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Enterprise Support Schemes

Dáil Éireann Debate, Thursday - 16 October 2014

Thursday, 16 October 2014

Ceisteanna (30)

Stephen Donnelly

Ceist:

30. Deputy Stephen S. Donnelly asked the Minister for Jobs, Enterprise and Innovation in view of the fact that immigrants comprise approximately 13% of the Irish population but are often overlooked as sources of economic growth and the fact that Los Angeles and Chicago have successfully tapped into these communities and supported them as exporters, if he has considered establishing a programme of support, such as export courses, for immigrant-run businesses to assist in the creation of businesses that export back to the immigrant-entrepreneur’s country of origin; and if he will make a statement on the matter. [39078/14]

Amharc ar fhreagra

Freagraí scríofa

The recently published Entrepreneurship Policy Statement outlines the actions that will be taken to ensure that Ireland is among the most entrepreneurial nations in the world and acknowledged as a world-class environment in which to start and grow a business. Achieving the Government's vision for entrepreneurship requires the development of a strong entrepreneurial culture.

In order to ensure a high quality flow of High Potential Start-Ups (HPSU's), Enterprise Ireland actively promotes Ireland as an attractive location for internationally mobile start-ups to start a technology business. International competition for mobile entrepreneurs is intense around the world with a number of countries offering attractive incentives to very early stage entrepreneurs. Enterprise Ireland established a dedicated team focussed on Overseas Entrepreneurship in 2011 to reflect the drive to bring in new sources of Irish HPSU's which act as an engine of jobs growth. 2011 saw Enterprise Ireland support 6 Overseas Start-Ups, with increases to 12 and 13 approvals to Overseas Entrepreneurs in 2012 and 2013. The target for 2014 is to increase this to fifteen.

In addition to the work underway to attract internationally mobile start-ups to Ireland, existing enterprise support programmes, including the Competitive Start Fund or the New Frontiers Programme, are open to all businesses and entrepreneurs in Ireland, including foreign national entrepreneurs.

- The New Frontiers Programme is aimed at entrepreneurs with innovative business ideas who are planning to establish and run their own company. Participants develop and assess their business proposition as part of the programme, allowing them to make an informed decision regarding the future of their business idea. The ethos here is that participants will go on to establish a sustainable business here in Ireland. However participants are not required to establish a business in Ireland on completion of the Programme.

- The Competitive Start Fund is open to companies who are registered in Ireland and who are headquartered and controlled here. Successful applicants are awarded €50,000 in equity from EI to support them in achieving commercial and technical milestones such as evaluating international market opportunities or building a prototype.

As well as the supports available to companies and entrepreneurs through the enterprise development agencies, foreign national entrepreneurs can also avail of the Start-up Entrepreneur Programme (STEP). The STEP facilitates residence in Ireland for foreign national entrepreneurs who have a viable proposal for a High Potential Start-up Company. Candidates for the STEP are required to demonstrate that they have access to €50,000 (+€30,000 per additional founder) in funding to support the establishment of their business in Ireland. This funding could be from the applicant's own resources or earnings or could be in the form of a bank loan, venture capital funding etc. Where entrepreneurs have secured a place on a startup accelerator, the programme allows them to come to Ireland for a year without any need to raise funding.

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