co-post with Anna Marie Turley
Let the FUND commence! We have listened to the community and now we have launched a pilot equity fund to assist Internet and Games Start-Ups to help them launch new products and services in the international marketplace. The Internet and Games Competitive Start Fund (IGCSF) provides funding to new early-stage companies to get to a ‘product market fit ‘ and interact with customers from an early stage.
Starting on a pilot basis, ten companies in the Internet and Games sector will be selected for this fund. The key to being one of the ten is being able to demonstrate an ability to develop your business internationally. The initial fund is €500,000, but further calls maybe be rolled out next year .
So, what’s the deal? Under the terms of the new fund, successful applicants will receive an equity investment of €50,000 for a 10% ordinary equity stake. As well as funding, each company will be provided with an experienced business mentor.
Our CEO, Frank Ryan, said that Enterprise Ireland is introducing the Competitive Start Fund in direct response to client needs
“Very early stage companies can face difficulties in raising external financing at this vital stage in the start up and market launch process – this new Enterprise Ireland competitive start fund is aimed at helping them bridge this gap and quickly validate their market”.
A panel, which includes some of Ireland’s best known Internet and Games entrepreneurs, will evaluate the proposals. The closing date to get your application in is Thursday, December 16th. If you’re one of the ten selected companies, you should find out before the end of January 2011.