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 opened on Wednesday 3rd May 2017 and closed on Wednesday 17th May 2017 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.
A dream of developing revolutionary technology led Liz Fulham to set up SalesOptimize.
As a previous winner of the Female Entrepreneurship Competitive Start Fund (CSF),
she has top tips on the application process and understands the challenges facing early-stage start-ups.
Click here to read more.
It began as a Young Scientist project that grabbed the attention of the public –
now Restored Hearing is continuing to develop solutions to alleviate problems like tinnitus or chronic ringing in the ears.
Co-founder Rhona Togher says the Competitive Start Fund (CSF) programme provided the company with business skills and a support network.
Click here to read more.
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 become High Potential Start-Up (HPSU) Companies. HPSUs are start-up businesses with the potential to develop an innovative product or service for sale on international markets and the potential to create 10 jobs and €1m in sales within 3 to 4 years of starting up.
Download Start-up Showcase Directory 2017
Up to 15 female-led companies will receive investment through the Competitive Start Fund for Female Entrepreneurs.
As well as securing up to €50k in funding, ten of the successful applicants will also have the opportunity to participate in Dublin BIC’s INNOVATE accelerator programme. Delivered over a 12-week period in the Guinness Enterprise Centre, the interactive INNOVATE programme will increase the capabilities of the participants and move them to investor-ready within a short period.
Information Evening with Dublin BIC: 6pm in the Guinness Enterprise Centre, Dublin 8. Please join us in the Guinness Enterprise Centre on Monday 8th May at 6pm where you can hear more details on the Programme from Enterprise Ireland, Dublin BIC and GEC .Click here to register for this event.
The fund is designed to enable those companies 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.
Female Entrepreneur Competitive Start Fund's support network
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 three 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
*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.
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 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.
Tips on making your Competitive Start Fund application
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.
For information, download the Reference Document
All applicants will be notified by email on Wednesday 7th June 2017 if they were unsuccessful in this call or will be invited to present a short investment pitch to the panel on Tuesday 20th June 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 Tuesday 20th June 2017.
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 17th May 2017 at 3pm.
Key contact/more information
Click here for Female Entrepreneurs – Competitive Start Fund Open Evening
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.
Business support through Competitive Start Fund programme
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