Thursday 17 January 2013
The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD today (Thursday 17 January 2013) named the 30 successful companies that have recently been awarded funding under Enterprise Ireland’s Competitive Start Fund. This brings to 60 the number of innovative early stage start-ups supported under this fund during 2012. The Competitive Start Fund provides young companies with the critical early stage funding to test the market for their products and services and progress their business plans for the global marketplace.
Minister Bruton also urged companies to apply for the first 2013 round of the fund, which is currently seeking applications. 15 companies are expected to benefit under this round, with a total of €750,000 available for investment. The closing date for applicants is Wednesday 23January at 3pm. This call is open to start-ups from both ICT and Industrial sectors including sub-sectors such as Internet, Games, Apps, Mobile, SaaS, Cloud Computing, Enterprise Software, Lifesciences, Cleantech and Industrial Products. Visit www.enterprise-ireland.com/csf for details.
Today’s announcement is part of the ongoing delivery of a key commitment in the Action Plan for Jobs 2012.
Making the announcement Minister Bruton said:
‘For Ireland’s dynamic and innovative community of entrepreneurs, access to early stage funding is vital. Enterprise Ireland’s Competitive Start Fund is part of a suite of finance measures aimed at making it easier for these entrepreneurs to get into business, expand, export and create the jobs we need. Over the past year we have developed a series of new finance instruments, including the Micro Finance Scheme, the Credit Guarantee Scheme, the €700million Seed and Venture Capital Scheme and the €850million NPRF funds. The continuing strong response to these measures is enormously encouraging, and I commend all involved and wish these entrepreneurs every success in their ventures. Through the Action Plan for Jobs we will continue to develop new instruments to provide credit to business and ultimately create the jobs we need’.
Commenting on the announcement, John O’Dea, Enterprise Ireland Manager, Communications and Digital Content, High Potential Start-Up Division, said: ‘We see this fund as a strategic investment in these young companies. They represent some of Ireland’s newest and most exciting entrepreneurs and this fund gives a vital injection of funding and support when they most need it’.
Michael White of Doherty White: ‘Winning the Competitive Start Fund has really accelerated the development of our product. It has enabled us to move from a prototype to a live system much faster, and the funding has enabled us to access skills and resources that would otherwise been out of our reach’.
For further information contact:
Eileen Banks, Press Officer, Enterprise Ireland - Tel: + 353 1 7272805 or Mob: +353 87 2445814
Press Office, Department of Jobs, Enterprise and Innovation – Tel + 353 1 6312220
Note for Editors:
About the Enterprise Ireland Competitive Start Fund
Under the terms of the Competitive Start Fund, start-ups will receive an equity investment of up to €50,000 for a 10% ordinary equity stake. In addition to funding, each start-up will be provided with an experienced business mentor to support them. The application process has been designed and improved to be fast and efficient to allow the new start-ups to concentrate on validating their business concept and getting to market entry stage as quickly as possible. Visit www.enterprise-ireland.com/csf
30 Successful Applicants
Details of the 30 companies awarded funding under the Enterprise Ireland Competitive Start Fund and being announced today are:
Competitive Start Fund