5-city IDA mission to East, South and Mid-West to target investments from world-leading and start-up companies in technology and life-sciences

The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, will departed on Sunday to lead a five-day, five-city investment mission to the East, South and Mid-West of the USA, to meet companies considering investing and creating jobs in Ireland.

The IDA mission to Boston, Raleigh, Atlanta, Minneapolis and Chicago will focus particularly on companies in the technology and health/life sciences sectors, and the Minister will meet 19 companies ranging from start-ups to multi-billion dollar world-leading companies.

During the five full days of the trip, the Minister, who will be accompanied by Barry O’Leary, CEO of IDA Ireland, as well as other officials, will meet 19 companies, including:

9 technology companies, including 4 in software
4 health/life-sciences companies
Companies also in the food, business services, aviation and financial services sectors
Companies with combined annual revenues of over $300billion and combined workforces of over 800,000 worldwide
Companies with operations already in Ireland as well as companies who may be considering investing here for the first time
Members of the US media

Before departing, Minister Bruton said:

“Foreign direct investment forms a key part of this Government’s strategy for growth and jobs. Multinational companies are responsible for 250,000 jobs and over €19billion of direct spend in our economy, and a string of announcements over recent weeks from world-leading companies including Apple and Mylan shows that these companies increasingly see Ireland as a location where they can invest and create jobs. Through the Action Plan for Jobs we are determined to build on this, and develop deeper relationships with more multinational companies to create more jobs”.

“During this busy week I will be meeting 19 companies from a wide range of sectors who are considering creating new jobs in Ireland. When I meet senior executives from multinationals like these, they are increasingly impressed by what Ireland has to offer as a gateway to a stable European market. They are generally interested to hear about Ireland’s skilled workforce, our pro-business environment, our tax offering, our base of multinationals already here, and also about any developments that might affect our relationship with Europe. I look forward to hearing their concerns and telling them that Ireland is open for business, open for investment, and my hope is that this will lead to more jobs announcements in the near future”.

NOTES FOR EDITORS

This is the eighth major trade/investment mission the Minister has travelled on since taking office, following:
Three IDA investment missions, two to the USA east coast, one to the west coast
Two Enterprise Ireland trade missions, one to Saudi Arabia and India, one to the south-eastern USA, accompanied by a total of 80 Irish companies looking to break into new export markets
A 7-day joint IDA/EI mission to China led by the Taoiseach
A Saint Patrick’s Day trip to the west coast of the USA, which included several meetings with IDA and EI target and client companies

Extracts from the Minister’s schedule as follows:

Sunday, April 29th 2012
16:15 Arrive Boston

Monday, April 30th 2012
07:00 Meeting with Health/Life Sciences company
09.30 Meeting with technology/chip development company
11.00 Meeting with technology/voice recognition technology company
12.30 Meeting with technology/software company
15.00 Meeting with technology/software company
18.40 Flight Departs for Raleigh, NC arriving at 20:55

Tuesday 1st May 2012
08:00 Meeting with technology/communications company
09:15 Meeting with technology/software company
11:30 Lunch meeting with technology/software company
14:45 Fly to Atlanta (arrive 16:15)
19:00 Dinner with target company

Wednesday 2nd May 2012
09:00 Meeting with technology company
12:05 Fly to Minneapolis (arrive 13.45)
15:30 Meeting with food company
16:45 Meeting with health/life sciences company

Thursday 3rd May 2012
09.00 Meeting with business services company
10.30 Meeting with health/life sciences company
13:10 Fly to Chicago (arrive 14:30)
16:00 Meeting with health/life sciences company
19:30 Dinner with existing and potential IDA clients

Friday 4th May 2012
08:00 Meeting with member of US media
09:00 Meeting with technology/e-commerce company
10:30 Meeting with target company
12:00 Lunch with financial services company
13:45 Meeting with financial services company
15:00 Depart for Airport
18.45 Return to Dublin

Sandbox, the foremost global community of young innovators under the age of 30, is starting its first Irish hub today, April 19. The Taoiseach launched the hub at 10am this morning at Government Buildings. Eoghan Murphy TD, local Sandbox advisor and John Egan Dublin Sandbox ambassador were also in attendance.

With over 650 members in its global network, the main aim of the organisation is to identify exceptional people worldwide who have already made an impact in business at a very young age. The Sandbox community then helps these individuals to develop their skills further by introducing them to like-minded peers from around the world, providing access to senior leaders and identifying opportunities to help them reach their full potential.

