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Funding and Supports
Funding
Supports & Programmes

Competitive Start Fund - Graduate Entrepreneurship


Overview of the Competitive Start Fund
Am I eligible?
What is the maximum funding available and what costs are eligible?
How do I apply?
How is my application evaluated?
Closing Date for Applications
Key contact/more information

A call for applications for those active in the Manufacturing & Internationally Traded Services sectors including the following subsectors: Internet, Games, Apps, Mobile, SaaS, Cloud Computing, Enterprise Software, Lifesciences, Food, Cleantech and Industrial Products opens on Wednesday 9th July and closes at 3pm on Wednesday 23rd July 2014. Late applications will not be accepted. This fund is open to applications from early stage companies who meet the eligibility criteria outlined below. All applications to the fund must be made via the Enterprise Ireland Online Application System.

 

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 required sector for the call they are applying for.
  • 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 graduate within the last 3 years (from date of application) of a third level qualification with NFQ level 8 accreditation or higher; Please note individuals who are currently sitting their NFQ Level 8 exams this year are eligible to apply for Enterprise Irelands Graduate Competitive Start Fund. Applicants must have prior to legal’s written notification from their educational institution of final results indicating that they will be conferred with a degree of at least NFQ level 8 or equivalent.
  • 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 and Directors Loans. Sweat equity does not apply;
  • 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 five years old from date of registration;
  • 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 or be involved in "adult entertainment", tobacco or military sectors;
  • Applicants must be eligible to live and work in Ireland or be legally working here or attending, or have recently attended, a start up accelerator programme in Ireland. If you are successful and your current visa status does not allow you to run a business in Ireland you must regularise your visa situation before receiving an investment.

*starting up defined as the relevant competition closing date.

Please note:

  • If an application is successful and is currently in receipt of an Enterprise Ireland Feasibility Grant, the full amount of the Feasibility grant must be drawn down before the Competitive Start Fund investment or, alternatively, the company/individual must forego the balance of the Feasibility Grant prior to starting the CSF.
  • If the applicant is successful and currently in receipt of a New Frontiers stipend, the applicant will not receive Competitive Start investment until they have completed drawdown of the New Frontiers stipend or declined further stipend payments.
  • Where an applicant is a subsidiary of a parent company, then the eligibility criteria will be applied to the parent company.

 

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.
  • In addition to €50,000 equity investment, successful applicants for this call will be invited to participate in a business development programme designed for early stage companies. The precise form and content of the program has yet to be finalised but will include networking, business coaching and blended learning. It is tentatively planned to start Q1 2015. The subsidised fee for participation is €2,000 per company.


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?

If you are a first-time applicant you will be required to register on the Enterprise Ireland Online Application System.

Applications must be made via the Enterprise Ireland Online Application System.

We strongly recommend that you commence your application well in advance of the call close date and time. You can commence your application and save it to revisit at a later stage.

To support your written online application, you will be offered the opportunity to pitch directly to the Assessment Part 1 Evaluation Panel using video interviewing technology. You will be asked to complete a 6-8 minute online video interview / pitch which will be viewed by the evaluation panel as part of the evaluation process. This video pitch is mandatory, 25% of the overall marks are allocated to this submission. You will be asked to address the following questions:

  • What are you going to sell? (1 min Max)
  • Who are you going to sell it to? (1 min Max)
  • Why are they going to buy it from you? (1 min Max)
  • How are you going to sell it to them? (1 min Max)
  • How are you going to make money? (1 min Max)
  • You will also be given 2 minutes max to add any additional comments

You will receive an email after commencing your Competitive Start Fund online application inviting you to complete your online video interview/pitch (read Video Pitch Briefing Document).

Please note that an application for approval of an equity investment for companies selected 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 read our CSF Equity FAQs.


How is my application evaluated?


Assessment Part 1

An evaluation panel comprising external consultants in conjunction with representatives from Enterprise Ireland will evaluate each application and will score them under the following criteria:


Evaluation Criteria Weighting

Company and Promoter Profile25%
Product/Service & Market Opportunity25%
Video Pitch25%
Product/Service Innovation15%
Ability to deliver key Commercial and Technical Milestones over the coming 12 months10%


All applicants will be notified by email on Friday 8th August, 2014 if they were unsuccessful in this call or will be invited to present a short investment pitch to the panel (Assessment Part 2).


Assessment Part 2

The top applications will be invited to present a short investment pitch to the evaluation panel comprising external industry experts and representatives of Enterprise Ireland at the offices of Enterprise Ireland in East Point Business Park, Dublin 3.The date of this pitch is Monday 18th August, 2014. The evaluation panel will be asked to score the applicant's performance based on the following equally weighted criteria:

  • What specific need does your product / service address? Why would someone be "compelled" to purchase your offering?
  • What is it about you and / or your management team that makes you capable of executing on this business plan?
  • What would be the impact of €50K on the execution of this business plan?

Please note: Enterprise Ireland reserves the right to seek additional clarification from the applicant in regard to your application.

 

Closing Date for Applications

The closing date for all applications for those active in the Manufacturing & Internationally Traded Services sectors including Internet, Games, Apps, Mobile, SaaS, Cloud Computing, Enterprise Software, Lifesciences, Food, Cleantech and Industrial Products is 3pm on Wednesday 23rd July 2014.

 

Key contact/more information

For more information download CSF Reference Document or please contact:

E-mail: graduatecsf@enterprise-ireland.com
Tel: + 353 1 727 2202 (9am - 5pm)

If you are not a client of Enterprise Ireland and want to learn more about qualifying and applying for Enterprise Ireland's High Potential Start-Up supports, go to our Start a Business Section.



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