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Enterprise Support Services Provision

Dáil Éireann Debate, Thursday - 22 November 2012

Thursday, 22 November 2012

Questions (13)

Robert Troy

Question:

13. Deputy Robert Troy asked the Minister for Jobs, Enterprise and Innovation what has been achieved by promotion of the €10 million fund to attract inward entrepreneurial startups; the number of applications that have been made; the number that have been approved; the amount of the fund that has been invested to date; the number of jobs that have been created; and if he will make a statement on the matter. [51860/12]

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Written answers

In October 2011, I launched a €10 million International Start-Up Fund aimed at encouraging overseas entrepreneurs to locate start-up businesses in Ireland. The Fund, which is administered by Enterprise Ireland, targets investor-ready projects seeking financial support of between €200,000 and €500,000. Funding is in the form of an equity stake taken by the State in the company.

Stimulating the flow of new High Potential Start-Ups (HPSUs) and supporting their growth are fundamental building blocks in Enterprise Ireland’s strategy for economic growth and job creation. Our domestic entrepreneurs have been and continue to be an excellent source of innovative new businesses in various sectors across the country. However, the attraction of overseas-originated start-ups to Ireland is an additional opportunity to expand our HPSU activity. Overseas entrepreneurs will significantly add to the diversity and skill-base of the Irish start up community.

Since the launch of the fund, over 450 enquiries (at varying stages of development) have been received by Enterprise Ireland in relation to support for inward entrepreneurial start-ups. The rate of enquiries has grown steadily as the promotional campaign has progressed and is now running at approximately 40 per month. As investor-ready projects are identified and developed, extensive engagement with the promoters including all appropriate due diligence is undertaken. Projects are then considered by an Enterprise Ireland approval committee. To date, 13 projects have been considered and approved funding by Enterprise Ireland, of which 12 projects are currently being advanced and will likely draw down funds. These 12 projects have been approved funds totalling approximately €2.9m.

Many of these projects are at the initial stage of ramping up activity and building out their employment. Typically, High Potential Start-Ups (HPSUs) are supported on the basis that they have the potential to grow to ten or more jobs within a three-year timeframe.

It is anticipated that the overseas entrepreneurs supported to date will demonstrate job creation potential in excess of this benchmark over the next number of years. Additionally, the promotional campaign which has been underway has served to build a strong pipeline of prospective projects, and conversion of these opportunities will be a priority for the remainder of 2012 and into 2013.

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