Agile Innovation Fund

The new fast-track Agile Innovation Fund from Enterprise Ireland can give small companies rapid access to innovation funding.

 

The new measure has been introduced by Enterprise Ireland and can help clients of Local Enterprise Offices respond more quickly to market opportunities and challenges, including those posed by Brexit.

 

Offering fast-track approval and a streamlined online application process, the new Agile Innovation Fund will allow companies, including small companies, to access up to 45% or 50% in support for product, process or servicedevelopment projects with a total cost of up to €300,000.

 

Responding to the export challenges and opportunities presented to companies, the new fund is designed to help companies develop new products, processes and services for new market opportunities, enabling exporters to respond quickly and maximise export performance.

 

Investment in innovation by Irish companies has been found to be a key factor in driving their global performance. A survey of 2,000 Enterprise Ireland clients in 2016 found that those who availed of innovation supports (specifically capability, funding and collaboration support) reported on average a 67% growth in global sales.

 

Julie Sinnamon, Enterprise Ireland CEO said“Investment in innovation delivers for small businesses. Enterprise Ireland has designed and tailored this new fund to precisely meet the needs of Irish companies, including small companies – substantial financial support for innovation, localisation and product development, a streamlined online application and a fast-track approval process. Enterprise innovation is a key differentiator in competitive markets and Enterprise Ireland’s Agile Innovation Fund will assist companies in their innovation agenda.This fund, which is open to clients of Local Enterprise Offices, will enable many Irish companies to respond quickly and effectively to the challenges posed for their business by Brexit.”

Neurent Medical Ltd, a medical device company in Oranmore, has recently availed of innovation funding through its Local Enterprise Office in Galway. In May, the company announced plans to create up to 25 new jobs, after a successful fundraising round.

Neurent Medical

Brian Shields, CEO of Neurent Medical said: “Innovation is the lifeblood of any small business, it differentiates us and generates real market opportunities. Innovation funding support from the Local Enterprise Office can be the difference between success and failure for companies as they attempt to stand out from the pack.”

Agile Innovation Fund - Outline Proposal Process

 

This process is being introduced to provide guidance before embarking on a full application for Agile Innovation Fund support and to indicate the level of support that could be provided for the project(s) outlines submitted.

By submitting this form in advance you will receive an indication of the eligibility of the proposed project and the likely level of support. It will also facilitate you to get support and advice in completing the Project costs workbook and Project description before submitting the application

An Outline Proposal form is available HERE

When completed the form should be submitted to bfox@leo.galwaycoco.ie

 

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