A 'high potential start up' is defined as a company which is:

• Based on technological innovation;
• Likely to achieve significant growth in 3 years (sales of €1.0m per annum and employment of 10 or more)
• Export oriented
• Ideally, led by an experienced team, with a mixture of technical and commercial competencies

This definition includes early stage, product led R&D companies, with equivalent sales and employment potential, following successful completion of a defined pre-commercialisation phase.

How Enterprise Ireland Can Help You

Enterprise Ireland?s High Potential Start-Up (HPSU) support package matches the financial needs of your new company, by providing finance as you get started and by sharing the risk dynamic with you. Funding is up to 50/50 grant/equity, with Enterprise Ireland taking up to a maximum of 10% of the company?s ordinary share capital. If Enterprise Ireland?s equity investment reaches 10% of the ordinary share capital, further equity will be in the form of repayable preference shares. Enterprise Ireland funding will need to be matched by private investment from, for example, company promoters, a Business Expansion Scheme or Venture Capital.

Very Early Stage Start Up ? Helping You Get Started

In exceptional circumstances, at the very early stage of start-up, if you are not able to access adequate private sector funding, Enterprise Ireland may consider making an investment in your company. All support in this instance will be in the form of equity, once again up to 10% of the ordinary share capital of the company. In such cases, the initial funding package may be approved against a series of milestones, for example:

• Establishment of a formal R&D department.
• Development of a product prototype.
• Achievement of a customer reference site.
• Sourcing new equity.

Once the high-risk early phase is over and milestones achieved, your company may qualify for the normal grant/equity package. Similar to above, if Enterprise Ireland?s equity investment reaches 10% of the ordinary

How will my proposal be assessed

Applications for funding will be presented to a relevant committee made up of Enterprise Ireland Executives, public sector and private sector representatives (as appropriate).

Key considerations in assessing applications include:

• need for financial assistance
• value for money
• commercial considerations
• technical considerations
• financial track record.

In arriving at a decision, the committee also takes into consideration any relevant regulations including EU state aid rules and policy direction from the Department of Enterprise, Trade and Employment.

When the committee has decided whether or not to approve funding, and determined the appropriate amount of funding, you will be informed of the outcome. If your application is successful, Enterprise Ireland?s client service unit will contact you regarding the legal agreement and payment will follow.

These are the stages of the entire process:

• application submitted/agreed development plan
• evaluation by relevant committee
• letter of offer
• legal documentation
• validation process
• payment