€85 million in funding announced to help companies “go digital”.

The government has announced €85 million in funding to help businesses improve their digital offerings.

The Grow Digital fund is open to all companies, regardless of what phase they are in or what industry they are in. It can be used for new equipment, software and staff training.

The €85 million has been allocated to the Digital Transition Fund and will be rolled out by 2026 as part of the government’s National Recovery and Resilience Plan (NRRP). €10 million will be committed this year and managed by Enterprise Ireland.

The Grow Digital fund aims to help companies use digital technologies such as artificial intelligence, cloud computing and big data to improve their products, processes, supply chains and services.

The initiative aims to support companies in all phases of their digital journey – from using online to facilitating exports to using digital technologies to reach new markets and improve their productivity and competitiveness.

A new online website is also being developed that will allow companies to assess their needs and outline their next steps in enhancing their offering through digital technology.

The fund was announced by Tánaiste and Minister for Trade, Enterprise and Employment Leo Varadkar.

“Digital technology has changed our everyday life so much and in many ways has improved it significantly. From the way we get around, how we work, how we access services and communicate with each other, digital technology has massively changed traditional ways of working,” said Mr Varadkar.

“The trend is only going in one direction and our lives are becoming more and more integrated through digital technology. That is why we must ensure that our SMEs are prepared. This 85 million euros will fund companies that want to use cutting-edge technologies, such as artificial intelligence, to improve the manufacturing of their products and services. It will fund new equipment and software, staff training and expertise.”

The NRRP was developed by the Government to enable Ireland to access funding under the EU’s Recovery and Resilience Facility. Ireland is expected to receive more than €988 million in grants under the Facility.

Minister of State for Trade Promotion, Digitization and Business Regulation Robert Troy said it was “absolutely vital” for any business to “seize” the opportunities presented by digitization.

Minister Troy said the fund will help companies remain “competitive, resilient and productive”.

“Digital technologies can reduce costs for businesses by making processes like invoicing, inventory management and supply chain logistics much more efficient. In addition, the use of digital technologies will help companies reduce their carbon footprint and fight climate change,” he added.

Minister Troy will be hosting a series of ‘Grow Digital’ workshops in regional locations from late June and throughout July.

The aim of the Digital Transition Fund is to drive the transformative digitization of businesses in Ireland, particularly SMEs. The program aims to support businesses across all industries with support tailored to specific business needs.

Business Secretary Damien English said businesses that leverage digital technologies, processes and skills will be vital to Ireland’s continued economic success.

“The truth is that digitization is no longer an option or an innovation, but an essential business step to future-proof companies and make their operations more resilient,” he added.