Speaking before the launch, Eoghan Murphy Fine Gael TD for Dublin South East and local Sandbox advisor said “We’re a young country and it’s an exciting time for young people who are taking the initiative and launching their own ideas and enterprises. There is huge potential here. Sandbox launching a hub in Dublin is recognition of that – and it’s a testament to John Egan and everyone else involved for bringing them here.  The Taoiseach wants Ireland to be the best small country in the world in which to do business and Sandbox is a part of that vision.”

“Sandboxers are already successful in their respective fields,” explained John Egan, founder of Archipelago and Sandbox’s Dublin Ambassador. “We help them to develop their projects and skills, and increase their reach globally. We do this by offering Sandboxers connections, tools, support and inspiration.”

“Through our Archie Talks series, we know already that there are a lot of amazing young Irish entrepreneurs doing exceptional things,” Egan continued. “For Sandbox to decide to choose Dublin as their next international hub is a great credit to the work of Ireland’s young business community and a vindication of sorts of the work that they are doing, despite being faced with difficult obstacles every step of the way. When Sandbox launches in Dublin on April 19, one of our first missions will be to help remove some of the obstacles that we face at home by introducing the best and brightest Irish entrepreneurs to some of their peers in other countries around the world.”

Notes to the Editor:

Founded in Zurich, Switzerland in May 2009, Sandbox was established to give young achievers the throughout the world an ecosystem that helps accelerate them to a point where they can make a real difference in their home country and on a global level before they reach the age of 30.

Some of the world’s most prominent young entrepreneurs will travel to Ireland for the launch of the Dublin hub, among them will be members of the World Economic Forum Young Global Leaders and speakers from the internationally-renowned TED Talks series.

Attendees of the launch of Sandbox’s Dublin Hub are:
Jan Sremek (Czech Republic) – Founder, Erudify, EX Goldman Sachs
Keyun Ruan (China) – PHD and Founder, Xensix, Global Leader Cloud Forensics
Rahaf Harfoush (Canada) – Author, Strategist, Speaker and Founder of Red Thread,  http://www.rahafharfoush.com/
Nico Luchsinger (Switzerland) – CEO, Sandbox
Dave Langer & Andy Young (UK) – Co-Founders, Groupspaces http://groupspaces.com/c/welcome
Christian Reber (Germany) Founder – WunderKinder6 http://www.6wunderkinder.com/
Hans Rattauf (Germany) – Co-Founder, Palomar 5
Logan McClure (USA) – TED Fellows
Kasper Hulthin (Norway) – Founder, Podio https://podio.com/
Tia Kansara (UK) – Director, Kansara Hackney, Bartlett prize winner and Sandbox Global Ambassador
Patrick Liotard-Vogt (Switzerland) – Founder, A Small World http://www.asmallworld.net/
Dominik Grolimund (Austria) – Co-Founder and CEO, Waula http://www.wuala.com/
Isabel Pesce Mattos (Brazil) – Founder, Lemon http://lemon.com/
Tomas Laboutka (Czech) – Founder, FLV Ventures
Mariano Kostelec (Portugal) – Founder uniplaces.com http://www.uniplaces.com/
Will McQuillan (UK) – Founder, Osmoda
Kane Sarahan (USA) – Founder, Entsitute http://www.enstituteu.com/
Jonas Liepman (Germany) – Founder, Iversity http://www.iversity.org/
Maximillian vd Ahé (Germany) – Founder, BetaHaus
Max Mummer (USA) – Founder, Start-Up Genome https://www.startupcompass.co/
Bjorn Lasse (USA) – Founder, Blackbox
Alexandros Pagendos (USA) – Founder, The Glint
Otto Von Troshke (Switzerland) – Founder, SUSI partners http://www.susi-partners.ch/about
Teju Ravilochan (USA) – Founder, Unreasonable Institute http://unreasonableinstitute.org/

Richard Bruton T.D, Minister for Jobs Enterprise and Innovation today (Tuesday) in Beijing signed a memorandum of understanding on Ireland-China Science and Innovation Cooperation with Mr. Wan Gang, Minister of Science and Technology, during Minister Bruton’s 7-day trade and investment mission to China.

The memorandum sets out the objectives and modes of cooperation on science and innovation between the two countries. Cooperative activities envisaged include exchange of scientific and technological information and data, exchange of scientists, researchers, technicians and trainees for visits, study tours and advanced studies, organisation of bilateral scientific and technical meetings and joint research on projects of mutual interest.

