The first Competitive Start Fund for the Fintech sector is opening for applications next week. The €500,000 fund from Enterprise Ireland, which is a part of the IFS2020 strategy, provides up to €50,000 in equity support for 10 successful applicants.
The purpose of the Competitive Start Fund is to accelerate the growth of start-up companies that have the capability to succeed in global markets, and is part of Enterprise Ireland’s strategy for increasing the number and quality of High Potential Start-Up Companies (HPSUs) that have the potential to employ more than 10 persons and achieve €1 million in export sales within three years.
The fund is open to early stage companies providing technology driven solutions within the Financial Services sector, or to the FinTech/Financial Services sectors as an end market, as well as companies in Payments, Banking, RegTech, Security, and InsurTech and FinTech solutions that leverage the following technologies: Blockchain, IoT, AI and Data Intelligence.
The fund opens for applications on Wednesday, 1 June and closes at 3pm on Wednesday 15 June.
A separate fund aimed at businesses in the Manufacturing & Internationally Traded Services sectors including the following subsectors: Internet, Games, Apps, Mobile, SaaS, Cloud Computing, Enterprise Software, Lifesciences, Cleantech and Industrial Products also opens for applications next week.
What is the Competitive Start Fund?
The purpose of the Competitive Start Fund is to accelerate the growth of start-up companies that have the capability to succeed in global markets. The fund is designed to enable those companies reach key commercial and technical milestones, for example:
- Evaluate overseas market opportunities and reach firm conclusions regarding the viability of the proposed business.
- Build a prototype.
- Secure a reference site.
- Develop a market entry plan for exploiting international opportunities.
- Secure partnership deal or strategic alliance.
- Identify suitable channels to international markets.
- Secure third party investment e.g. business angel, Venture Capital.
Am I eligible?
You are eligible to apply if you are an existing or potential client of Enterprise Ireland’s High Potential Start-Up Department.
The Competitive Start Fund is open to:
- Companies who are active in the required sector for the call they are applying for.
- Individuals who, prior to Enterprise Ireland's investment completing, will register a company which will be active in these sectors.
- Individuals who, prior to Enterprise Ireland's investment completing, will have a headquarters registered and be based in Ireland. All intellectual property and assets must reside in the Irish entity. The majority management must be based in Ireland for a minimum of one year.
For full eligibility criteria and more information on how to apply, see Enterprise Ireland's website.