The Enterprise Ireland has announced the Competitive Start Fund (CSF) aims to support early stage start-ups.
Sponsoring Agency: Enterprise Ireland
Type of Fund: Grant
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 05/25/2021
Size of the Fund: USD $50,000 to $500,000
The Enterprise Ireland has announced the Competitive Start Fund (CSF) aims to support early stage start-ups.
This fund is open to early stage companies in the Manufacturing & Internationally Traded Services sectors, including the following subsectors Agtech, Cleantech, Consumer Products, e-Health, Enterprise Software, Fintech, Food, Games, Industrial Products, Lifesciences, Manufacturing, Medical Technologies & Devices, Mobile, Renewables, SAAS / Digital Technologies, Engineering / Electronics, Deeptech, Internet of Things (IOT), Artificial Reality (AR) / Virtual Reality (VR), Data Intelligence, Quantum Computing, Green Technologies / Climate Change Solutions.
The purpose of the Competitive Start Fund is to accelerate the growth of start-up companies that have the capacity and ambition 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 Minimal Viable Product (MVP) stage, and that the product is, at a minimum, live in beta.
• That the product or service has demonstrable customer validation ideally 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 export market opportunity for the proposed product or service. Clear knowledge of the competitive landscape.
• Clear execution plan outlined, identifying suitable channels to international markets.
Funding Information
• The maximum support available is €50,000 for a 10% ordinary equity stake in the start-up company;
• 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;
Eligibility Criteria
The Competitive Start Fund is open to:
• Companies that are active in the relevant industrial sector(s)
OR
• You are eligible to apply as an ‘Individual’ if an establishment/company is not yet registered for the proposed eligible company activity. If application is successful in the CSF call the investee company must be registered in Ireland and the individual/founder must be based in Ireland.
• You are eligible to apply if you are an existing or potential client of Enterprise Ireland’s High Potential Start-Up Department.
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);
• Prior to the competition closing date must not have received equity funding of more than €150K. Equity includes Ordinary shares, Convertible Preference Shares, Convertible Loan Notes and Directors Loans. Sweat equity does not apply;
• Prior to the competition closing date must be pre-trading or recently commenced trading and does not have revenues in excess of €100k 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 than 3 years old (from date of incorporation in Ireland) 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.
More information at: https://www.enterprise-ireland.com/en/funding-supports/company/hpsu-funding/competitive-start-fund-all-sectors.html