On the basis of this Memorandum of Understanding, both Departments will finalise arrangements to begin cooperative activities this year.

Minister Bruton stated:

“Through the Action Plan for Jobs, the Government is committed to delivering a series of measures to build on our base of scientific research to help create economic growth and jobs. Increasingly our research is industry-led, and is aimed at commercial outcomes and job-creation, but we must do more.

“Ireland and China have participated in a number of research partnerships over the past decade but through the signature of this Memorandum of Understanding we look forward to more and more linkages between Irish research groups and innovative companies with counterparts in China.”

“By combining expertise in specific areas such as life sciences, groups from both countries can find solutions to problems or to discover new techniques to improve our lives and help create jobs”.

February 23, 2012,

Microsoft today announced that it is investing an additional US$130 million to expand its data centre located in Dublin, Ireland.   This investment builds on the original $500m investment Microsoft has already made in the Dublin data centre, which has been operational since July 2009, providing computing capacity to customers across Europe, the Middle East and Africa.

During a visit to Dublin, Peter Klein, Chief Financial Officer, Microsoft Corporation said “This investment shows where we are placing our bets for the future.  As customers embrace Microsoft cloud services such as Office 365, Windows Live, Xbox Live, Bing and the Windows Azure platform, we are investing in regional cloud infrastructure to meet their needs.“We are delighted to build on the long history of Microsoft investment and partnership in Ireland, starting in 1985. As we expand our Dublin data centre, we remain committed to efficiency and sustainability. Our expanded facility will be 50 percent more efficient than traditional data centres, and will use renewable wind energy when available.  I would like to thank the Irish government and its agencies – particularly the IDA – for its continued support for Microsoft as we grow and invest here,” Mr. Klein concluded.

Responding to the announcement, the Taoiseach, Mr. Enda Kenny said: “We welcome this significant announcement from Microsoft as Ireland continues to regain its international reputation for investment and business. Now central to our Action Plan on Jobs we are delighted that our strategy to become the country of choice for data centres is coming to fruition. We very much recognise the role that cloud computing can play in transforming our public sector as well as being a catalyst for economic growth. Through the Action Plan on Jobs we will continue to make the necessary changes to make Ireland more attractive to companies such as Microsoft. As a long term investor we welcome this commitment by Microsoft to Ireland.”

Minister for Jobs, Enterprise and Innovation, Richard Bruton TD said: “The Government has taken a decision to target cloud computing as a sector with potential for significant job-creation and economic growth for Ireland. Today’s announcement by Microsoft, a world-leader in this area, shows that we are on the right track. Through the Action Plan for Jobs we are determined to implement a series of changes in 2012 and in subsequent years to ensure that we can build on this growth, make Ireland a world-leader in the area, and get jobs growing in the economy again.”

Paul Rellis, Managing Director, Microsoft Ireland said: “This capital investment further deepens our roots in Ireland and strengthens Microsoft’s ability to provide governments and businesses throughout the region with a growing range of impactful cloud services.    We are delighted to continue to play our part to support the government in its objectives to return the country to a period of growth and prosperity.”

Welcoming the announcement, Mr. Barry O’Leary, CEO, IDA said: “Ireland has been a leading location for ICT investments over the last decade and I am delighted to see a long standing economic partner like Microsoft, with such a significant global presence, continue to recognise Ireland’s talent, track-record and positive business environment. Investments like this, by a company of Microsoft’s calibre, reinforce our growing reputation as a leading world-wide location in cloud computing.”

Christian Belady, GM of Data Center Services, Microsoft said: “Microsoft has turned up the dial on efficiency in power optimisation of the entire infrastructure of our data centres, enabling us to reduce our carbon footprint and minimize waste. This expansion will add a 112,000 square foot Generation 4 facility and create approximately 400 construction jobs over the next 12 months. Once complete, we will employ approximately 50- 70 people to manage the needs of both the existing and expanded facility.”

The data centre makes extensive use of outside air economization to cool the facility year round, resulting in greater power efficiency with a resultant reduction in carbon footprint and an annual Power Usage Effectiveness (PUE) average of 1.25 across the entire facility during peak usage hours. Projected to be 50 percent more efficient than traditionally built facilities, it uses only 1 percent of the water used by other similarly sized data centres in the industry.  With a strong focus on sustainability, approximately 99 percent of all waste at the facility is recycled, including packaging, pallets, crates, and cabling.

