Minister Launches Competitive Feasibility Fund

The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, has launched the new Enterprise Ireland €375k Competitive Feasibility Fund aimed at stimulating new start-ups, or expansion of existing business activity in the aviation sector.

This fund, which can provide up to €25,000 per project, is now open for applications, and will remain open until Monday 16 September 2013.

The announcement marks the delivery of a key measure under the Government's Action Plan for Jobs, and is aimed at meeting the needs of the aviation industry and supporting the growth of international aviation companies in Ireland. This initiative also follows on the Government's publication of the 'Shannon Aviation Business Development Task Force Final Report' which is focussed on building an environment which will encourage and support entrepreneurship and business expansion in the aviation sector.

The Competitive Feasibility Fund will support new start up companies or individual entrepreneurs to investigate the viability of a new significant growth oriented business or proposition in the aviation sector. It will also support established companies or groups of businesses to examine the potential for expansion, diversification or spinning out of a new enterprise in the industry. The funding will enable the promoters to reach firm conclusions regarding the project's viability and strategies for developing and commercialising the innovative product or service on international markets.

The fund is open to applications from the Aviation Sector including financial services associated with the sector, Aircraft and Engine leasing, Aviation software and IT, Training, Travel related software and related services, Small Aircraft Assembly, Aircraft Dismantle, Maintenance Repair Operations Airframe and Components, Composite Repair, Parts Manufacture, Aviation Services, and other engineering and technical activities.

Minister Bruton said: "A key part of the Government's Action Plan for Jobs is targeting specific sectors where we have established strengths, and supporting growth and expansion in those areas in order to create jobs. Aviation is one such sector – we already have in place a world-class aviation ecosystem, which offers tremendous potential for new and exciting businesses to carve out opportunities for innovative products and services. "In particular, as part of our plans for the Shannon region, we are targeting the establishment of an international aviation centre of excellence to support growth and jobs in the region."

(CD/JP)