Bank seeks to accelerate development of start-ups

Bank of Ireland has selected Cork as the test bed for its first ever accelerator programme which will be home to 10 innovative start-ups from September.

In a slick office kitted-out with start-up prerequisites of a pool and football table in Penrose Wharf, the pillar bank has launched a dedicated space for entrepreneurs.

Unlike other start-up spaces and accelerators, Bank of Ireland is taking a co-op approach which will see founders contributing a 3% stake of their company to a fund in exchange for shares in the fund.