Financial Support Business Start Ups and Growth Companies. September 2011

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1 Financial Support Business Start Ups and Growth Companies September

2 1 2 Our Role Financial Support Agenda 3 Other Support 4 Access Support 2

3 Irish owned enterprise Policy analysis and advice Inward Investment 3

4 Enterprise Ireland Mission Enterprise Ireland partners with entrepreneurs, Irish businesses, and the research and investment communities to develop Ireland s international trade, innovation, leadership and competitiveness The ultimate objective is increased exports, employment and prosperity in Ireland. 4

5 Who we work with High Potential Start-up s Established SME s Multinationals Entrepreneurs starting companies with an ability to compete in world markets Scaling Manufacturing & Internationally Traded services companies employing ten or more Irish-based food and natural resource companies that are overseas owned or controlled Ambitious co s with the ability to scale & achieve significant success 5

6 Enterprise Ireland Global Team Overseas Market Advisor (MA) Development Advisor (DA) Technology Development Advisor (TDA) CLIENT Technology Transfer Investment Advisor (IA) Human Resource Development Advisor 6

7 Clients Contribution to the economy Enterprise Ireland Companies No of companies = 3,500 Employment = 133,523 Spend in economy = 19.6bn IDA Companies No of companies = 1,000 Employment = 138,530 Spend in economy = 18.3bn Payroll 6bn Payroll 7.4bn Irish Materials 8.9bn Irish Services 4.7bn Irish Materials 2bn Irish Services 8.9bn Source: Total Spend in the economy 2009 ABSEI, Employment 2009 Forfás Employment Survey 7

8 8

9 Development areas with EI clients 6 Development Areas with EI Clients 9 Finance Growth Growth Strategies Management Teams Int l Markets R&D Productivity

10 Supporting EI Clients GOALS Company Have you a strategic Plan? CAPABILITY Are you capable of executing this plan? EI Response EI STRATEGY SUPPORT eg CHALLENGING, MENTORS etc EI MANAGEMENT DEVELOPMENT PROGRAMMES OPPORTUNITY Have you the required product ideas or/ and market contacts? EI OVERSEAS and RESEARCH NETWORKS RESOURCES Have you the cash required? EI FINANCIAL OFFER BANKS and VENTURE FUNDS 10

11 Substantial Financial Support to Clients Total new approvals in 2010 = 110m+ National Budget has provided similar level of support in

12 Legislation Two Separate Legal Bases Irish Law The Industrial Development Acts EU State Aid Law (The regional Aid Map governs the areas & rates in which regional aid may be granted) 12

13 Support Rates Offer Small Medium Large Capital Assets or Job Creation Dependent on location 20%-35% 10%-25% 0-15% R&D Fund 45% 35% 25% Key Manager 50% 50% 50% New Market Research 50%-70% 50%-70% 50%-70% Feasibility Trade Fairs Consultancy Business Accelerator ebusiness Management Development 50% 50% NA Exception Business Accelerator 70% 70% 50% 13

14 Key Considerations Return to Taxpayer, Economic Impact: Value for Money Company Strategy Company Projects: New Product, New markets, Productivity Improvement Enterprise Ireland Financial Service Support 14

15 Key Questions DOES THE BUSINESS PLAN/ PROJECT WORK? Is the business plan commercially viable How does the project drive the business WHAT IS THE RETURN TO THE ECONOMY? Can we support the project? Legislation What are the extra jobs, turnover, exports What is the value for money from EI investment (cost/job and cost/benefit to the economy) 15

16 Completing an application for Support Submit a completed Business Plan Application Company Profile Business Strategy Proposed Development Project Finance Benefit & Need for Enterprise Ireland support Where applicable Complete the Financial Data Sheet (Summary P&L, Balance Sheet & Funds Flow) Project Expenditure Details and Cost Work Book 16

17 Support Process Business Plan Application Development Advisor Commercial Assessment Technical Assessment Finance Go/ No Go Overseas Office Assessment Investment Proposal Investment Committee Legal/ Equity Investment Advisor Go/ No Go 17

