Following the success of the Internet & Games and the Software Competitive Start Funds, Enterprise Ireland is pleased to announce a call for a third Competitive Start Fund (CSF). This time the CSF is open to companies who are active in the following sectors: Lifesciences, Cleantech and Industrial. The Competitive Fund recognises the difficulties that early stage companies have in raising external 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.
The fund size is €750k and applications will be considered on a competitive basis. The fifteen successful applicants will be those that achieve the highest scoring. Applications will be scored initially by an external panel of consultants and Enterprise Ireland. The shortlisted applicants will be invited to present a short investment pitch to an external panel of industry experts and Enterprise Ireland. Successful business ideas will be supported through equity investment and a business mentor.
The selected companies will receive an investment of up to €50,000 for a 10% ordinary equity stake in the start-up company. The investment will be made in two equal tranches. The selected companies will be required to secure an additional investment of €5,000 prior to the release of Enterprise Ireland’s first tranche. The Enterprise Ieland investment will be subject to the Terms and Conditions set out in the Enterprise Ireland Term Sheet. This funding mechanism has been designed to be fast and efficient and incorporates simplified equity agreements.
Please note that this Call closed on June 14th 2011 at 6pm. For more information, go to Competitive Start Fund.