Support for High Potential Start-Ups (HPSU) Please read the following guidelines carefully before completing the Outline Business Proposition form. AM I ELIGIBLE? Enterprise Ireland supports high potential start-ups, companies that are internationally focused and have the potential to employ at least 10 people within three years and generate annual recurring revenues of at least €1million. The purpose of this form is to identify eligible start-up businesses that have the potential to develop into export led investible companies within a time limited engagement of 18 months. In order therefore to be considered for HPSU support please complete the following: ONLY COMPLETE THIS OUTLINE BUSINESS PROPOSITION FORM IF YOU SATISFY ALL OF THE CRITERIA BELOW Have developed an innovative product or service ☐ for sale in export markets Have developed a minimal viable product and ☐ can demonstrate some level of market validation Are engaged in an eligible activity (a manufacturing or internationally traded service)* ☐ ☐ Are less than 5 years old from date of incorporation Have the potential to create at least 10 jobs in Ireland and €1m in annual sales within 3 years of starting ☐ *Some businesses activities may be deemed ineligible as they fall outside the HPSU support remit based on Enterprise Ireland policy or due to legal constraints. ` The following outline business proposition form is designed to assess: a) Whether your proposal meets the eligibility criteria to become a high potential start up b) Whether the business is at a suitable stage of development to join the HPSU programme 1 Please refer to the appendix at back of the form for details of supports available to start-up businesses that may not be eligible for HPSU support. CONTACT DETAILS COMPLETE THIS SECTION IF YOU HAVE AN IRISH REGISTERED COMPANY Name ________________________ Role _______________________ Company Name ____________________ CRO Number ____________ Trading Name (if different from above) __________________________ Registered Address__________________________________________ _________________________________________________________ Telephone ________________________ Email ___________________ Web _____________________ Linked In _______________________ COMPLETE THIS SECTIION IF YOU HAVE NOT YET REGISTERED A COMPANY IN IRELAND (Please note Enterprise Ireland can only support companies when the headquartered is registered in Ireland) Are you currently living in Ireland? Yes ☐ No ☐ If No, will the Founders move to Ireland and base the Headquarters in Ireland. Yes ☐ No ☐ Are you relocating an existing business to Ireland Yes ☐ No ☐ Name __________________________ Nationality ________________ THE BUSINESS Proposed Company Name____________________________________ Address _________________________________________________ ________________________________________________________ Telephone ___________________ Email _______________________ Web _____________________ LinkedIn _______________________ 2 PRODUCT/SERVICE What have you developed? a) a manufactured product b) an internationally traded service ☐ ☐ Describe in simple language the product/service you have developed, what it actually does and who will buy it. What problem will you solve and why will customers buy it? What is your Unique Selling Proposition (USP)? Stage of development? Idea/Concept ☐ Design/Prototype Free Trials ☐ Stage of Development? Paid Trials ☐ Finished product, not generating revenue ☐ Finished product, generating revenue (with Purchase Orders) ☐ (Expand as necessary) What aspects of the product/service, if any is currently being subcontracted to a third party and where is the sub-contractor based? Explain. 3 FINANCE Please complete Section A Or B A. Complete the following if your business is currently generating revenue from the proposed activity. Company Name Jan ‘21 – date (€) % Revenue 1. 2. 3. Total 100% Financial projections 2022 2023 2024 Sales € Net Profit € Exports € Employees (No) How do you generate revenue? please explain your revenue model, eg product sales, subscription, license fee, commission. B. Complete the following if the company is NOT currently generating 4 revenue from the proposed activity When will you start selling? ______________________________________ Please insert financial projections below (specifying each month/year as necessary. Year 1: _______ Year 2: _______ Year 3: _______ Sales € Net Profit € Exports € Employees (No) COMPANY STRUCTURE Is the company part of a group structure? Yes ☐ No ☐ If yes, please describe, by group structure diagram or otherwise, the relationship of other businesses/undertakings to the applicant company. Company ownership and control Please note that due diligence is