Monday 20 June 2022
The Tánaiste and Minister for Trade, Enterprise and Employment Leo Varadkar TD, the Minister of State for Trade Promotion, Digital and Company Regulation, Robert Troy, TD and Minister of State for Business, Employment and Retail Damien English TD today (Monday the 20th of June) announced a new €85m fund to help businesses, no matter what stage they’re at or what sector they’re in, go digital.
The Digital Transition Fund has been allocated funding of €85m during the period to 2026 as part of Ireland’s National Recovery and Resilience Plan. €10 million will be available in 2022. It will be administered by Enterprise Ireland.
The Fund will be used to help companies use digital technology like AI, cloud computing and big data to improve their products, processes, supply chains and services. The funding will help companies at all stages of their digital journey – from going online to facilitating exporting and to using digital technologies to reach new markets and improve their productivity and competitiveness.
A new online website is also being developed which will allow companies assess what their needs are and point towards their next steps to improve their offering through digital technology.
The Tánaiste said:
“Digital technology has transformed so much of our everyday lives, vastly improving it in many ways. From how we get around, to how we work, to how we access services and communicate with one another, digital technology has massively disrupted traditional ways of doing things.
The trend is only going one way and our lives are only going to become more integrated with digital technology. That is why we need to make sure our SMEs are prepared. This €85m will fund businesses looking to use cutting edge technology like artificial intelligence to improve how they make their products and services. It will fund new equipment and software, staff training and expertise.
“I know the whole area can be a bit overwhelming to some and many businesses don’t know where to start. Rest assured, we will meet you at whatever stage you’re at. We’re also developing a new website that will allow you input your details and find out what help is available for you, according to your individual circumstances.”
Minister of State for Trade Promotion, Digital and Company Regulation, Robert Troy TD said:
“It is absolutely vital for every company to seize the opportunities presented by digitisation. Each business will have their own digital journey and this funding will support businesses all across Ireland at every stage of digitalisation journey, from those who are taking their first step to the cloud to others who are looking to test and deploy wide scale technical solutions to improve their operations. This Funding will assist companies in staying competitive, resilient and productive.
“Digital technologies can reduce costs for businesses by making processes like invoicing, stock management and supply chain logistics much more efficient. In addition, the use of digital technologies will assist companies in reducing their carbon footprint and helping to tackle climate change.”
Minister Troy will host a series of “Grow Digital” Workshops in regional locations from the end of June and throughout July.
Minister of State for Business, Employment and Retail, Damien English TD said:
“With this €85 million fund we are committing support for the Irish business community to develop an effective and ever-evolving digital transformation programme which is necessary to improve efficiencies, drive growth, and create more job opportunities right across the country.
Businesses that embrace digital technologies, processes and skills will be crucial for Ireland’s continued economic success. In truth, digitalisation is no longer an option or innovation but an essential business step for future proofing businesses and building resilience in their operations”
National Recovery and Resilience Plan (NRRP)
Full details of the Digital Transition Fund and eligibility are available on Digital Transition Fund - DETE (enterprise.gov.ie)
Enterprise Ireland Client Companies: Digital Transition Fund / Ciste Trasdula Digiteach - Enterprise Ireland (enterprise-ireland.com)
IDA Ireland Client Companies: IDA Business Development Programme | IDAIreland
Údarás na Gaeltachta Client Companies: An Ciste Trasdula Digiteach | Údarás na Gaeltachta (udaras.ie)
The National Recovery and Resilience Plan (NRRP) has been developed by the Government so that Ireland can access funding under the EU’s Recovery and Resilience Facility. Ireland is expected to receive more than €988 million in grants under the facility. The Recovery and Resilience Facility is the largest component of NextGenerationEU, the European Union’s response to the global pandemic. The aim is to help repair the immediate economic and social damage brought about by the pandemic and to prepare for a post-Covid Europe that is greener, more digital, more resilient and fit to face the future.
The Recovery and Resilience Facility (RRF) is the largest component of NextGenerationEU, the European Union’s response to the global pandemic. Ireland is expected to receive more than €900 million in grants over the lifetime of the RRF.
The objective of the Digital Transition Fund is to drive transformative digitalisation of enterprise in Ireland, particularly amongst SMEs. The programme will assist companies across all sectors with assistance tailored to specific enterprise needs.
The Digital Transition Fund has been allocated funding of €85m during the period to 2026 and in the 2022 Scheme (allocated budget: €10 million), will operate across 3 tracks to increase digitalisation of all businesses across products, processes, supply chains and business models. This will bring about productivity gains, access to new markets, increased innovation, and improved competitiveness.