The government is dangling a €500,000 carrot to attract startup ventures from overseas to Ireland. It is doing this through Enterprise Ireland’s Competitive Start Fund, an early-stage funding initiative that EI has been running on a quarterly basis for the past few years. The initiative is aimed at overseas entrepreneurs and the Irish diaspora and is part of EI’s strategy to increase the presence of high potential startup companies in Ireland with the capability to succeed in global markets, and to create jobs in Ireland.

The fund will provide up to €50,000 in equity support for ten successful applicants to start their own businesses in internationally focused manufacturing or internationally traded services. The agency’s funding criteria centre on ventures with the potential to employ more than ten people and achieve €1m in export sales within three years.

All applicants must undertake to register as an Irish company prior to Enterprise Ireland investment. The majority of the management team must also undertake to be based in Ireland for at least one year post investment.

The initiative coincides with the Startup Gathering, a week of startup-related promotions to raise the profile of Ireland’s startup sector, from October 5 to 10.

Funding of up to €1,000 will be paid to the 20 CSF finalists to enable them travel to Ireland for the Startup Gathering. From these 20, ten will be selected for funding investment. Online applications will be accepted through EI’s website from August 26 to September 9.

In Association with

Both events are part of the Government’s Action Plan for Jobs, aiming to encourage international talent to come to Ireland to establish and grow their startups.
Making the announcement, Minister for Jobs, Enterprise and Innovation Richard Bruton said: “We have great entrepreneurs and start-up businesses in Ireland - we just don’t have enough of them. That is why we are specifically targeting international talent as part of our Action Plan for Jobs. As well as attracting international entrepreneurs to Ireland, this fund will also help attract back those talented Irish graduates who have gained international experience and who would now like to return to Ireland to start a business.”