About the Data Centre:

The expansion of the data centre will help Microsoft meet growing customer demand for its cloud services, and provide a scalable and cost effective cloud infrastructure for future cloud growth. This technologically advanced facility significantly reduces water, power and energy use (compared with traditional data center facilities) and enables a more efficient and higher utilization of computing capacity and productivity.

Seven months ago I put proposals to the Minister for a new Enterprise and Investment Visa scheme, which he was already working on. Great to see it now being introduced. Details below.

24 January, 2012

The Minister for Justice, Equality & Defence, Mr. Alan Shatter, TD, today announced that he had secured Government approval for the introduction of two major new immigration initiatives aimed at  facilitating (non EEA) migrant entrepreneurs and investors who, in return for permission to reside in the State, are prepared to invest here for the purpose of saving or creating jobs.

The new initiatives will be known as;

§   The Immigrant Investor Programme
§   The Start-up Entrepreneur Programme

Announcing the programmes the Minister said “I am grateful for the support of my Cabinet colleagues in devising these important initiatives. All of us in our different Departments are committed to doing what we can to help Ireland’s economic recovery and this represents a further instalment in my Department’s efforts in this respect, following on from the Visa Waiver Programme introduced last year”.

The Immigrant Investor Programme:
Approved participants in the Investor Programmes and their immediate family members will be allowed enter the State on  multi-entry visas and to remain here for a defined period.  Ordinarily this will be for a period of 5 years – reviewable after 2 years.  The sort of investments envisaged will include a specially created low interest  Government Bond, capital investment in an Irish business – which may need it for the protection or creation of jobs, or in some cases the purchase of property – including that held by NAMA. Endowments in the cultural, sporting educational or health areas will also be considered.

The level and duration of financial commitment required from the Investor will depend on the nature of the investment but will generally range from €400,000 for endowment-related investments to €2 million in the new Immigrant Investor low-interest bearing Government Bond to be devised by NTMA in conjunction with the Immigration authorities. The funds in this Bond will be held by NTMA and, as is the case with other similar financial products, they will be available for the benefit of Ireland.

The level of investment in business entities where jobs are being created or saved will generally be  €1 million and the Department will be guided by and reliant upon the advice and expertise of IDA Ireland and Enterprise Ireland in assessing individual proposals.

The Start-up Entrepreneur Programme:
Turning to the Start-up Entrepreneur Programme, the Minister said “We need to do more to tap into the entrepreneurial potential that exists among migrants”. The Department of Justice has operated a business permission scheme for a number of years, but the conditions were considered to be too onerous.  The Minister continued, “Our existing business permission  lacked the sort of flexibility needed to attract start-ups.  We have been looking at this issue for a while and have had very useful input from State
Agencies and other Government Departments in drawing up the proposals”.

The Start-up Entrepreneur Programme provides that migrants with a good business idea in the innovation economy and funding of €70k can be given residency in this State for the purposes of developing their business (this compares with a previous minimum funding requirement of €300k).  No initial job creation targets will be set as it is recognised that such businesses can take some time to get off the ground.  Projects will be evaluated by an
Evaluation Committee with State Agencies playing a key role in “picking winners” or those who demonstrate a good idea or the potential to be a winner.

All applications for both programmes will be considered by an Evaluation Committee comprised of representatives of IDA Ireland, Enterprise Ireland, the following Government Departments; Finance;  Jobs, Enterprise and Innovation; Foreign Affairs and Trade; Health; other Government Departments as the need arises and the Minister’s own Department of Justice.  The input of the State Agencies and other Government Departments – bringing with them their economic expertise – will be crucial in deciding which applications are recommended for approval. Applicants must be of good character and be able to support themselves while in Ireland. Applicants will be required to attest to their bona fides on affidavit sworn here.  False, misleading or incomplete information submitted can lead to removal from the State as well as revocation of the immigration permissions.  An Annual Report will be published on the operation of the Programmes and they will also be reviewed to ensure that they continue to meet their objectives.  The Programmes offer no special access to Irish citizenship.  Beneficiaries will be subject to the same rules as other migrants in that regard – i.e. generally residence in the State for at least 5 years.

