By Company Bureau, 5th March 2010.
For new businesses, funding can be the single most important issue, especially for those with a high capital requirement at the outset. In reality, it is extremely difficult to secure funding from the banks in the current economic climate. The good news is though, there are a range of funding options currently available to entrepreneurs, especially for companies in the technology sector. Company Bureau will outline these options as follows:
For High-Potential Start-up’s (HPSU’s) Enterprise Ireland (EI) offers Start-up Funding to support their development. They have is called the “Innovative HPSU offer” where EI provides a financial contribution towards the Company’s business plan. The contribution is towards product development, services or processes which are technologically new or substantially improved when compared to the state of the art in its industry in the European Community and which carry a risk of technological or industrial failure. For more information, please see http://www.enterprise-ireland.com
Another option is to seek funding from the €53 million available to technology companies through the AIB Seed Capital Fund. The fund is managed by executives with extensive expertise in making seed and early stage investments, adding value and facilitating business success. For more information, please see http://www.aibseedcapitalfund.ie
Another potential source is Enterprise Equity Venture Capital Group. They are a national provider of venture capital to new and expanding companies throughout Ireland. As a professional venture capital funds manager, EEVC has invested €50 million in over 70 companies to date. Please see http://www.enterpriseequity.ie for more information.
Business Angels are an increasingly popular option to secure funding from private investors. This is due in some part to the TV series ‘The Dragon’s Den’ ‘The Business Angel Partnership’ is a new initiative aimed at matching Angels with start-up companies requiring venture capital. Please see https://www.businessangels.ie for more information.
City and County Enterprise Boards also provide a range of financial and business advisory supports to new entrepreneurs which are designed to assist with the setting-up of small scale businesses employing up to 10 people.
These financial supports include:
• Feasibility/Innovation Grants
• Priming Grants
• Business Expansion Grants
• Refundable Aid
• Equity Investment Options
For full details, please view the City and County Enterprise Boards website http://www.enterpriseboards.ie
Company Bureau would like to congratulate you on your business venture and we wish you every success. Should you require any assistance with the company secretarial requirements of such funding, (e.g. providing equity in return for funding) please don’t hesitate to contact us. We can of course, set up your new Irish Company in the quickest possible timeframe!