Enterprise Ireland Launch €750,000 Competitive Start Fund
Enterprise Ireland announced on Thursday a new Competitive Start Fund (CSF) of up to €750,000 to support start up activity in all sectors. The Fund which provides €50,000 in equity funding for each successful applicant will open for submissions on Wednesday, January 8 and will close at 3pm, Wednesday, February 8.
The Competitive Start Fund provides entrepreneurs and start-ups in all sectors with the critical early stage funding to test the market for their products and services and progress their business plans for the global marketplace.
The fund is designed to enable those companies reach key commercial and technical milestones, to include:
- 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
The fund is open to applications from individuals, early stage companies or prospective businesses active in the Manufacturing & Internationally Traded Services sectors which includes the following subsectors: Internet, Games, Apps, Mobile, SaaS, Cloud Computing, Enterprise Software, Lifesciences, Cleantech and Industrial Products.
The all sector CSF is part of Enterprise Ireland’s strategy for increasing the number and quality of High Potential Start-Up Companies (HPSUs) that have the potential to employ more than 10 persons and achieve €1 million in export sales within three year.
“A priority for Enterprise Ireland is to help Irish entrepreneurs and companies to start up and scale,” Enterprise Ireland Manager Orla Battersby said. “The all sector Competitive Start Fund provides a support platform and a vital injection of funding totaling up to €750,000 to help launch young companies with global ambition and their business ideas to an international market.”
Full details on the Competitive Start Fund, including the application form can be accessed on the Enterprise Ireland website.