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New Business or Add to existing business

  • 07-04-2011 12:57pm
    #1
    Nuttzz
    Registered Users, Registered Users 2 Posts: 3,784 ✭✭✭


    Just looking for peoples opinions feedback on this

    I have a successful software company that has been in business for 10 years, we are really just focused on the Irish market.

    Our team have come up with an idea that would be excellent for our customers but looking it would be quite easy to scale it out of Ireland and into the UK and other regions

    Looking at grants, enterprise ireland etc, they seem to be more focused on startups than existing companies looking to expand, so I face a choice, look at spinning this new project into a new business or adding it to our existing portfolio

    I'd be interested if anyone could give the pros & cons to both, I have a few already in my head but just looking for feedback from others


Comments

  • #2
    TheCostumeShop.ie: Ronan
    Company Representative Posts: 1,740 ✭✭✭TheCostumeShop.ie: Ronan


    I don't think EI will be more inclined or that it would make a difference if you spin it into a different business. They have those 5k innovation grants to work with uni's available to any business. Other than that the best thing to do is to reach out and ask your local EI guy.

    I have heard they are more about give help, introductions and facilitating business exports than putting down hard cash in the form of grants.


  • #3
    NumbrCrunchr
    Registered Users, Registered Users 2 Posts: 32 ✭NumbrCrunchr


    Hi Nuttzz

    Spinning off a new subsidiary makes it easier for EI and the like to invest certain fund capital that they have. Also a better option if you want to spread some equity around to staff.

    However you may be better holding on to it until the above becomes clearer. For tax relief and compliance purposes.

    Best of luck
    Numbercruncher


  • #4
    Mr Clonfadda
    Registered Users, Registered Users 2 Posts: 372 ✭✭Mr Clonfadda


    I had a meeting with a person recently who specialises in assisting Irish companies in Launching into UK with her business partner who is based in UK. They indicated that there is grants to assist in this.

    They are both very well connected in the software business. i can PM you details if you would like


  • #5
    BnB
    Registered Users, Registered Users 2 Posts: 1,091 ✭✭✭BnB


    Mr Clonfadda wrote: »
    I had a meeting with a person recently who specialises in assisting Irish companies in Launching into UK with her business partner who is based in UK. They indicated that there is grants to assist in this.

    They are both very well connected in the software business. i can PM you details if you would like
    Could you PM that info to me as well please.


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