Startup funding institutions in Ireland (Part 2)

Sources of Funding

by Guillaume Van Aelst

Following my recent post listing 4 of the different institutions which provides with ways to getting your startup funded in Ireland, here is my second selection of 4 companies available in Ireland.

Next week, I will try to continue with this list although the information available starts to get scarce…

  • AIB Start-up Academy: Is a second year running joint venture sponsored by AIB & the Irish Times. Last year around 300 start-ups applied for the program. 20 out of those are selected are provided with a chance to “pitch” their idea in front of a panel of judges. 11 out of those will be provided with an eight weeks training, courses and networking event with “like Minded people”. It doesn’t specifically focus on the ICT sector and the winner, last year, got 250,000€ worth prize which included €140,000 in advertising spending, professional mentoring and office space in The Irish Times building.” (The Irish Times, 2015)

  • Dublin Startup Community Fund: Provides Dublin based start-ups with small funds ranging from 100 to 500€. Some of the conditions to apply to the funds are:
    • Promote Dublin as being a great start-up city,
    • Be a sustainable project and not just an event,
    • Have a great social medias presence and if not, they will help increase it,
    • “Generate content that’s freely reusable by the community”

(Dublin Startup Community Fund, 2015)

  • Local Enterprise Office (LEO): Offers advices, support, training, mentoring and funds to start-ups or businesses looking for grow their business having a turnover less than 2 millions € and less than 10 employees. It provides funds through its partnership with “Microfinance Ireland” in order to give unsecured business loans between 2,000€ and 25,000€ on 3 to 5 years terms at reduced interest rates. Any business sectors are eligible to apply for a loan (Microfinance Ireland, 2013). LEO considers itself the “First Stop Shop for anyone seeking information and support on starting or growing a business in Ireland”.

(Local Enterprise Office, 2014),

  • Wayra Ireland: This program sponsored by Telefonica, has been terminated in June this year but is interesting enough to talk about. It was open for about 3 years, and invested about 1.6 Million € into 30 start-ups, having created about 100 full-time jobs in Ireland. Potential candidates were invited to pitch their ideas in the Wayra events and the successful ones would avail to offices spaces, cash investments and a place to a 9-month acceleration programme. In exchange of that, Wayra would hold about 7% stake in the new business. It focused mainly on digital start-ups.

(Costello, 2015)

Bibliography

Costello, E., 2015. FEATURED ACCELERATOR – WAYRA. [Online]
Available at: http://startupireland.ie/featured-accelerator-wayra/
[Accessed 21 11 2015].

Dublin Startup Community Fund, 2015. Dublin Startup Community Fund. [Online]
Available at: http://www.startupdublin.com/fund/
[Accessed 22 11 2015].

Local Enterprise Office, 2014. About Us. [Online]
Available at: https://www.localenterprise.ie/About-Us/
[Accessed 22 11 2015].

Microfinance Ireland, 2013. What We Do. [Online]
Available at: http://microfinanceireland.ie/about-us/what-we-do/
[Accessed 21 11 2015].

The Irish Times, 2015. The lowdown: what is the AIB Start-up Academy all about?. [Online]
Available at: http://www.irishtimes.com/business/aib-start-up-academy/the-lowdown-what-is-the-aib-start-up-academy-all-about-1.2229133
[Accessed 22 11 2015].

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Start-up grants in Ireland: things to do before applying

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