Alan Kelly launches new €1m investment programme for for high potential businesses
Issued : Monday 14 February, 2011
A new €1 million euro investment partnership to support high potential businesses in North Tipperary is about to take off.
Labour MEP, Alan Kelly, today launched the 'Invest North Tipp' partnership which aims to finance high potential growth companies to establish themselves in North Tipperary. It is the first time an investment partnership has been put in place for Tipperary according to Alan Kelly, who spearheaded the initiative.
"This is fantastic news given the current economic climate right now. It gives a huge boost to the local economy,""
"We have to look at ways we can create a platform of sustainable employment and think of ways of marketing North Tipperary for investment. We can only do that by identifying the best talent in the future growth sectors and give them the right kind of support to see them establish locally. That is the primary aim of the partnership," stated Kelly.
Two leading investment companies, Ronoc and Tolisons, have earmarked €1 million euro that will be made available to high potential, export orientated companies based in North Tipperary or willing to re-locate there.
The companies would take a shareholding in the chosen company and the scheme would be focused on key potential growth areas of the local economy, namely: pharmaceuticals, medical devices, ICT and cleantech (including renewable energy and waste-energy conversion).
The partnership came about following research commissioned by Alan Kelly identifying the obstacles that prevent Irish companies from growing beyond a small base.
"The research, which was based on 204 different companies, identified that the lack of capital for companies to grow right now is chronic. We need creative ways of addressing this. But it cannot just be about capital, the research also showed a lack of willingness or encouragement for companies to grow and we are not maximising that potential. This partnership is as much about encouraging a company to grow as providing actual finance. We will be giving companies access to investment expertise also,"
Investment partner, Tolisons Private Equity, was established with the aim of becoming the leading boutique venture capital and private equity firm for technology companies in Ireland.
Announcing the initiative, Tolisons CEO, David O'Flynn, said he is hopeful that the venture can provide the stimulus to allow an Irish-based company to scale-up and show the talent that exists in the country.
"I was delighted to come on board. At Tolisons we recognise the fundamental necessity of supporting enterprise throughout country. There is a clear deficit of capital available to finance quality Irish companies getting off the ground. We are hoping to step into that gap and assist businesses in stimulating their growth phase. I believe it is a concept that can be replicated in other areas," he stated.
Ronoc CEO, Michael Madden, is from North Tipperary and expects that this investment programme will be the catalyst for other private investor to focus on North Tipperary.
"There is no doubt that we need to support local entrepreneurs and create an environment for businesses to prosper. This is the concept of this investment partnership whilst also leveraging the excellent work of Enterprise Ireland. This is an opportunity for North Tipperary to start branding itself as a leading entrepreneurial hub"
A website www.investnorthtipp.com will be up and running and taking applications for the partnership in the coming days.
