Written answers

Tuesday, 15 April 2014

Department of Jobs, Enterprise and Innovation

Enterprise Support Schemes

Photo of Maureen O'SullivanMaureen O'Sullivan (Dublin Central, Independent)
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104. To ask the Minister for Jobs, Enterprise and Innovation the process of engagement between Enterprise Ireland and Dublin Business Innovation Centre when an investor ready business plan has been produced by DBIC and a project promoter; if an adviser from DBIC is present during these engagement; and if he will make a statement on the matter. [17415/14]

Photo of Richard BrutonRichard Bruton (Dublin North Central, Fine Gael)
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The Business Innovation Centres (BIC’s) are independent companies limited by guarantee and led by Boards whose members are mainly from the private sector. There are four BIC’s located throughout the country as follows – Dublin BIC, Cork BIC, South East BIC, based in Waterford and West BIC, based in Galway, who currently receive combined funding of €2.2m per annum from the Exchequer.

Working in conjunction with Enterprise Ireland the BIC’s help to refine early stage business propositions with HPSU potential and help the promoter to build an Investor Ready Business Plan. This is a very valuable service in supporting early stage enquiries and start-up companies. The BIC will also advise the promoter in relation to the Funding Authority that would be appropriate for his/her business.

Enterprise Ireland offers a range of financial and non-financial supports to assist clients through all stages of the business development cycle. Enterprise Ireland’s offers in the Start-Up space are aimed at High Potential Start-Up (HPSUs). HPSU companies are defined as start-up ventures that are:

- Introducing a new or innovative product or service to international markets.

- Involved in manufacturing or internationally traded services.

- Capable of creating 10 jobs in Ireland and realising €1 million in sales within three to four years of starting up.

- Led by an experienced management team.

- Headquartered and controlled in Ireland.

- Less than six years old.

When a project promoter is at investor ready stage, with a strong likelihood of completing a seed funding round within 12 months, Enterprise Ireland will assign a Development Adviser to work with the promoter. The Development Adviser will meet with the project promoter to begin the engagement. There is no specific requirement to include third parties, e.g. the Dublin Business Innovation Centre at this meeting. From time to time, project promoters will seek to bring third parties to the meeting and Enterprise Ireland is happy to accommodate this request.

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