A new €10m fund aimed at encouraging overseas entrepreneurs to locate start-up businesses in Ireland has been launched.

Minister for Jobs, Enterprise & Innovation Richard Bruton launched the fund, which will be run by Enterprise Ireland, this morning.

The fund will be open to all business people, but will be targeted particularly at the Irish diaspora, international expatriates and people from overseas who have previously worked or studied in Ireland.

The main areas being targeted include North America, UK, Europe and Australia, while the main industries include gaming, cloud computing, medical technology and financial services.

Funding will be in the form of an equity stake taken by the State in the company

To support the marketing of the fund overseas, Enterprise Ireland says it will be appointing a number of Irish entrepreneurs to act as "International Start-Up Ambassadors". Dylan Collins, one of the most experienced internet entrepreneurs in Europe, is one of the first to accept this role.

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