The Competitive Start Fund is funding to support start-up and early stage companies to get off the ground and launch new products and services in the international marketplace. The objective of the fund is to provide start-ups with the critical early stage funding towards key commercial and technical milestones that will ensure delivery of their product or service, and/or, will get their project to a key funding milestone. The target start-ups are those that have already proven the feasibility of developing a viable business.
This is a competitive fund. Funding will be provided to companies who rank highest in the scoring process. The maximum level of support per successful application will be €50,000 in equity support (in two equal tranches). Successful applicants will be required to secure additional new cash investment for equity of €5,000 prior to the release of Enterprise Ireland’s first tranche. This new investment in equity is to occur post the relevant call close date. Capitalisation of existing director/related party loans will not qualify. The Enterprise Ireland investment will be subject to the terms and conditions set out in the Enterprise Ireland Term Sheet.
The call closed at 6pm on Thursday 9thFebruary, 2012. Applications will be scored initially by an external panel of consultants and Enterprise Ireland. The shortlisted applicants will be invited to present a short investment pitch to an external panel of industry experts, successful entrepreneurs and Enterprise Ireland. The top 15 successful business ideas will be supported through equity investment and a business mentor.
Click here for more information and application details.