New EI Fund for Software Start-ups – up to 15 Investments of €50k each
Posted by on 24 February, 2011 in Gaming | Innovation | Internet | Investor | Links | Saas | telecomsEnterprise Ireland are always looking to balance the need for companies to map out their business plans with the need to get on with the serious business of creating Sales, Exports and Jobs. That’s why we launched the Internet and Games fund in December. Because of that success, a follow-on initiative, the Competitive Start Fund, launches today.
If you are an early stage company with a software solution from any of the following sectors, you can apply to our Competitive Start Fund. The application form is all online, but you must complete it before March 11th, 2011.
• Cloud computing
• Enterprise software
• Internet & Games
• SaaS
• Telecoms
Up to 15 companies will be selected to receive an investment of €50,000 , in return for a 10% ordinary equity stake. The investment will be made in two equal tranches. This means that the selected companies will be required to secure additional investment of €5,000 prior to the release of Enterprise Ireland’s investment.
If you’re a shortlisted applicant you’ll need to deliver a short investment pitch to a panel of industry experts and Enterprise Ireland. Full details can be found on www.enterprise-ireland.com/csf or email csf@enterprise-ireland.com Telephone: 01 727 2202
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Match funding required to win a competition?
This is why EI are largely disliked in the IT startup sector.
Note to EI… BANKS ARE NOT BORROWING SO WE CANNOT MATCH FUNDS!
Red tape galore as usual…
@ Brendan, thanks for the comment. Your email address bounced, do you want to get in touch with me directly – Paul[dot]Browne[at]Enterprise-Ireland[dot]com?
I deal directly with a lot of the IT companies and the 5k matching to 50k EI funds is seen by them as a very good offer. It gives the startups enough to get the product to first-customer stage which is a key milestone for any new venture.
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5k to 50 k is a good offer – Eligible Business Status is probably too limited in the current economic climate.
Tom,
Thanks for the comment; From what I understand, the guys thought very hard about the business that they were targetting (startups) with this one.
The fund is one of many EI supports; In my case I work with Established (not Startup) business on behalf of EI, there are other more useful offers (e.g. around R&D) that we use with these companies.
Paul
Hi,
Does anyone know when and where the 15 winners will be notified / announced?
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