He named 30 companies that have recently been awarded funding under Enterprise Ireland’s Competitive Start Fund, and announced a new call for applicants to the fund. The Competitive Start Fund provides young companies in the ICT & Industrial sectors "with the critical early stage funding to test the market for their products and services and progress their business plans for the global marketplace."

Bruton announced the final open call for applications to the fund for 2012, to be launched on Wednesday 26^th September 2012, with advertisements in national press during the call. 15 companies are expected to benefit under this round of funding, under which a total of €750,000 is available. This will bring to 60 the number of early stage projects approved in 2012 under the Competitive Start Fund. The closing date for applicants is Wednesday 10th October and this call is open to start-ups from both ICT and Industrial sectors including sub-sectors such as Internet, Games, Apps, Mobile, SaaS, Cloud Computing, Enterprise Software, Life sciences, Cleantech and Industrial Products.

Making the announcement  Bruton said: “A key part of the Government’s plans for jobs and growth is creating a powerful engine of indigenous enterprise. While multinational investment in Ireland is and will remain crucial, it is vital that we find ways of enabling our indigenous firms to perform better and take full advantage of export opportunities. As I have said before, our industrial policy must not just be aimed at attracting the next Google or Microsoft to Ireland – we must strive to create the next Google or Microsoft here in Ireland.

“For Ireland’s dynamic and innovative community of entrepreneurs, access to early stage funding is vital. Enterprise Ireland’s Competitive Start Fund is part of a suite of finance measures aimed at making it easier for these entrepreneurs to get into business, expand, export and create the jobs we need. This year we have developed a series of new finance instruments, including the Micro Finance Scheme and the Loan Guarantee Scheme which will go live shortly. The continuing strong response to these measures is enormously encouraging, and I commend all involved and wish these entrepreneurs every success in their ventures”.

Commenting on the announcement, Tom Cusack, Enterprise Ireland manager, communications and digital  content, high potential start up division, said: “We see this fund as a strategic investment in these young companies. They represent some of Ireland’s newest and most exciting entrepreneurs and this fund gives a vital injection of funding and support when they most need it.”

It's delusional to believe that an equivalent of Google or Microsoft could develop in Ireland.

There is more than a detail of no significant home market and what is likely to happen a startup with potential before it could scale up? It would likely be snapped up by a bigger US firm.

Finfacts 2011: BiancaMed - - another tax-funded Irish university spinout bought by US firm; French VC makes 50% return