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Competitive Feasibility Fund

Are you involved with a start-up and looking to grow?

Written by SpunOut | View this authors Twitter page and posted in employment

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Are you involved in a business start-up? Is it involved in manufacturing or international trade? And do you feel your start-up has the potential for high growth and big sales on the world market? If you do, but think you need a little help getting there, you may be interested in the Competitive Feasibility funding on offer from Enterprise Ireland.

What is feasibility funding?

Competitive feasibility funding (CFF) is money granted by Enterprise Ireland to help new start-up companies and entrepreneurs. It’s meant to be used to investigate high-growth potential activities. Enterprise Ireland’s goal is to support new businesses into becoming “High Growth Potential Start-ups”. These are businesses that can achieve significant growth through selling innovative technologies, services or products on the world markets.

To be specific, Enterprise Ireland are looking to support projects that they think should achieve sales of €1 million per year within 3 years, and employ at least 10 people. The fund is open to manufacturing and internationally traded services businesses.

What can feasibility funding be spent on?

Competitive Feasibility Funding is meant to be used to conduct a “feasibility study”. This is a way of getting a clear idea of how viable your business proposition really is, and setting out concrete plans for how to turn high-growth potential into achievable reality. Feasibility funding covers up to 50% of the costs of this study, which may include:

  • Market research
  • Cost analysis
  • Financial projections
  • Manufacturing process assessment
  • Plant evaluation and selection
  • Raw material sourcing
  • Prototyping
  • Negotiating with potential joint venture partners
  • Obtaining a manufacturing licence

The feasibility study costs that can be covered by Competitive Feasibility funding include:

  • Salary costs
  • Foreign travel and subsistence costs relating to the project
  • External consultant fees
  • Costs of building and testing a prototype
  • Costs of attending one overseas trade fair

How to apply

You can only apply for a standard voucher during one of Enterprise Ireland’s “open calls”: two-week periods when applications will be accepted. The dates for upcoming open calls are available on the Enterprise Ireland website. You can apply after registering an account here.

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Published November 26th, 2016
Last updated November 29th, 2016
Tags entrepreneur entrepreneurship business
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