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Enterprise Ireland Competitive Start Fund

Enterprise Ireland invites applications for its competitive start fund – all sectors. This aims to accelerate the growth of start-up companies that have the capability to succeed in global markets, and to enable them to reach commercial and technical milestones. Applicants should be able to demonstrate the following:

•the product or service has reached minimum viable product stage and that the product is at least live in beta;

•the product or service has demonstrable customer validation with customers;

•a fully articulated proposition addressing a clear gap in the market with market research conducted with customers or potential customers;

•evidence of innovation, export potential and employment capacity;

•a clear market opportunity for the proposed product or service;

•a clear knowledge of the competitive landscape;

•a clear outline of an execution plan, identifying suitable channels to international markets.

Applicants must be companies less than three years old and active in the relevant industrial sectors or individuals who will have a headquarters registered and based in the Republic of Ireland prior to the investment, with all intellectual property and assets residing in the Irish entity. They must be a manufacturing or an eligible traded services business and must not have received equity funding of more than €100k prior to the competition. They must also be pre-trading or have recently commenced trading, with revenues of up to €60,000 in any year, capable of creating 10 jobs in the Republic of Ireland and of realising sales of €1m within three years. Those engaged in gambling, adult entertainment, tobacco or military sectors are not eligible. Applicants must be eligible to live and work in the Republic of Ireland.

Grants are worth up to €50,000 each for a 10 per cent ordinary equity stake in the start-up. The investment is released in two equal tranches: the first tranche is released to successful applicants only when they provide confirmation of additional new cash investment for equity of €5,000. Successful applicants are also eligible for a range of supports, including mentoring and a development programme. Investment may contribute towards the cost associated with business development, such as salaries, travel costs, consultancy fees and other expenses.

Enterprise Ireland website

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Funding Agency: 
Enterprise Ireland
Tuesday, April 30, 2019