How to Get Funding For Your Startup in Ireland

photo credit: Irish Philadelphia Photo Essays

This week we look at how to create a startup business in Ireland, the advantages it offers, and how you can qualify. Now that the US and Europe have started to emerge from the recession, opportunities and funding for new businesses are more available that last year. Let’s look at what Enterprise Ireland offers new startups, especially those from overseas, and the advantages it offers your business.

This is the Irish Government’s dedicated organization responsible for the development and growth of Irish enterprises in world markets. It also works on bringing overseas companies to Ireland with incentives such as tax breaks and turnkey facilities.

Its role is to ‘identify, support and invest in a range of technology-based companies located in Ireland.’

Every year, it supports a growing number of international entrepreneurs who choose Ireland as the location to start their business.

To do this, it offers:

1. Access to experienced people and investors
2. Incubation space
3. Entrepreneurship coaching and training
4. Direct seed capital investment
5. Market knowledge and connections through its network of over 30 international offices

How to Qualify for Funding

Enterprise Ireland defines High Potential Start-Up (HPSU) as start-ups:

1. Introducing a new or innovative product or service to international markets.
2. Involved in manufacturing or internationally traded services.
3. Capable of creating 10 jobs in Ireland
4. Realizing exports of €1 million within three to four years of starting up.
5. Led by an experienced management team.
6. Headquartered and controlled in Ireland.
7. Less than six years old.

The site has a series of video which explain how it can help you start your business.

How to Get Started

Contact Enterprise Ireland through its website or contact one of it’s international offices. You can speed things along by dropping in to visit and talking to their business team. Most international capital cities will have a representative from Enterprise Ireland available.

Submit Your Business Plan

To apply for funding and all the associated assistance that EI can provide, you’ll need to submit a Business Plan or Business Proposal This needs to outline your:

• New Product
• Target market
• Estimated turnover
• Estimated number of employees that will be located in Ireland
• Details of the Management team.

You can get a Business Plan Template here.

Evaluation Process

If Enterprise Ireland believes that the proposal is eligible for support and it wants to explore it further, it assigns a Development Adviser (who will have a portfolio of start-up companies in your sector) to investigate the viability of the start-up proposition and discuss funding options.

Likewise, if the proposal is at a very early stage of development and lacks key information, the Start-Up Team will help you develop the business case and/or refer you to the relevant Start-up Development Programme.

Examples of Startups who received Funding

Each year, Enterprise Ireland invests in over 70 startups. Its annual Showcase event profiles and promotes the entrepreneurs and companies supported by Enterprise Ireland across a range of manufacturing, international services and technology sectors.

In 2009, Enterprise Ireland supported 73 HPSU companies. Click here to view profiles of the HPSU Class of 2009.

These companies availed of a wide range of services including:

1. Market and technology support and validation
2. Introductions to the venture capital and Business Angel Network
3. Access to business Mentors
4. Assistance in securing key ‘reference sales’
5. Support in developing a management team
6. Finding suitable incubation space

You can watch some videos here: http://www.enterprise-ireland.com/en/News/MediaLibrary/HPSU/

How to Contact Enterprise Ireland

If you have a business concept and would like to consider starting your business in Ireland, you can contact them at startup@enterprise-ireland.com or visit http://www.enterprise-ireland.com/en/Start-a-New-Business/Startups-from-Outside-Ireland/

Overseas Funding – Would you try It?

Most of us look for funding at home. If you’re looking for funding abroad, what are you looking for before you make a decision?

For US companies, what would your team think of starting up in Ireland or Europe?

How would you sell the idea to them that this may be the best way to develop your new business.