undertaken by Enterprise Ireland on founders, shareholders and directors for all HPSU applications. Complete the table below to describe the applicant company’s ownership and control. Shareholders Shareholder Residency % Shareholding Amount Invested Directors (if not included above) Director Residency Role in Company 5 Please give details of ownership of those named above in any other businesses/undertakings. Name Company, location and registration no. Nature of business Year founded % Shares THE TEAM Founders Tell us in one or two sentences something about each Founder that shows their level of ability/experience to support this business. Have you been involved in a start-up before? Please provide details Have any of the founders engaged with Enterprise Ireland before? If yes, with whom and when? Job Creation Current Number of Employees Full time: ☐ Part time: ☐ What types of jobs will your company create and what are the skills levels required? What gaps if any are there in your Management Team? 6 THE MARKET Who are your existing target customers? Is this product/service? B2B ☐ B2C ☐ Both ☐ Will your company operate in a regulated sector? Explain: Explain: How will you sell to these customers? How large is the identifiable market opportunity (obtainable/addressable)? Please provide details of research you have conducted to validate the market and opportunity. COMPETITION How will you protect your product/service? Do you hold IP/patents/licence? If not, who owns the rights? Why would your project be hard for someone else to duplicate? Who are your direct and indirect competitors? 7 FUNDING AND SUPPORT Local Enterprise Office Have you been in contact with your Local Enterprise Office (LEO)? ☐ Yes Which LEO ______________________ Contact ___________________ Have you Received LEO Funding Yes ☐ No ☐ LEO Client No ☐ Please give full details of all LEO funding approved, any drawn down (including dates) and any not yet drawn down. Enterprise Ireland undertakes due diligence to establish funding levels. Please give details of total state funding approved to date. Have you been in contact with any other funding agencies or has this business received any other state support in Ireland/EU? Have you completed any entrepreneur support programmes? New Frontiers LEO courses Business Innovation Centre Competitive Start Fund Accelerator Other ☐ ☐ ☐ ☐ ☐ ☐ ________________________________ Please give details: 8 Does this business originate from public funded research or would it be considered a spin out from a 3rd level Institution? How much finance do you require to progress the business? Where/from whom do you plan to raise this funding/investment? What will this funding/investment be spent on? Have you approached any potential investors? Yes (please give details) ☐ No ☐ Are you able to invest personally in the next funding round? If yes, how much do you plan to invest? What supports are you seeking from Enterprise Ireland? How did you hear about the HPSU Programme? 9 What are the 3 key priority steps in progressing the business? 1. 2. 3. Confidentiality Enterprise Ireland is aware of the need for confidentiality and we handle, on a daily basis, highly sensitive information in relation to client companies, including information relating to client’s intellectual property. Our confidentiality policy is underpinned by the statutory protections on confidentiality set out in Section 16 of the Industrial Development (Enterprise Ireland) Act 1998. General Data Protection Regulation To view Enterprise Ireland’s privacy policy, visit https://www.enterpriseireland.com/gdpr. Enterprise Ireland is committed to its transparency obligations under the General Data Protection Regulation (GDPR). Our data protection notice for personal data that is supplied to us by our clients is available at the above link. This notice contains important information about how we process personal data that is supplied to us by clients. We request that you read the notice carefully and that you ensure that it is made available to any data subjects (e.g. your employees) whose personal data you provide to us. By ticking I agree, you confirm that: (a) you have complied with your own data protection obligations in respect of the personal data that you supply to us and that you are entitled to disclose such personal data to us; and (b) you will ensure that a copy of our data protection notice (available here) is sent to data subjects (e.g. your employees) whose personal data you provide to us. I agree ☐ Completed by: _____________________________ Date____________ 10 Please email the completed Outline Business Proposition form, together with any supporting documents to your nearest Enterprise Ireland office. Your