The training and development centre, Northside Community Enterprises, and PMD Solutions, a medical devices company, were the recipients of funding totalling €50,000.
The Cork Foundation was established this year, aiming to bridge gaps in funding models and address challenges in accessing credit.
Last night, the foundation held its inaugural Founders’ Dinner in Rochestown Park Hotel, which was attended by business leaders including Vodafone Ireland chief executive Anne O’Leary and the vice-president and general manager of EMC, Bob Savage.
Glen Dimplex chief executive Sean O’Driscoll said there was no magic bullet to solve the employment crisis, but that this is the aim of the foundation.
“In the real world, there is no such mythical economy as the Smart Economy. Cork’s No 1 objective has to be that of creating and sustaining jobs and to get its unemployed and youth into work. This is the sole objective of the foundation,” he said.
Cork Foundation chairwoman Yvonne Barry said it is already having a positive impact. “We are overwhelmed with the support and contributions we have received so far, not just in Ireland, but abroad, which we feel shows the importance of our unique initiative.”
PMD Solutions founder Myles Murray said the funding will allow his company commercialise the respiratory monitoring device he has developed.
“We are thrilled to now be in a really strong position to ramp-up our staffing levels, which in turn allows me to focus on the commercialisation of our device so that we can approach market in 2014.
“Without this finance, our ability to enter the market was seriously hindered as our budget is extremely tight. We are very grateful and proud to have been selected as one of the first-round beneficiaries of Cork Foundation.”