€500,000 Competitive Start Fund to boost Shannon Airports Aviation Related Activity – BREEN

April 10th, 2014 - Pat Breen

Clare T.D. and Chairman of the Oireachtas Committee on Foreign Affairs and Trade Pat Breen said today (Thursday) that introduction of a special €500,000 Enterprise Ireland Competitive Fund which was launched by the Minister for Jobs, Enterprise and Innovation is a major boost for the further development of aviation and manufacturing related activity in the Shannon Region.

“This Competitive Start Fund follows on from the successful Enterprise Ireland Competitive Feasibility Study Fund call launched in July 2013 where 20 entrepreneurs and businesses in the aviation sector were supported with an overall fund of €375,000.

The Fund is aimed at stimulating activity in the Aviation and Manufacturing Sectors and it will help early stage companies to get off the ground and launch new products and services in the international marketplace. The priority of the Fund is to provide young companies in these sectors with the critical early stage funding for the key commercial and technical milestones that will ensure delivery of their product or service, and help them get their project to a key funding milestone.

This aviation focus stems from the Government’s Publication of the ‘Shannon Aviation Business Development Task Force Report’, and the fund is a major boost for the Shannon Group Plc as it will support entrepreneurship and business expansion in the aviation related activity at the Airport which has significant job creation potential. Indeed the same task force report estimated that up to 3,500 jobs would be supported through the development of the Aviation Centre at Shannon over the next five years. And the soon to be published State Airports (Shannon Group) Bill will copper fasten the development of this business.

This 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. Manufacturing sector applications are welcome from start up businesses proposing to use mechanical, electrical and chemical engineering technologies for the production of goods as well as new start ups involved in activities such as material forming, tooling, automated systems and additive processes and related technical activities.

There was a very positive response to the Competitive Feasibility Fund which was launched in 2013 and I am very hopeful that there will be an equally positive response from startups in the manufacturing and aviation sectors on this occasion.