EI’s €50,000 Competitive Start Fund open for applicants

4 Jun 2014

Enterprise Ireland (EI) has put out its latest call for applicants for its Competitive Start Fund aimed at start-ups across a number of different fields of science and technology.

Announcing it on their website, the organisation is now calling for start-ups active in manufacturing and internationally traded services including across sectors involved with internet, games, apps, cloud computing, enterprise software, life sciences, medical devices and e-health.

Totalling €50,000, the fund is targeting early stage companies that believe they have the capability to succeed in global markets and enable them to reach their key commercial and technical milestones.

These include being able to build a prototype for their project, developing market entry plans and secure third party investment from either venture capital firms or through angel investors.

Start-ups looking to potentially gain access to the fund need to apply to Enterprise Ireland before the deadline which has been set as Wednesday, 18 June.

To qualify, companies will need to be registered and based in Ireland with all intellectual property residing in the Irish entity and must not have received equity funding of €100,000 prior to the company’s inception.

Annual revenues must not exceed €60,000 in the current financial year and the company must be less than six years old.

The start-up aiming to access the Competitive Start Fund must also be capable of creating 10 new jobs and realising revenues of more than €1m within three years of starting up.

To date, over 200 companies have been offered funding through the Competitive Start Fund.

Funding growth via Shutterstock

Colm Gorey was a senior journalist with Silicon Republic