HORIZON-EIC-2023-iCapitalPrize - The European Capital of Innovation Awards
EU Prizes: Application form (prizes) The European Capital of Innovation Awards: V1.0 – 08.03.2023
Award criterion 2, Escalating – accelerating the growth of highly innovative start-ups and SMEs by establishing an innovation-friendly legal framework, creating an environment that stimulates growth, private and public investments, resources, diversity, and talents; and driving innovation demand through efficient innovation public procurement. In this criterion, among others, the applicant should consider providing information about concrete actions taken to pursue the growth of highly innovative start-ups and SMEs, as well as their quantitative and qualitative implications and/or impact about actions to promote the use of innovation procurement, or about actions aimed to promote investments and growth within the city. The city is expected to provide details on concrete results of the showcased initiatives.
A BUSINESS ENVIRONMENT THAT HELPS BUSINESSES TO SUCCEED.
Cork City has demonstrated a strong track record in recent years as a supportive place in which to start, grow and scale innovative start-ups. The city benefits from 35,000 third-level students, with two Universities – University College Cork (UCC) and Munster Technological University (MTU), as well as several well-established and successful start-up accelerator programmes. These include the New Frontiers Programme in MTU which supports around 12 new start-ups each year and the Ignite Programme in UCC. Cork has a strong track record in starting and growing innovative, internationally focussed Irish startups that include Voxpro; Teamwork; Trustev; Crest Solutions, Practice Evole, Aspira Qumas – to name just a few. Cork continues to produce more exciting and disruptive technology start- ups. Some of the newer ‘ones to watch’ include Keelvar, a Global Procurement Tendering Analysis Software using which has raised over €100 million, and now employs over 100 people in Cork, with offices in Germany and the USA.
Enterprise Ireland
Enterprise Ireland (EI) is the government agency responsible for the development and growth of Irish enterprises in world markets. EI’s strategy focuses on addressing the need for greater scale across Irish enterprises through promoting innovation, competitiveness, diversification, and global ambition in its client companies. EI works
in partnership with high-growth Cork City enterprises to help them start, grow, innovate, and win export sales in global markets. This is achieved through an extensive range of pre-seed start-up funds, financial support, mentoring and innovation vouchers.
Enterprise Ireland figures showed that in 2021 in Cork City and County, there were:
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457 SMEs were supported by Enterprise Ireland.
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These companies employed 24,962 people.
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€41.9 million invested in SMEs by Enterprise Ireland.
Cork City Council and The Local Enterprise Office Cork City also work extensively with Enterprise Ireland to develop incubators/hubs and enterprise programmes in Cork City. Through this funding mechanism, Cork City Council developed Benchspace, Ireland’s f irst open-access factory/Incubator offering industry- grade tools, technology, and business support for professional makers & creative start-ups.
Local Enterprise Office Cork City
T he Local Enterprise Offices (LEO) are a business’s local first -stop shop for seeking information and support on starting or growing a business in Cork City. The Local Enterprise Office provides advice, information, and support to businesses employing less than 50 employees who are seeking to start or grow their business. The Local Enterprise Office also offers a wide range of financial and non-financial support to small businesses. The Local Enterprise Office works in conjunction with all relevant stakeholders including, University College Cork, Munster Technological University and Cork BIC to create a highly supportive eco-system for small businesses in Cork City.
The role of the local enterprise office is to:
• To drive the development of local enterprises, local micro and small business at the heart of job creation in Cork City.
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To drive and support business start- ups and promote a ‘can - do’ business culture.
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To increase the job potential of new and existing micro and small businesses.
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To increase the number of innovative businesses with the potential to export.
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