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Enterprise Ireland – Accelerating the growth of Irish companies in world markets

Enterprise Ireland – Accelerating the growth of Irish companies in world markets. Martin Corry 2009. 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. Manufacturing and

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Enterprise Ireland – Accelerating the growth of Irish companies in world markets

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  1. Enterprise Ireland – Accelerating the growth of Irish companies in world markets Martin Corry 2009

  2. 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.

  3. Manufacturing and international-traded services companies employing ten or more Irish-based food and natural resource companies that are overseas owned or Controlled MNC’s Established SMEs 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

  4. HPSU Division… • One division responsible for all start up’s; • 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.

  5. What is a ‘High potential start-up’?... • Experienced Management Team (mix of technical and commercial competencies) • 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.

  6. 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.

  7. How do we assist?…

  8. Enterprise Ireland Application Process Project Feasibility Study Business Idea ? Eligible? €1.0m T/O Export Focused 10+ People Negotiation Due Diligence New Start-up Business Start-up package

  9. 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.

  10. Start Up Finance…Funding for exploring new opportunities • Feasibility Study. • Market Research. • Strategic Consultancy. • Trade Fair. • R&D Stimulation. • Recruitment of key manager.

  11. Funding for HPSU’s • 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.

  12. Typical Funding Scenario… • Exploring New Opportunity - (€50k - 6 months)Promoters own funds 25k EI Feasibility study grant 25kEstablish 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.

  13. What EI looks for in a proposal? • Company Background- Promoters, Milestone achievements to date • Definition of project, what's proposed for Ireland and stages of roll out envisaged (including export development plans?) • Marketplace opportunity and competitive realities including potential for developing an international focused operation from a base in Ireland • Business Model proposed including revenue earning aspects. • What help and support is required to get to the next stage.

  14. What EI looks for in a business plan… • Management team • Achievements to date • Market validation • Business proposal • Key milestones • Funding sources and requirements

  15. What does our Investment Committee look for? • Is the company an Innovative HPSU? • Do we believe the plan is viable (3Ms) • How will the plan be executed (revenue model) • What are the customers saying? • Does it satisfy EI Metrics? (cost per job, export metrics)

  16. Other EI services… • Business Incubation Centres (BIC’s);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.

  17. Thank You: Questions? • Further information: www.enterprise-ireland.com

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