Competitive Feasibility Fund - Cork
The objective of the Competitive Feasibility Fund for the Cork Region is to assist new start-up entrepreneurs, or early stage companies, to investigate the viability of new growth orientated business propositions which have the potential to become a high potential start-up company in the Cork Region.
These are companies that can develop scalable, innovative technologies, products or services for sale on world markets. We are seeking, through a Feasibility Grant, to support projects that are likely to achieve significant growth within three to four years (sales of €1m per annum and employment of 10 or more) or, where a company is required to have FDA or CE approval, to have €1 million in sales within three years of approval to sell.
The purpose of the Feasibility Grant is to enable the Applicant, and Enterprise Ireland to reach firm conclusions regarding the project’s viability and set out an investor ready business plan and financials associated with developing and commercialising the product or service on international markets.
The Fund is open to individuals, early stage companies, or prospective businesses involved in manufacturing and internationally traded services, including sectors such as Internet, Games, Apps, Cloud Computing, Enterprise Software, Lifesciences, Food, Beverages, Consumer Products, Industrial Products, Engineering, Medical Devices, and e-Health.
Am I Eligible?
The applicant must be part of the lead management team, with a business start-up that has the potential to create jobs and export growth. The new business must be:
- Less than 3 years since the date of incorporation.
- A manufacturing or an internationally traded services business.*
- Not involved in activities that fall within gambling or "gaming" as defined in the Gaming & Lotteries Act 1956.
- Have the potential to create jobs and significant growth in the relevant sector.
*Projects focused solely on the domestic market may not be considered to have significant growth potential. Consumer Products, Industrial Products, Engineering, Medical Devices, and e-Health.
The fund is not open to the following:
- Projects focused solely on the domestic market.
- Individuals or start-up companies that have been approved financial support from Enterprise Ireland (including Feasibility Grants, New Frontiers Stipend, CORD Grant, Competitive Start Fund, or Equity Investment) in the past 2 years.
- Applicants who were approved any other state funding for the project for which they are seeking feasibility funding.
- Companies who have already reached their De Minimis Aid limit.
- Applications received after the call close date 3pm on Thursday, 27th October 2016.
Successful applicants will be awarded feasibility funding to support a maximum of 50% of the study costs. Typical elements involved in carrying out a feasibility study include:
- Market research
- Cost analysis
- Financial projections
- Manufacturing process assessment
- Plant evaluation and selection
- Raw material sourcing
- Negotiating with potential joint venture partners or obtaining a manufacturing licence may also be included.
Eligible costs include:
- Salary costs of the promoter(s) or company employees.
- Foreign travel and subsistence costs related to the project.
- Fees of external consultants.
- Costs of building and/or testing a prototype.
- Costs of exhibiting at or visiting one overseas trade fair.
Any expenditure incurred prior to the call close date of 3pm on Thursday, 27th October, 2016 is not eligible for support.
The maximum grant available is €25,000. The grant is calculated at a maximum of 50% of eligible expenditure of up to €50,000 incurred by the successful applicant.
Eligible applications for funding will be considered on a competitive basis. Enterprise Ireland will assess eligibility of the activities proposed in the study and associated costs. The amount of support will be determined by the Evaluation Panel following the Final Assessment.
How do I Apply?
Applications must be submitted via the Enterprise Ireland Online Application System from 3pm on Thursday, 13th October, 2016.
Call Close Date
The closing date/time for this fund is 3pm on Thursday, 27th October, 2016. Completed applications must be submitted on or before that date/time. Late applications will not be considered.
Presentations by short-listed candidates will take place at the Ludgate Hub, Skibbereen, on Friday, 11th November 2016.
Tips to help you make your application
- Allow plenty of time to prepare your application. You are planning to invest up to €25,000 of your own money along with up to €25,000 of Enterprise Ireland’s funding into this project. Therefore, give it due consideration and include as much relevant detail in the application form. Start your application online early and work on it over the entire application open period.
- Answer the question you are asked! – Application forms are like exams, answer the question you are asked. For example, if you are asked to describe your sales plan – then answer the question your sales plan and expected sales, ideal customer, etc. Plan your answer well and avoid rambling statements not related to the question asked.
- Consider your costs - When considering what eligible cost to apply for, ensure that you consider applying for real and anticipated costs. The maximum that will be considered in the application is a ceiling of €50,000. This means that even if you are planning on spending €60,000 only eligible costs up to €50,000 are considered for any grant claim.
Contact Details / Further Information
Full details about the Competitive Feasibility Fund for the Cork Region, eligibility, and terms & conditions are available in the Reference Document.
For details about the Competitive Feasibility Fund, please email or phone:
+353 21 4800228
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