Dáil Éireann Debate, Tuesday - 24 April 2018
320. Deputy Lisa Chambers asked the Minister for Business, Enterprise and Innovation the budget allocated to the Enterprise Ireland market discovery fund; the number of companies that have applied for and been awarded same since it became available; and if she will make a statement on the matter. [17451/18]
Amharc ar fhreagraEnterprise Ireland is actively working with companies with global ambition to internationalise, and in doing so, diversify their global footprint. This is critical for long term business growth, particularly in light of Brexit.
In 2017 Enterprise Ireland:
- Supported clients in winning 1,391 new overseas contracts;
- Supported clients establish 350 new overseas presences;
- Supported 56 first time exporters outside the UK;
- Ran 878 international buyer visits; and
- Implemented an extensive schedule of trade mission and event focused on global and sectoral opportunities and stimulating demand for Irish products and services. This activity included 57 Ministerial-led Trade Missions to locations such as Canada, Singapore, China, the UAE and Oman.
In January 2018, Enterprise Ireland launched a new Market Discovery Fund to incentivise companies to research viable and sustainable market entry strategies in new geographic markets. This fund provides support towards internal and external costs incurred when researching new markets for products and services. The Market Discovery Fund applies when eligible companies are either looking at a new geographic market for an existing product/service or an existing geographic market for a new product/service.
The Market Discovery Fund is available across three levels:
- Level 1: Grant up to €35K
- Level 2: Grant greater than €35K but less than €75K
- Level 3: Grant greater than €75K but less than €150K
The Market Discovery Fund has been opened for applications for a number of weeks and currently there is a strong pipeline of applications being processed by Enterprise Ireland. Initial reports from Enterprise Ireland indicate a strong interest from companies in this fund. It is envisaged that the first rounds of funding will be approved in the coming weeks.
