What Is The Ryan Entrepreneurship Fund?
A new fund aimed at startups has been established in Tipperary, primarily geared towards firms that are participating in one of the various support programmes being run for startups on Limerick Institute of Technology's (LIT) Enterprise Ladder.
Called The Ryan Entrepreneurship Fund for Tipperary, it was established in honour of prominent Tipperary businessman and Ryanair co-founder, the late Dr Tony Ryan.
The fund has targeted raising €500,000 for companies based in LIT's Thurles or Clonmel campuses, with over €100,000 already committed to the fund. The founder donors are the One Foundation, Pat McGrath of PM Group, Clancy Construction and the Thurles Chamber of Commerce.
Successful applicants will receive between €10,000 and €25,000 each in funding for their companies. According to Dr Maria Hinfelaar, LIT's president, Dr. Maria Hinfelaar: “It is only right that a fund that supports innovation would be launched in Dr Ryan's home town of Thurles. This is a historic location in cultural terms, thanks to it being the birthplace of the GAA, but very much historical in a business sense also, as it gave not just Tipperary but Ireland one of its most dynamic and inspirational business leaders.”
The fund has received charitable status, meaning that donors can claim tax relief on their contributions, while administration and management costs will be absorbed by LIT. Startups bidding for funding under the initiative will be required to submit a suitable business plan, which will be followed by reviews, a final decision and subsequent feedback.
Candidate companies will also need a recommendation from one of LIT's enterprise centre managers or equivalent (e.g. enterprise development manager in Enterprise Ireland or a community enterprise centre), who will have already completed their own formal evaluation.
Interested donors should email firstname.lastname@example.org for a copy of the donor prospectus. (June 2014)