Enterprise Ireland launched a new call for applications on Wednesday, 9th April for the Competitive Start Fund - Aviation and Manufacturing Sectors. This competitive start fund is targeted at helping start up and early stage companies in aviation and manufacturing sectors get off the ground and launch new products and services in international marketplaces. The fund will provide young companies with the critical early stage funding to achieve the key commercial and technical milestones.
Up to 10 successful applicants will receive funding of €50,000 in equity from Enterprise Ireland for a 10% shareholding in the company. The investment will be made in two equal tranches of €25,000, the first tranche to be matched by €5,000 from the promoters or other 3rd party investors. Each successful company will receive 10 sessions of Mentor support valued at €1,750 per company plus expenses and this will be paid directly to the Mentor.
Who Can Apply?
This Competitive Start Fund is open to applications from:
- Companies from the Aviation Sector including financial services associated with the sector, Aircraft and Engine leasing, Aviation software and IT, Training, Travel related software and related services, Small Aircraft Assembly, Aircraft Dismantle, Maintenance Repair Operations Airframe and Components, Composite Repair, Parts manufacture, Aviation services, other engineering and technical activities.
- Companies from the Manufacturing Sector including companies using mechanical, electrical and chemical engineering technologies for the production of goods; companies involved in activities such as material forming, tooling, automated systems and additive processes etc; related technical activities.
- Individuals who, prior to Enterprise Ireland’s investment, will register a company which will be active in these sectors.
In addition, applicants must fulfil all of the following key criteria:
- Must be a manufacturing activity or an internationally traded services business
- Must be Less than six years old –i.e. date first employee commenced full time employment.
- Must not have received equity funding of more than €100K prior to the competition closing date.
- Must be pre-trading or recently commenced trading, i.e does not have annual revenues in excess of €60k in the current financial year to date or in any previous financial year.
- Must be capable of creating 10 jobs in Ireland and realising sales of €1m within 3 of starting up or, where a company is required to have FDA or CE approval, within three years of approval to sell.
- Other criteria and notes as specified in the Reference Document.
Important Dates and How to Apply
The call launched on Wednesday, 9th April 2014 and will close at 3pm on Wednesday 30th April 2014.
