James Lawless (Kildare North, Fianna Fail)
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76. To ask the Minister for Enterprise, Trade and Employment the measures in place for nurturing digital start-ups with export potential; and if he will make a statement on the matter. [22081/23]

Neale Richmond (Dublin Rathdown, Fine Gael)
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My Department and its Agencies operate a comprehensive suite of measures and supports to nurture all start-ups, including digital start-ups.

The Seed and Venture Capital Scheme, operated by Enterprise Ireland, has been a key driver of the development of an equity funding ecosystem for startups in Ireland. The Scheme provides essential finance and assistance to early-stage companies. Since 1994, the Scheme has invested over €700 million into early stage, innovative Irish companies, which, combined with private money crowded in by this investment, has resulted in funds with a total combined size of over €3.3 billion.

Further to the Seed and Venture Capital Scheme, Enterprise Ireland has a comprehensive range of supports for high potential start-ups. These include: Innovation Vouchers to assist early-stage companies to explore a business opportunity or solve a technical problem; New Frontiers, which is a programme designed to accelerate the development of sustainable new businesses that have strong employment and growth potential; theInnovative HPSU Fund, which offers equity investment to high potential start-ups, many of whom would be in the digital space; and Investor Ready Workshops.

Enterprise Ireland also run the HPSU Founders Forum,which is a platform that provides founders with an environment to motivate, share challenges and support each other through their growth journey.

Outside of these initiatives, my Department supports the operation of the Halo Business Angels Network or HBAN, an all-island organisation responsible for the promotion of business angel investment. It is a joint initiative of Enterprise Ireland and InterTradeIreland. HBAN facilitates investors to meet startups, giving these investors the opportunity to be part of the journey in creating great Irish companies.

Microfinance Ireland is another organisation that provides vital support to microenterprises. It fills a lending gap in the market and lending to businesses that cannot obtain loans from other commercial lenders. It provides loans of €2,000 up to €25,000 to businesses that do not meet the conventional risk criteria applied by commercial lenders and applies interest rate charges for its lending which are not reflective of its credit risk.

In addition to its lending services, Microfinance Ireland also provides post approval mentoring services, free of charge, to its borrowers. The mentoring services are delivered through the Local Enterprise Office Network.

Finally, my Department has responsibility for the implementation of the Enterprise Dimension of "Harnessing Digital - The Digital Ireland Framework". This paper recognises that the supports outlined above provide Ireland with a strong ecosystem for start-up and early stage companies. This ecosystem will be leveraged to nurture a new generation of digital start-ups, including ensuring that 35% of State funding to start-ups is targeted towards innovative digital businesses, improving market access to the EU Single Market for digital service by removing barriers, or using public procurement supports innovative start-ups.