Competitive Start Fund - All Sectors

Please note: Details below are subject to change prior to official call open date.


Call Open: Tuesday 24th September, 2019
Call Close: Tuesday 8th October, 2019 at 3pm

The Competitive Start Fund (CSF) aims to support early stage start-ups.  This fund is open to early stage companies in manufacturing and internationally traded services.

Suzanne Moloney

Hidramed’s innovative wound management system was inspired by its founder’s search for a solution to her medical condition. Suzanne Moloney explains how the right mentoring supports helped her start-up to progress quickly. Read more here.

Leonora OBrien Pharmapod

Pharmapod aims to be a worldwide solution to a global problem, helping to reduce medication errors and improve patient safety. Founder and CEO Leonora O’Brien explains how local support has been invaluable for launching internationally. Read more here.

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Wellola’s patient portal software solutions help to make healthcare more accessible and cost-effective for everyone. Co-founder Sonia Neary describes how CSF support helped to realise her vision and to drive early traction and growth. Read more here.

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BidRecruit is an innovative, unique platform that cuts time-consuming tasks and makes recruitment efficient and effective. Here, company founder, Caroline Gleeson outlines how CSF enabled BidRecruit to develop from idea to business realityClick here to read more.

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 “Winning the Competitive Start Fund (CSF) for Experienced Business Professionals was perfect timing for our company,” says Anne Lawlor, CEO, Journey Protector. Here’s how it benefitted in building the business. Click here to read more.

Download Start-up Showcase Directory 2019

  • All applications to the fund must be made via the Enterprise Ireland Online Application System.
  • Completed application forms must be submitted through the Enterprise Ireland Online Application System by 3pm on 8th October, 2019.
  • Video Pitch must be submitted on the Sonru.com platform by 11:59pm on 8th October, 2019 (when you commence the application form, an email regarding the video pitch will be sent to you separately). A valid application must have both a video pitch and complete application form.

CSF takes business to new level

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Top Tips on applying for the CSF

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 capacity to succeed in global markets. The fund is designed to enable those companies to reach key technical and commercial milestones.

Applicants to the fund should ideally be able to demonstrate the following:

  • Be able to clearly demonstrate that product or service has reached MVP stage, and that the product is, at a minimum, live in beta.
  • That the product or service has demonstrable customer validation with (trial and/or paying) customers.
  • A fully articulated proposition addressing a clear gap in the market with market research conducted with customers/potential customers.
  • Evidence of innovation, export potential and employment capacity. Clear market opportunity for the proposed product or service. Clear knowledge of the competitive landscape.
  • Clear execution plan outlined, identifying suitable channels to international markets.

Assessments are undertaken on the applications submitted, it is important to note that the greater the progress the applicant has undertaken towards generating sustainable revenues the stronger the application. Applications from projects that are at idea, concept or design stage may be considered to require further development before applying for the competitive start fund.

If successful in progressing to pitch, the applicant may be required to supply contacts of (trial and/or paying) customers prior to any Enterprise Ireland investment completing as part of our due diligence process.

 

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 that are active in the relevant industrial sector(s)
    OR
  • 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 eligible traded services business (the eligible services as listed in the Service Industries Order 2010);
  • Must not have received equity funding of more than €100K prior to the competition closing date.  Equity includes 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 revenues in excess of €60k in the current financial year to date or in any previous financial year;
  • If the enterprise is an existing company, the company must be less then 3 years old (from date of incorporation) at call close date;
  • Must be capable of creating 10 jobs in Ireland and realising sales of €1m within 3 years;
  • Must not be engaged in activities that are excluded under Enterprise Ireland policy including gambling, adult entertainment, tobacco or military sectors;
  • Have sufficient de minimis funding available in line with EU rules governing ‘single undertakings’ and company group structures;
  • The applicant / applicant company must not have previously performed a similar business activity in a separate business owned by the applicant;
  • Applicants must be eligible to live and work in Ireland. If their current visa status does not allow them to run a business in Ireland they must regularise their visa situation before receiving an investment.  (Enterprise Ireland has a help-desk to advise non EU applicants on the relevant rules).

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 scholarship, or a Priming Grant from the Local Enterprise Office, the application will not receive Competitive Start investment until they have completed drawdown of the New Frontiers scholarship/priming grant or declined further payments.
  • The majority management team must be based in Ireland.
  • Note: Any intellectual property that is required to execute the business plan that is currently owned by the promoters must be assigned to the company prior to the CSF investment completing.

 

Application Support Days

Application Support Days will take place in Business Innovation Centers nationwide:

Contact your local BIC for further information on these events or to register to attend.

 

What is the maximum funding and on what terms?

  • 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 after the relevant call close date;
  • The overall equity investment will be towards the costs associated with implementing the business plan and making progress on key technical and commercial milestones;
  • In addition to the investment of €50k, successful applicants will be eligible for a range of supports, including mentoring, and a development programme.  See details of our HPSU Start supports (Word format).

*Capitalisation of existing loans will not qualify – we require this to be new cash into the business. 

Legal Basis: The legal basis is Section 31 of the Industrial Development Act 1986.
State Aid Basis: The State Aid basis is De Minimis Aid EC No 1407/2013

 

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?

Applications must be made via the Enterprise Ireland Online Application System during the call open dates.  We strongly recommend that you log in and commence your application well in advance of the call closing date.  You can commence your application and save it to revisit at a later stage.

Download sample application form from a previous call. Please note, character counts on each field are not outlined in this sample and is subject to change.

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, 20% of the overall marks are allocated to this submission. For your application to be considered you must submit your written online application and video pitch. An email will be sent (to the email address used when registering for Enterprise Ireland online) inviting you to complete your online video interview after you commence your Competitive Start Fund online application.

Read Video Pitch Briefing Document

You will be asked to address the following questions:

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

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 & Conditions set out in the Enterprise Ireland Term Sheet (PDF)
  • (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 (PDF).

 

How is my application evaluated?

 

Assessment Part 1

An evaluation panel comprising external consultants and Enterprise Ireland will score applications under the following criteria: 

Evaluation Criteria

Weighting

Company and Promoter Profile

20%

Product/Service & Market Opportunity

20%

Business Proposition - delivered by Video Pitch

20%

Product/Service Innovation

10%

Ability to deliver key Commercial and Technical Milestones over the coming 12 months

10%

Likelihood of developing into a HPSU (company with at least 10 employees and €1 million revenue within 3 years)

20%

For information, download CSF Assessment 1 Scoring Guidelines (word format).

All applicants will be notified by email of the result of this assessment.  If they are successful they will be invited to present a short investment pitch to the panel at Enterprise Ireland offices in Dublin (Assessment Part 2).

 

Assessment Part 2

The highest scoring 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, East Point Business Park, Dublin 3.

The evaluation panel will be asked to score the applicant's performance based on the following equally weighted criteria:

  • Business Model - explain how this company will generate revenue and scale internationally.
  • Management Team - describe how the proposed management team have the necessary skills to scale this business and clearly identify gaps and proposed actions to address them.
  • Roadmap - clearly outline the steps necessary and the resources required over the next 12 months.

The evaluation panel will select the start-ups to go forward to Enterprise Ireland’s Investment Committee for approval.

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

 

Closing date for applications

  • Closing date for applications is Tuesday 8th October, 2019 at 3pm.

 

Key contact/more information

Download Reference Document - available soon.

For more information, please contact:

csf@enterprise-ireland.com

+ 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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