How to Secure Funding for Your App Development Project in Ireland

Ireland is a perfect place for app development due to its favorable business climate and active tech market. Being home to Google and Facebook’s European base, the country presents a nice fertile ground for startups and experienced app developers.

Dublin ranked third as one of the biggest tech scenes in Europe based on data from TechIreland in the year 2020, proving that Ireland has been expanding its frontiers in technology and providing new opportunities for growth in the region.

Why should you read this article?

App development funding in Ireland has significantly increased, as entrepreneurs are keen to transform fresh ideas into intuitive apps. As much as the new funding opportunities are becoming quite popular, it might prove challenging for some to find their way.

This article will present you with a roadmap containing useful strategies for investigating various funding measures, useful for the app development project in Ireland.

No matter what you need - a grant, a loan, or a partner to invest in application development, thorough knowledge of the support systems will help you transition from idea to implementation.

Understanding the Funding Landscape in Ireland

Grants and loans offered by the Ireland government are classified as one of the most viable funding sources for app development companies. Here is a peek into the funding landscape in the country:

Government LEOs

The Trading Online Voucher Scheme funded by Local Enterprise Offices (LEOs) permits the grant of up to €2,500 to help a firm obtain a new online trade capability, or develop an app. The process of preparing an application for this funding is quite simple unlike what most people might think. Many businesses have been able to get funds for their app development projects.

LEOs not only provide cash but also directions and guidance for the entrepreneurs. When interacting with your LEO, you can get funding specifics, test your business’s feasibility, as well as get help with the application process. One of the biggest strengths in various LEOs has been its impact on startups to work their way through the nascent stages of inception.

It is as simple as John making an appointment to consult a LEO in Cork. In collaboration with the advisor, he applies for the Trading Online Voucher Scheme and gets €2,500 to promote his app online. Alternatively, Mary can fund her ecommerce app by going online to the LEO home page, find the Dublin branch office, and make an appointment. After discussion of her app idea, she can later obtain funding to start her project.

Loans

For entities that require a larger amount of credit, Microfinance Ireland provides loans between €2,000 to €25 000 under favourable conditions. These loans are tailored for small businesses and supported by the government, therefore, expected to boost business in the country. Also, Microfinance Ireland provides wide mentoring support to make the best possible use of the loan.

Angel Investors and Venture Capitalists

For those who seek large and fast expansion for their app development company, interacting with angels and VCs seems to be the appropriate strategy. These investors provide large amounts of capital and often business advice for realizing app ideas that have huge monetization potential and lucrative benefits. The capital is provided in return of sizeable share in the business. Though there are high expectations on the rate of growth and return on investment, they offer timely resources and trickle-down capital at opportune moments to help grow your business.

For example, the CSF provided by Enterprise Ireland includes €50,000 as investment for a 10% share of the equity. In addition to the financial aid, this program creates opportunities for further venture capital financing and related advisory services.

Additional Government and Non-Government Funding Options

There are other funding avenues for those interested in app development in Ireland. They can rely on both government and non-government funding options for the same.

Failte Ireland

This institution is primarily responsible for financing in Ireland to projects that are related to tourism. The primary purpose of this funding is to try and get new ideas that should help grow the tourism business in rural areas of Ireland and possibly enhance the tourist experience. Apps focusing on travel to these destinations could benefit from this funding source. The scheme helps in improving offerings by raising the quality and sustainability of the offerings.

Key Points:

• Target Audience: Micro-enterprise and SME from private and community-based sector.
• Funding Focus: Businesses focused on development and improvement of sustainable visiting experience, digitalization, and accessible environment.
• Application Process: Fill in an EOI form on the Failte Ireland Trade Portal, and a detailed application if the firm meets the requirements.
   

Example:
A start-up business operating in the countryside of Galway would possibly be able to pursue funding through the body to design a new app that would offer tourists a kind of AR-based guided tour of the key historic places in the region. The app could offer travel details to specific hotspots and use augmented reality for an immersive experience for the tourists.

Intertrade Ireland

Intertrade Ireland targets traders that have operations at the Northern Ireland and the Republic of Ireland border. This funding is especially focused on firms that are ready to indicate relatively high sales volumes and are eager to boost international activities. The primary objective is to encourage Northern Ireland and the Republic of Ireland to trade and invest more in each other.

Key Points:

• Target Audience: Trade across the Ireland-Northern Ireland border.
• Funding Focus: Measures that will lead to the fostering of cross border trade, and competitiveness as well as encouraging business development.
• Application Process: In this case, the body has established a clear criteria for companies applying for support to generate significant revenues to have international operations.

Example:
A technological venture that operates in Dublin, specializing in app development like Square Root Solutions which facilitates cross-border trade could apply for a loan from Intertrade Ireland. The app could potentially substitute customs and trade procedures to benefit Intertrade Ireland’s support in widening the market.

Nailing the Elements of a Winning Pitch for Funds

The ability to entice people into investing in a company is important when presenting the business plan to gain enough capital for the project. Your pitch is not only an elevator pitch; it is telling a story about your apps using numbers, stories, and ideas to convince investors.

Here’s how you can craft a pitch that stands out:

• Executive Summary

When writing a business plan, it is recommended that the writer begin with an executive summary section. This should briefly describe the main function of your app, the issue it addresses, and why it is important. The executive summary is your selling pitch; it should be persuasive enough to draw the attention of the investor, who might want to listen to more.

• Problem Statement

Determine the niche issue that your application targets. This section should arouse the interest of the investor by pointing out a niche that is missing in the market or a gap that your app addresses with complete confidence. You need to support your case with data and all possible references of users who are facing the problem and proceed to convince them of the solution.

• Solution and Value Proposition

Here, you need to explain how your app helps solve the issue. Stay on the benefits of your app, what makes it special, and how it can help resolve the main issues efficiently. This means that you need to properly position your product to highlight areas in which the solution is better than apps that are present in the market.

• Market Analysis

Give a description of the industry in question together with its scope. Showcase the present and expected future size of the app, its ability to grow on an annual basis, and the niche markets served by the app. Explain the nature of the competition and the gap addressed by your app. To investors, a clear and precise market analysis will demonstrate that you know and understand the trends in the market and how you can fuel consumption.

• Financials

Present your financial forecast related to the app and the necessary funds to get the idea into development. Communicate exactly how much money is required for the app development process and how it will be utilized in a stipulated time-frame. Explain the ROI of the app and your revenue strategy to make money. The most important reason for such transparency is to instil confidence in the minds of potential investors.
 

Takeaways

Beyond the funding options offered for app development in Ireland, the country offers a successful tech environment for app developers to advance to the next level. Collaborating with an active community of developers at significant IT events such as Dublin Tech Summit and Web Summit offers budding entrepreneurs the perfect avenue to seek investment and funding for their app ideas.

With the help of Ireland’s technology-friendly culture and policies along with support from organizations such as Enterprise Ireland, startups can find a holistic network that can boost their chances of business success. Armed with advisors and potential allies, this ecosystem is very beneficial to anyone who need the right funding for their app development project.