Government Supports for Start Up Businesses
by Nicola Mullen
 
 

With Ireland’s economy continuing to grow and expand, and with consumers gaining more confidence and spending power as we reach full employment, it is an ideal time for new start-ups to enter the market.

Many incentives are now available for anyone thinking of starting their own business.

Enterprise Ireland and the Local Enterprise Office offer support, advice and many other services to help kick-start new businesses in the right direction.

What Enterprise Ireland has to offer: -

Enterprise Ireland look after what is called High Potential Start-Up companies also referred to as HPSU’s. To qualify as a HPSU, start-up businesses will need to possess the following characteristics: -

  • The potential to develop an innovative product/service which is available for sale across international markets;
  • The ability to generate 10 jobs;
  • The ability to raise sales of €1m within three years of start up.

In order to access the various funding Enterprise Ireland has to offer, you must first register as a client with them. The type of funding a start-up company will be entitled to will then depend on their stage of development; whether your company is at its feasibility, investor ready or growth stage, which will be determined by Enterprise Ireland. The following supports are available for the various stages of development:

Feasibility Stage Companies

Grants - The Feasibility Grant will offer supports to help develop an investor ready business plan for start-ups. It will also cover costs from salaries, consultancy fees, foreign travel to trade fair costs and prototype costs. On the other hand, the mentor grant will provide a start-up with a knowledgeable and experienced mentor to guide them in their start-up phase.

Innovation Voucher - These vouchers are available to companies at the early stages of their development to aid them to work with a registered college/knowledge provider in Ireland. This will give start up’s the opportunity to work out any problems regarding their venture or explore business opportunities. To avail of this €5,000 voucher, a CRO number is mandatory.

Investor Ready Companies

Enterprise Ireland offers two funds that can be applied for by start-ups who are seeking to raise funds to accelerate their business plan. These funds will offer companies equity investments in two forms: -

- A start-up can avail of a €50,000 equity investment which will help the company to achieve commercial, technical and marketing milestones. Such funding can be availed of several times throughout the year.

 

- On the other hand, Enterprise Ireland offers a start-up the opportunity to enter a co-funding agreement; this can also be availed of more than once.

 

Growth Stage Companies

This type of support is available to companies who are looking to expand their business and to achieve continued development. If a start-up has previously availed of funding in the other stages of Enterprise Ireland’s programme, this may impact on whether you will be eligible for these supports.

- Mentor grants and innovation vouchers are available under this stage as previously discussed in the feasibility stage.

- Workshops are provided to companies who are looking to expand into international markets and gain the tools required to practice good international selling techniques.

- Funding is also available to give companies the opportunity to explore and research new geographic markets by covering both internal and external researching costs. 

 

New Frontiers Enterprise Programme

Set up in 2012, this programme was launched with the aim of helping start-up companies to accelerate their business plan which will result in economic growth and the generation of employment. Many benefits are available to start-ups under this programme such as €15,000 tax free towards covering full time courses, mentoring from experienced advisers, networking, office space, access to numerous learning facilities and much more. This three-phase programme will start by testing the business idea over an 8-10-week period, evaluating through workshops and training whether it is a viable opportunity to explore. If so and through an in-depth idea selection process of all the candidates, the successors will be provided with supports for a six-month period along with €15,000 subject to review and satisfactory performance which will involve the development and planning of the business i.e. target market, funding options. Companies who progress to the final stage will then be shown to the most relevant government funding and further supports can be provided for a limited period which is dependent on their Enterprise Ireland management team.

 

For more information on how you can make the leap and start-up your own business, please contact Enterprise Ireland or alternatively for more information, and a helping hand with these applications, please contact us at info@quintas.ie and we would be more than happy to help kick-start you in the right direction.

 

Regards

 

Nicola Mullen