Location Email Dublin, Kildare, Wicklow HPSUenquiries@enterprise-ireland.com Outside Ireland Westmeath, Longford, Meath mark.atterbury@enterprise-ireland.com Offaly and Laois james.maloney@enterprise-ireland.com Waterford, Wexford, Kilkenny, Carlow Brian.fives@enterprise-ireland.com Cork jacqui.norton@enterprise-ireland.com ciara.concannon@enterprise-ireland.com Clare, Limerick, Kerry, Tipperary North and South catherine.hogan@enterprise–ireland.com Galway, Mayo, Roscommon westenterprise@enterprise-ireland.com Cavan, Louth, Monaghan Sligo, Leitrim, Donegal northeast@enterprise-ireland.com. northwest@enterprise-ireland.com 11 APPENDIX ENTERPRISE IRELAND PROGRAMMES AND SUPPORTS FOR EARLY STAGE START-UPS €50k COMPETITIVE START FUND (CSF) The CSF is an open competition, designed to accelerate the development of startup companies by supporting them to achieve commercial and technical milestones, for example, evaluate overseas market opportunities and reach firm conclusions regarding the viability of the proposed business. Applications are made online and include a video pitch. The fund is open several times throughout the year with special calls for specific sectors. Go to Competitive Start Fund NEW FRONTIERS PROGRAMME New Frontiers is Enterprise Ireland’s national entrepreneur development programme for early-stage startups. It is based in 14 campus incubation centres across the country. If you have an innovative business idea and are planning to establish and run your own company, the programme is designed to help accelerate your business and to equip you with the skills and contacts to successfully start and grow your company. Go to New Frontiers FOODWORKS IRELAND PROGRAMME The Food Works Programme is a joint initiative between Enterprise Ireland, Bord Bia and Teagasc. The aim of the programme is to find and foster a new group of food entrepreneurs. Food Works is currently open for enquiries. Please register online for an Introductory Meeting. Go to Foodworks Ireland BIO INNOVATE PROGRAMME BioInnovate Ireland is a national medical technology innovation training programme that aims to act as a neutral territory in which academia, clinicians and industry can collaborate to develop novel medical technologies. The programme is a partnership between multiple universities (NUI Galway, University of Limerick and University College Cork), engages with hospitals all over the country, and is supported by Enterprise Ireland, IMDA and multiple industry sponsors. Go to BioInnovate INNOVATION VOUCHER Enterprise Ireland’s Innovation Voucher initiative was developed to build links between Ireland's public knowledge providers (i.e. higher education institutes, public research bodies) and small businesses. Innovation Vouchers worth €5,000 are available to assist a company or companies to explore a business opportunity or problem with a registered knowledge provider. Go to Innovation Voucher 12 REGIONAL ACCELERATORS The Enterprise Ireland Accelerator programme is part of the organisation’s overall strategy to enhance the High Potential Start-Up ecosystem and for increasing the number and quality of start-ups. Four Regional Accelerators have been launched: Propeller Shannon in Clare, NDRC@ PorterShed and BioExel in Galway, and NDRC@ArcLabs in Waterford. The Accelerators focus on the Digital Technology, Aviation and Medtech sectors and provide investment and mentoring support. ENTERPRISE START 2 – ‘Challenging & Validating your business idea’ Enterprise Ireland in conjunction with the Business Innovation Centres (BICs) runs a programme designed to help entrepreneurs tease out their business idea and develop a comprehensive business proposition, the programme involves two halfday group workshops and two one-to-one mentoring meetings. For details contact Sandra Reynolds, Dublin BIC +353 (01) 6713111 or sandrareynolds@dbic.ie for further information and to arrange your participation. LOCAL ENTERPRISE OFFICE (LEO) Enterprise Ireland partners with the national network of LEOs to help develop early stage start-ups into globally ambitious businesses that have some form of validation. Once a satisfactory level of validation has been achieved the LEO recommends that a company progresses to Enterprise Ireland. The LEOs are our partners in enterprise development and provide a first-stop-shop, offering a range of supports for start-up companies employing less than 10 people and initially trading on the domestic market. Some of the LEO supports include: • • • • • • Feasibility/Priming/Business Expansion Grants Mentor Support Market Research Courses/Training Programmes Online Trading Vouchers Business Networking For further details and to find your nearest office go to www.localenterprise.ie 13
