Entrepreneurs have been invited to apply for Enterprise Ireland's €1m Competitive Start Fund (CSF) which is now open for applications from founders of early-stage start-ups.
The competition is open to early-stage companies from all sectors with an eligible innovative product or service set for global markets.
The fund will award up to €50,000 in equity funding for up to 20 successful applicants.
The CSF aims to increase the number of diverse High Potential Start-Ups (HPSUs) that have the potential and ambition to succeed internationally.
It is designed to help start-ups reach key commercial and technical milestones, including evaluating overseas market opportunities, building prototypes, developing market entry plans, and securing third-party investment.
Damien English, the Minister for Business, Employment and Retail, said the new funding will provide a critical boost for innovative entrepreneurs and companies in Ireland at the start of their journey.
He said it will helping them to drive forward their pioneering products and services.
"As the country moves towards a post pandemic jobs-led national economic recovery, targeted initiatives such as the Competitive Start Fund will help to build the businesses of tomorrow and propel their future prosperity," Mr English said.
He encouraged companies to make the most of the opportunity to realise their global aspirations and turn their ideas into an international commercial reality.
The manager of Enterprise Ireland's High Potential Start-Up Division, Jenny Melia, said the agency is committed to helping Irish innovators by backing entrepreneurs and start-ups with the early-stage funding needed to scale internationally.
"Each successful company will receive a €50,000 investment as well as mentoring opportunities with an extensive team of Enterprise Ireland experts and access to entrepreneurial networks which will help companies kick-start their journey to global success," Ms Melia said.
"We're very excited to see what the next generation of innovative Irish businesses will achieve, and we look forward to working alongside the successful applicants to help them grow further," she added.
The closing date for applications is at 3pm on May 25.