Minister Shatter stated “These two initiatives are about protecting existing jobs and creating new opportunities.  Ireland clearly needs investment and there is considerable potential out there.  However we don’t have the field to ourselves.  We are in competition with other countries who are already operating in this space”.  This was a reference to the existence of investor schemes in the US, UK, Canada, Australia and New Zealand amongst others.

Next Steps

Formal rules and official launch

The Minister indicated that he hoped to have the new schemes formally launched by mid March when the detailed rules governing the Programmes which are being worked upon by officials in the Department of Justice will be published. He said no new legislation is required as the pre-existing legislative powers of Ministerial discretion are sufficient to enable the programmes to operate in a flexible manner.

The Minister was not prepared to offer a projection as regards the likely uptake.  “I am not going to make any predictions on this”, he said.   “it would be unwise to do so in any case. We are in new territory so let’s wait and see. The relevant State Agencies fully support these initiatives; they are about jobs – whether creating new opportunities or saving existing jobs and my Department looks forward to working closely with them in a positive “Team Ireland” approach in operating these Programmes”

Minister Shatter concluded “Immigration systems are often associated with border control but that is only one part of the picture.  Immigration systems can assist in job creation and we need to think of migrants not just as workers but as people who can create employment  for others”.

ENDS

Notes for Editors

Immigration Scheme for Investors and Entrepreneurs

Background:

The current ‘business permission’ scheme for migrant investors, requires the applicant to have a minimum of €300,000 to invest in an Irish business project. The investment must create at least two full time jobs for EEA nationals in a new project or maintain employment levels in an existing business.  This scheme has been in place for some time and is largely inadequate for the purposes of (i) attracting high potential innovation start ups or for (ii) tapping into the potential pool of international investors.

To avail of the potential opportunities for attracting job creating investments into Ireland, the Government have approved two new immigration schemes.

Start-up Entrepreneur Programme:

This entrepreneurial start up scheme recognises the need to foster start-up enterprises in priority innovation sectors of the economy.  The existing business permission scheme is insufficient to support such business proposals and a more flexible approach has been developed in consultation with Enterprise Ireland, who have extensive experience of such schemes in other jurisdictions.

To qualify an applicant must –

§   Have some form of financial backing of not less that €75,000  through business angels, venture capital providers or a financial institution regulated by the Financial Regulator.  Personal funding transferred to the State or a grant from a relevant State agency would also be acceptable.

§   The business proposal must have a strong innovation component.

§   The applicant must not be a drain on public funds.

Immigrant Investor Programme

The investor scheme is designed to attract individuals with a successful background in business to invest in and relocate to the State.  A range of investment options are provided for with different thresholds applied depending on the nature of the investment;

§   A once off endowment of a minimum of €500,000 to a public project benefiting the arts, sports, health or education.

§   A minimum €1,000,000 investment in a low interest immigrant investor bond.  The investment is to be held for a minimum of five years. The details of the investment will be finalised with the National Treasury Management Agency in the coming weeks.  The bond will be offered exclusively to participants in this scheme and will not be tradable on any market.

§   A minimum €1,000,000 venture capital funding into an Irish business for a minimum of three years.  An investment into an Irish publicly quoted company could be considered but the investment level would have to be much higher.

§   A minimum €1,000,000 mixed investment in 50% property and 50% in Government securities.  Special consideration could be given to those purchasing property, in the State, which have been enforced by NAMA.  In such cases a single €1m investment in property might be sufficient.

Evaluation of Applications:

Applications will be on a prescribed form and will be accompanied by a fee to offset the administrative costs of the schemes.  Admission to both schemes will be subject to the approval of an Evaluation Committee composed of suitably qualified and experienced people from relevant State Agencies or elsewhere.

The Evaluation Committee will be formed from senior management representatives from the Departments of Justice and Equality, Finance, Foreign Affairs and Trade, Jobs, Enterprise & Innovation as well as Enterprise Ireland and the IDA.  A suitable qualified independent member will also be appointed.

The first order of business for the Committee will be the adoption of a code of practice for the operation of the schemes.  The code will be published and will articulate the integrity and transparency of the evaluation process.

All communication between the Committee and applicants for the schemes will be directed to the applicant or their nominated legal or financial representative.  No other third party or agency communications will be accepted or considered.

The Evaluation Committee will co-opt expertise from relevant Government Departments or State Agencies where the nature of the investment proposal requires such input.

Immigration Permissions:

Successful applicants will be granted a residence permission for two years which will be renewable thereafter provided the business is still operational and the applicant is earning a living without being a burden on the State.

