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Industrial Development

Dáil Éireann Debate, Thursday - 22 November 2012

Thursday, 22 November 2012

Questions (34)

Willie O'Dea

Question:

34. Deputy Willie O'Dea asked the Minister for Jobs, Enterprise and Innovation the mechanisms that have been developed to promote and deliver early stage investment by the Irish diaspora in new indigenous and inward startups as promised in the Action Plan for Jobs; and if he will make a statement on the matter. [51857/12]

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Written answers

The development and support of new High Potential Start-Ups in Ireland is a top priority of mine as Minister for Jobs, Enterprise and Innovation. An objective of the Action Plan for Jobs 2012 is to continue the development of mechanisms to promote and deliver early stage investment in new indigenous start-ups from international sources, including the Irish diaspora. The following initiatives are being progressed by Government to enable the achievement of this objective in relation to the Irish diaspora:

A €10 million International Start-Up Fund administered by Enterprise Ireland, aimed at encouraging overseas entrepreneurs to locate start-up businesses in Ireland, was launched in October 2011. The Fund is open to company promoters anywhere in the world, but is being targeted particularly at the Irish diaspora, international expatriates, the “New Diaspora” (people from overseas who have previously worked or studied in Ireland), as well as serial and mobile entrepreneurs. To date, 12 projects have been approved and are underway, while a strong pipeline of prospects for conversion in 2013 has also been established.

The second call for expressions of interest under the Innovation Fund Ireland was launched on 15th March 2012 with a closing date of 14th June 2012. As part of the announcement, the Government through Enterprise Ireland will invest a total of more than €60million in Venture Capital Funds which establish a presence in Ireland. I expect to be in a position to announce further investments under this Fund in the near-term.

On 8th March 2012, the Government launched the “Succeed in Ireland” initiative, administered by IDA Ireland, which aims to create 5,000 jobs within five years by targeting international companies and business people, who would otherwise not be reached by the State enterprise agencies, for employment opportunities to Ireland. This initiative can be accessed via the Connect Ireland website http://www.connectireland.com/

The “Succeed in Ireland” initiative provides direct financial incentives to people around the world to create employment in Ireland by making payments to people responsible for bringing sustainable jobs to Ireland. Small and medium sized companies around the world considering expansion, but who would not be large enough to be reached by the State enterprise agencies, will be targeted in particular by the new initiative. The Irish community around the world will be a major focus of the programme. One project has already been announced – Intergeo Services is to establish its European, Middle East and African (EMEA) Headquarters in Carlow, with the potential for 30 skilled jobs.

Enterprise Ireland and IDA Ireland’s Senior Management team are focusing on the roll-out of a number of joint pilot initiatives, including marketing and events aimed at attracting entrepreneurs and start-ups to Ireland. The first joint event was held from 8th-12th September 2012. Joint preparations are underway for the ‘Le Web’ event which is taking place in Paris in December 2012. The joint senior management team will continue to work on identifying further areas of engagement during 2013 as well as refining current approaches.

Other initiatives to address investment in Ireland include: the development and launch of the Immigrant Investor Programme in April 2012; the holding of an International Investor Forum in London on 21 November hosted by Enterprise Ireland; and the sharing of information through the Global Irish Network, which is operated by the Department of Foreign Affairs and Trade, in conjunction with Enterprise Ireland. This Network provides information on relevant events focussed on investment in indigenous start-up companies and the Business Angels Network. Discussions are underway on ways to enhance and facilitate awareness and engagement by members of the Global Irish Network.

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