Enterprise Ireland Supports for StartUp Companies

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Enterprise Ireland Supports for Start-Up
Companies

• Michelle OGrady
• Development Advisor.
• 5 February 2009.

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Agenda

• About Enterprise Ireland (EI)
• Type of businesses EI supports
• Support available from EI to start up companies
• What EI looks for in a business proposal.

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Enterprise Ireland Mission
To accelerate the development of world-class
Irishcompanies to achieve strong positions in
globalmarkets, resulting in increased national
and regional prosperity.
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Clients we support
High Potential Start-Ups Entrepreneurs starting
companies with the ability to compete in world
markets Scaling Ambitious companies with the
ability to grow to scale and achieve significant
global success
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HPSU Division

• One division responsible for all start ups
• Organised along sectoral lines
• Each new prospective client is assigned a
  Development Advisor
• The full range of EI resources for an individual
  / company is accessed through that advisor
• All clients are handled both on a one to one
  basis AND may be involved in relevant sectoral
  initiatives.

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What is a High potential start-up?...

• Offering a product or service that is innovative
  or technologically advanced
• Aiming to realise sales of 1 million and
  employment of 10 or more within 3 years
• Manufacturing a product for export markets or
  internationally traded service
• Located and controlled in Ireland.

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Who do we work with?

• Key functional managers within existing
  businesses with new business ideas
• Experienced Managers looking at a management
  buy-out
• Serial or repeat entrepreneurs
• Individuals involved in 3rd level research, with
  an interest in commercialisation
• Irish ex-patriots, returning to Ireland with new
  business ideas.

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Typical stages in HPSU development..

• Feasibility Study and proof of concept
• Mentor appointed to assist with business
  planning
• Meet EI overseas office to discuss export
  marketing (First Flight or International Markets
  Week)
• Market Research or Strategic Consultancy support
  (if required)
• Approved for EI HPSU Equity Funding.
• Ongoing Development Advisor contact.

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Funding for Exploring New Opportunities
Start Up Finance
Funding for HPSUs

• Feasibility Study.
• Market Research.
• Strategic Consultancy.
• Trade Fair.
• Recruitment of key manager.

• Equity participation in line with Innovative
  Funding Offer.
• Investment in the form of Convertible Redeemable
  Preference Shares (CCRPS).
• Up to a maximum of 10 of the ordinary share
  capital of the company.

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Typical Funding Scenario

• Exploring New Opportunity - (50k - 6 months)
  Promoters own funds 25k EI Feasibility
  study grant 25k Establish market
  potential, develop prototype, strategic partner
  on board, develop business plan with focus on
  next 12-18 months
• Stage 2 (milestone funding) - (400k - 12/18
  months) EI 150k Venture capital
  investment 150k Promoters investment 100k
  (seed capital scheme)Working demo, reference
  site, first commercial sales.

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What EI looks for in a business plan

• Management team
• Achievements to date
• Market validation
• Business proposal
• Key milestones
• Funding sources and requirements

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Other EI services

• Business Incubation Centres (BICs) Dublin,
  Galway, Limerick, Cork, Waterford
• Focus on integrated supports - advice, hands-on
  guidance, space, access to finance
• Client Knowledge Services Information Centre
• Access to an international network of overseas
  offices
• Business Mentors/Mentor Panel.

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Further information www.enterprise-ireland.co
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