LEO Innovation Investment Fund

WHAT DOES THE LEO GRANT INVESTMENT COVER?LIIF Logo 1

The LEO Grant Investment of up to €25,000 may be considered for the following tasks:

  • Capital Expenditure associated with your new innovative development
  • Salary Costs associated with your new innovative development
  • Consultancy, Research, Innovation, Marketing Costs associated with your new innovative development.
  • General Overhead Costs including working capital costs associated with your new innovative development

WHAT INNOVATIVE DEVELOPMENTS ARE ELIGIBLE?

  • New Product
  • New Process
  • New Market
  • Market Diversification Strategy including Brexit
  • Make addition to the management team
  • Other

INVESTOR READY PROGRAMME

Applicants can apply online  - www.liif.ie , there will selection to participate on a short highly focused Investor Ready Programme  incorporating 1 to 1 mentoring which will assist you prepare an investor ready plan. In addition the programme will help the client tailor a powerful investor pitch. At the conclusion of the programme the client will have the opportunity to make a formal pitch to an Investor Panel-including the Local Enterprise Office; Enterprise Ireland; MFI; HBAN in order to potentially secure a grant  investment of up to €25k to implement the  investor ready plan.

COMPONENTS of the Investor Ready Programme

6 workshops over 4 weeks comprising the following modules

  • Strategy for growth and development – The framework
  • Strategy for growth and development –  The detail
  • The marketing plan and its implementation
  • Entrepreneurial and management capability
  • The financial plan and raising the money
  • Completing your investor ready plan
  • One to one mentoring throughout the 4 weeks

Presentation of investor ready plan and pitch to Investors.

Awarding of LEO Grant Investment and feedback from other potential investors

Note: If investment is secured under the programme the client will be required to meet with the Local Enterprise Office to assess funding requirements and agree the eligible costs associated with the development prior to any drawdown of funding. Following this meeting the Local Enterprise Office will issue a formal letter of offer which will outline the terms and conditions required to drawdown the grant investment.

Who can apply - LEO CLIENT DEFINITION

An existing LEO Client is defined as a client that has received M1 Support (Investment) and/or currently resides in the LEO Projects Portfolio and/or has received M2 Support (Training, Mentoring, etc) in the past 3 years prior to the date of application

EXISTING LEO M1 CLIENTS WITH AN INNOVATIVE DEVELOPMENT PLAN WHICH MIGHT INCLUDE

  • New Product Launch
  • New Process Development
  • New Market Opportunity
  • Diversifying your existing marketing strategy
  • Changing your Business and/or Revenue Model
  • Introducing Brexit Proofing Measures to sustain the future development of your business
  • Making an addition to the Management Team

EXISTING LEO M2 CLIENTS TRADING FOR GREATER THAN 12 MONTHS

  • Manufacturing businesses with innovative products or processes with potential to export
  • Traded Services businesses who have an innovative service offering which has the potential to serve international markets
  • All sectors are eligible to apply but priority will be given to new start ups in the following sectors: Software/IT, Digital, Creative and Gaming, Food and Agri, Healthcare and Lifesciences, Traded Services included Fintech, Environmental and Cleantech

ELIGIBILITY CRITERIA

  • The LEO Innovation Investment Fund is a competitive offer and can assist new and established LEO clients
  • An existing LEO Client is defined as a client that has received Measure 1 Support (Investment) and/or currently resides in the LEO Projects Portfolio and/or has received Measure 2 Support (Training, Mentoring, etc) in the past 3 years from the date of application.
  • A micro enterprise is an enterprise that currently employs 10 employees or less.
  • Only applicable to existing LEO Micro Enterprises who employ 10 employees or less
  • To be eligible a Start Up applying under this programme must be trading for over 12 months prior to the date of application.
  • The enterprise must be established, registered, and operate within the area of their Local Enterprise Office.
  • Applicants must be eligible to own /manage/ operate a business in Ireland at the time of application.
  • Applicants must own/control/manage the business IP where applicable
  • Applicants must have the capacity to deliver the project plan (i.e. human, financial, production etc.)
  • Applications must be submitted by the closing date of the 31st July 2017. Applications received outside this date will be deemed ineligible.
  • Investment will be awarded on a competitive basis which will necessitate applicants preparing an investor ready plan and pitching to an Investor Panel who will select the successful applicants following a competitive process.
  • The decisions agreed by the Investor Panel is final and beyond question in all circumstances.
  • The enterprise must operate within the commercial sphere across the manufacturing and traded services sectors.
  • Applications must be innovative as defined by the programme and have the potential for generating economic impacts including job creation and growth in domestic and/or export markets.
  • Regarding restrictions local retail enterprises, personal services, professional services, construction including building services or any other enterprise that is considered to give rise to unacceptable deadweight (where projects would have proceeded anyway) or displacement (where the project simply displace business from other players in the market) are not eligible to apply for this programme. 
  • Established clients who have received M1 Investment Funding from their local LEOs in the past 24 months prior to the date of application are entitled to apply for this programme provided that the application is innovative as defined by the programme and is materially different from what was previously approved by the LEO. No double funding of the same activity is allowed.
  • Existing LEO M2 Clients who have not received investment to date from their LEO are encouraged to apply. To be eligible LEO M2 clients must not employ greater than 10 employees at the time of application and must be trading for more than 12 months prior to the date of application.

 

Time Line - 31 LEOS: 8 REGIONS

  • Application Stage
  • SUBMIT ONLINE APPLICATION AND MANDATORY VIDEO ON OR BEFORE JULY 31ST 2017
  • Screening Process Stage (August 2017)
  • Selection of participants by LEOs to participate on Investor Ready Programme ( August/September 2017)
  • Investor Ready Programme and one to one mentoring (September 2017)
  • Completion of Investor Ready Plan ( September 2017 )
  • Presentation of Investor ready plan and pitch to investors ( October 2017 )
  • LEO Investments agreed and feedback to participants from other investors ( October/November 2017 )

To read more and apply visit: www.liif.ie

 

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