Minister of State for Business, Employment and Retail, Damien English, has invited early-stage entrepreneurs and teams to apply for the Enterprise Ireland €1m Competitive Start Fund (CSF) before the close of applications on Tuesday, 8 March 2022.
The competition is open to companies from all sectors with an innovative product or service set for global markets. The 20 successful applicants will receive up to €50,000 in equity funding. The CSF is part of Enterprise Ireland’s strategy for increasing the number of diverse High Potential Start-Up companies (HPSUs) with the scope to succeed internationally.
Launching the CSF, Minister English said, “It’s important that we continue to encourage entrepreneurial spirit and help our ambitious home-grown start-ups to develop and thrive. This €1m CSF will provide a vital funding boost for innovative export-focused Irish businesses and bolster their ability to compete globally… I would encourage eligible early-stage start-ups to apply and make the most of this opportunity to turn their ideas into an international commercial reality.”
The manager of Enterprise Ireland’s High Potential Start-Up (HPSU) Division, Jenny Melia added, “At Enterprise Ireland we are committed to increasing the levels of entrepreneurship and growing more Irish enterprises at scale.”
Outlining the goals of the fund, she commented further, “Tackling the impact of climate change presents market opportunities for Irish enterprise and we particularly welcome applications from start-ups with innovative solutions to address these challenges and opportunities. Furthermore, increasing the number of women starting high-growth enterprises is an important objective in Enterprise Ireland’s ‘Action Plan for Women in Business’ and we also look forward to welcoming applications from women entrepreneurs at the start of their journeys to help improve gender balance in the business community".
A major milestone of the road to success
Previous CSF winner, Raj Lyons Chohan, stressed the significance of the support from the CSF in developing their tech start up, EV Energy, “(CSF funding) provided us with the resources we needed to build the software behind our next generation automotive SaaS platform, which seamlessly connects all key stakeholders involved in the purchase of an Electric Vehicle. Since receiving this support, big brands such as Peugeot Ireland have come on board, installing the software across their entire Irish dealer network. We’re looking forward to focusing our efforts on the company’s international expansion this year.”
Sector-specific funding
To support the work of the fund, National Business Innovation Centres (BICs) will hold a number of CSF application-support workshops over the coming weeks. Details can be accessed on the Enterprise Ireland website at www.enterprise-ireland.com/csf.
The proposed application must be active in the manufacturing and internationally traded services sectors, including the following subsectors:
AgriTech, AR/VR, Cleantech, Compliance Tech, Construction Tech, Consumer Products, Cyber Security, EdTech, Fintech, Food & Drink, Gaming and Digital Entertainment, HR Talent Tech, Industrial Products, IOT / Smart Cities, Life Sciences, Manufacturing Tech, MarineTech, MedTech, PropTech, Retail Tech, Enterprise Technology, TravelTech, Green Technologies / Climate Change Solutions, Other.
For more information on the Competitive Start Fund, please contact: [email protected] or +353 1 727 2202 (9am - 5pm).
Listen back to last week's edition of The Hot Desk to hear more about the Enterprise Ireland Competitive Start Fund.