18 Financial Products Start Ups Innovation Productivity Expansion 18

19 Summary Funding Offer 2011 START-UP INNOVATION PRODUCTIVITY EXPANSION HPSU Package STOMISED INVESTMENT PACKAGES R&D Projects Innovation Partnership Lean Transform Programme ADVERTISED CALL for INVESTMENT PROPOSALS Expansion Package New Market Research Programme ** Competitive Start Fund R&D Fund FP7 Job Expansion Going Global Graduates 4 Int l G Feasibility Study Strategic Consult* BAP Trade Fair Mentor EXPLORING OPPORUNITIES Feasibility Study Lean Start Innovation Voucher Lean Plus Feasibility Study Strategic Consult*** BAP Trade Fair**/*** Mentor*** Key Mgr ebusiness*** * Not available to co s in receipt of Innovative Aid ** Not available to food companies supported by Bord Bia *** Not available to Large Companies 19

20 Start Up s Enterprise Ireland works with promoters and 3rd parties to jointly fund a start up business plan against agreed milestones. Early Stage Enquiry: 15k Feasibility Grant Market Validation/ 50k Starter Equity, with 5k matching fund Prototype Development: Competitive Start Fund First Round/ Investor Ready: 100k - 350k (average 250k) Equity, CCRPs, for HPSU generally fully matched EI Funding will not be greater than combined promoters or 3 rd party investment. EI ordinary shareholding will not exceed 10% of the total company ordinary shares 20

21 Start Up s Competitive Start Fund What 50k in equity support & 5k matching funds from promoters. Each successful company appointed a mentor work with co. for up to 10 days. Who 3 pilots to-date Internet & Games CSF - 10 companies approved Internet, Games, Telecoms, SaaS, Cloud Computing and Enterprise Software CSF -15 companies approved Lifesciences, Cleantech and Industrial Products CSF - 15 companies to be approved in this fund in July 2011 How Funding provided to companies who rank highest in the scoring process. An external panel of industry experts & EI representatives participate in assessment process. 21

22 Innovation R&D FUND To develop products, processes and services. Increasing R&D activity in companies undertaking projects leading to new or improved products, process or services Increasing the number of companies doing R&D for the first time. Increasing the number and quality of collaborative research programmes Support may be made available as a grant of up to 650,000 at 25% to 45% grant rate. 22

23 Innovation Innovation Partnership Programme Irish based companies to work with Irish colleges to access their expertise. Grants of up to 80% towards eligible costs of the research project. Principal Investigator in a college submits an Outline Proposal Document of a proposed IPP to EI. 23

24 Innovation Seventh Framework Programme (FP7) Who Opportunity for researchperforming SMEs, researchacquiring SMEs (who need to outsource their research) and multinational corporations to work in trans-national collaborations with multiple partners. What Grants of 50-75% towards eligible costs of the research project. Management costs at 100%. How Applicants should contact the FP7 National Contact Point for assistance with their proposal. See: for details 24

25 Productivity Lean Business Offer Lean Start Focus on Value Lean Plus Performance Improvement Lean Transform Business Transformation 25

26 Productivity LeanStart Companies will be eligible to receive support for a maximum of Seven consultancy days. Maximum funding is 5,000 at 80% grant rate. LeanPlus Assignments typically to be completed within six months. Maximum funding is 35,000 at 50% grant rate. LeanTransform Companies with significant operations that can demonstrate that they have existing capability and resources to implement a lean programme of scale. Assignments will typically run for at least one year and is preceded by a scoping exercise. 26

27 Expansion Customised Expansion Packages Aimed at assisting existing clients to implement significant expansion plans including management development and job creation or capital investment Support can be provided against specific expenditure or against a business plan. Investment can be by equity or grant or a mix of both. Capital equipment support is by preferences shares. 27

28 Expansion Job Expansion Fund The aim of the fund is to assist companies achieve growth through increased employment Who: SME Manufacturing and/or a high growth potential traded services company Have 10 or more full time employees at the time of application Has been generating reasonable revenues for at least 2 years How: There is a monthly call for project submission What: The fund provides grant support up to a maximum of 150,000 towards the recruitment of a minimum of 3 new employees. Support rate will vary up to a maximum of 15,000 per job. There must be a minimum increase of 350,000 in turnover over the next two years. The new jobs must not result in the displacement of existing jobs. 28