No employment requirement will exist for the first two years and neither will the business be required to be profitable at renewal stage.

Family reunification will be permitted for spouse/partner and children provided that family needs are met from the resources of the entrepreneur/investor or other private means.  No access to State benefits will be permitted during this period.

Naturalisation options

The two schemes offer interested parties the potential for residence in the State and not Irish Citizenship.  Successful applicants will only be able to apply for naturalisation under the terms of the Irish Nationality and Citizenship Acts 1956-2004, in the same way and under the same conditions as all other non-Irish nationals.

Minister announces first investments under AIB Start-Up Accelerator Fund

The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, today (Monday 21^st November) announced the first five investments by the AIB Start-Up Accelerator Fund, managed by ACT Venture Capital and established early in the term of this Government as part of the banking recapitalisation mandate. 92 jobs will be created in the coming 12 months in five high-growth Irish companies in key sectors as part of the investment. The companies in which the Fund has made investments of €2million include:

• Storyful.com, the online media company established by RTE journalist Mark Little
• Online gaming software development company Swerve,
• Award-winning financial services software company Barracuda FX
• UCD-based medical diagnostics company Biosensia

The Fund contains a total of €22million, of which €20million was contributed by AIB in the context of the bank recapitalisation mandate, and €2million was contributed by Enterprise Ireland. It is one of four specialist Seed Capital Funds, totalling €124million, formed as part of the bank mandate. Investment is by way of an equity stake in the company by the Fund.

The investments made by the new Fund will focus on developing high-growth, export-oriented companies in emerging sectors such as Digital Media, Internet, Software, CleanTech and Medical Devices. The €2million invested by the Fund as part of today’s announcement comes as part of total fundraising of €5million by the five companies.

Making the announcement today, Minister Bruton said:

“If we are to turn this country around and create a new economy which can support the levels of employment we need, central to that will be dynamic Irish companies. That is why a key part of the Government’s jobs plan is to target policies at sectors where Irish companies have the capacity to break into export markets and grow quickly to create jobs. ICT, financial services and life sciences are sectors where Ireland has a long record of success in attracting multinational companies, but the challenge now is to convert that into success also for Irish companies.

“Today’s announcement is evidence that this plan is starting to succeed. This Fund is one of a series of measures the Government is putting in place to ensure that these companies have access to credit at all stages of their development. My aim is that, with the right policies in place, companies like these can succeed, grow, and create the large numbers of jobs we so badly need”.

John Flynn, Managing Director of ACT Venture Capital, said the Fund had experienced a very high level of activity in its first six months of operation and that he expects the current investment pace to continue. ‘This helps to position Ireland as one of Europe’s most active locations for seed funding and will create a strong pipeline of expansion companies and funding opportunities over the coming years’, said Mr Flynn who added that ‘ACT is particularly keen to partner with entrepreneurs where we can exploit our international network to help them expand’.

Brendan O’Connor, Head Of Commercial Banking, AIB Bank said:
“The Fund is an important element of AIB’s seed capital capability and the Bank now has facilitated the creation of €75m in funding making it the largest seed capital provider in the country. With today’s announcement, it means AIB is facilitating, on average, one new investment per month in equity capital for fast growth and high potential Irish owned businesses, supporting the creation of new jobs across the country’.

Fantastic news from Minister Bruton..

The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, today [Thursday] launched a €10 million International Start-Up Fund, aimed at encouraging overseas entrepreneurs to locate start-up businesses in Ireland:

·        The fund will be administered by Enterprise Ireland and will be open to company promoters anywhere in the world, but will be targeted particularly at the Irish diaspora, international expatriates, the “New Diaspora” (people from overseas who have previously worked or studied in Ireland), as well as serial and mobile entrepreneurs
·        Key geographical targets will include North America, UK, Europe and Australia
·        Key target sectors include Internet, Games, Cloud Computing, Medtech and Financial Services sectors
·        The fund will target investor-ready projects seeking between €200,000 and €500,000
·        Funding will be in the form of an equity stake taken by the State in the company

To support the marketing of the fund overseas Enterprise Ireland will be appointing a number of high profile successful Irish entrepreneurs to act as International Start Up Ambassadors.  Dylan Collins, one of the most experienced Internet entrepreneurs in Europe, is one of the first to accept the role of fund Ambassador.

Announcing the fund, Minister Bruton said:

“This Government’s ambition is not only to turn the country around and get employment growing again, but to once again create a dynamic economy that is the envy of the world and has over two million people at work.

