Enterprise Ireland’s €4.25m ‘New Frontiers’ programme to deliver 100 new companies
Seán Sherlock T.D. Minister for Research & Innovation today (Monday) launched ‘New Frontiers’, Ireland’s largest entrepreneur development programme. New Frontiers is a national programme funded and coordinated by Enterprise Ireland and will be delivered locally by 13 Irish Institutes of Technology.
Announcing the details of the programme Minister Sherlock said: “The focus of the New Frontiers programme is developing people into entrepreneurs - laying the foundations and imparting the entrepreneurship skills needed to move from business concept to reality.
“Enterprise Ireland is working in partnership with the Institutes of Technology to ensure that the participants create sustainable businesses, jobs and economic stability in regional locations. By giving the individuals the skills they need to successfully set up and run a company, they will be capable of replicating that success with other ideas in the future.
“The New Frontiers Programme forms part of one of the action points set out in the Government’s recently announced ‘Action Plan for Jobs’ and will have the potential to deliver up to 100 new companies per annum”, Minister Sherlock added.
This national programme is co-ordinated by Enterprise Ireland which is providing €4.25 million in funding to enable the Institutes of Technology to deliver the programme at a local level. The core element of New Frontiers is a six-month intensive programme which will focus on developing the person’s entrepreneurial abilities, equipping them with the skills they need to run, and crucially to develop, sustainable businesses.
The New Frontiers programme will target high-potential entrepreneurs with the commitment and capability required to develop and deliver sustainable businesses. It is expected that the programme will produce a pipeline of companies eligible for Enterprise Ireland’s high-potential start-up (HPSU) supports.
Nationally 250 applicants will be accepted on to the first phase of the programme where their business idea and their capabilities as a potential entrepreneur will be tested. During this part-time 8 week phase the participants will benefit from workshops on the business value proposition, market research & validation, sales training, financial management.
Of those 250 applicants, 150 will qualify for the six month intensive core element of the programme which will focus on developing the person as an entrepreneur. They will be equipped with the practical skills they need to run a business and challenged to realise their business goals.
Participants will receive financial support of €15,000 from Enterprise Ireland as they focus all their efforts on developing a business during this six-month period. They will also be given office space in the Institute of Technology’s incubation centre, mentoring and access to networking opportunities with potential investors.
Also speaking at the launch, Martin Lyes, Manager of Research & Innovation at Enterprise Ireland said “The New Frontiers entrepreneur development programme is for people who have an innovative idea and want to learn how to set up and run a company around it. We are looking for people who can create sustainable businesses with the potential to deliver local employment”.
Information on the participating Institutes of Technology is available at www.enterprise-ireland.com/newfrontiers
*The delivery of this programme by Enterprise Ireland is one of the action points set out in the Government’s Action Plan for Jobs announced on February 13th 2012