Enterprise Ireland – Accelerating the growth of Irish companies in world markets Martin Corry 2009.
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Presentation on theme: "Enterprise Ireland – Accelerating the growth of Irish companies in world markets Martin Corry 2009."— Presentation transcript:
Enterprise Ireland – Accelerating the growth of Irish companies in world markets Martin Corry 2009
Agenda… About Enterprise Ireland (EI); Type of businesses EI supports; Support available from EI to start up companies; What EI looks for in a business proposal.
High Potential Start-Ups Entrepreneurs starting companies with the ability to compete in world markets Scaling Ambitious companies with the ability to grow to scale and achieve significant global success Manufacturing and international-traded services companies employing ten or more Established SMEs Irish-based food and natural resource companies that are overseas owned or Controlled MNC’s Clients we support…
HPSU Division… One division responsible for all start up’s; Organised along sectoral lines; Each new prospective client is assigned a “Development Advisor”; The full range of EI resources for an individual / company is accessed through that advisor; All clients are handled both on a one to one basis AND may be involved in relevant sectoral initiatives.
Experienced Management Team ( mix of technical and commercial competencies) Offering a product or service that is innovative or technologically advanced; Aiming to realise sales of €1 million and employment of 10 or more within 3 years; Manufacturing a product for export markets or internationally traded service; Located and controlled in Ireland. What is a ‘High potential start- up’?...
Who do we work with? … Key functional managers within existing businesses with new business ideas; Experienced Managers looking at a management buy-out; ‘Serial’ or repeat entrepreneurs; Individuals involved in 3 rd level research, with an interest in commercialisation; Irish ex-patriots, returning to Ireland with new business ideas.
Project Feasibility Study Business Idea ? Eligible? €1.0m T/O Export Focused 10+ People Negotiation Due Diligence New Start-up Business Start-up package Enterprise Ireland Application Process
Typical stages in HPSU development.. Feasibility Study and proof of concept Mentor appointed to assist with business planning Meet EI overseas office to discuss export marketing (First Flight or International Markets Week) Market Research or Strategic Consultancy support (if required) Approved for EI HPSU Equity Funding. Ongoing Development Advisor contact.
Start Up Finance… Funding for exploring new opportunities Feasibility Study. Market Research. Strategic Consultancy. Trade Fair. R&D Stimulation. Recruitment of key manager.
Funding for HPSU’s Equity participation in line with Innovative Funding Offer. Investment in the form of Convertible Redeemable Preference Shares (CCRPS). Up to a maximum of 10% of the ordinary share capital of the company.
Typical Funding Scenario… Exploring New Opportunity - (€50k - 6 months) Promoters own funds 25k EI Feasibility study grant 25k Establish market potential, develop prototype, strategic partner on board, develop business plan with focus on next 12-18 months Stage 2 (milestone funding) - (€400k - 12/18 months) EI 150k Venture capital investment 150k Promoters investment 100k (seed capital scheme) Working demo, reference site, first commercial sales.
What EI looks for in a proposal? Company Background- Promoters, Milestone achievements to date Definition of project, what's proposed for Ireland and stages of roll out envisaged (including export development plans?) Marketplace opportunity and competitive realities including potential for developing an international focused operation from a base in Ireland Business Model proposed including revenue earning aspects. What help and support is required to get to the next stage.
What EI looks for in a business plan… Management team Achievements to date Market validation Business proposal Key milestones Funding sources and requirements
What does our Investment Committee look for? Is the company an Innovative HPSU? Do we believe the plan is viable (3Ms) How will the plan be executed (revenue model) What are the customers saying? Does it satisfy EI Metrics? (cost per job, export metrics)
Other EI services… Business Incubation Centres (BIC’s); Dublin, Galway, Limerick, Cork, Waterford; Focus on integrated supports - advice, hands-on guidance, space, access to finance; Client Knowledge Services & Information Centre; Access to an international network of overseas offices; Business Mentors/Mentor Panel.
Thank You: Questions? Further information: www.enterprise-ireland.com