The aim of a Feasibility Study up companies or individual entrepreneurs with the cost of researching their proposed business or new business idea to see is it could be viable and sustainable. the study should help the promoter to reach firm conclusions about their business idea and give them the information they need to draw up a full business plan. Local Enterprise Offices will consider making feasibility study grants to applicants whose potential new business or service may be eligible to apply for further grant assistance from the LEO if the business goes ahead.
What does the Feasibility Study Grant cover?
Feasibility Study Grants are designed to assist the promoter with researching market demand for a product or service and to examine the sustainability of that product or service. The grant helps with innovation costs including specific consultancy requirements, hiring expertise from third-level colleges, private specialists, design, patent costs and prototype development.
Grant expenditure may be considered under the following headings:
· Market Research Costs – to develop the business proposition
· Consultancy Costs – to include design fees, architect fees and legal fees
· Technical Development/Prototype/Innovation – to include prototype development, innovative design, research costs and third-level college consultancy
· Salary/Own Labour Research – costs include own labour involved in carrying out the Feasibility Study. The maximum amount chargeable is €400 a week subject to the overall maximum not exceeding 20% of the overall grant drawdown.
· Miscellaneous Costs - include telephone costs, mileage costs at €0.26 per kilometre, subsistence and overnight costs, air travel, and so on. Costs in this category relate specifically to Feasibility Grants. The maximum amount for these costs should not exceed 20% of the overall grant level.
How do I apply for the grant?
If you want to apply for a Feasibility Study Grant, you need to contact your local LEO. They will assess your eligibility.
For further information and an application form please contact the Local Enterprise Office on 071 9650420.