A new initiative which aims to create 5,000 jobs over five years, by attracting small and medium sized companies to Ireland was unveiled today by the Government.

'Succeed in Ireland' aims to target international companies and business people who would otherwise not have not be reached by State agencies, by building on relationships between Irish people and their contacts abroad.

Under the initiative, any person who succeeds in bringing a company to Ireland which creates jobs will be paid a minimum of €1,500 per job, up to a maximum of 100 jobs.

The reward is payable in two stages - 50 per cent after one year of the job being created, and 50 per cent after two years.

The scheme is being run by ConnectIreland.com, a company set up by entrepreneur Terry Clune, the founder of taxback.com.

The company will be paid between €1,000 and €2,500 from the State, for each job created, which will be payable two years after each job has been created.

ConnectIreland.com is funding the operational costs of the programme, including the cost of more than 30 full-time staff, office overheads, and promotions worldwide.

Launching the initiative this morning, Taoiseach Enda Kenny, said 'Succeed in Ireland' would complement the work of the IDA, which focuses on larger, multi-national companies.

He said the initiative was part of the Government’s drive to build on Ireland’s diaspora as a resource.

The initiative was one of a number of strategies outlined in the Government’s Action Plan for Jobs which was launched last month.