€500k games fund for Irish start-ups

Enterprise Ireland, a business organisation endorsed by the Irish government, is to divide €500,000 between promising games and technology startups.

The group will select 10 firms to each take up to €50,000, but requires a 10 per cent stake in each. At least €5000 in third-party funding is also demanded.

The fund will also provide mentoring support to approved start-ups.

Stated Frank Ryan, CEO of Enterprise Ireland: "Very early stage companies can face difficulties in raising external financing at this vital stage in the start up and market launch process - this new Enterprise Ireland competitive start fund is aimed at helping them bridge this gap and quickly validate their market.

"A key focus of our Software Strategy is to further stimulate the emergence of internet based companies in Ireland and to broaden their international base and scale. This new fund will help a new cohort of internet and games entrepreneurs to set up and grow successful international businesses."

Ireland's minister for Enterprise, Trade and Innovation, Batt O'Keeff, said the scheme was a "strategic investment in the future of Ireland's internet and games industry. In Ireland and the United Kingdom, the market for online games is valued at about €2 billion.

"Clearly, there is an enormous business opportunity there for Irish firms and the Government, through Enterprise Ireland, is focused on helping internet and games entrepreneurs to capitalise on this rapidly growing market opportunity."

The deadline for applications is Thursday, December 16, with the approval process completing at the end of January. Registration is available here.

The fund is expected to grow in size and scope if successful.