Ireland is one of the top-rated countries in the world to do business in. The 2018 ranking of Forbes declared Ireland as the 11th best country for business. Likewise, Ireland is also one of the hottest countries where budding entrepreneurs could scale their startups.
To commence any kind of business, one requires a lot of funding. However, if the idea is solid then things do get a lot easier to secure desired investment. The support could be in all forms and it varies and will depend on plenty of factors.
Also Read: A step-by-step guide for registering a company in Ireland
Here are some of the best and relevant grant and funding programmes:
COVID-19 Support For Businesses In Ireland
The second wave of COVID-19 has started to penetrate all across the world. As a result, the Government of Ireland has decided to support budding startups and businesses so that the challenges can be coped together. Handful information can be obtained by clicking here.
Startup Refunds For Entrepreneurs
SURE grant is for those people who have established a company and they need funds to lift it’s growth. The income tax shall be reclaimed if you are an employee or an unemployed individual.
Short Term Enterprise Allowance
STEA is a support for people who are willing to start their own business after losing a job.
Some of the other grants are as following:
1- 3 year corporate tax exemption
2- Back to work enterprise allowance
3- Employment and investment incentive scheme
4- Start your own business scheme
7- Feasibility study/innovation grants
Government/Public Support And Grants For Startups
Local Enterprise Office
If you are looking to start a new venture in Ireland, Local Enterprise Office has to be your answer. It provides grants and supports like no other institution does. The company thrives on by providing financial support to welcoming ideas. Moreover, it also helps in expansion after observing a potential growth and opportunity.
Enterprise Ireland
Aspiring Irish businesses can take business/startup support from the Enterprise Ireland as it offers wide range of grants. They can provide support to everyone from small scale startup to a large company. In addition, Enterprise Ireland also provides support to college-based researchers.
High Potential Start-up (HPSU)
If your idea has the potential to make an impact in the international market then HPSU will help you in achieving your target. Your startup has to be innovative besides it should also create at least 10 job opportunities. Furthermore, in order to apply for HPSU grant, your startup has to be 5 years or lesser.
Competitive Start Fund (CSF)
CSF offers as much as €750,000 funding but to attain that much sum, your startup must have the potential to turn into a giant. Video pitch along with a written proposal is all you need to knock the doors of CSF. Moreover, it also offers funding to female entrepreneurs on annual basis.
Regional Enterprise Development Fund 2017-2020
If your startup revolves around generating jobs in Ireland with a firm focus on sharing knowledge domestically and internationally then Regional Enterprise Development Fund will assist you as it offers funding as high as €5 million.
New Frontiers
This institution provides funding to startups which are in their early-stage [0-6 months]. Therefore, if your idea is fresh – just like your startup – opt for New Frontiers grant programme. Your chances of securing the funds will boost if you possess technical skills, have a stronger management team and a clean track record.
Also Read: Difference between all startup funding stages
Private Sector Support For Startups (Incubators and Accelerators)
NDRC
They invest in young, dynamic and early-stage startups. However, the main focus of your company has to be in their NDRC Catalyser investment programme. Moreover, if your idea can help in providing a solution to an unsolved problem in the market then NDRC will assist you a great deal. Besides, a strong technical team with a potential growth alongside some other significant factors will boost your case.
Propeller Shannon
If your startup revolves around the notion of aviation, Propeller Shannon is your ultimate guide. Based out of Shannon Airport, it is a tech-savvy programme which provides assistance to aviation-based startups to help them in scaling.
The Rubicon Center, Cork
It is among one of the biggest institutions in Ireland. The team at the Rubicon Center provides support, grants and funding to promising startups which are looking to grow and scale their business. The institution also helps in nourishing the budding startups.
NovaUCD
NovaUCD is located in the largest university of Ireland. It offers a wide range of services from mentoring, legal and marketing advices, tax-related matters etc. Additionally, it also helps budding startups in acquiring funds from angels and venture capitalists.
Ignite Incubator Programme
This progamme supports fresh graduates as it offers different seminars and workshops besides providing access to industry speakers and mentors. In addition to this, Ignite Incubator Programme also supports as many as 20 startups every year.
Propeller Venture Accelerator Programme
They encourage early-stage startups. Their three-month accelerator offers €30,000 seed funding alongwith €15,000 to those entrepreneurs who possess rollicking ideas.
LaunchBox
If you are a Trinity student (undergrad or postgrad) with a break-through idea then LaunchBox will take care of your notion funding-wise. Their three-month long accelerator programme will provide funding, office space and mentorship. Moreover, the option of networking is also there.
