Enterprise Ireland opens a new Competitive Start Fund this Wednesday, October 11, with €500,000 in startup funding on offer to professionals with 25 years or more of business.

Up to ten successful applicants will receive high-level business development support and an investment of up to €50,000 each. Enterprise Ireland’s CSF is designed to accelerate the growth of startups and enable companies to reach key commercial and technical milestones.

As well as securing up to €50,000 in funding, the successful applicants will participate in a three-month business development programme, delivered over three months by DCU Ryan Academy and Ireland Smart Ageing Exchange (ISAX). The programme aims to move participants to investor-ready status within a short period.

Agency divisional manager Joe Healy said: “EU studies suggest that many people who are nearing the traditional age of retirement don’t wish to retire and are interested in alternatives. Furthermore, these studies have found that approximately two-thirds of people believe that they should be able to continue working if they wish to do so.

“This Competitive Start Fund for Experienced Business Professionals is targeting a group that has accumulated significant business knowledge and leadership experience at a senior level, both indigenous and international. It aims to provide the financial support required to get a startup off the ground, and this will be further enhanced with the addition of a tailored accelerator programme which will help bridge any existing skills gap in starting and growing a business.”

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In addition to written online applications, candidates will be asked to prepare an online video pitch and must meet certain eligibility criteria. The competition will close at on Wednesday 25 October next, and more detail is available here on the EI website.