Deputy John Deasy asked the Minister for Jobs, Enterprise and Innovation in relation to his Department’s monitoring of the South-East Employment Action Plan, the number of ideas have been funded in Waterford since its launch in January 2012; the amount of funding for Waterford ideas that have been awarded to-date.
Reply from Minister Richard Bruton: The South East Employment Action Plan has a number of recommendations which the relevant agencies and stakeholders are charged with implementing. The following are examples of agency funding provided to individuals or companies in Waterford and in the South East since January 2012 to develop new business ideas.
Enterprise Ireland’s New Frontiers Entrepreneur Development Programme is a rapid incubation programme designed to provide hands-on support and management development for entrepreneurs who wish to start their own business.
Twenty promoters were accepted on to the 2012 programmes run in Waterford IT and Carlow IT. All were approved a €15,000 scholarship from Enterprise Ireland to develop business ideas which can be spun out as knowledge based companies to provide jobs and export sales. Graduates are expected to go on to set up new businesses in the South East following the programme.
Enterprise Ireland launched a pilot Competitive Feasibility Fund for new start-ups in the South East in January 2012. Over 40 applications were received with 14 high quality projects being approved for funding. The total fund was approximately €200,000. To date, one of the projects has been approved High Potential Start Up funding. Enterprise Ireland continues to work with innovative start-up companies at all stages of development and growth within the region.
Since 2007, Enterprise Ireland has approved a total of 707 Innovation Vouchers to companies in the South East with 287 approved to Waterford based companies (as of March 2013). Waterford has the fourth highest number of approved vouchers since 2007.
In addition to the above, the Waterford County and the Waterford City Enterprise Boards have both continued to use the funding available under the European Globalisation Fund and from my Department to provide supports for micro-enterprises within the County. From the 1st January 2012 to date, the two CEBs have funded 51 projects in the amount of €865,270 from the funding allocated by my Department, supporting the creation of 98 jobs, and funded a further 6 other projects in the amount of €110,462 with the financial support provided by the European Globalisation Fund.
Work is on-going on the implementation of the South-East Employment Action Plan recommendations, with agencies and stakeholders working together to maximise benefits for the region. The South East Forum, established to oversee the implementation of the Action Plan, and which I met most recently in March this year, will continue to examine ways that would lead to job creation and investment opportunities in the South East.