To celebrate St. Patrick’s Day, Enterprise Ireland is launching a competition aimed at startups and entrepreneurs around the globe who are willing to relocate here. Successful candidates will receive €50k cash.
The Competitive Start Fund (CSF) aims to support early stage start-ups and is open to early stage companies in manufacturing & internationally traded services sector.
The completion will open on Tuesday 16th March and will close on 6th April. Short-listed projects will be invited to travel to Ireland to pitch to the evaluation panel on Wednesday 1st June 2016. Enterprise Ireland will cover the travel costs. Following this, successful candidates will be required to move to Ireland. Enterprise Ireland will also offer assistance to entrepreneurs who need a visa to live and work here.
What is the maximum funding and on what terms?
- Applications are considered on a competitive basis.
- The maximum support available is €50,000 for a 10% ordinary equity stake in the start-up company.
- The investment shall be released in two equal tranches.
- The first tranche will be released to successful applicants only when it provides confirmation of additional new cash investment for equity of €5,000. This new investment in equity of €5,000 by the successful applicant is to occur after the relevant call close date.
- The overall equity investment will be towards the costs associated with implementing the business plan and making progress on key technical and commercial milestones.
- All applicants who are invited to pitch will be entitled to up to a maximum of €1,000 per applicant to permit them to travel to Ireland experience the start-up ecosystem here over a number of days.