A new fund could give farmers a chance to diversify their businesses

There’s €200,000 up for grabs for farmers looking to kickstart their bright idea.

By Killian Woods Reporter, Fora August 15th 2016 2 min read

A NEW ENTERPRISE Ireland startup fund for agribusiness could present Irish farmers with a welcome chance to diversify their business.

Many Irish farmers are heavily reliant on subsidies to keep their farms afloat, while the UK’s decision to leave the EU is likely spell more bad news for the sector as fluctuations in the exchange rate between the British pound and the euro is likely to cause a drop in Irish agri-exports to Britain.

Money from the Competitive Feasibility Fund (CFF) will be awarded to entrepreneurs and early-stage companies in the agri space that Enterprise Ireland think have the best chance join its High Potential Start-up (HPSU) ranks and within three years will reach €1 million in sales and employ over 10 staff.

There is a total of €200,000 available and it will be given in lots of €25,000.

Minister for Jobs Mary Mitchell O’Connor said Ireland has a tradition of developing world-renowned agribusinesses and this fund it aimed at finding the next big idea while also creating more jobs down the country.

“Competitive feasibility funds are all about developing new businesses that will create jobs in every region in Ireland – something this government is deeply committed to,” she said.

“If you are a potential entrepreneur or early-stage business in the agri-business sector, this Competitive Feasibility Fund can help you get started.”

The new fund for agri-startups has followed the launch of similar Enterprise Ireland initiatives targeted at funding fintech startups, female entrepreneurs, early-stage companies based outside Dublin and overseas founders.