David Stanton (Cork East, Fine Gael)
Link to this: Individually | In context

Question 46: To ask the Minister for Enterprise, Trade and Innovation the programmes and policies in place within his Department or organisations and agencies under the aegis of his Department to encourage and support entrepreneurship; and if he will make a statement on the matter. [24425/10]

Batt O'Keeffe (Cork North West, Fianna Fail)
Link to this: Individually | In context

As Minister for Enterprise, Trade & Innovation my priority is to ensure that the business environment is supportive of enterprise and export growth and encourages growth in all areas of the economy including entrepreneurs.

The Government's sustained investment under the Strategy for Science, Technology and Innovation has led to year on year increases in R&D and innovation projects in indigenous companies and the growth in the number of spin out and incubation companies.

The State enterprise agencies provide a range of direct financial and non-financial supports to entrepreneurs.

As part of its overall strategy for indigenous industry, Enterprise Ireland's remit includes the stimulation and development of start-ups that have the potential to employ more than 10 people and achieve €1 million in exports. Such start-ups are typically highly innovative and are in a position to sell globally from their earliest stage.

Over the last decade, the Government has made significant investment in development in the broader environment for start-ups. This has included substantial investment in incubators, seed and venture funds, angel networks and mentors. Enterprise Ireland has supported between 50 and 70 start-ups each year over the past decade, 50% of which are located outside Dublin.

In 2009, Enterprise Ireland supported the business plans of 73 High Potential Start-up Companies. These young companies are an integral part of the Government's blue print for the Smart Economy and are from sectors as diverse as life sciences, bio-tech and medical technology, food, telecommunications and internet services.

They are expected to create over 900 new jobs over the next three years, bringing total employment in these businesses to almost 1,500. Total sales over the same period are expected to reach €600 million, with exports accounting for over 80% of this figure.

EI's Business Partners Programme provides funding to enable entrepreneurs to work with researchers who have technology with real potential. The funding allows them to undertake due diligence on the technology and the market and where appropriate spin it off into a new start up.

The CEBs stimulate enterprise potential at local level, play a key role in creating a thriving enterprise sector and promote entrepreneurship.

The County and City Enterprise Boards provide support to indigenous micro-enterprises, employing up to 10 people, in the start-up and expansion phases by both financial and non-financial assistance.

In 2009, the CEBs assisted the micro-enterprise sector through the provision of €10.365 million in grant assistance to 1,120 client projects as well as providing over 25,000 participants with a variety of training and mentoring programmes.

We also want to ensure that entrepreneurial individuals are identified, appreciated and cultivated at an early stage. The Student Enterprise Awards organised by the CEBs attracted almost 15,000 participants this year with representation from 400 schools. Under the programme students researched, set up and managed their own enterprises identifying solutions to business problems.