Pictured at the launch are (l-r): Leonora O’Brien, Pharmapod, Mary Kelly, Feepay, Richard Bruton TD, Minister for Jobs, Enterprise and Innovation, Julie Sinnamon, Enterprise Ireland Executive Director, Global Business Development.

Enterprise Ireland has established a new €500,000 Competitive Start Fund for Female Entrepreneurs aimed at stimulating high potential female-led business start-ups.

The Fund is part of a drive by Enterprise Ireland to boost the number of innovative, export-oriented businesses being set up and led by female entrepreneurs.

The funding call will be open for applications until the 3rd of December 2012 to female-led start-ups in Manufacturing and Internationally Traded Services including Internet, Games, Apps, Cloud Computing, Enterprise Software, Lifesciences, Food, Consumer Products, Medical Devices and e-Health.

The Competitive Start Fund for Female Entrepreneurs provides female-led companies with critical early stage funding to test the market for their products and services and progress their business plans for the global marketplace.  Up to 10 companies are expected to benefit under this round of funding, and up to €500,000 is available. 

The fund is aimed at businesses with the potential to become a High Growth Potential Start-up (HPSU).  These are companies that can develop scalable innovative technologies, products or services for sale on world markets.  We are seeking to support projects that are likely to achieve significant growth in three to four years (sales of €1m per annum and employment of 10 or more) or, where a company is required to have FDA or CE approval, to have €1 million in sales within three years of approval to sell. 

This announcement follows the launch in June of the Enterprise Ireland Competitive Feasibility Fund for Female Entrepreneurs.  This attracted over 100 applications and will now see 20 female-led businesses receiving feasibility funding to investigate the viability of new growth orientated businesses which can succeed in global markets. 

Together with the new Competitive Start Fund, they mark another step in the delivery of a key measure under the Action Plan for Jobs 2012 aimed at supporting growth in female entrepreneurship. 

Julie Sinnamon, Enterprise Ireland Executive Director, Global Business Development, said: ‘The development of high-potential start-up businesses is core to Enterprise Ireland’s role in developing sustainable export-oriented companies.  We see this new fund as a strategic investment in female-led start ups.  It will support them to expand their business horizons and set up innovative international companies that can win business abroad and create jobs at home’.

Full details of the Fund and the application form are available on the Enterprise Ireland web site: www.enterprise-ireland.com/csfemale