Dáil Éireann Debate, Tuesday - 14 July 2020
96. Deputy Bernard J. Durkan asked the Tánaiste and Minister for Business, Enterprise and Innovation the degree to which he continues to support and drive the creation of new enterprises in the indigenous sector nationally with particular reference on the need to encourage the generation of employment throughout the regions; and if he will make a statement on the matter. [16012/20]
Amharc ar fhreagraMy Department is committed to creating the environment which supports the creation of new enterprises throughout the country and thereby generating employment in every region.
The Programme for Government commits to the delivery of a National SME Growth Plan that will map out an ambitious long-term strategic blueprint beyond COVID-19. In that regard, I will soon be announcing the membership of an SME Growth Taskforce, which will have the capacity and expertise to progress work on thematic areas arising from recommendations by the OECD and to respond to the challenges presented by the COVID-19 Pandemic. This will cover themes including as entrepreneurship, productivity, digitalisation, competitiveness, internationalisation, clustering and networks. The Growth Plan will align with and build on existing national SME policy initiatives. It will also be informed by the European Commission’s very recent SME Strategy for a Sustainable and Digital Europe.
At programmatic level, my Department officials and our agencies are continually working towards driving the creation of new enterprises in the indigenous sector. Last week, for example, Enterprise Ireland launched a €2m Competitive Start Fund open to applicants for two competitions in the ‘All Sectors’ and ‘Women Entrepreneurs’ category. Each of the two €1,000,000 funds will provide up to €50,000 in equity funding to successful projects and may deliver the boost needed to scale up and bring their business to the next level.
These competitive funds are part of Enterprise Ireland’s strategy for increasing the number of diverse High Potential Start-Up companies (HPSUs) that have the qualities to achieve key commercial and technical milestones, including evaluating overseas market opportunities, building prototypes, developing market entry plans and securing third party investment.
In addition, the Local Enterprise Offices (LEOs) provide advice, information and support to businesses in starting up or growing their business. With 31 dedicated teams across the Local Authority network in Ireland, the LEOs offer a wide range of experience, skills and services. The full range of LEO advisory supports continue to be available throughout the regions to eligible firms to help with strategies to access finance, commence or ramp-up online trading activity, reconfigure business models, cut costs, innovate, diversify markets and supply chains and to improve competitiveness.
My Department has developed a range of proposals which I have brought to the Cabinet Committee on Economic Recovery and Investment for consideration. These proposals, along with others from Ministerial colleagues, will be developed and adjusted further for the Government’s consideration of an ambitious stimulus package which will be announced soon.
Importantly, the July Initiative will aim to strategically position our economy and firms to meet future challenges.
I look forward to announcing the details shortly.
