Waterford Institute of Technology (WIT) and Institute of Technology Carlow (IT Carlow) have jointly secured €3m from Enterprise Ireland to operate the New Frontiers entrepreneur development programme in the south east over the next five years. The programme will be open to self-starters in Wexford.
The programme, which will be delivered at the ArcLabs innovation hub in Waterford and the ERIC incubation hub in Carlow, is now taking applications.
New Frontiers is for entrepreneurs who have an innovative business idea or technology that has the potential to be developed into a scalable, high-potential start-up (HPSU).
The Enterprise Ireland funding will allow the two institutes to work with over 400 early-stage entrepreneurs over the five-year funding period, with 95 of the entrepreneurs receiving a payment of €15,000 each to participate in New Frontiers.
The training and support programme also includes desk space, mentoring, business master classes and networking.
Eugene Crehan, New Frontiers' programme manager at Waterford Institute of Technology, said the programme aims to help individuals bring their business idea from concept to successful start-up'.
Recent participants have gone on to attract funding after completing the New Frontiers programme. Waterford-based Immersive VR Education began trading on the London and Irish stock markets in 2018, raising €6.7m. The company recently closed a €9m funding round.
Gemma Purcell, the New Frontiers programme manager at IT Carlow, said the institute is 'delighted to continue supporting entrepreneurship and innovation across the south-east region' via the programme.