Irish start-ups attract funds

Irish start-ups will benefit from a joint-initiative set up by the Irish government’s trade and technology agency, Enterprise Ireland and LEDU, the UK government agency for local economic development in Northern Ireland. The venture will receive £200,000 backing from the International Fund for Ireland.

The Cross Border Technology Enterprise Start-Up Programme has been launched in an effort to promote cross-border trade, technology and business networks in the North West region. It will provide technology entrepreneurs and start-up companies with financial support, office space, back-up facilities and formal training courses on all aspects of running a business. PricewaterhouseCoopers acted as advisers and will provide relevant support and training.

Brain O’Malley of Enterprise Ireland said: “Start-up projects such as these are the life-blood of our economy and give a very positive signal of the current spirit of entrepreneurship in the North West region.”

The amount of capital allocated to each project will vary depending on how many projects the initiative takes on. Enterprise Ireland and LEDU will each provide 50 per cent of the salaries of the management team to enable project managers to support themselves while setting up new ventures.

The International Fund for Ireland was set up by the British and Irish governments in 1986 to promote economic and social advance. The fund gives priority to projects located in the most disadvantaged areas in Northern Ireland and the six southern border counties.