A new overseas fund designed to attract the Irish Diaspora to locate start-up businesses in Ireland, has been launched.

The $14 million (€10 million) fund was launched by Jobs, Enterprise, and Innovation Minister Richard Bruton and will be administered by Enterprise Ireland.

The main areas to be targeted by the fund are North America, Britain, Europe, and Australia.

“We have the ambition to be the best country in which to establish and grow a start-up business,” Bruton said at the launch.

“Indigenous companies provide proportionally more than three times more benefit to the Irish economy than multinational companies,” he said.

He added that the fund was, “a direct intervention by government to create more start-up companies here."

The fund will target investor-ready projects seeking between $283,000 and $708,000 (€200,000 and €600,000) and will be in the form of an equity stake taken by the State in the company.

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“There is no reason why Ireland should not be a global centre for international start-ups. We already have a growing number of mobile start-ups locating here, and with strong Government supports, a business-friendly environment, a deep pool of skills as well as all the benefits that come with a base of multinational companies that is the envy of the world,” Bruton added.

Dylan Collins, an Irish entrepreneur and founder of fightmymonster.com, was named as the first international ambassador for the fund.

“It’s an excellent way to build on Ireland’s position as one of the leading startup hubs in Europe," Collins said.

"If you’re in a startup anywhere in the world which has international ambition, you need to come and talk to us right now,” he added.

Anyone wishing to apply for the fund should contact the ‘Start in Ireland’ inquiry desk at 0110353 7272140 or email startinireland@enterprise-ireland.com.