Mr. Tom Hayes:

I will refer to female entrepreneurship, youth entrepreneurship and funding for CEBs and LEOs.

We supported female entrepreneurs through going for growth over the past number of years. We encouraged women to start businesses. Through going for growth we set up a network where women helped themselves through mentoring, encouragement and bringing in role models who built businesses.

About 18 months ago we put a real focus on female entrepreneurship, in particular with respect to innovative technology-led products. We found many businesses started by women tended to be smaller and local. There is nothing wrong with that, but the number of women participating in things such as HP issue product was very small. We launched a competitive feasibility fund, followed by a competitive start fund exclusively dedicated to women. In 2011 8% of the total overall competitive start fund was allocated to woman. This year the figure rose to 23%, which is a very significant increase. In December 2010 there were seven female applicants for the competitive start fund and in March 2013 figure had risen to 33. We are also involved in a number of networks and sponsor a number of events which are exclusively dedicated to women. To answer the Deputy’s question, we will continue that and ensure a higher proportion of those starting a business, in particular in the technology area, are women.

All of us can relate to the scourge of youth unemployment and want to encourage young people to not just think about a job or emigration, but starting a business in Ireland. A number of our programmes, while not exclusively dedicated to young people, comprise a significant proportion of them. We find younger people are applying for the competitive feasibility and competitive start fund because the barriers to entry are much lower. They can secure an investment of €50,000 for 10% of the business. It does not involve the normal requirements for a matching support; they put in €5,000. It is a much lower barrier.

I referred to two of the other programmes which would have a significant youth dimension, one of which is the Think Outside the Box awards, which operates at third level and encourages those in third level to think about starting a business. Over the past three, four or five years there has been a very significant increase in participation, which I have seen at first hand. Over 400 participated, which is a great response. The quality of those becoming involved has improved and they are much more likely to remain involved. It is fair to say that traditionally students entered such programmes as a rite of passage as they went on to get a job, but now are much more focused on starting a business. Many of the 150 involved in the new frontiers programme in nine incubation centres around the country which are attached to institutes of technology. Many of those involved are aged under 30.

On funding for CEBs and LEOs, there has been no decrease whatsoever in terms of funding. Even though we are in a transition phase, no one individual or company has been in any way disadvantaged as a consequence. Anybody who wants to conduct a feasibility study, expand job numbers, undertake research or participate in the various programmes run through CEBs can do so. We will fight and ensure that the budget for 2014 is on a par with that for 2013.