James O'Connor (Cork East, Fianna Fail)
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23. To ask the Minister for Enterprise, Trade and Employment his Department’s strategy for creation of unicorn start-ups; and if he will make a statement on the matter. [6551/22]

Damien English (Meath West, Fine Gael)
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A key priority for Enterprise Ireland, is to develop new High Potential Start Ups and to help make Ireland a world-leading location to start and scale a business. Under its new 2022-2024 Corporate Strategy, Enterprise Ireland proposes to increase start-up and scaling activity by as much as 20%. Management skills and leadership capability will be a key underpinning objective in this area.

My Department also recognises the need for more investment in innovation and has committed funding to create and enhance a thriving equity investment ecosystem in Ireland through a number of Schemes and funding Programmes such as:

- The Seed and Venture Capital Scheme operated by Enterprise Ireland which in the current cycle of the scheme (2019 to 2024) has a total budget of €185 million and has benefited 750 companies to date.

- The Irish Innovation Seed Fund Programme, a collaboration between Enterprise Ireland, the Ireland Strategic Investment Fund and the European Investment Fund which was launched earlier this week. In total, €90 million will be available to invest in innovative Irish organisations at the earliest stage of their development.

Enterprise Ireland also works closely with applicants to prepare them for the European Innovation Council (EIC) Accelerator, which provides significant equity and grant funding in a very competitive process with strong international competition. In a recent Call in 2021, five Enterprise Ireland-backed start-ups have been recommended for more than €20.5 million in funding and mentorship from the first final-stage European Innovation Council (EIC) Accelerator call.

The Government established the Disruptive Technologies Innovation Fund (DTIF) in 2018. It is aimed at encouraging collaboration and innovation in the development of disruptive technologies on a commercial basis. My department through Enterprise Ireland has allocated €235 million to 72 projects and 270 partners which are working together in collaborative, disruptive, industrial research projects, with strong commercialisation potential. A new Call for projects is currently open and will close on 10 February 2022. If successful, the innovations emerging from the DTIF will offer Irish companies a route to compete in and potentially disrupt global markets, leading to increased employment, increased exports and which potentially could lead to companies that meet the definition of a unicorn start-up.