Written answers

Thursday, 5 June 2014

Department of Jobs, Enterprise and Innovation

Enterprise Support Services Provision

Photo of Bernard DurkanBernard Durkan (Kildare North, Fine Gael)
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61. To ask the Minister for Jobs, Enterprise and Innovation the extent to which there are incentives to encourage entrepreneurship among young persons currently; if the strategy employed is sufficiently effective; and if he will make a statement on the matter. [23976/14]

Photo of Richard BrutonRichard Bruton (Dublin North Central, Fine Gael)
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Young entrepreneurs and third level students are a seed bed for future business start-ups and as such they should be part of Ireland getting back on its feet, and the drive to stimulate more entrepreneurship, micro and small business activity. It is not only important to support existing entrepreneurs but also to work towards encouraging greater levels of entrepreneurship in the future. Using additional funding secured, my Department is continuing its work on developing a range of new initiatives in 2014 to support youth entrepreneurship and young people with a business idea to start their own business, to be delivered through the Local Enterprise offices (LEOs) and Enterprise Ireland.

On 15thMay I launched a new competition to find Ireland’s Best Young Entrepreneur, with a total fund of €2million available to invest in winning businesses and entrepreneurs in every county in the country. The competition is open to individuals aged 30 and under and will be judged under three distinct categories:

- best new idea

- best start-up business

- best established business with new add-on.

Mentoring, marketing and other supports will also be available to participating businesses at various stages of the competition from the LEOs.

On 29thMay I launched a new €500,000 Enterprise Ireland Competitive Start Fund targeted at stimulating new start-up business activity for graduates. This fund will provide for up to €50,000 in support for each successful applicant. This Fund is the first of its type for graduates and will provide a package of financial and developmental supports. Applications will be considered on a competitive basis and the financial support will be in the form of equity investment. The support will be towards costs associated with developing the business and achieving key milestones.

Within the context of the Action Plan for Jobs, I have also committed to:

- roll out an enhanced Student Enterprise Awards initiative targeting a greater number of students from the third level sector and increasing the quality of applications.

- Support the voluntary youth work sector by facilitating links between local youth services and the LEOs and Microfinance Ireland so that young people, especially those who are furthest from the labour market, can be supported and mentored in entrepreneurial initiatives.

The LEOs will be shortly completing their comprehensive Enterprise Development Plans for each Local Authority area for review by the Enterprise Ireland Centre of Excellence. A specific element of these plans is the LEOs’ efforts to promote entrepreneurship in schools. As with all elements of the LEOs’ activities, the intention of the Centre of Excellence will be to identify best practice across the LEOs and promote this for adoption across the country. In this specific area, this should over time lead to increased participation and impact as approaches are developed and fine-tuned.

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