Around 20 applicants will receive funding of up to €50,000 (£0.84m) each following the completion of two competitions that will assess the merits of fledgling companies. Applicants must be recent graduates or international entrepreneurs to qualify for entry.

“The launch of the international and graduate entrepreneurship competitive start funds will provide valuable financial and business support to overseas entrepreneurs and recent graduates who have global ambition for their businesses,” said Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor.

The funds are open to companies active in manufacturing and traded services including internet, games, apps, mobile, cloud computing, life-sciences, food, cleantech and industrial products.