Local entrepreneurs under the age of 30 have up until July 31st to apply for the ‘Fingal’s Best Young Entrepreneur’ competition, for the chance to win a “game changing” investment in their business.
According to the Global Entrepreneurship Monitor for 2013*, younger people in Ireland are less likely to be involved in entrepreneurial activity. The ‘Best Young Entrepreneur’ competition was announced by Government earlier in the year and through the Local Enterprise Offices, aims to promote a greater culture of entrepreneurship among young people.
In a final call for entries, Oisin Geoghegan, Head of the Fingal Local Enterprise Office is encouraging those under thirty in the region and with a good business idea or established business, to enter the competition before the end of the month.
Geoghegan said: “Throughout the country there will be 93 businesses and business ideas selected, sharing €1.55 million in investment. In Fingal, the winners of the Best Young Entrepreneur competition will share a total prize fund of €50,000, progressing to the Regional and National finals, where a further €100,000 investment fund will be available for the overall winners.”
“Importantly, each of the finalists around the country will also benefit from a management bootcamp and mentoring support, as part of the overall €2 million competition fund,” he added.
Open to individuals aged 30 or under across Fingal, three categories will be judged at the County stage of the competition: ‘Best New Idea’; Best Start-up Business’ (under 18 months) and ‘Best Established Business with new add-on’ (over 18 months). An overall Fingal ‘Best Young Entrepreneur’ will also be announced.
CATEGORIES OF ENTRY
- Best New Idea
- Best Start Up Business
- Best Established Business with new add on
Benefiting from business bootcamps and mentoring programmes at County level, winners will then progress to regional and ultimately a national final, with one business person being crowned Ireland’s Best Young Entrepreneur before the end of the year.
Applicants should visit www.ibye.ie for further information and the competition is free to enter with a closing date of July 31st.
ENDS
For all media queries, please contact ENGAGE IRELAND
Adrienne Ferguson: 01 8855162 | aferguson@engageireland.com
Notes to Editor:
Extract from Global Entrepreneurship Monitor Report for Ireland 2013
Page 20
“Age:
The likelihood that an individual engages in early stage entrepreneurial activity is influenced
by their age (Table F). Rates of entrepreneurial activity within age cohorts are highest for
those aged between 35-44 years (12.6%); 25-34 (10.0%) and 45-54 (9.0%). Those aged
18-24 (7.6%) and those aged 55-64 (4.6%) are less likely to start new firms.
The age profile of Irish entrepreneurs is as follows: 10% are aged 18-24; 29% are
25-34; 33% are 35-44; 20% are 45-54; and 8% are 55-64”
What is the IBYE Competition?
Ireland's Best Young Entrepreneur Competition is open to all sectors. The competition takes place at County level initially, with a prize fund of €50,000 available to the winners of 3 separate categories (the overall County winner will be eligible for an investment of up to €25,000). CATEGORIES OF ENTRY
- Best New Idea
- Best Start Up Business
- Best Established Business with new add on
Winners at County level will go on to compete at Regional level. The competition will culminate in a National final where finalists will compete for part of a €100,000 prize fund and the opportunity to be crowned Ireland's Best Young Entrepreneur.
The proposed schedule is:
15th – 31st August 2014: Entrepreneur Bootcamp and mentoring
September 2014: County Finals
October 2014: Regional Finals
November-December 2014: National Finals
Who can apply?
- Age 30 years and under (as at 31st December 2014).
- Original and innovative idea, start-up or existing business add on.
- Applicants must own, control and manage their business Intellectual Property.
- Not for profit and social entrepreneurship applicants must operate in a commercial domain.
- You must be eligible to own, manage and operate a business in Ireland at the time of application.
- Applicants from overseas who are eligible to operate a business in Ireland are encouraged to apply.
- You must submit a preliminary application online or via your local enterprise office by the closing date of the 30th June 2014.
- One project submission per applicant is allowed.
- Existing businesses that wish to apply must be promoted by a young entrepreneur (30 years of age and under) and must have a new plan to further develop the business.
- If you are under the age of 18 at the 31st of December 2014 we will require parental consent in order for you to participate in the competition.