Enterprise Ireland – Accelerating the growth of Irish companies in world markets Martin Corry 2009

Agenda… About Enterprise Ireland (EI); Type of businesses EI supports; Support available from EI to start up companies; What EI looks for in a business proposal.

High Potential Start-Ups Entrepreneurs starting companies with the ability to compete in world markets Scaling Ambitious companies with the ability to grow to scale and achieve significant global success Manufacturing and international-traded services companies employing ten or more Established SMEs Irish-based food and natural resource companies that are overseas owned or Controlled MNC’s Clients we support…

HPSU Division… One division responsible for all start up’s; Organised along sectoral lines; Each new prospective client is assigned a “Development Advisor”; The full range of EI resources for an individual / company is accessed through that advisor; All clients are handled both on a one to one basis AND may be involved in relevant sectoral initiatives.

Experienced Management Team ( mix of technical and commercial competencies) Offering a product or service that is innovative or technologically advanced; Aiming to realise sales of €1 million and employment of 10 or more within 3 years; Manufacturing a product for export markets or internationally traded service; Located and controlled in Ireland. What is a ‘High potential start- up’?...

Who do we work with? … Key functional managers within existing businesses with new business ideas; Experienced Managers looking at a management buy-out; ‘Serial’ or repeat entrepreneurs; Individuals involved in 3 rd level research, with an interest in commercialisation; Irish ex-patriots, returning to Ireland with new business ideas.

How do we assist?…

Project Feasibility Study Business Idea ? Eligible? €1.0m T/O Export Focused 10+ People Negotiation Due Diligence New Start-up Business Start-up package Enterprise Ireland Application Process

Typical stages in HPSU development..  Feasibility Study and proof of concept  Mentor appointed to assist with business planning  Meet EI overseas office to discuss export marketing (First Flight or International Markets Week)  Market Research or Strategic Consultancy support (if required)  Approved for EI HPSU Equity Funding.  Ongoing Development Advisor contact.

Start Up Finance… Funding for exploring new opportunities  Feasibility Study. Market Research. Strategic Consultancy. Trade Fair. R&D Stimulation. Recruitment of key manager. 

Funding for HPSU’s Equity participation in line with Innovative Funding Offer. Investment in the form of Convertible Redeemable Preference Shares (CCRPS). Up to a maximum of 10% of the ordinary share capital of the company.

Typical Funding Scenario…  Exploring New Opportunity - (€50k - 6 months) Promoters own funds 25k EI Feasibility study grant 25k Establish market potential, develop prototype, strategic partner on board, develop business plan with focus on next months  Stage 2 (milestone funding) - (€400k - 12/18 months) EI 150k Venture capital investment 150k Promoters investment 100k (seed capital scheme) Working demo, reference site, first commercial sales.

What EI looks for in a proposal?  Company Background- Promoters, Milestone achievements to date  Definition of project, what's proposed for Ireland and stages of roll out envisaged (including export development plans?)  Marketplace opportunity and competitive realities including potential for developing an international focused operation from a base in Ireland  Business Model proposed including revenue earning aspects.  What help and support is required to get to the next stage.

What EI looks for in a business plan…  Management team  Achievements to date  Market validation  Business proposal  Key milestones  Funding sources and requirements

What does our Investment Committee look for?  Is the company an Innovative HPSU?  Do we believe the plan is viable (3Ms)  How will the plan be executed (revenue model)  What are the customers saying?  Does it satisfy EI Metrics? (cost per job, export metrics)

Other EI services… Business Incubation Centres (BIC’s); Dublin, Galway, Limerick, Cork, Waterford; Focus on integrated supports - advice, hands-on guidance, space, access to finance; Client Knowledge Services & Information Centre; Access to an international network of overseas offices; Business Mentors/Mentor Panel.

Thank You: Questions?  Further information: