The Irish government-backed Enterprise Ireland organization has announced the launch of a €500,000 fund designed to assist technology-driven start up companies get off the ground.
The Internet and Games Competitive Start Fund will help provide “critical early stage funding,” and will be introduced on a pilot basis to 10 operatives in the Internet and Games sector, each of whom will receive “an equity investment of €50,000 for a 10% ordinary equity stake.”
Each start up will also benefit from being assigned an “an experienced business mentor.”
Frank Ryan, Chief Executive Officer of Enterprise Ireland, added:
A key focus of our Software Strategy is to further stimulate the emergence of internet based companies in Ireland and to broaden their international base and scale. This new fund will help a new cohort of internet and games entrepreneurs to set up and grow successful international businesses.
Applications for a shot at being one of the initial 10 firms to receive funding are being accepted through December 16 on the Enterprise-Ireland website.