Enterprise Ireland launches $650,000 fund

Enterprise Ireland has announced its latest Competitive Start Fund that will invest up to $43,000 in eligible companies.

Enterprise Ireland, the Irish state-owned export development agency, yesterday launched a €750,000 ($650,000) Competitive Start Fund that will invest up to €50,000 in startups.

Applications will be open from January 25 and will close on February 8. Startups will need to operate in the manufacturing and internationally traded services sectors, including the subsectors internet, games, apps, mobile, software-as-a-service, cloud computing, enterprise software, life sciences, cleantech and industrial products. 

Enterprise Ireland regularly launches competitive start funds, though from 2017 it has updated the rules to limit eligibility to startups that are less than three years old from date of registration.

The funds are aimed at helping early-stage startups test the market for products and services, and advance their business plans to an international market.

The money may be used for milestones such as:

  • Overseas market evaluation;
  • Creating prototypes;
  • Securing a reference site;
  • Developing a market entry plan;
  • Inking partnership deals or strategic alliances;
  • Identifying international market channels; or
  • Securing third-party funding.

Orla Battersby, manager of Enterprise Ireland’s High Potential Start Up Division, said: “A priority for Enterprise Ireland is to help Irish entrepreneurs and companies to start up and scale.

“The all sector Competitive Start Fund provides a support platform and a vital injection of funding totalling up to €750,000 to help launch young companies with global ambition and their business ideas to an international market.”

See more from this Government Report: Ireland

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