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04 Jul 2022

€85 million in funding announced to help businesses 'seize digital opportunities'

€85 million in funding announced to help businesses 'seize digital opportunities'

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A new €85 million fund to help businesses go digital has been announced, regardless of what stage or sector they are in. 

A number of 'Grow Digital' workshops are due to be held around the country in the coming months. 

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 announced the new fund today, June 20.

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 Varadkar said. 

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.

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