The Minister for Business, Enterprise and Innovation, Heather Humphreys TD, has announced two new Competitive Start Funds (CSF) totalling up to €1 million to support overseas entrepreneurs and start-ups led by experienced business professionals. The funds, which will run simultaneously will be administered by Enterprise Ireland.
Each Fund will provide up to €50,000 in equity funding for up to 10 successful applicants and will open for submissions on Tuesday, 21st August and will close on Tuesday, 4th September.
The CSF for overseas entrepreneurs is a competition specifically for start-ups that are currently based overseas but are willing to relocate to Ireland. As well as securing up to €50k in funding, the successful applicants will have the opportunity to participate in a business development programme delivered over three months by DCU Ryan Academy. The CSF for experienced business professionals is directed at highly experienced business professionals with 25 years or more of relevant business experience in Ireland or abroad, of which at least 10 years should be at a senior or leadership level.
Commenting, Minister Heather Humphreys, T.D., said, “Adequate funding and support for all innovative start-ups with the potential to succeed is a key priority for this Government. My Department through Enterprise Ireland has provided financial and mentor support to female entrepreneurs, graduates and regionally-based start-ups as part of the Competitive Start Fund, in addition to early stage companies in niche sectors such as marine technology, agri-tech and deep tech.
Ireland is a hub of start-up activity and by attracting talented entrepreneurs to Ireland from overseas and encouraging the development of business ideas by mature, highly-skilled professionals, the CSF is crucial for development of Ireland’s start-up ecosystem.”
Commenting on the announcement, Sarita Johnston, HPSU Start Manager, Enterprise Ireland said: “The funds for overseas entrepreneurs and experienced business professionals are central to the Competitive Start Fund, which is designed to inject crucial funding into early-stage start-ups with the potential to scale to international markets. The start-up ecosystem in Ireland is talent-rich community, however we understand that there is a significant number of entrepreneurs that are keen to relocate to Ireland. The CSF for overseas entrepreneurs is specifically for these entrepreneurs and successful applicants from outside the EU will be eligible for Startup Entrepreneur Visa.
Similarly, experienced professionals represent a largely untapped segment of the entrepreneurial community in Ireland. Business people with 25 years or more relevant experience bring key skills and resources to start-ups that we don’t necessarily see among younger founders. This CSF call was created specifically to support these entrepreneurs who bring something different to the table.”
This CSF is part of Enterprise Ireland’s strategy for increasing the number and quality of High Potential Start-Up Companies (HPSUs) that have the potential to employ more than 10 persons and achieve €1 million in export sales within three years.
Full details on the Competitive Start Fund, including the application form can be accessed on the Enterprise Ireland website.