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Here's what is being done to lure 'the next Facebook' to Ireland

There’s money on the table for foreign startups that come to the country.

THE IRISH GOVERNMENT has put up €500,000 in funding to lure foreign startups to set up business in the country.

The “competitive start fund” will offer up to €50,000 in equity finance to 10 international applicants who found companies with international trade potential.

The announcement today comes as part of Enterprise Ireland’s strategy for growing the number of high-potential startups – those with scope to employ over 10 staff and export €1 million within 3 years – in the country.

Among the conditions attached to the fund, applicants have to register a company in Ireland before getting the investment and keep their headquarters and intellectual property in the Republic.

Startup founders will also hand over a 10% stake in their businesses in return for the funding boost.

Fast growth, new jobs

Business and Employment Minister Ged Nash said two-thirds of all new jobs were created by startups in their first five years.

That is why we are taking action to encourage international startups, and indeed our own diaspora, to locate in Ireland,” he said.

Startup Ireland CEO Eoin Costello said attracting the next Google or Facebook to the country was “vital for job creation and innovation”.

The government has managed to attract several fast-growing startups to the country in recent months, including workplace messaging service Slack and several other US and European tech outfits.

First published 11.58am

READ: Irish businesses want EU to loosen its grip so Ireland can stop playing catch up >

READ: A billion-dollar travel giant has paid a cool €55 million for one Dublin tech firm >

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