Fund for new entrepreneurs unveiled

A €10 million seed capital fund to finance entrepreneurs was unveiled yesterday by Ryanair founder Tony Ryan.

He made the announcement when Taoiseach Bertie Ahern officially opened the €7m entrepreneurship academy, named after Mr Ryan, in Dublin yesterday.

The academy, located at CityWest and part of Dublin City University, will focus on developing the entrepreneurial skills of scientists engaged in research and development initiatives part-funded through Science Foundation Ireland. Programmes on social entrepreneurship will also be included.

Mr Ryan revealed he has persuaded top business people like Dermot Desmond, Michael O’Leary, Sean Fitzpatrick and Mary Finan to support the academy.

It will also provide training courses to enable teachers to teach entrepreneurship in second-level schools. It will offer programmes for business people who wish to grow their enterprises to the next level.

Mr Ryan wants venture capitalists and banks to row in behind those who pass through the academy.

The academy, which will be run on an enterprise basis, will also provide Master classes and tutorials.

It will be home to the Entrepreneurs’ Organisation, an organisation designed to help business owners around the world.

It will host the Irish arm of the American-based National Foundation for Teaching Entrepreneurship, which helps young people from less well-off backgrounds to build skills and unlock creativity.