Fintech Development and Support fund of 500,000 Euros has been announced by Enterprise Ireland to attract overseas start-ups to the nation. This has been announced to accentuate the strength of start-ups in Ireland.
Budding stage firms that are chosen for the annual funding program will be offered high-level support for business development. Enterprise Ireland will offer up to 50,000 Euros to each chosen firm through Government of Ireland’s agency Fintech Competitive Start Fund.
Enterprise Ireland’s High Potential start-up’s Divisional Manager Joe Healy said that the program will support and encourage overseas start-ups. It will be available for entrepreneurs working in a wide range of banking applications that cover payments, regtech, insurtech and security.
Apart from the upfront cash funds, the chosen overseas start-ups will also avail diverse advantages, as quoted by Finextra. This includes incubation space partnered with the innovation team of Bank of Ireland and tailored business development support program.
Bank of Ireland’s Head of Innovation David Tighe said that the new startup lab of the bank will incubate the start-ups with high potential. Along with this, the desk space will offer access to complete range of business support that is tailored. It will be inclusive of support and mentorship from the dedicated Enterprise and Innovation team of the bank, added David.
Overseas start-ups applying for the program will have to submit a digital video pitch apart from written online applications. Successful overseas entrepreneurs will have to immigrate to Ireland.
Overseas entrepreneurs that need a visa to reside and work in Ireland will be assisted by Enterprise Ireland. Overseas applicants outside the EU will be eligible for the Startup Entrepreneur Visa. This visa authorizes the overseas entrepreneur to reside and work in Ireland along with the family members.
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