Overview of the Competitive Start Fund
- Evaluate overseas market opportunities and reach firm conclusions regarding the viability of the proposed business.
- Build a prototype.
- Secure a reference site.
- Develop a market entry plan for exploiting international opportunities.
- Secure partnership deal or strategic alliance.
- Identify suitable channels to international markets.
- Secure third party investment e.g. business angel, Venture Capital.
Am I eligible?
- Companies who are active in the ICT & Industrial sectors to include the following sub-sectors: Internet, Games, Mobile, Apps, SaaS, Cloud Computing, Enterprise Software, Lifesciences, Cleantech and Industrial Products.
- Individuals who, prior to Enterprise Ireland’s investment, will register a company which will be active in these sectors.
- Must be a manufacturing or an internationally traded services business.
- Must not have received equity funding of €100K or more prior to the competition closing date.
- Must be pre-trading or recently commenced trading, i.e. does not have annual revenues in excess of €60k in the current financial year to date or in any previous financial year.
- Must be less than six years old i.e. date your first employee commenced full time employment.
- Must be capable of creating 10 jobs in Ireland and realising sales of €1m within 3 years of starting up* or, where a company is required to have FDA or CE approval, within three years of approval to sell.
- Must not be involved in activities that fall within gambling or "gaming" as defined in the Gaming & Lotteries Act 1956.
What is the maximum funding available and what costs are eligible?
- Applications are considered on a competitive basis.
- The maximum support available is €50,000 for a 10% ordinary equity stake in the start-up company.
- The investment shall be released in two equal tranches.
- The first tranche will be released to successful applicants only when it provides confirmation of additional new cash investment for equity of €5,000. This new investment in equity of €5,000 by the successful applicant is to occur post the relevant call close date. Capitalisation of existing director/related party loans will not qualify. The company must also meet the general terms and conditions of the scheme.
- Successful applicants will additionally be appointed a mentor who will work with the company for up to 10 days.
- Consultancy Fees
- Other Expenditure
How do I apply?
- Tell us about you and your team. (1 minute is allocated to answer this question).
- Tell us about your product or service and why it is innovative (1 minute is allocated to answer this question).
- Two minutes to add any further comments you may have.
How is my application evaluated?
Assessment Part 1
|Company and Promoter Profile||25%|
|Product/Service & Market Opportunity||25%|
|Execution of the Business Plan||25%|
|Ability to deliver key Commercial and Technical Milestones over the coming 12 months||10%|
Assessment Part 2
- What specific need does your product / service address? Why would someone be "compelled" to purchase your offering?
- What is it about you and / or your management team that makes you capable of executing on this business plan?
- What would be the impact of €50K on the execution of this business plan?