Starting and developing your own business How Enterprise Ireland can help

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Starting and developing your own business How
Enterprise Ireland can help -
Tyndall Innovation Forum - 25th May 2006
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What I will cover

• Types of Businesses Enterprise Ireland supports
• Type of support that is available
• Some critical success factors

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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 gt 1m and 10 employees within
  3/4 yrs
• Irish controlled and located in Ireland.

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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

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Sourcing people with new ideas
Where do entrepreneurs typically come from?
1999 Dec 2005
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Key sources of HPSUs all sectors
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How we operate

• One division responsible for all start ups
• 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.

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Comprehensive assistance
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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

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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)

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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

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3. EI funding for HPSUs
Funding to explore new opportunities - Small
grants up to 65k

• Funding towards establishing a HPSU
• Grants and equity

RTI grants and repayable grants
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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 RD 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

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Third Level
Enterprise Ireland Space
Industry RD
Proof of Concept
Campus Companies
Collaborative RD
Basic Research / Scholarships
Research Agenda
Basic Research Infrastructure
Where EI fits in the Research Support System
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RD supports

• - RTI Scheme - Support towards company led RD.
  Up to 650k in support.
• Commercialisation of RD (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 RD
  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 RD and
  Technology Management (70 grant aid)
• - RD Awareness Initiative 3 days consultancy
  for companies looking at first time RD.
• - Fusion - Intertrade Ireland scheme offering
  funding for a technology graduate for 18 months

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4. Other EI Supported Infrastructure

• Business Innovation Centres Cork, Dublin,
  Galway, Limerick,Waterford.
• Incubation Centres, Community Enterprise Centres,
  Webworks

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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
• RD training
• Meet EI overseas office to discuss export
  marketing / First Flight programme
• Trade Show participation
• Participant on Sales Star Programme Training.
• Introductions (VCs, Buyer visits)
• Approved for EI HPSU Funding package.
• - Having completed commercial and technical
  assessment.
• Ongoing Development Advisor contact, support,
  feedback and challenge throughout process

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EI assisted HPSUs since 1999
Volume and impact
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HPSU review 1989 - 2004
Status of EI client companies in 2004
76
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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 gt 20m is 6.3 years

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Some examples of successful Cos

• 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

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Some local examples

• 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

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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.

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Talk to US .
Startup_at_enterprise-ireland.com Telephone Maria
Walshe 01 - 6092127