Enterprise Ireland has issued a new call for applications to the Competitive Start Fund, with an emphasis on companies in areas like internet, games, apps, cloud, enterprise software, life sciences, food, consumer, medical devices and e-health.
The Competitive Start Fund is aimed at companies that aspire to be a high-potential start-up (HPSU) and who are active in areas like manufacturing and internationally traded services.
Selected companies will receive an investment of €50,000 for a 10pc ordinary ordinary equity stake.
The investment will be released in two equal tranches.
The start-up will be required to secure additional equity investment of around €5,000 from founders or external investees.
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.
The call for the Competitive Start Fund applications closes on 22 January at 3pm.
Starting blocks image via Shutterstock
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