Competitive Start Fund for Female Entrepreneurs
The Competitive Start Fund (CSF) aims to support early stage start-ups. A competition, specifically for Female Entrepreneurs or female-led start-ups, 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 will open on Wednesday 9th November 2016 and will close on Wednesday 23rd November 2016 at 3pm.
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. Late applications will not be accepted.
Overview of the Competitive Start Fund
The Competitive Start Fund aims to accelerate the growth of start-up companies that have the capability to succeed in global markets and to enable them to reach key commercial and technical milestones, for example:
- Evaluate overseas market opportunities
- 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.
This call for applications to the Competitive Start Fund is open to:
- A female-led start-up
- OR a female entrepreneur who, prior to Enterprise Ireland's investment, will have registered a company in Ireland.
- 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 a company, it 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. [If a company is required to have FDA or CE approval, these targets must be achievable within three years of approval to sell];
- Must not be engaged in gambling, "adult entertainment", tobacco or military sectors;
- 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).
- Must meet SME definition as defined by EU legislation: http://ec.europa.eu/growth/smes/business-friendly-environment/sme-definition_en
*starting up defined as the relevant competition closing date.
- 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.
- If the applicant was a sole trader or a partnership prior to applying to CSF as an individual or a Limited company and the undertaking is exactly the same, then the eligibility criteria will be applied to the former entity.
- 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.
- This call for applications is open to International Entrepreneurs. If the applicant is currently based outside Ireland.
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 69/2001
What is the maximum funding and on what terms?
Applications are considered on a competitive basis.
Enterprise Ireland will invest €50k for a 10% ordinary equity stake in the start-up company, which will 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.
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;
- 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 during the relevant call open and call close dates. We strongly recommend that you log in and 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, 20% 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:
Company and Promoter Profile
Product/Service & Market Opportunity
Business Proposition - delivered by Video Pitch
Ability to deliver key Commercial and Technical Milestones over the coming 12 months
Likelihood of developing into a HPSU [company with at least 10 employees and €1 million revenue within 3 to 4 years]
For information, download CSF Assessment 1 Scoring Guidelines.
All applicants will be notified by email on Wednesday 14th December, 2016 if they were unsuccessful in this call or will be invited to present a short investment pitch to the panel on Monday 23rd January 2017 (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 23rd January 2017. 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?
From the final applicants, those scoring highest will be selected with a reserve list 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
The call close date for applications for Female Entrepreneurs or a female-led new start-up company 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 Wednesday 23rd November 2016 at 3pm.
Key contact/more information
For further information, please contact:
+ 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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