Overseas entrepreneurs in areas such as gaming and cloud computing are to be encouraged to set up in Ireland with the help of a €10 million Government fund.

Minister for Jobs, Enterprise and Innovation Richard Bruton announced the fund today.

It will be administered by Enterprise Ireland and will be open to companies anywhere in the world, but is particularly targeted at the Irish diaspora, people who have previously worked or studied in Ireland, and serial entrepreneurs.

It targets ‘investor-ready’ projects seeking between €200,000 and €500,000, and those applying must have matching funding. The funding provided will be in the form of an equity stake taken by the State in the company.

Enterprise Ireland has appointed a number of ‘ambassadors’ to help promote the project, including internet entrepreneur Dylan Collins.

Announcing the fund, Minister Bruton said the Government’s ambition was not just to stabilise the economy but to radically transform it. He said a strong, indigenous engine of growth needed to be created to drive that.

A lot of young, Irish companies had established very successfully. But there was a huge pool of international skill and talent that could be tapped to set up and develop new business here, he said.

“We have the ambition to be the best country in which to establish and grow a start-up business.”

Mr Bruton said the ambition must not only be to attract the next Google or Microsoft to Ireland, but also seek to grow the next Google or Microsoft in Ireland.

“Indigenous companies provide proportionally more than three times more benefit to the Irish economy than multinational companies,” he said.

He said the announcement of the fund was “a direct intervention by government to create more start-up companies here”.

“There is no reason why Ireland should not be a global centre for international start-ups. We already have a growing number of mobile start-ups locating here, and with strong Government supports, a business-friendly environment, a deep pool of skills as well as all the benefits that come with a base of multinational companies that is the envy of the world.”

Mr Bruton said he was delighted that Dylan Collins, who was a “fantastic success story” as an international entrepreneur, had agreed to be an ambassador for the fund. Mr Collins founded several online games and internet companies, such as DemonWare and Jolt.

Mr Collins, executive chairman of Fight My Monster, said he and others had spent the last 10 years building companies here and helping make Ireland one of the top hubs for internet startups, gaming startups and med-tech firms.

He said the aim was to put Ireland at the very front of start-ups in these industry spaces.

“If you’re in a start-up anywhere in the world which has international ambition, you need to come and talk to us right now.”

Serial entrepreneur Louis Ravenet, who is chief executive of mobile and web-based developer 2PaperDolls, said he had been involved in the development of gaming firms for 15 years. He said his firm had chosen to relocate to Ireland from Paris earlier this year, even though it had been considering Amsterdam and London.

Ireland, and Dublin specifically, provided a unique environment for entrepreneurs and was a “hot spot” for gaming activity.

Mr Ravenet said the rest of the world was focused primarily on heavy games and consoles. He believed with the proliferation of smart mobile devices, there was a shift. People were looking for fast, casual and engaging games. The fund was positioning itself to attract the people who were creating such games – people with fresh and new ideas.

Enterprise Ireland chief executive Frank Ryan said: “Stimulating the flow of new high potential start-ups and supporting their growth are fundamental building blocks in Enterprise Ireland’s strategy for economic growth and job creation.”

“We want mobile entrepreneurs to locate their businesses in Ireland and to see Enterprise Ireland as their dedicated partner.”

Mr Ryan said the addition of the €10m fund provided a “core offering” around which the rest of its overseas entrepreneurship marketing and promotion efforts would be centred.

Anyone wishing to apply for the fund should contact the ‘Start in Ireland’ inquiry desk at 01 7272140 or email startinireland@enterprise-ireland.com