“This will not be easy, but one key strand of our new industrial strategy will be to create a genuine indigenous engine of growth. As I have said before, our ambition must not only be to attract the next Google or Microsoft to Ireland, but we must also seek to grow the next Google or Microsoft in Ireland. Indigenous companies provide proportionally more than three times more benefit to the Irish economy than multinational companies.

“Today’s announcement is a direct intervention by government to create more start-up companies here. Across the world, many of the start-up companies which go on to succeed and create jobs are driven by people within a small class of mobile, innovative, serial entrepreneurs. What the Irish Government is saying very clearly today to the international technology community gathered in Dublin is – come and start your company in Ireland, we are open for business, and we will support you”.

“There is no reason why Ireland should not be a global centre for international start-ups. We already have a growing number of mobile start-ups locating here, and with strong Government supports, a business-friendly environment, a deep pool of skills as well as all the benefits that come with a base of multinational companies that is the envy of the world”.

Commenting on the new initiative Frank Ryan, Enterprise Ireland Chief Executive said:

‘Stimulating the flow of new High Potential Start-Ups and supporting their growth are fundamental building blocks in Enterprise Ireland’s strategy for economic growth and job creation.  We want mobile entrepreneurs to locate their businesses in Ireland and to see Enterprise Ireland as their dedicated partner.

‘The addition of the €10m fund provides a core offering around which the rest of our overseas entrepreneurship marketing and promotion efforts will be centred.  The attraction of overseas entrepreneurs to Ireland is an important opportunity to expand our start up activity and they will significantly add to the diversity and skill-base of the Irish start up community’.

Dylan Collins, Irish serial entrepreneur who has established highly successful companies in various countries, said:

“I am delighted to be the first international ambassador for this start up fund. It’s an excellent way to build on Ireland’s position as one of the leading startup hubs in Europe. If you’re in a startup anywhere in the world which has international ambition, you need to come and talk to us right now”.

Louis Ravenet, a serial US entrepreneur who earlier this year set up his company 2PaperDolls in Ireland, commented on what motivated him to move his business to Ireland:

“Ireland has a number of advantages for an early-stage business – it’s efficient, highly networked, co-operative and it is extremely refreshing that there isn’t a ‘hold cards close to the chest’ attitude here.  2PaperDolls is growing and we have found skilled software developers in good supply in the Irish market.  And from a cost perspective, Ireland is a great place to do business – you have the low corporate tax rate and it’s inexpensive compared to other world-class capital cities for office space, housing, schools and getting around”.

To find out more about the International Start Up Fund and Ireland as a location for your business visit: www.startinireland.com

To apply for the fund contact:
Start in Ireland Enquiry Desk, Tel: +353 1 7272140, startinireland@enterprise-ireland.com

New project to provide more than 200 jobs for local and national construction firms, and up to 30 full-time and contractor jobs once operational.

30^th September 2011
Mr Richard Bruton, TD, Minister for Jobs, Enterprise and Innovation, today announced that Google has acquired 11 acres of land and an existing building on Dublin’s Profile Park and will soon begin construction work on a highly energy-efficient data centre.  A data centre is a specialised building full of computers that run online services such as the Google search engine, Gmail and Google Maps.

Once complete, the facility will rank amongst the most energy-efficient data centres in the world. Google will use advanced air-cooling technology that has been tested and perfected at Google’s existing rented datacenter facility in Dublin. This technology takes advantage of Ireland’s naturally cool climate and uses outside air to cool computers instead of costly and energy-hungry air-conditioning units.

Google will invest up to 75 million Euros in the acquisition, build and fit out of its new facility, and will provide work for over 200 people from local and national firms at the peak of the construction phase. The contractors have already been selected after taking part in a competitive bid process.

Once operational, the centre will employ up to 30 people in a variety of full-time and contractor roles, including computer technicians, electrical and mechanical engineers, and catering and security staff. The new data centre will be in addition to Google’s existing rented datacenter facility in Dublin, which will continue to operate. Google already employs over 2,000 people in Dublin, and last year also bought three major office buildings in central Dublin, including Dublin’s tallest commercial office building, Montevetro.

Minister Bruton said: “As I have said repeatedly, the global cloud computing industry offers Ireland a massive opportunity for jobs and economic growth. I am determined that government will act decisively to seize that opportunity, and that is why I have established a cross-government implementation group to ensure that prompt action occurs.”

