Who can apply for a business startup grants?
As a business owner, you may be looking for funding support to help grow and expand your business. If you’re just starting out, you may need seed funding to help make your business idea a reality.
There are great government grants for entrepreneurs starting a business as well as grants that support SMEs that are growing and scaling into international markets.
In general, there are more grants available for Limited Companies and it is one of the reasons to set up a company over being a Sole Trader.
Cash Flow Supports For Businesses Impacted By Covid-19
Businesses that have been negatively affected by Covid-19 can avail of government supports such as help paying staff (Employment Wage Support Scheme) or help to get your business online (Trading Online Voucher Scheme).
Check out our blog on Cash Flow Supports For Businesses Impacted By Covid-19 for more informaiton on the supports available. If your business needs accounting or compliance advice during this time, please reach out to our Client Services Team today. We’re here to help!
Local Enterprise Office
Your Local Enterprise Office (LEO) can give you advice, information, and support on starting a business in Ireland.
They support business owners and growing businesses from Sole Traders to Limited Companies. Each county in Ireland has its own LEO and you can find your local office on its website.
Support from LEO includes:
Local Enterprise Office: What Do They Do?
Read this blog to find out where to find your LEO, what they do, the different types of LEO business grants and support and how to choose the best support for your business.Continue Reading
Enterprise Ireland (EI)
Enterprise Ireland is an organisation that supports the growth of Limited Companies into other markets.
Usually, you start by going to LEO, and then when you’re ready to expand business activities, improve efficiency, and grow sales, you’ll go to EI for further support.
There are greater supports available from EI but there are also stricter qualifying criteria before you can avail of their support. However, being a client of EI has excellent benefits so if you are eligible for their support you’ll see results straight away!
Are you a High Potential Start-up (HPSU)?
EI are looking for a certain type of company to support – which they call a “High Potential Start-up (HPSU)”.
A HPSU is characterised as “a start-up business has the potential to develop an innovative product or service for sale on international markets and the potential to create 10 jobs and €1m in export sales within 3 years of starting up”
If this applies to you, contact EI’s Start-up Team to discuss your idea and Startup needs.
EI support for HPSU's
For businesses in the development/feasibility stage – developing a business idea or proposal
- New Frontiers Entrepreneur Development Programme
- HPSU Feasibility Grant
- Innovation Voucher
- Mentor Grant
For businesses with a well-developed business plan and need to raise additional funding
NDRC is an early-stage investor in tech companies. Its aim is to identify Startups and founder teams who meet a significant global unmet market need or problem.
Typical companies that go to NDRC for support have the following features:
- Deep know-how in technology
- Has a globally scalable product or services-led propositions
- Potential to be investor-ready or revenue-generating within 6 months
- A strong commercial and technical team
Business Innovation Centres (BICs)
Each BIC offers support in the following areas:
- Investor-ready preparation
- Raising finance
- Incubation space
If you’re interested in getting involved with a BIC, we recommend that you contact them directly or check out one of our webinars with Dublin BIC.
Women-Founded High Potential Start-Ups (HPSU)
The requirements for the women-founded HPSU are the exact same as all the other HPSU.
The Enterprise Ireland Female Entrepreneurship Unit was established to support women entrepreneurs in Ireland.
If you need further information about HPSUs, you can contact Enterprise Ireland’s Startup Enquiries Team for advice on what it takes to be an Enterprise Ireland client. Email: HPSUenquiries@enterprise-ireland.com and phone: +353 1 727 2130.
Going For Growth
Going For Growth is specifically for women entrepreneurs in Ireland who are serious about growing their businesses.
You should be the owner/manager of an established business and be the main shareholder and key influencer in the running of the company.
Applications must be sent to register your interest in being a part of this programme.
DCU’s Ryan Academy
DCU’s Ryan Academy offers a Female High Fliers accelerator programme for Ireland’s best early-stage Startups.
It’s specifically designed to address the challenges facing women entrepreneurs. This programme is open to companies that are less than 5 years old and helps them to accelerate to the next level.
Successful applicants will receive weekly training and homework after each session so it’s important that those applying are able to commit to the time involved with this programme.
Rubicon in Cork Institute of Technology offers an ‘Exxcel Programme’, which was designed to support entrepreneurs with a business idea that has high growth and export potential within the Science, Technology, Engineering & Maths (STEM) industry.
This programme is delivered over 6 months, with ongoing, one-to-one mentoring and coaching.
If you’re interested in this programme, you need to make an application to express your interest.
Enterprise Ireland offers Investment Support and Pre-Investment Support for Startups moving to Ireland.
Investment support includes helping projects that are coming from overseas, that are fully investor-ready and meet all their criteria.
Pre-Investment Support is aimed at projects that meet their other criteria and have made some progress but are not fully investor-ready and can apply to attend an accelerator programme. Enterprise Ireland can offer some participants on accelerator programmes a grant to cover living costs.
Immigrant Investor Programme (IIP)
The Immigrant Investor Programme is open to non-EEA nationals who commit to an approved investment in Ireland.
The programme requires a minimum investment of €1m, from the applicants own resources and not financed through a loan or other such facility and must be committed for a minimum of three years.
Startup Entrepreneur Programme (STEP)
The Start-up Entrepreneur Programme allows a non-EEA national with an innovative business proposal and minimum funding of €50,000 to come and set up a business in Ireland.
You apply for this programme online and there is a €350 application fee. Once you’ve applied, an Independent Evaluation Committee will consider the application and determine the suitability of your proposal.
Not ready for Startup grants?
We understand that it can be a lengthy process to get your Startup funding-ready. Pre-accelerator programmes are a great way to get support and practical coaching and experience before you start applying for Startup/accelerator programmes.
This is a Startup organisation that offers a 6-week part-time programme for early-stage entrepreneurs to prepare them for accelerator programs, seed investment and revenue.
Startup Boost is a global tech Startup pre-accelerator with locations in Dublin, London, Toronto, Detroit, New York, Pittsburgh and L.A.
You will get access to mentoring, networking and coaching as well as connections with top accelerators, seed investors, and industry partners. There is no fee charged and no equity taken.
Advice for the application process
If you plan on applying for any funding or support, it is common that they will ask you to submit in-depth details about your business. Whether that is in a video, written, poster or face-to-face interviews, here’s how we recommend you prepare:
- Use facts and be specific. Back statements with the relevant evidence of business activities, i.e statistic or examples.
- Know your business model thoroughly. It will make explaining it an easier task.
- Make relevant content such as product specifications, business plans, and so on available to the judges. Consider including links to your website.
- As soon as the application opens, you should begin producing your video pitch – it may take longer than you think.
- Study the marking scheme. This can give you insight into how to divide your time.
Want to talk to us?
If you need support during your Startup journey, talk to our Client Services Team about our Company Formation and Accountancy services.
We offer a wide range of services for SMEs in Ireland and the UK. You can chat online, call us on +353 (0)1 905 9364 or email firstname.lastname@example.org.
We’re here to help!