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Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
Enterprise Ireland- 3rdApril2013
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Enterprise Ireland- 3rdApril2013

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  • Types of Businesses EI supports What is not eligible Support available from EI
  • Transcript

    • 1. Entrepreneurship How and when to approach Investors.George KielyEnterprise IrelandUCD - Innovation Academy3rd April 2013
    • 2. Enterprise Ireland Enterprise Ireland is the Government agency in Ireland responsible for supporting Irish businesses in the manufacturing and internationally traded service sectors. Specifically, Enterprise Ireland helps businesses to start- up, innovate and ultimately, to achieve global success.
    • 3. Introduction Working with entrepreneurs, EI and national programmes for entrepreneurship. View circa 1500 business propositions and business plans each year Meet with circa 500 entrepreneurs/ teams each year to evaluate, challenge and advise new start-up companies Design, deliver and manage Start-up programmes for High Potential Start-Ups Review wide range of business ideas of all shapes and sizes to make investor ready.
    • 4. What I will cover … Enterprise Ireland and the types of Start-up businesses EI supports The importance of a Robust Investor Ready Business Plan Indicators for Success (what we are looking for) Common mistakes Raising Funding – Sources of Funding for Start-Ups
    • 5. Projects EI invests inEligibility Criteria Manufacturing or internationally traded services Likely to achieve significant growth within 3 years  Sales of €1m per annum  Employment of at least 10 people Export orientated Involving industry experienced team Irish owned or strategically controlled and located in Ireland High level of technical innovation
    • 6. Projects EI cannot invest inNOT Eligible No export potential i.e. customers will be based in Ireland No growth potential The main promoters / strategic decision making is not based in Ireland IP is not registered with an Irish company Importing products to sell in Ireland Not innovative – many competitors
    • 7. Graduated EI assistance 1) Starting a Business: Enterprise Start 1(ES1) 2) Validating the Business Idea: ES2 or EI one to one’s. 3) Incubation and Interim Funding IOT’s / New Frontiers Programme 4) Raising Substantial Investment : EI High Potential Start Up HPSU.
    • 8. HPSU – High Performance Start - up High Performance Start Up (HPSU). Competitive. Three part finance. Promoter/VC/EI. 10 employees/1 million euros. Full assistance - Overseas Office - Industry Experts - Mentors - Personalised Expert Advice
    • 9. New Frontiers Programme Entrepreneurship Development in Incubation Centres IOT’s Candidates and projects must have potential to grow in international scale. Three phases / competitive. Phase1 - 8 weeks. Phase 2 - 6 months Scholarship of 15K
    • 10. Sources of FinanceEntrepreneurs, Relatives Private Investorsand Friends » Wealthy individuals –» Seed Capital Scheme/BES » Cashed out entrepreneurs » Business angels » BESDebt» Bank loans, overdrafts, invoice discounting Development Agencies » Feasibility Study grants » R&D grantsVenture Capital » Employment grants » Preference shares
    • 11. EI Innovation Voucher
    • 12. Innovation Voucher If you own or manage a small limited company with a company registration number and you have a business opportunity or problem that you want to explore - apply for an Innovation Voucher.
    • 13. What is a Business Plan ? Detailed roadmap with company’s offer, plans and strategy/costs for implementation Necessary to raise funding from a 3rd party - bank, government agency, private investor, VC funds Clear, well researched document that answers all the common questions that you should know and that an investor will want to know It is not a creative writing exercise, a graphic design showcase or exhibition on excel sheet modelling
    • 14. Who is the Business Plan For? You the entrepreneur – plan the work and work the plan For potential investors (Public and Private) For your bank manager For your staff – new members joining to company :Note All different Audiences – may need different versions, may need NDA.
    • 15. Investor Ready Business Plan A Business Plan but not an Investor Ready Business Plan We encourage entrepreneurs to think more about getting Investor ready – i.e. “what information/evidence do I need to convince investors to part with their money If you can do this - finance will follow
    • 16. Investor Ready Business Plan – Content?Plans should give information and detail about the entrepreneur and thebusiness that de-risks the business in the view of potential investorsormore simply put - adds credible evidence as to the likely success of thebusiness
    • 17. Common mistakes Value proposition is not clearly defined. Technically brilliant product but does it deliver VALUE to the customer? Inability to identify and qualify the customer. “Our product has no competitors” ! Unbelievable numbers (revenue projections and costs). Unrealistic expectations on raising cash (time needed and valuations). It will take 3-6 months. Plan conservatively. Verbiage / inelegance
    • 18. Common mistakes Inability to identify clear – and achievable – milestones. ‘Unbalanced’ Management team – dominance commercially/technically? Inability to plan for contingencies (they will happen !!).
    • 19. Important considerations 1. Competition. Where are you in relation to your competition? 2. What is different about your product or service? “Uniqueness?” 3. Elevator pitch. 10 seconds. Brutal assessment. 4. Brand. Competitive matrix. 5. Who is selling it? Emotional intelligence supported by research. 6. Technology is a given unless…….what is does for whom and better/ cheaper/ more effectively. 7. Innovation is not just technology but business model for example.
    • 20. Commercial Environment - Interdisciplinary Best creative business people - classicists, natural scientists, philosophers. Most successful ICT entrepreneurs – non technical. Successful businesses projects have valuable combinations of skills. Interdependence - the project itself - the promoter.
    • 21. Impact Advice more important than Funding
    • 22. County Enterprise Boards Throughout REGIONS and DUBLIN Businesses employing less than ten Transition to EI HPSU Close collaboration with EI – incorporated within EI EI on boards ‘Organic’ rather than ‘scale’ growth
    • 23. The Future Recessions Extraordinary talent. Non - economic factors Commercial significance of International Good Will.
    • 24. Contact George Kiely george.kiely@enterprise-ireland.com 01 7272329

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