Competitive Start Fund (“CSF”)

CSF is an initiative set up and run by Enterprise Ireland. It is designed to assist start-up companies which have potential to succeed in global markets by accelerating their growth in order to reach certain technical and commercial milestones.It is an investment by Enterprise Ireland of up to €50,000 into the start-up for a 10% ordinary equity stake in the start-up. This investment is split into two tranches of €25,000 with the requirement that the second tranche must be completed before the first anniversary of the first tranche investment. Each €25,000 investment entitles Enterprise Ireland to 5% of the total issued share capital. The start-up itself must obtain a further investment of €5,000 which will represent the start-up’s matching finance.The next round of call dates for the online application system opens to all sectors on 10th September 2019 and closes on 1st October 2019. As such, it is worth considering the key requirements of a start-up when applying for the CSF.

The Requirements of a Start-Up in Applying for CSF

In order to apply for the CSF, Enterprise Ireland requires start-ups to have the following:• a minimum viable product (“MVP”) and that the product is at a minimum, live in beta;• that the product/ service has evidence of customer validation with trial/ paying customers;• a full proposal addressing a clear gap in the market with market research conducted with customers/ potential customers;• evidence of innovation, expert potential and employment capacity. Evidence of a clear market opportunity for the proposed product/ service as well as clear knowledge of the competitive landscape; and a• clear execution plan outlined, identifying suitable channels to international markets.

How FOD can assist you once funding has been confirmed

Flynn O’Driscoll have a proven track record of assisting start-ups engage in this process in a meaningful and time efficient manner. Once Enterprise Ireland has confirmed that you have been selected to receive the CSF investment, Flynn O’Driscoll can assist your company in putting in place the necessary documentation at both stages of the investment process including the following:• The Share Subscription and Shareholders Agreement;• An amended Constitution;• Solicitor confirmation of the new additional €5,000 equity investment;• Solicitor certificate;• Share certificates in favour of EI and other documentation required for completing the allotment of new shares to EI; and• Companies Registration Office filings.

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