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Starting and developing your own business – How Enterprise Ireland can help - Tyndall Innovation Forum - 25 th May 2006 What I will cover … Types of Businesses Enterprise Ireland supports Type of support that is available Some critical success factors

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Starting and developing your own business how enterprise ireland can help l.jpg

Starting and developing your own business – How Enterprise Ireland can help -

Tyndall Innovation Forum - 25th May 2006


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What I will cover …

  • Types of Businesses Enterprise Ireland supports

  • Type of support that is available

  • Some critical success factors


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Types of new enterprises we support ….

- HIGH POTENTIAL START UP BUSINESSES -

What is a ‘High potential start-up’ business ?

  • Company that manufactures or trades services internationally;

  • Usually product / services based on technological innovation;

  • Export oriented;

  • Involving industry experienced team

  • Potential for sales > €1m and 10 employees within 3/4 yrs

  • Irish controlled and located in Ireland.


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Who we work with ….

A wide range of people …

  • Key functional managers within existing businesses with new business ideas;

  • Experienced Managers looking at a management buy-out;

  • Irish ex-Pats, returning to Ireland with new business ideas

  • Individuals involved in 3rd level research, with an interest in commercialisation;

  • ‘Serial’ or repeat entrepreneurs.

    - The majority of original promoters of start up companies EI supports have technical background / qualifications


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Where do entrepreneurs typically come from?

Sourcing people with new ideas

1999 – Dec 2005


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Key sources of HPSUs – all sectors


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How we operate

  • One division responsible for all start up’s

  • Organised along sectoral lines

  • Each new prospective client is assigned a “Development Advisor” or account executive.

  • The full range of EI resources is accessed through that advisor.


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Comprehensive assistance


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Some detail on assistance from EI

  • Advice and mentoring

  • Identifying customers and securing export sales

  • Funding – from EI and other sources

  • Infrastructure; Incubation space / Premises.

    Business Innovation Centres


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1. Advice and mentoring – Getting started

  • Enterprise Start Programmes (over 6 weeks) and Enterprise Platform Programmes (over 12 months with part salary support). – Genesis in Cork.

  • Initial idea / project evaluation – Feasibility study grant (50%).

  • Advice and help in development of a business plan;

  • Assistance with product / market validation , Fit for market seminars.

  • Challenging of assumptions, projections etc – help fill the gaps.

  • Advice and help in building a balanced, management team;

  • Mentor Panels / Investor readiness panels

  • Introductions (investors, business partners, consultants)


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2. Identifying and securing export sales

  • Access to an international network of overseas offices

  • Overseas incubation space

  • Assistance in identification and securing overseas key reference customers

  • Financial assistance towards costs associated with attending international trade fairs, fact finding missions etc

  • Access to overseas market intelligence and research

  • Introductions to overseas industry experts


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3. EI funding for HPSU’s:

Funding to ‘explore new opportunities’

- Small grants – up to €65k

  • Funding towards ‘establishing a HPSU’

  • Grants and equity

RTI – grants and repayable grants


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Enterprise Ireland as an Investor

  • EI will typically purchase up to 10% of the ordinary share capital;

  • Balance of funding in the form of grants and/or preference share – normally on a 50/50 basis;

  • Very early stage start-ups –’milestone funding’ e.g.

    • Completion of critical element of R&D activity;

    • Development of a Beta Model;

    • A patent application in a specific location

  • The level of EI funding is determined by the potential level of exports and job creation

    Other EI supported funding sources:

  • 15 Seed and Venture funds

  • Business Angel Programme – Cork, Dublin , Galway


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Third Level

Enterprise Ireland Space

Industry R&D

Proof of Concept

Campus Companies

Collaborative R&D

Basic Research / Scholarships

Research Agenda

Basic Research Infrastructure

Where EI fits in the Research Support System


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R&D supports

-RTI Scheme- Support towards company led R&D. Up to €650k in support.

  • Commercialisation of R&D (CORD) Phase - bring new product idea/business ventures from 3rd Level to market. Open to campus companies, academic entrepreneurs and experienced professionals interested in forming campus companies. CORD grants of up to 50% of eligible costs may be approved.

    -Innovation Partnerships - supporting R&D collaboration between colleges and companies. Assistance from 35% to 75% to max of €190k.

    -Intellectual Property Assistance Scheme - advice on the protection, development and commercialisation of patentable technology. Some financial assistance may be available.

    -Innovation Management - Training in R&D and Technology Management (70% grant aid)

    -R&D Awareness Initiative – 3 days consultancy for companies looking at first time R&D.

    -Fusion - Intertrade Ireland scheme offering funding for a technology graduate for 18 months


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4. Other EI Supported Infrastructure

  • Business Innovation Centres: Cork, Dublin, Galway, Limerick,Waterford.

  • Incubation Centres, Community Enterprise Centres, Webworks


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Example of Possible EI early stage Start Up Support

  • Initial business concept assessment.

  • Innovation Partnership funding.

  • Feasibility Support (€19,000) or CORD (€38,000)

  • Mentor appointed to assist with business planning

  • R&D training

  • Meet EI overseas office to discuss export marketing / First Flight programme

  • Trade Show participation

  • Participant on Sales Star Programme – Training.

  • Introductions (VC’s, Buyer visits)

  • Approved for EI HPSU Funding package.

  • - Having completed commercial and technical assessment.

  • Ongoing Development Advisor contact, support, feedback and challenge throughout process


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Volume and impact

EI assisted HPSUs since 1999:


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HPSU review 1989 - 2004:

Status of EI client companies in 2004

76%

20%

4%


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Trading Performance

  • For these firms trading in 2004:

    • Total annual sales : €1,180m

    • Total employment : 9,200

  • Average age of firm with

    • Sales €5m - €10m is 6.7 years

    • Sales > €20m is 6.3 years


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Some examples of successful Co’s

  • Iona Technologies Plc

  • Trinity Biotech Plc

  • Riverdeep Interactive Learning Ltd (formerly Plc)

  • Ceva plc

  • Fineos Corporation Ltd

  • Conduit Software

  • Combilift Ltd

  • Eontec Ltd ( recently taken over )

  • MVT ( now Agilent)

  • Softco Ltd

  • Steripack Ltd


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Delta Off Site Solutions

Beocare

Alimentary Health

Solas Technology

1 2 Travel

Ecom interaction Services

Digisoft

Commergy

Lincor Solutions

EMF

MP Stor

Nualight

OMI

Firecomms

Sensl

Nanocomms

Some local examples


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Critical success factors

1Customer knowledge and focus & Building a strategic alliance.

- Trust and commitment

- Understanding the value chain of the customer and where the product fits

- Understanding the customer purchasing process in detail and sign off

2Product offering based on clear technological advantage.

3Strong, experienced management team.

4Experienced sales and marketing professional in the team.

5Well funded or with access to strategic funding from the outset.


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Talk to US …….

Startup@enterprise-ireland.com

Telephone : Maria Walshe 01 - 6092127


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