Enterprise Ireland, a government organisation responsible for the development and growth of Irish enterprises in world markets, announced last week the establishment of a new fund aimed at attracting international start-ups to locate to Ireland. The initiative is launched in cooperation with The European Business and Innovation Centre Network (EBN). The network is an international non-profit association created in 1984 to co-ordinate the activities of the European Commission Business & Innovation Centres (BICs).
The new Competitive Fund will allow 10 companies to receive an investment of €50,000 for a 10% equity stake each. In addition the winning companies will receive a package of other support measures, incl. mentorship and a development programme.
Applications will be made online during the period August 26 – September 9. The 20 best companies will be invited to Ireland to pitch for the 10 investments during a Startup Gathering in October 2015.
Commenting on the announcement, Michael Maddock, chair of the Irish BICs and EBN Board Member, said:
“We are delighted to be associated and partners in this new initiative, Startup Gathering which will take place in 5 Cities, over 5 Days, covering 5 Themes in Dublin, Waterford, Cork, Limerick and Galway. The themes include Internet of Things, Pharma, Agri, Fintech andMedtech. The purpose of the Startup Gathering is to showcase Ireland as the place for start-ups to start, scale and succeed.”