IGNITE start-up SUPPLY.IE awarded €50,000 attracts strategic investment
Pictured at the announcement of the companies that have been awarded funding under Enterprise Ireland’s Competitive Start Fund for software start-ups were Tom Cusack, Enterprise Ireland Manager, High Potential Start Ups (left) Minister for Jobs, Enterprise and Innovation, Richard Bruton TD (centre) and Mike McGrath of Supply.ie. (right)
Congratulating the companies when he met them to discuss their plans Minister Bruton commented: “If we are to get out of this crisis, we must work hard to create an indigenous engine of growth. While multinational investment in Ireland is and will remain crucial, it is vital that we find ways of enabling our indigenous firms to perform better and take full advantage of export opportunities. As I have said before, our industrial policy must not just be aimed at attracting the next Google or Microsoft to Ireland – we must strive to create the next Google or Microsoft here in Ireland.
“Enterprise Ireland’s Competitive Start Up Fund is one of the instruments that government uses to encourage and support indigenous companies in innovative and exporting sectors. This crop of 15 companies includes some very exciting ICT start-ups, and I hope that with government support they can expand, create jobs, and contribute to our recovery”.
Commenting on the announcement, Tom Cusack, Enterprise Ireland Manager High Potential Start Ups said:‘We see this fund as a strategic investment in these young companies. It gives a vital injection of funding and support to these promoters when they most need it’.
Under the terms of the Competitive Start Fund, start ups will receive an equity investment of up to €50,000 for a 10% ordinary equity stake. In addition to funding, each start up will be provided with an experienced business mentor to support them. The application process has been designed and improved to be fast and efficient to allow the new start ups to concentrate on validating their business concept and getting to market entry stage as quickly as possible’.