A €30m Shared Island Enterprise Scheme is marking a significant step forward in island-wide enterprise collaboration and growth, as three of the leading economic development agencies on the island of Ireland have partnered to deploy the innovative scheme, which focuses on three priority areas: promoting women’s entrepreneurship, supporting networks and clusters, and sustainability and innovation investment.
Supported through the Government of Ireland’s Shared Island Fund, the Shared Island Enterprise Scheme is a collaborative partnership developed by InterTradeIreland, Invest Northern Ireland and Enterprise Ireland. This is the first time the three agencies have worked together on a shared scheme of this nature, and it demonstrates a recognition of the value of island-wide partnerships in strengthening sustainable enterprise growth and harnessing economic opportunity across both jurisdictions on the island of Ireland.
Minister for Enterprise, Trade and Employment, Peter Burke TD, highlighted the importance of this initiative as part of overall enterprise policy cooperation by both jurisdictions. He said:
The €30 million Shared Island Enterprise Scheme is a testament to the Government’s ongoing commitment to enhancing economic cooperation across the island of Ireland. This is a key milestone in driving forward all-island economic collaboration, with the ultimate goal of creating a more prosperous, inclusive, innovative, and sustainable enterprise environment across the island.
Peter Burke TD, Minister for Enterprise, Trade and Employment
I very much welcome this initiative. The main pillars of the Shared Island Enterprise Scheme reflect our economic vision to increase productivity and decarbonisation, address regional balance and deliver more good jobs. Invest Northern Ireland and InterTradeIreland working with Enterprise Ireland will accelerate economic potential across the island to drive innovation, growth and opportunity, helping to grow a globally competitive and sustainable economy.
Dr Caoimhe Archibald, Minister for the Economy of Northern Ireland
This scheme aligns with each Administration’s Programme for Government, placing a focus on strengthening beneficial cross-border cooperation to support sustainable enterprise growth across the island. By working together across borders, businesses and entrepreneurs can unlock new opportunities; drive innovation; and tackle shared challenges, including those related to sustainability, digitalisation, and job creation.
The Shared Island Enterprise scheme puts a focus on creating a more connected, inclusive, and sustainable future for enterprise and innovation across the island. One of its key elements is dedicated to fostering women’s entrepreneurship and empowering women in enterprise at all levels, accelerating ambitious women-led businesses and addressing challenges, whilst improving opportunities to enhance business leadership amongst women.
Collaboration and cooperation are often the foundation of progress. Developing all-island clusters in high-productivity sectors and harnessing the energy and ambition of women entrepreneurs, as well as the growth potential of the green economy, will create a brighter economic future across the island. We are delighted to partner with Invest Northern Ireland and Enterprise Ireland on this important work.
Margaret Hearty, Chief Executive of InterTradeIreland
The Shared Island Sustainability Capital Grant (SISCG) is part of the Shared Island Enterprise Scheme and is specifically designed to support capital projects that demonstrate the use of sustainable technologies in industrial settings. A total of €20 million is allocated, with €10 million available in each jurisdiction (Ireland and Northern Ireland)
Collaborative working is key to driving economic development in Northern Ireland. Within the Shared Ireland Enterprise Scheme, we are focused on three areas - entrepreneurship, clustering and sustainability. This crucial funding will support businesses to invest in sustainable, transformational projects, support more women entrepreneurs, and help develop key sectoral clusters all of which will contribute to business development. We are excited to work with Enterprise Ireland and InterTradeIreland on this important initiative.
Kieran Donoghue, CEO of Invest Northern Ireland
The Shared Island Enterprise Scheme is a strong example of how collaboration across the island can drive real economic impact. By bringing together the strengths of businesses, entrepreneurs and innovation networks across the island, we can create new opportunities for growth in key areas like sustainability, women’s entrepreneurship and cluster development. Enterprise Ireland is proud to be working with our colleagues in InterTradeIreland and Invest Northern Ireland to deliver real impact through this initiative.
Kevin Sherry, Interim CEO of Enterprise Ireland
Promoting the all-island clustering strand of the Shared Island Enterprise Scheme, later this year, InterTradeIreland, Invest Northern Ireland and Enterprise Ireland will bring The TCI Network’s Global Conference to Dublin – the first time in its 28 years that the conference will work across borders with collaboration between different partners. The conference will be an opportunity to showcase the island’s cluster ecosystems, foster international connections, and enhance the island of Ireland’s reputation as a hub for business and innovation.
You can find further information on the TCI Network Global Conference here.
