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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

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

Tyndall Innovation Forum - 25th May 2006

what i will cover
What I will cover …
  • Types of Businesses Enterprise Ireland supports
  • Type of support that is available
  • Some critical success factors
types of new enterprises we support
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.
who we work with
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

how we operate
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.
some detail on assistance from ei
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

1 advice and mentoring getting started
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)
2 identifying and securing export sales
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
slide12
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

enterprise ireland as an investor
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
slide14
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

r d supports
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

slide16
4. Other EI Supported Infrastructure
  • Business Innovation Centres: Cork, Dublin, Galway, Limerick,Waterford.
  • Incubation Centres, Community Enterprise Centres, Webworks
slide17
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
slide19
HPSU review 1989 - 2004:

Status of EI client companies in 2004

76%

20%

4%

slide20
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
some examples of successful co s
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
some local examples
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
critical success factors
Critical success factors

1 Customer 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

2 Product offering based on clear technological advantage.

3 Strong, experienced management team.

4 Experienced sales and marketing professional in the team.

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

slide24
Talk to US …….

[email protected]

Telephone : Maria Walshe 01 - 6092127

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