A unique funding model
The founder of ConnectIreland, Irish entrepreneur Terry Clune, is funding all the operational costs of the initiative. This includes the cost of more than 30 full-time staff, worldwide promotion, office overheads and more. His company will be paid by the State, on a success-only basis, for each job created through ConnectIreland. This payment will range from €1,000 to €2,500, payable two years after each job has been created.
Terry Clune is founder and CEO of the Taxback Group, an international financial services company with turnover in 2010 of €187m, employing 820 staff in 22 countries. He won the 2009 Ernst & Young Entrepreneur of the Year and the HSBC/RSM European Entrepreneur 2010. He is a business graduate of Trinity College.
Cashflow-positive job creation
Through the ConnectIreland programme, a Connector will receive a minimum reward of €1,500 for each job created through their introduction. The reward is payable in two stages: 50% (€750) is paid one year after the job is created and the remaining 50% (€750) is paid two years after the job is created.
If one unemployed person gets a job in a company that came through ConnectIreland, the Connector will receive a reward after one year. However, the State will immediately save on reduced social welfare costs (the average annual cost to the State of one unemployed person is €18,000). In addition, the State will receive monies from the new employee through income tax and PRSI, plus VAT they might pay on fuel, food, etc.