Enterprise Ireland launches €500,000 start-up fund

Enterprise Ireland has recently announced a new Competitive Start Fund (CSF) totalling up to €500,000 to support start-ups in the marine technology and agritech sectors.

The fund was launched by Minister for Agriculture, Food and the Marine, Michael Creed, at Our Ocean Wealth Summit, at Seafest 2018 in Galway (June 28).

Speaking at the launch of the event the minister highlighted the potential of young, ambitious entrepreneurs:

Start-ups in these sectors have the capacity and commitment to contribute to global developments and make positive impacts on a global scale.

The funding provides entrepreneurs and start-ups with the critical early-stage funding to test the market for their products and services.

According to a spokesperson for Enterprise Ireland this initiative could provide the support for an up-and-coming business to launch its “takeover of the global marketplace”.

Funding details

The initiative is looking to attract early-stage projects that can demonstrate that their product or service has reached a minimum standard.

These minimum standards include:

  • Demonstratable customer validation; 
  • A fully-articulated proposition addressing a clear gap in the market;
  • Market research conducted with customers and/or potential customers;
  • The identification of suitable channels to international markets.

Minister Creed highlighted the importance of the marine and agriculture industries, adding that they are at the “core of the Irish economy”.

“Ireland boasts a diverse and highly-skilled community of entrepreneurs and these sectors in particular are very progressive,” said the minister. 

Commenting on the announcement Joe Healy, divisional manager with responsibility for High Potential Start Up (HPSU) companies at Enterprise Ireland, said:

The fund will provide a platform to help launch these young and innovative companies with global ambition and bring business ideas to an international market.

The fund will open for submissions on Tuesday, July 10, and will close on Tuesday, July 24.

Full details on the CSF, including the application form can be accessed on the Enterprise Ireland website.