R&D Funding/Finance

L.Jenkins

I'm working as a Contractor for a Company in Leixlip, but I'm in the process of setting up an LTD and registering for VAT in the next couple of weeks. The Company I hope will reach and exceed the cap required to register for VAT, so it's all being arranged to have it in place, despite that I won't begin trading for a couple of months to a year.

The advice I am interested in however, is who can I approach to apply for R&D funding or an investment, which could be used for R&D? I am already beginning to discuss options with Enterprise Ireland, as I plan on exporting in the future and an adviser who has set up there own business, which also trades internationally.

tacofries

Not fully on topic but take a look at the new frontiers programme. It sounds like your business may suit the criteria.

Basically you commit to 2 hours of mentoring every week for 6 months. Mentoring covers areas from marketing to investment to exporting.

You are also given a wage of €15,000 in order to quit your current job so that you can focus fully on your business.

http://www.enterprise-ireland.com/en/Start-a-Business-in-Ireland/Supports-for-High-Potential-Start-Ups/New-Frontiers-Entrepreneur-Development-Programme.html

L.Jenkins

I've just submitted the business proposal for that program. So fingers crossed that is shall be a fruitful venture.

tacofries

Best of luck with it!

L.Jenkins

Thanks

NotaSheep

Best of luck with the New Frontiers Programme. It is a competitive programme so limited places are offered but hopefully you will be accepted. If you are deemed to show capacity to become a High Potential Start-Up as defined by Enterprise Ireland then there is a lot of funding that may become available to you,though a lot of it on competitive basis, such as Company Feasibility Fund (CFF). Innovation vouchers, worth 5k max, are available for working with universities & ITs. You can apply for SCS to make yourself more attractive for investment if that is the line you want to follow. You will need a business plan. Depending on where you are based, you could approach the Dublin BIC or Westbic - they run the Angel Network with Intertrade Ireland and coudl introduce you to some. There might be more funding available depending on what is exactly you plan on doing and what exactly you need to spend your money on as some funding is very sector-specific etc. There is some European funding under Horizon 2020 especially for SMEs - again if you are able to give detail what you intend to do, this funding is also sector specific.

L.Jenkins

Thanks for the input Sheep. It's something I can look into if I'm successful with acceptance into phase 1.

NotaSheep

Phase 1 is relatively easy to get into if you tick the right boxes...phase 1 isn't funded. In phase 2 you have to re-apply and pitch, and only selected few get through and get funded.

L.Jenkins

Since I'm in Athlone, I've been asked to discuss my proposal in AIT. It's a start, hopefully.