10 January 2014 – Enterprise Ireland has launched a new call for applications to the Competitive Start Fund. It is aimed at companies that are active in Manufacturing and Internationally-traded services including Internet, Games, Apps, Cloud Computing, Enterprise Software, Lifesciences, Food, Consumer Products, Medical Devices, e-Health etc. This call for applications will close on Wednesday 22nd January, 2014 at 3pm.
The Competitive Start Fund is targeted at start up and early stage companies. The Fund will provide these young companies with the critical early stage funding to achieve the key commercial and technical milestones that will ensure delivery of their product or service and/or will get their project to a key funding milestone.
This competition is aimed at companies that aspire to be a High Potential Start-Up.
The Competitive Start Fund is open to:
> Companies that are active in Manufacturing and Internationally-traded services.
> Individuals who, prior to Enterprise Ireland’s investment, will register a company which will be active in these sectors.
> Individuals who, prior to Enterprise Ireland’s investment, will have a headquarters registered and be based in Ireland. All intellectual property and assets must reside in the Irish entity.
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 more than €100K prior to the competition closing date [i.e, Ordinary shares, Convertible Preference Shares, Convertible Loan Notes]
- 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 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.
*starting up defined as the relevant competition closing date.
> Applicants must be eligible to live and work in Ireland.
> If an application is successful and is currently in receipt of an Enterprise Ireland High Potential Start-up Feasibility Grant, the full amount of the Feasibility grant must be drawn down before the Competitive Start Fund investment completes or, alternatively, the company/individual must forego the balance of the Feasibility Grant prior to starting the CSF. If the applicant is currently in receipt of a New Frontiers stipend, the stipend will cease upon the CSF investment.
> Cash invested for an equity shareholding in the business i.e., sweat equity / directors loans do not apply.
> Where an applicant is a subsidiary of a parent company, then the eligibility criteria will be applied to the parent company.
What is the funding available?
The selected companies will receive an investment of €50,000 for a 10% ordinary equity stake in the start-up company. The investment shall be released in two equal tranches. The Company will be required to secure additional equity investment of €5,000, from promoters or external investees, prior to the release of EI’s first tranche.
What is the call close date?
Wednesday 22nd January, 2014 at 3pm .
How do companies apply?
Applications must be made through the Enterprise Ireland online application system.
For more information:
Ring the dedicated Help Line 01 727 2202