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Funding and Support

Published on Friday, July 27, 2018 by Ciaran Stone
Got an APP idea? What to do next……………..


Many entrepreneurs have created genius ideas for Apps but without funding that is where the journey stops. Square Root Solutions would like to take you further on that journey by looking at some of the funding options that are available to you.

The first step for any entrepreneur looking for funding is talk to your Local Enterprise Office (LEO for short!) They will be able to point you in the right direction by providing you with information regarding your supports and programmes that are available to you.



LEOs have a variety of financial supports available through the 31 offices across the country. One of the most popular options is the Trading Online Voucher. It offers business established at least 6 months financial assistance up to €2,500 along with trading and advice for online trading. 

The one issue to note with the LEO grants is that the grants only cover up to a maximum of 50% of the costs.

What if I need financial and business support?


What is it all about? New frontiers is an Enterprise Ireland program which is far more hands on and long term. Very much suited to someone who has a business idea with great potential but may benefit from a structure around its growth. There are two phases to this Phase 1 and Phase 2. 


What’s involved? Phase 1 is typically an evening set of workshops across a duration of about 8 weeks, its very informative without a large focus on one to one support and more of a college style lecture/tutorial. 


Phase 2 which is over 6 months and typically requires attendance at least once a week at the designated venue.


So why do it? This programme offers 15k over the 6 months (2.5K/month) its tax free, with the program designed to set your business up to be able to be making at least that 2.5k/month while leaving the program.


Its important to note to join the programme you would need someone to attend either yourself or someone on your behalf! The program offers great support, guidance and networking opportunities. 


Upon completion of the phase 2 of the New Frontiers program many business paths lead to the Competitive Start Fund (CSF). This compromises of a business pitch, Dragons Den Style, offering 10% equity of your business for 50K.  There’s a few criteria a business must a for this but it can be a great opportunity for the right business.


This is a good option for those looking to get lending options for their Startup or SMEs with loans ranging from €2,000 to €25,000. Microfiance Ireland is set up by the government which a not-for-profit lender. It also offers free mentoring support from established professionals. 

What if I need mentoring and business support? 


There are five separate innovation centres across Ireland, all of which are fantastic supports for businesses. These centres help businesses with business consultation, project evaluation, business planning and finance sourcing. 


The NDRC is very popular for startups with big ambitions. It offers accelerator programs, mentoring, workshops and networking opportunities across a national community for entrepreneurs. 

 
So now you have all the options in helping you bring your App idea to a reality, why not give Square Root Solutions a call to today to discuss your App development. Call us on 01-9081982 or alternatively why not pop us an email to discuss on [email protected]