational companies that is the envy of the world".
"Stimulating the flow of new High Potential Start-Ups and supporting their growth are fundamental building blocks in Enterprise Ireland’s strategy for economic growth and job creation," said Frank Ryan, chief executive, Enterprise Ireland. "We want mobile entrepreneurs to locate their businesses in Ireland and to see Enterprise Ireland as their dedicated partner."
‘The addition of the €10 million fund provides a core offering around which the rest of our overseas entrepreneurship marketing and promotion efforts will be centred. The attraction of overseas entrepreneurs to Ireland is an important opportunity to expand our start up activity and they will significantly add to the diversity and skill-base of the Irish start up community."
"I am delighted to be the first international ambassador for this start up fund," said Dylan Collins. "It’s an excellent way to build on Ireland’s position as one of the leading start-up hubs in Europe. If you’re in a start-up anywhere in the world which has international ambition, you need to come and talk to us right now".
More information on the start-up fund and how to qualify, at www.startinireland.com