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 A new call for applications to the Competitive Start Fund was launched on Thursday 26th January, 2012. This fund is open to applications from early stage companies, who meet the eligibility criteria outlined below, from the following sectors: Internet, Games, SaaS, Cloud Computing, Enterprise Software, Telecoms, Lifesciences, Cleantech and Industrial Products. The call will close at 6pm on Thursday 9th February, 2012 and late applications will not be accepted.
Overview of the Competitive Start Fund
The purpose of the Competitive Start Fund is to accelerate the growth of start-up companies that have the capability to succeed in global markets. The fund is designed to enable those companies reach key commercial and technical milestones, for example:
- 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?
You are eligible to apply if you are an existing or potential client of Enterprise Ireland’s High Potential Start-Up Department.
The Competitive Start Fund is open to:
- Companies who are active in the ICT & Industrial sectors to include the following sub-sectors: Internet, Games, SaaS, Cloud Computing, Enterprise Software, Telecoms, Lifesciences, Cleantech and Industrial Products.
- Individuals who, prior to Enterprise Ireland’s investment, will register a company which will be active in these sectors.
In addition, applicants must fulfil all of the following criteria:
- 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. has revenues less than €60k in the last full financial year.
- Must be capable of creating 10 jobs in Ireland and realising sales of €1m within 3 to 4 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.
Please note applicants must be eligible to live and work in Ireland.
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.
Eligible costs
The overall equity investment will be towards the costs associated with developing the business plan and making progress on key technical and commercial milestones. The following activities are expected to form the basis of expenditure;
- Salaries
- Travel
- Consultancy Fees
- Other Expenditure
How do I apply?
Applications can be made via the Enterprise Ireland Online Application System.
First time applicants will be required to register on the Enterprise Ireland Online Application System.
Any expenditure incurred prior to the competition’s call close date will not be eligible for support.
Please note that an application for approval of an equity investment for selected companies under this scheme shall be subject to:
(a) Approval from Enterprise Ireland’s Investment Committee.
(b) The company agreeing to the Terms and Conditions set out in the Enterprise Ireland Term Sheet.
(c) The company agreeing to enter into a Share Subscription and Shareholders Agreement with Enterprise Ireland.
For more information on this Equity Process click here.
Closing Date for Applications
The closing date for this call is 6pm on Thursday 9th February, 2012. Applicants will be informed if their submission has been short-listed on Friday 24th February, 2012. The final outcome of this Competitive Start Fund will be communicated to all applicants on Friday 23rd March, 2012.
For more information on the Competitive Start fund, email
This e-mail address is being protected from spambots, you need JavaScript enabled to view it
or call + 353 1 727 2202 (9am - 5pm)
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