Competitive Start Fund - International Entrepreneurs - 50,000 euro investment to grow your business in Ireland

A competition for early stage start-ups that are currently based anywhere in the world and willing to relocate to Ireland, will open on Wednesday 8th March 2017 and will close at 3pm on Wednesday 22nd March 2017.

This fund is open to entrepreneurs, located inside and outside of the European Union, focusing on manufacturing & internationally traded services, including the following subsectors: Internet, Games, Apps, Mobile, SaaS, Cloud Computing, Enterprise Software, Lifesciences, Fintech, Food, Cleantech and Industrial Products.

If you wish to apply, please click the button below and follow our online application process.

APPLY NOW

Following the evaluation of online applications, up to 20 short-listed projects will be invited to travel to Ireland to experience the start-up ecosystem and to pitch to the evaluation panel. The pitch will take place on Tuesday 13th June 2017. Enterprise Ireland will cover the travel and accommodation costs.

Successful applicants will be required to move to Ireland. Successful applicants from outside the EU will be eligible and supported by us to apply for a Startup Entrepreneur Visa which permits the holder and his/her family members to reside and work in Ireland.

 

Top Tips on applying for the CSF from Joe Healy, Manager of High Potential Start Ups ICT unit, Enterprise Ireland

More information

 

Overview of the Competitive Start Programme

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.

 

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. The €5,000 should come from the promoter sourced funds and must not be matched from State funds. These monies, must not be provided by the Capitalisation of existing director/related party loans which, will not qualify. The company must also meet the general terms and conditions of the scheme.
  • Successful applicants will additionally be appointed a mentor who will work with the company for up to 10 sessions.

Each Start-up invited to pitch will be entitled to:

  • One return economy airfare to Ireland
  • Up to 5 nights in the designated hotels in Ireland 

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.

 

Am I eligible?

The Competitive Start Fund is open to:

  • Companies who are active in the required sector for the call they are applying for.
  • Individuals who, prior to Enterprise Ireland's investment completing, will register a company which will be active in these sectors.
  • Individuals who, prior to Enterprise Ireland's investment completing, will have a headquarters registered and be based in Ireland. All intellectual property and assets must reside in the Irish entity. The majority management must be based in Ireland for a minimum of one year.

In addition, applicants must fulfil all of the following criteria:

  • 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. 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 annual revenues in excess of €60k in the current financial year to date or in any previous financial year;
  • Must be less than three years old on the 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 startup 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.
  • Must meet SME definition as defined by EU legislation.

* 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.
  • 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

 

Application Process

Apply now

Applications must be made via the Enterprise Ireland Online Application System during 8th of March, 2017 to 3pm (GMT +0) to 22nd of March, 2017. Late applications will not be accepted. You will be asked to fill and online application form and complete an online video. You can commence your application and save it to revisit at a later stage.

 

Tips
  • Link to sample application form. Please note, this sample is still in draft and is subject to change.
  • If you do not have a PPS number please enter Not Available.
  • If you have not been in touch with us before, please choose Peter Lennox as your Development Advisor.
  • You will receive an email after commencing your Competitive Start Fund online application inviting you to complete your online video interview.
  • This 6-8 minute video pitch, which is mandatory, requires you 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

To read a detailed explanation what is expected from your pitch, follow the link 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.

All applicants will be notified by email of the result of this assessment on 19th April 2017.

Up to 20 top finalists will present a short investment pitch to the evaluation panel comprising external experts and Enterprise Ireland on the 13th June 2017 in Ireland.

 

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 to 4 years)

20%

For information, download CSF Assessment 1 Scoring Guidelines.

All applicants will be notified by email of the result of this assessment on 19th April 2017.

If they are successful, they will be invited to present a short investment pitch to the panel (Assessment Part 2) in Ireland.

 

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 in Waterford on Tuesday 13th June 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 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.

Download and read the Reference Doc

 

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 (GMT +0) Wednesday 22nd March 2017.

 

Key contact/more information

For more information, please contact:

csf@enterprise-ireland.com

+353 1 727 2202 (9am-5pm)

If you 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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