Propeller: The Ryanair family funds Irish tech-startups


As everybody knows Ireland is facing some economical problems at this stage of time. But there are also some positive aspects of the situation right now: With 12.5% company tax and wages have been pushed down as has the cost of living – Ireland seems to be a cheaper place now to do business. For entrepreneurs across Europe who are interested in starting their business in Ireland there is now also a new $1.3 million accelerator scheme that is currently taking on applications from early stage tech companies. The new program is called “Propeller” and was started by the Ryan Academy for Entrepreneurship. The scheme has been funded by the Ryan family (Ryanair Airline). The new Propeller-fund is going to incubate about 24 startups over the next 2 years. Experienced mentors are going to help these startups to suceed. Each of the young companies will get 30,000 Euro funding and some incubation space in Dublin.