If you have an innovative business idea with a plan to establish your own company, or you are already at an early stage of development, the New Frontiers Programme is now open to new applications and can provide you with funding, help and support to accelerate your business development.
The programme offers: Expertise in all areas of business including investment, market research & validation, business model, patenting, product development, sales and marketing; Mentoring from experienced business advisers and practitioners; Free Office space and other business incubation facilities; €22,500 tax free funding, €15,000 in the second phase and €7,500 in the third phase of the programme; Networking opportunities with other entrepreneurs and business development agencies; Introductions to seed and early-stage capital investment networks; Access to entrepreneurship best practice – both national and international; Peer group learning from participants in this region and across the country; Access to the expertise in Enterprise Ireland through the Market Research Centre; Expertise from GMIT and the supportive environment of the Innovation Hubs in Galway and Mayo; €10,000 award for best emerging business, sponsored by KPMG.
Applicants should have an innovative idea; be capable of building a new company; create employment; generate sales revenue and have export potential.
The First Phase will test the feasibility of the proposition. It is the shortest phase (6/8 weeks ) and will be conducted on a part-time basis. It will focus on the promoter, product/service, market opportunity, business model and feasibility study.
Those accepted onto the second phase must commit on a full-time basis for six months. Office space will be offered for free in the GMIT Innovation Hubs with €15,000 funding available to eligible participants.
The Third Phase is built around the business success and growth, getting to the market, exporting, generating employment and attracting investment. This will be full-time over three months with a further €7,500 for selected participants. First Prize in the Best Emerging Business competition is €10,000 sponsored by KPMG.
The 2020 programme is now open to new applicants. Paces are limited and first preference will be offered to those who return their applications by Thursday, March 12.