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Best ways to get Funding

  • 15-12-2010 11:36pm
    #1
    mickmcl09
    Registered Users, Registered Users 2 Posts: 304 ✭✭


    Besides coming up with a 'Brainwave' etc. etc.
    1.What are the most important points of information to put across, when trying to obtain funding?
    2.Is a subscription to wheel.ie and fundingpoint a good idea? Has anybody experience of this subscription?

    I need funding of circa 30K to get a services business idea off the ground.
    It would create 2 full time positions (including 1 for myself) and up to 8 part time positions of up to 20 hours each per week.

    It's connected with sport, so would I be better going to the Sports Council or an Enterprise Board.

    The business model has succeeded in the UK and I basically want to bring the franchise to Ireland and build on it's success as the UK model is only touching the surface in terms of their target markets.


Comments

  • #2
    The Good Agent
    Closed Accounts Posts: 46 ✭The Good Agent


    Is a subscription to wheel.ie and fundingpoint a good idea?

    I'd be wary of having to pay a subscription to be listed as a funding opportunity. I had never heard of FundingPoint until I read your post so it doesn't seem to be that high profile.

    Have you seen www.seedups.ie? You can put your idea up there (only investors can see it) for free. Much nicer site than Wheel.ie.

    I think Enterprise Ireland require 10 employees, €1m+ in Revenue, and clear export potential. If you don't tick these boxes look at the County Enterprise Boards are for smaller businesses. We are currently being mentored by a CEB associate and he's quite helpful.

    The DCU Propeller and Endeavour might be too IT focused (I don't know if your sport business is IT related).
    What are the most important points of information to put across, when trying to obtain funding?

    From what I've experienced, investors look at (1) the team, i.e., all angles covered in required fields and passionate about what you are doing, (2) business model, i.e., how is it going to make money, and (3) what's in it for them.

    Good luck with it!

    Best regards,
    Barry


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