SeedCamp
Essentially, it is a premier European pre-seed and seed stage acceleration fund. They provide ample amount of support to budding founders from all across the world besides helping them in establishing billion-dollar projects.
Read More: Guide to understanding funding rounds and venture capital
Support For Startups (Women Entrepreneurs)
Women-Founded High Potential Start-Ups (HPSU)
The Female Entrepreneurship Unit of Enterprise Ireland have recently launched a women-founded HPSU to encourage more women entrepreneurs to initiate and grow their startups. The requirements are no different from other HPSU. The late date to apply is 8th October 2019. So hurry up!
Going For Growth
If you are serious about growing your business/startup, look nowhere since Going For Growth has got your covered. Women entrepreneurs, who are running their business for last 2 years, can be facilitated through this programme. You can send in the applications from November 2019.
DCU’s Ryan Academy
It greatly supports women entrepreneurs through funding and different support programmes. Likewise, DCU’s Ryan Academy takes pride in solving the problems which women face in business.
Rubicon
It offers wide range of progammes to promising women who are focused on building their careers as entrepreneurs. They have a long history of supporting women entrepreneurs and every year they possess a long history of supporting women. Their next project is commencing from January next year and the applications are open.
Quick Read: Is Cannabis the next big thing? Venture capitalists think so!
Other Supports
Dublin BIC
It provides support in four significant programmes and they are:
- Access to finance
- Collaboration
- Incubation space and community
- Investor-ready preparation
Halo Business Angel Network
They offer investment, funding and support to those startups/companies which are headquartered in Ireland – that too – in the field of AgriTech, Medtech, Food Industry or Technology.
Crowdfunding
Small businesses are growing with each passing day. Some of them also go for crowdfunding as large number of people assist them. Kickstarter Ireland has a history of serving small startups and even beside that, Ireland does have quite a few crowdfunding options and they are as following:
Support For Startups Willing To Move To Ireland
Enterprise Ireland
People who are willing to move their business to Ireland, Enterprise Ireland will help you a great deal as it offers pre-investment support which includes backing up those projects who are coming from overseas. It is noteworthy to mention that the criteria need to be met first to avail the support. Some of the accelerator programmes which are not investor ready; Enterprise Ireland can cover them by providing a grant too.
Immigrant Investor Programme (IIP)
To avail services from this programme, one has to be a non-EEA national. Furthermore, a minimum investment of €1m is also required at the outset.
Startup Entrepreneur Programme
A non-EEA national will have to abide by two things to start his/her business in Ireland:
- Minimum investment of €75,000
- Ground-breaking idea
Support For Pre-Accelerators
NDRC’s Pre-Accelerator Programmes
The pre-accelerator programme of NDRC offers two programmes. One is pre-acceleration while another is pre-commercialization. In the former programme, support will be provided to budding entrepreneurs with an idea of digital/technology transformation. On the other hand, pre-commercialization programme assists researchers in preparing for Enterprise Ireland commercialization funding, feasibility funding and pre-seed investment.
Startup Boost
Fundamentally, it is a worldwide tech startup pre-accelerator which is a 6-week long part-time programme for startup which are early-birds. Subsequently, it helps in preparing promising entrepreneurs for accelerator programs and seed investment. Additionally, early-stage startups will also get mentoring and coaching without any charges.
Bank Finance
It is always a good idea to consult your bank to discuss about relevant funding options. Some of the banks offer really good features to SMEs and businesses which are into the early-stage. It is appropriate to mention that new companies may get tax relief for first 3 years.
Also Read: Save money by thinking like a lender
Conclusion
Upon applying for any kind of grant, funding or investment, the concerned party will ask you to present a detailed startup/business plan. Regardless of in which form it is available [poster, podcast, video, written, oral or extempore], it should be precise, accurate and in-depth. It is strongly recommended to make sure whether the following points are covered in your presentation:
- Be explicit. Don’t be vague. Inclusion of statistics, data, examples will benefit a great deal
- Know about everything what you are saying or have written. This will make your task a lot more easier while explaining
- Back your content with clear specifications. Addition of links in your presentation will also boost your case
- Jot down your presentation in bullet points. A powerful presentation will leave a lasting impact
The aforementioned points – not necessarily – will ensure funding. However, it will strengthen your case if presented with grit, determination and fortitude.
If you think we may have missed any particular company, do let us know in the comment section and we’ll add!
Source: Accountantonline.ie, Digitaltimes.ie, Startups.ie
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