€200,000 fund set up for Irish agritech start-ups

15 Aug 2016161 Shares

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Enterprise Ireland has developed a new feasibility fund for agritech start-ups, with a maximum of €200,000 set aside for the next wave of high potential start-ups (HPSUs).

Enterprise Ireland’s latest competitive feasibility fund (CFF) is targeting the agritech sector, with up to €25,000 available to each successful individual start-up (with proven potential).

The purpose of the fund is to enable promoters to assess the viability and market potential of their business ideas, with those “likely to achieve significant growth within three to four years, with sales of €1m-plus per annum and employment of 10 or more,” in the spotlight.

Billed as a €200,000 fund, there is the flexibility to top out at €250,000, though Enterprise Ireland has said it’s likely the former figure will be the final one.

agri-tech

Broad scope

The fund is open to applications from individuals, early-stage companies or prospective businesses operating in the agritech sector, with early-stage food companies encouraged to apply.

Other potential areas include: machine design and manufacturing; fabrication; engineering and technical activities; life sciences products with application in the agri-sector; farm-related software and related services; vet-pharma, animal health and chemical products.

“Ireland has a world-class agribusiness ecosystem, which offers tremendous potential for entrepreneurs and existing businesses to carve out opportunities for innovative products and services,” said Denis Duggan, CFF programme manager at Enterprise Ireland.

“Agribusinesses sustain and create jobs in many rural areas and are significant contributors to their local economies. Irish agricultural machinery exports alone are valued in excess of €100m per annum.

Future first

“With this fund we aim to support the next generation of Irish agribusinesses that can grow to compete in export markets, creating valuable jobs here into the future”.

The application date for the fund runs from 23 August – 6 September, with one or three tips for those interested in accessing the support available here.

The main one relates to how the funding is distributed, with those seeking the full €25,000 needing to put up the same figure themselves.

“Therefore, give it due consideration and include as much relevant detail in the application form,” according to Enterprise Ireland. “Start you application online early and work on it over the entire application open period.”

Agritech image via Shutterstock

Gordon Hunt is a journalist at Siliconrepublic.com

editorial@siliconrepublic.com