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Starting and developing your own business – How Enterprise Ireland can help -

Starting and developing your own business – How Enterprise Ireland can help - Tyndall Innovation Forum - 25 th May 2006 What I will cover … Types of Businesses Enterprise Ireland supports Type of support that is available Some critical success factors

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Starting and developing your own business – How Enterprise Ireland can help -

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  1. Starting and developing your own business – How Enterprise Ireland can help - Tyndall Innovation Forum - 25th May 2006

  2. What I will cover … • Types of Businesses Enterprise Ireland supports • Type of support that is available • Some critical success factors

  3. Types of new enterprises we support …. - HIGH POTENTIAL START UP BUSINESSES - What is a ‘High potential start-up’ business ? • Company that manufactures or trades services internationally; • Usually product / services based on technological innovation; • Export oriented; • Involving industry experienced team • Potential for sales > €1m and 10 employees within 3/4 yrs • Irish controlled and located in Ireland.

  4. Who we work with …. A wide range of people … • Key functional managers within existing businesses with new business ideas; • Experienced Managers looking at a management buy-out; • Irish ex-Pats, returning to Ireland with new business ideas • Individuals involved in 3rd level research, with an interest in commercialisation; • ‘Serial’ or repeat entrepreneurs. - The majority of original promoters of start up companies EI supports have technical background / qualifications

  5. Where do entrepreneurs typically come from? Sourcing people with new ideas 1999 – Dec 2005

  6. Key sources of HPSUs – all sectors

  7. How we operate • One division responsible for all start up’s • Organised along sectoral lines • Each new prospective client is assigned a “Development Advisor” or account executive. • The full range of EI resources is accessed through that advisor.

  8. Comprehensive assistance

  9. Some detail on assistance from EI • Advice and mentoring • Identifying customers and securing export sales • Funding – from EI and other sources • Infrastructure; Incubation space / Premises. Business Innovation Centres

  10. 1. Advice and mentoring – Getting started • Enterprise Start Programmes (over 6 weeks) and Enterprise Platform Programmes (over 12 months with part salary support). – Genesis in Cork. • Initial idea / project evaluation – Feasibility study grant (50%). • Advice and help in development of a business plan; • Assistance with product / market validation , Fit for market seminars. • Challenging of assumptions, projections etc – help fill the gaps. • Advice and help in building a balanced, management team; • Mentor Panels / Investor readiness panels • Introductions (investors, business partners, consultants)

  11. 2. Identifying and securing export sales • Access to an international network of overseas offices • Overseas incubation space • Assistance in identification and securing overseas key reference customers • Financial assistance towards costs associated with attending international trade fairs, fact finding missions etc • Access to overseas market intelligence and research • Introductions to overseas industry experts

  12. 3. EI funding for HPSU’s: Funding to ‘explore new opportunities’ - Small grants – up to €65k • Funding towards ‘establishing a HPSU’ • Grants and equity RTI – grants and repayable grants

  13. Enterprise Ireland as an Investor • EI will typically purchase up to 10% of the ordinary share capital; • Balance of funding in the form of grants and/or preference share – normally on a 50/50 basis; • Very early stage start-ups –’milestone funding’ e.g. • Completion of critical element of R&D activity; • Development of a Beta Model; • A patent application in a specific location • The level of EI funding is determined by the potential level of exports and job creation Other EI supported funding sources: • 15 Seed and Venture funds • Business Angel Programme – Cork, Dublin , Galway

  14. Third Level Enterprise Ireland Space Industry R&D Proof of Concept Campus Companies Collaborative R&D Basic Research / Scholarships Research Agenda Basic Research Infrastructure Where EI fits in the Research Support System

  15. R&D supports - RTI Scheme- Support towards company led R&D. Up to €650k in support. • Commercialisation of R&D (CORD) Phase - bring new product idea/business ventures from 3rd Level to market. Open to campus companies, academic entrepreneurs and experienced professionals interested in forming campus companies. CORD grants of up to 50% of eligible costs may be approved. - Innovation Partnerships - supporting R&D collaboration between colleges and companies. Assistance from 35% to 75% to max of €190k. - Intellectual Property Assistance Scheme - advice on the protection, development and commercialisation of patentable technology. Some financial assistance may be available. - Innovation Management - Training in R&D and Technology Management (70% grant aid) - R&D Awareness Initiative – 3 days consultancy for companies looking at first time R&D. - Fusion - Intertrade Ireland scheme offering funding for a technology graduate for 18 months

  16. 4. Other EI Supported Infrastructure • Business Innovation Centres: Cork, Dublin, Galway, Limerick,Waterford. • Incubation Centres, Community Enterprise Centres, Webworks

  17. Example of Possible EI early stage Start Up Support • Initial business concept assessment. • Innovation Partnership funding. • Feasibility Support (€19,000) or CORD (€38,000) • Mentor appointed to assist with business planning • R&D training • Meet EI overseas office to discuss export marketing / First Flight programme • Trade Show participation • Participant on Sales Star Programme – Training. • Introductions (VC’s, Buyer visits) • Approved for EI HPSU Funding package. • - Having completed commercial and technical assessment. • Ongoing Development Advisor contact, support, feedback and challenge throughout process

  18. Volume and impact EI assisted HPSUs since 1999:

  19. HPSU review 1989 - 2004: Status of EI client companies in 2004 76% 20% 4%

  20. Trading Performance • For these firms trading in 2004: • Total annual sales : €1,180m • Total employment : 9,200 • Average age of firm with • Sales €5m - €10m is 6.7 years • Sales > €20m is 6.3 years

  21. Some examples of successful Co’s • Iona Technologies Plc • Trinity Biotech Plc • Riverdeep Interactive Learning Ltd (formerly Plc) • Ceva plc • Fineos Corporation Ltd • Conduit Software • Combilift Ltd • Eontec Ltd ( recently taken over ) • MVT ( now Agilent) • Softco Ltd • Steripack Ltd

  22. Delta Off Site Solutions Beocare Alimentary Health Solas Technology 1 2 Travel Ecom interaction Services Digisoft Commergy Lincor Solutions EMF MP Stor Nualight OMI Firecomms Sensl Nanocomms Some local examples

  23. Critical success factors 1 Customer knowledge and focus & Building a strategic alliance. - Trust and commitment - Understanding the value chain of the customer and where the product fits - Understanding the customer purchasing process in detail and sign off 2 Product offering based on clear technological advantage. 3 Strong, experienced management team. 4 Experienced sales and marketing professional in the team. 5 Well funded or with access to strategic funding from the outset.

  24. Talk to US ……. Startup@enterprise-ireland.com Telephone : Maria Walshe 01 - 6092127

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