He continued: “The decision by Google, one of the most important multinational companies in Ireland, to locate a state-of-the-art data centre in Dublin is an endorsement of our policies in this area, and a sign of what is possible if we continue our focus”.

“We’re very happy to continue investing in Ireland and to build out our presence here even further,” said John Herlihy, head of Google Ireland. “The new data centre will be one of the most energy-efficient in Google’s global fleet. This investment further strengthens our presence here, and I’d like to thank IDA Ireland for the assistance they gave us in selecting this site.”

Need for additional funding shows start-up spirit alive and well in Ireland.

Minister for Small Business, John Perry TD, yesterday, Wednesday 28^th September, announced the provision of an additional €3.1million to the County and City Enterprise Boards directly to fund job creation projects in the remaining months of 2011. The additional funding is provided from savings elsewhere in the Minister’s Department, and is provided in response to specific requests from CEBs. The funding is additional to the €15million already provided to CEBs in 2011.

The Minister made the announcement to the Small Business Advisory Forum, which he chaired this morning.

Making the announcement, Minister Perry said:

“If we are to get out of this crisis, it is crucial that we strive in every way possible to encourage the start-up and expanding businesses that will create the jobs of the future. The County and City Enterprise Boards around the country have a key role to play in providing much-needed capital for these businesses. This year a number of CEBs have indicated that they would not have sufficient funding to respond to the needs of start-ups in their area, and so the Department sought to make savings in other areas to provide funding for these vital businesses.

“I am delighted to announce as a result that we will be providing an additional €3.1million for start-up and expanding businesses. This funding will go to the 28 CEBs which are experiencing additional demand for their services, and will directly fund projects that will create over 400 jobs around the country.

“It is very encouraging that 28 CEBs has sufficient demand from projects in their area to justify these requests, and this shows that the start-up spirit is alive and well in Ireland. The provision of this additional funding to support businesses is further evidence of the Government’s commitment to the small business sector, and ensures that resources are targeted at those CEBs where demand is greatest”.

Each CEB has also examined the funding it currently has available and whether it already has sufficient money to cover the projects coming to them seeking funding over the rest of the year.  Arising from this, 7 Boards concluded that they had sufficient funds available to them in 2011.

445 new jobs to be created in government-supported start-up companies – Bruton

Quarter two results for Enterprise Ireland backed companies show continued strong flow of entrepreneurial activity

Minister for Jobs, Enterprise and Innovation Richard Bruton today announced that 445 jobs will be created in 24 new high potential start-up companies which have been supported by government through Enterprise Ireland in the second quarter of 2011. The announcement follows on the 310 new jobs announced earlier this year as part of the Q1 results of Enterprise Ireland’s High Potential Start Ups programme.

Making the announcement, Minister Bruton said

“If we are to rebuild the economy and create the jobs of the future here, we must not only continue to attract high-end multinational companies, but we must also crucially ensure that more high potential small businesses can establish and expand here. Only an indigenous engine of economic growth can create the successful future we all want for Ireland.

“In order to achieve this, we must focus on three things:

• reducing costs and red tape;
• improving access to finance; and
• encouraging innovation in every way we can, including through government supports and ensuring that start-ups can benefit from the vast experience of our multinationals.

“Today’s announcement that over 440 jobs will be created in indigenous companies supported by Government in the second quarter of the year is very good news. Many of these companies are operating in precisely the innovative sectors that the Government is targeting for growth: clean tech, life sciences, ICT and financial services. This comes on the back of Ireland’s continued improvement in the global innovation rankings – 13^th in the 2011 Global Innovation Index, up from 19^th in 2010.

“My plan to create an indigenous engine of economic growth will ensure that Government actions are directed towards ensuring that more companies like these can establish and grow and provide the basis for Ireland’s economic recovery”.

Commenting on the announcement, Greg Treston, Head of High Potential Start Ups and Scaling at Enterprise Ireland said: ‘These 24 companies come from a broad range of sectors, confirming that there are significant opportunities for new export-focussed business start ups, particularly in life sciences, bio-tech and medical technology, cleantech, food, telecommunications, internet services and other niche areas.  Enterprise Ireland is working closely with these companies in building their business and their international market presence.  These are ambitious companies, with highly innovative products and business development strategies that will enable them to carve out a place in global markets, driving jobs and export sales growth at home’.

Examples of some of the new projects include: