€1 million in start-up funding has been announced for international entrepreneurs and experienced business professionals.

The funding comes in the form of two Competitive Start Funds (CSFs), with up to 10 successful applicants in each fund set to receive up to €50,000 in equity funding.

The international fund is aimed at start-ups that are willing to relocate to Ireland.

According to Enterprise Ireland, the second fund has been designed for professionals who have 25 years or more of relevant business experience in Ireland or abroad.

Successful applicants for that fund will also be given an opportunity to take part in a three-month business development programme from DCU Ryan Academy.

Enterprise Ireland’s Competitive Start Fund is an initiative to increase the number and quality of High Potential Start-Up Companies (HPSUs) in Ireland - referring to companies that have the potential of employing more than 10 people and achieving €1 million in export sales within three years.

Business, Enterprise and Innovation Minister Heather Humphreys said Ireland is a 'hub' for start-up activity.

She observed: "By attracting talented international entrepreneurs to Ireland and encouraging the development of business ideas by mature, highly-skilled professionals, the CSF is crucial for development of Ireland’s start-up ecosystem.”

Sarita Johnston, HPSU Start Manager at Enterprise Ireland, explained: "The start-up ecosystem in Ireland is a talent-rich community - however we understand that there is a significant number of entrepreneurs that are keen to relocate to Ireland.

"The CSF for international entrepreneurs is specifically for these entrepreneurs and successful applicants from outside the EU will be eligible for Start-up Entrepreneur Visa."

She added that experienced professionals represent a “largely untapped segment of the entrepreneurial community in Ireland”.

Applications will be open from Tuesday 21st August until Tuesday 4th September, with more details available on the Enterprise Ireland website.