€250k fund for design-led start-up companies announced
14 July 2015
A €250,000 fund to support the creation of design-based start-up companies has been announced by Enterprise Ireland.
The Competitive Start Fund – Design will be delivered by Enterprise Ireland as part of the Irish Design 2015 (ID2015) programme, it will provide up to €50,000 in equity support, aimed at start-ups in manufacturing or internationally traded services that are design-led or utilise design as a strategic competitive advantage.It will also provide new companies with early stage funding to ensure delivery of their design-based product or service.
The fund is a core component of Enterprise Ireland’s strategy for increasing the number and quality of High Potential Start-Up Companies (HPSUs) that have the potential to employ more than 10 people and achieve €1 million in export sales within three years. The call for applications will commence on July 15.
The year-long programme, an initiative of the Global Irish Economic Forum in 2013, aims to promote Irish design capability nationally and internationally and to encourage small and medium Irish companies to use design as their critical competitive advantage.
Business and Employment Minister Ged Nash said the fund is part of an initiative “which aims to promote Ireland’s dynamic design sector, make Irish businesses more competitive in foreign markets and to create jobs at home”.
“Design impacts right across product development in sectors such as medical devices, electrical devices and food, and is also driving the emerging creative sectors such as graphics, film and animation, web interface and ICT design, where exports and job creation are expected to outperform the norm,” he added.
Kevin Sherry, manager of Enterprise Ireland’s Start-Up Division, said “quality innovative design is a core element of competitive advantage for companies competing globally and Enterprise Ireland’s competitive start funds are a key tool for accelerating start up activity in targeted sector”.
“We are delighted to launch during ID2015, a competitive start fund dedicated to design-led companies which will help promote innovative design and encourage more design led start-ups leading to jobs in the wider economy”.
The announcement was made at the Coach House, Dublin Castle where Minister Nash also officially opened Fresh Talent, an exhibition showcasing the creative new wave of designers emerging since 2011 who work within and across disciplines. The exhibition includes a mix of award-winning graduate projects from Ireland’s major universities and from Irish students abroad, combined with the latest work from a selection of designers and practitioners who are at the early stages of establishing their businesses.
Reflecting the breadth of the ID2015 initiative, Fresh Talent draws from a range of fields, incorporating a selection of design disciplines including design engineering, craft, architecture, set design, visual communication, product design and fashion. The exhibition continues at the Design Hub at the Coach House, Dublin Castle until September 20.http://www.engineersjournal.ie/2015/07/14/e250k-fund-design-led-start-companies-announced/http://www.engineersjournal.ie/wp-content/uploads/2015/07/NO-FEE-FRESH-TALENT-MIN-NASH-M51-1024x654.jpghttp://www.engineersjournal.ie/wp-content/uploads/2015/07/NO-FEE-FRESH-TALENT-MIN-NASH-M51-300x300.jpgNewsEnterprise Ireland,funding,startups