29 Expansion New Market Research Programme Grant funding for established companies planning a market research programme to see if they should establish an overseas presence. Grant Rates UK Pilot EU/EE A North America / Canada Asia / Middle East / North & South Africa High Growth Market / BRIC + Japan / Gulf States Funding 50% 70% 70% 70% 70% Maximum Grant 80k 80k 80k 100k 100k 29

30 Expansion Going Global Examining the potential to deliver products and services to international markets. Who: Companies with less than 50k support in the last 5 years Have 10 employees and have been generating reasonable revenues for at least the last two years How: Publicly advertised call for applications What: Maximum grant support rate 50% up to a maximum of 25,000 against eligible expenditure. Categories for support include: salaries, consultancy, travel and subsistence. 30

31 Competitive Call: Graduate 4 International Growth Support for 120 graduates Who Companies can apply for a number of graduates but there are limits on the level of company support. Support will be provided against eligible expenditure Full Funding SME S 2 graduates, Large Companies 1 graduate, Partial Funding: No limit Expansion What Graduates work for 18 months, initial 6 months in Ireland, and another 12 months in an overseas market Graduates will also participate on a structured programme and attend 18 days organised training. How: Publicly advertised call for applications 31

32 Bank Engagement WHEN DOES ENTERPRISE IRELAND ENGAGE WITH BANKS? Assist on individual client cases in establishing solutions with the Client and the Bank Tripartite approach Seek formal written consent from company prior to EI engagement with Bank KEY MESSAGES FOR CLIENTS Adopt a professional partnership approach to Bank relationship Be proactive and open with Bank regarding company plans Plan ahead for future funding needs 32

33 How can EI help Access to Venture Capitalist Information and Introductions Partnering with VC funds Other Investors Business Angels Business Expansion Scheme Seed Capital Scheme 33

34 Other Supports Management Development 34

35 Management Development Management programme for experienced CEOs. Delivered by Stanford Graduate School of Business, Duke Corporate Education, MD Switzerland & IMI. CFO need to become a leading strategic force within their organisation, influencing key stakeholders and executing on the company strategy The programme is delivered by Stanford Graduate School of Business and the London Business School. Strategic Leadership 4 CFOs Driving International Growth 35

36 Management Development Designed to equip Irish companies with the necessary tools to reach their export sales potential in global markets. A series of monthly workshops, primarily for exporting SMEs, which seeks to address the key issues facing the finance function The objective is to demonstrate how financial information could be used to assist in strategic decisions that will help grow the business and practical ways to implement. 36

37 Management Development Accelerated Growth Programme Aimed at CEOs of High Growth Irish Companies with International aspirations and growth. To build an ongoing strategy to generate sales that are profitable. Delivered by IMI & Cambridge University, Participation limited to 27 CEOs. An intensive management development programme aimed exclusively at high potential Internet/Games companies. Over six months, it equips participants with the practical tools needed to formulate aggressive international growth plans and scale their businesses. 37

38 Internationalisation 38

39 EI Global Offices 39

40 International Sales & Partnering Market Research Intelligence Business Accelerators Buyer Introduction/ Evaluation Bringing key buyers to Ireland Introductions Third Party Services PR and Sales leads Building Reference Sites Messaging and Positioning Trade Fairs/Trade Missions Incubator Offices Business Support Centre Networking Opportunities Inward Technology Transfer 40

41 Incubation Centres COMMERCIALISATION Objective to support 3 rd level spin-outs 21 facilities in 3 rd Level 275 companies based in these facilitates employing 1160 Investment to date = 50m Facilities owned by 3 rd Level 41

42 3 rd Level Industry Research Funding Technology Centres (~ 1 million per annum over 7 years) 10 centres Industry Led Research projects (~ 1-2 million over 2-3 years)5 projects Innovation Partnerships (~ 6m pa 50 companies supported in 2010) Innovation Vouchers (Once off payment of 5K) 42

43 Follow Up 43

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