Overview of the Cork Competitive Feasibility Fund.
Enterprise Ireland is responsible for supporting the establishment and growth of high potential start-up (HPSU) businesses in Ireland. These are manufacturing and/or internationally traded services businesses with the potential to create 10 jobs and international sales within the first three years of trading.
The Enterprise Ireland Cork Competitive Feasibility Fund is designed to assist individuals or start-ups investigate the viability of a new growth-orientated business proposition to be located in Cork City or County. The fund is part of Enterprise Ireland’s on-going roll-out of regionally-based Competitive Feasibility Fund calls to accelerate entrepreneurship development throughout the country.
Under the fund, applicants may apply for a feasibility grant for support towards eligible costs associated with undertaking a start-up feasibility project aimed at establishing the technical and commercial viability of a new business idea.
The aim of this funding call is to:
• Accelerate entrepreneurship in Cork;
• Support entrepreneurs with business ideas that have the potential to create jobs and significant growth in Cork;
• Stimulate the pipeline of High Potential Start-Ups (HPSUs) in Cork.
The deadline for all applications is 6pm on Friday 25th April 2014.
Am I Eligible?
Applications can be submitted by
• Individuals or start-up teams where the company has not yet been established.
• Early stage start-up companies that have been established and registered after the 25th October 2012.
• Partnership that has been established after the 25th October 2012.
Eligible applicants/projects must also
• be based in Cork City or Cork County
• a qualifying business for Enterprise Ireland support i.e. manufacturing or an internationally traded services business
• have the potential to create jobs and significant growth in Cork
Projects focused solely on the domestic market may be considered to have insufficient export growth potential. Such projects may be referred on to their local enterprise board.
Ineligible Applicants
The fund is not open to the following:
• Individuals or companies that have been approved more than €10,000 in financial support from any enterprise development agency or under the “New Frontiers” programme in the past 2 years (since 25th April 2012).
• Projects that are involved in activities that fall within gambling or “gaming” as defined in the Gaming & Lotteries Act 1956.
• Companies or partnerships that were incorporated before 25th October 2012.
• Individuals or companies that have been approved financial support in the past two years should contact Enterprise Ireland to discuss appropriate follow-on funding options.
Objectives of the Grant
The objectives of the grant are to:
• enable the promoter investigate and validate their idea;
• enable the promoter and Enterprise Ireland to reach firm conclusions regarding the project’s viability;
• enable the promoter to develop investor-ready plans and financials.
Typical elements involved in carrying out a feasibility study include:
• Market research
• Cost analysis
• Financial projections
• Manufacturing process assessment
• Plant evaluation and selection
• Raw material sourcing
• Prototyping
• Negotiating with potential joint venture partners or obtaining a manufacturing licence may also be included.
Eligible Costs
Eligible costs include:
• Salary costs of the promoter(s) or company employees
• Foreign travel and subsistence costs related to the project
• Fees of external consultants
• Costs of building or testing a prototype
• Costs of exhibiting at or visiting an overseas trade fair
Full details on eligible expenditures and limits are outlined in the Cork Feasibility Fund Reference Document.
Maximum Funding
The total fund available in the Cork Competitive Feasibility Fund is €200k. This is a competitive fund. Applicants will be scored against predefined criteria with funding offered to the highest-scoring projects.
The maximum grant available is €25,000 based on a grant rate of up-to 50% against a maximum €50,000 of eligible expenditure.
How do I Apply?
Download and review the Cork Feasibility Fund Reference Document which details all eligibility criteria and the application and evaluation process.
Download and Complete the official Cork Feasibility Fund Application Form and submit it by email to by 6pm on Friday 25th April 2014 to
CSU
Late applications will not be considered.
Applications will be short-listed and the finalists will be invited to pitch to a panel of industry experts, after which the winning applications will be selected.
Call Close Date
This call will close at 6pm on Friday 25th April 2014.
Contact Details / Further Information
For further information please see the Cork Feasibility Fund Reference Document.
For queries please email corkfund@enterprise-ireland.com
or phone
Ciara Concannon
Regional Executive,
Enterprise Ireland
+353 21 4800231
