The flow of innovative High Potential Start Up (HPSU) companies into the Irish economy is critical for future growth. High growth potential start ups that can develop innovative products and services will be significant drivers in Ireland's continued economic success. Encouraging and supporting these innovation led high potential start ups with an export focus is a key priority for Enterprise Ireland and is fundamental to building the next generation of world class Irish companies.
Description
What costs can be supported?
What is the funding level?
Do I qualify?
How do I apply?
Description
To support the development of these High Potential Start Up companies, Enterprise Ireland offers the "Innovative HPSU offer" where Enterprise Ireland provides a financial contribution towards the Company's business plan to develop products, services or processes which are technologically new or substantially improved when compared to the state of the art in its industry in the European Community and which carry a risk of technological or industrial failure.
What costs can be supported?
The funding of a business plan is similar to a VC approach. Clients receive funding towards the achievement of an overall business plan, rather than funding towards discrete elements of a business plan, such as R&D or Management Development.
What is the funding level?
The amount of EI funding will be determined following an assessment of the business plan based on the Company's
- growth potential,
- the potential value to the Irish economy in terms of number and quality of jobs created and exports generated,
- level of risk, quality and innovative aspects of the business plan
- achievement of previous milestones or EI investment targets.
The promoters will be expected to provide a financial contribution to the project.
Do I qualify?
The funding offer is open to existing Enterprise Ireland clients who qualify as a Small Enterprise and have been in existence for less than six years and satisfy one or more of the following criteria:
- For companies with no trading record, at the time of application, at least 15% of the total operating costs must relate to R&D expenses in the current fiscal year, and/or
- For companies with a trading record, at the time of application, at least 15% of the total operating costs must relate to R&D expenses, in at least one of the three years preceding the application, and/or
- Have an innovative Business Plan for the development of products, services or processes which are technologically new or substantially improved compared to the state of the art in its industry in the Community, and which will carry a risk of technological or industrial failure. This will be laid out in a business plan.
How do I apply?
Potential applicant should contact their Development Adviser to discuss applications. If you are not already a client of Enterprise Ireland please contact your nearest regional office.