Government Unveils £5m Boost for Tech Start-Ups and Entrepreneurs

Economy Minister Conor Murphy has recently announced an exciting new programme aimed at providing support for early-stage, technology-based start-up businesses and entrepreneurs.

The programme, named Founder Labs, is slated to receive up to £5 million over the next four years and is intended to assist these businesses in becoming global leaders within their respective industries. This initiative is expected to play a pivotal role in helping these start-ups improve their market fit, scale their operations, succeed in global markets, and attract future investment for rapid growth.

At the launch event, Minister Murphy expressed his enthusiasm for the initiative, highlighting the potential it holds for boosting productivity in the economy and supporting high-growth start-ups to scale and grow. He also emphasized the importance of fostering regional and all-island partnerships to drive economic growth.

Founder Labs will be implemented by a consortium consisting of Ormeau Baths in Belfast, Dogpatch Labs in Dublin, The AMP in Derry, and Queen’s University Belfast. The programme is specifically targeted towards tech start-ups and will provide support for high-growth Innovation Driven Enterprises that focus on international sales and invest in R&D to bring new and innovative technology-based products and services to market.

Speaking alongside Minister Murphy, Steve Baker, the Minister of State for Northern Ireland, reiterated the UK Government’s commitment to supporting Northern Ireland’s entrepreneurs and creating more employment opportunities through innovative businesses. He expressed delight at the prospect of 40 businesses receiving support over the next four years through the £5 million funding provided by the UK Government’s New Deal for Northern Ireland and Invest NI.

Kieran Donoghue, CEO of Invest NI, emphasized the significance of technology-based companies to the economy, noting their potential for high-growth and their contribution to increasing salaries and improving living standards. Donoghue expressed confidence in the strong team on board to deliver the programme and highlighted the positive impact it is expected to have on the companies involved.

Claire Halliday, Co-Founder and Manager of Ormeau Baths, spoke passionately about the programme, citing her personal experience with the impact that such support can have on a business. She outlined the structure of the programme, which will consist of four intense six-month programmes over the next four years, with 10 start-ups participating in each. Participants will have access to learning events, mentoring, grant and investment funding, as well as shared working spaces and opportunities to explore international markets.

To apply for Founder Labs, interested parties can visit www.investni.com/FounderLabs for more information and details on how to submit an application.

The programme’s funding includes up to £2.6 million provided by the UK Government’s New Deal Entrepreneurship Funding and a further £2.7 million allocated by Invest NI. The initiative is part of a broader strategy to strengthen the Innovation Driven Enterprise (IDE) ecosystem in Northern Ireland, with the goal of generating more high-potential IDEs with global market potential.

This initiative represents a significant investment in the future of Northern Ireland’s economy, supporting the growth and development of innovative start-ups and entrepreneurs with a focus on cutting-edge technology and international market expansion.