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Library of Knowledge No. 26

The purpose of the Competitive Start Fund is to accelerate the growth of start-up companies that have the capacity to succeed in global markets.

The fund is designed to enable those companies to reach key technical and commercial milestones.

Applications are considered on a competitive basis. Funding is provided to companies who rank highest in a two-phase evaluation process.

The maximum level of support per successful application is €50,000, for 10% in ordinary shares in the start-up company, to be released in 2 equal tranches of €25k (5% in ordinary shares for each tranche).

Applicants to the fund should ideally be able to demonstrate the following:

• Be able to clearly demonstrate that product or service has reached Minimal Viable Product (MVP) stage, and that the product is, at a minimum, live in beta.
• That the product or service has demonstrable customer validation ideally with (trial and/or paying) customers.
• A fully articulated proposition addressing a clear gap in the market with market research conducted with customers/potential customers.
• Evidence of innovation, export potential and employment capacity. Clear export market opportunity for the proposed product or service. Clear knowledge of the competitive landscape.
• Clear execution plan outlined, identifying suitable channels to international markets.
• Assessments are undertaken on the applications submitted, it is important to note that the greater the progress the applicant has undertaken towards generating sustainable revenues the stronger the application. Applications from projects that are at idea, concept or design stage may be considered to require further development before applying for the competitive start grant.

Two Competitive Start Fund competitions opened for applications on Tuesday 7th July 2020, closing on Tuesday 18th August at 3pm.

Please note that applicants may only apply for 1 of the 2 x calls below:

• 1 Women Entrepreneurship

Or the

• 2 All Sectors

For full details see: https://www.enterprise-ireland.com/en/funding-supports/company/hpsu-funding/competitive-start-fund-csf-.html#:~:text=The%20purpose%20of%20the%20Competitive,considered%20on%20a%20competitive%20basis

Stay safe and well.