Transcript – Enterprise Ireland Accelerating the growth of Irish companies in world markets

Enterprise Ireland –
Accelerating the growth of Irish companies in world
markets
Martin Corry
2009
Agenda…
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About Enterprise Ireland (EI);
•
Type of businesses EI supports;
•
Support available from EI to start up companies;
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What EI looks for in a business proposal.
Clients we support…
High Potential
Start-Ups
Entrepreneurs
starting companies
with the ability to
compete in
world markets
Scaling
Ambitious companies
with the ability to
grow to scale and
achieve significant
global success
Established SMEs
MNC’s
Manufacturing and
international-traded
services companies
employing
ten or more
Irish-based
food and natural
resource companies
that are overseas
owned or
Controlled
HPSU Division…
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One division responsible for all start up’s;
Organised along sectoral lines;
Each new prospective client is assigned a “Development Advisor”;
The full range of EI resources for an individual / company is accessed
through that advisor;
• All clients are handled both on a one to one basis AND may be
involved in relevant sectoral initiatives.
What is a ‘High potential startup’?...
• Experienced Management Team (mix of technical and commercial competencies)
• Offering a product or service that is innovative or technologically
advanced;
• Aiming to realise sales of €1 million and employment of 10 or more
within 3 years;
• Manufacturing a product for export markets or internationally traded
service;
• Located and controlled in Ireland.
Who do we work with? …
• Key functional managers within existing businesses with new business
ideas;
• Experienced Managers looking at a management buy-out;
• ‘Serial’ or repeat entrepreneurs;
• Individuals involved in 3rd level research, with an interest in
commercialisation;
• Irish ex-patriots, returning to Ireland with new business ideas.
How do we assist?…
Enterprise Ireland Application Process
Business
Idea ?
Eligible?
€1.0m T/O
Export Focused
10+ People
Feasibility
Study
Project
Negotiation
Due Diligence
New Start-up
Business
Start-up package
Typical stages in HPSU development..
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Feasibility Study and proof of concept

Mentor appointed to assist with business planning
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Meet EI overseas office to discuss export marketing (First Flight or
International Markets Week)
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Market Research or Strategic Consultancy support (if required)
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Approved for EI HPSU Equity Funding.
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Ongoing Development Advisor contact.
Start Up Finance… Funding for exploring new opportunities
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Feasibility Study.
Market Research.
Strategic Consultancy.
Trade Fair.
R&D Stimulation.
Recruitment of key manager.
Funding for HPSU’s
• Equity participation in line with Innovative Funding Offer.
• Investment in the form of Convertible Redeemable Preference
Shares (CCRPS).
• Up to a maximum of 10% of the ordinary share capital of the
company.
Typical Funding Scenario…

Exploring New Opportunity - (€50k - 6 months)
Promoters own funds 25k
EI Feasibility study grant 25k
Establish market potential, develop prototype, strategic partner on board,
develop business plan with focus on next 12-18 months
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Stage 2 (milestone funding) - (€400k - 12/18 months)
EI 150k
Venture capital investment 150k
Promoters investment 100k (seed capital scheme)
Working demo, reference site, first commercial sales.
What EI looks for in a proposal?

Company Background- Promoters, Milestone achievements to date

Definition of project, what's proposed for Ireland and stages of roll out envisaged
(including export development plans?)

Marketplace opportunity and competitive realities including potential for developing an
international focused operation from a base in Ireland

Business Model proposed including revenue earning aspects.
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What help and support is required to get to the next stage.
What EI looks for in a business plan…
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Management team
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Achievements to date
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Market validation
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Business proposal
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Key milestones
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Funding sources and requirements
What does our Investment Committee look for?
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Is the company an Innovative HPSU?
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Do we believe the plan is viable (3Ms)
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How will the plan be executed (revenue model)
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What are the customers saying?
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Does it satisfy EI Metrics? (cost per job, export metrics)
Other EI services…
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Business Incubation Centres (BIC’s);
Dublin, Galway, Limerick, Cork, Waterford;
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Focus on integrated supports - advice, hands-on guidance, space,
access to finance;
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Client Knowledge Services & Information Centre;
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Access to an international network of overseas offices;
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Business Mentors/Mentor Panel.
Thank You: Questions?
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Further information:
www.enterprise-ireland.com