AQW 7242/17-22 Written question to the Minister for the Economy
To ask the Minister for the Economy whether she will consider providing additional funding and support for new start-ups in Northern Ireland.
Asked by Andrew Muir MLA on 18 September 2020
- Answered
- Written
- Tabled
- 18 September 2020
- Answer due by
- 5 October 2020
- Answered
- 30 September 202012 days after tabling
- Department
- Department for the Economy
- Priority question
- No
Answer
I recognise the importance of business start-ups in driving the growth of our economy. Following Local Government reform in 2015, responsibility for local business start-ups, social enterprises and start-ups by under-represented groups passed from Invest NI to the 11 Councils.
There are a number of support programmes already in place for this important part of our economy. The 11-Council NI Business Start-Up Programme, branded as ‘Go for It’, is supported by Invest NI. This programme is part-funded through the Local Economic Development (LED) Measure of the European Regional Development Fund, with match funding provided by Invest NI and Councils. Over 3½ years until March 2021, this programme will support approximately 15,000 participants to start their own businesses. Recently the 11 Councils secured additional LED Measure and Invest NI funding for a subsequent programme, will run from April 2021 until March 2023 and which will aim to support a further c6,000 individuals to start their own businesses.
In addition, the LED Measure and Invest NI have also funded a further 36 programmes of support with Councils. These programmes are offering direct support to approximately 11,000 locally focussed businesses through a number of interventions such as mentoring and workshops to help them grow and become more competitive.
Invest NI continues to support the start-up ecosystem through initiatives including its Propel pre-accelerator Programme delivered by IGNITE. The Programme is currently delivered virtually, offering entrepreneurs workshops, tutorials, mentoring, financial support and access to investment.
Invest NI also recently launched the Covid-19 Digital Selling Capability Grant and the Covid-19 Equity Investment Fund, which are available to all eligible NI companies.
Finally, Invest NI’s Innovation Voucher Scheme offers a business up to £5,000 to work with a knowledge provider. The scheme is particularly helpful to small businesses seeking to innovate and grow.