New Frontiers is Ireland’s national entrepreneur development programme, delivered locally by Galway Mayo Institute of Technology and funded by Enterprise Ireland.
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 programme can provide you with funding, help and support to develop your new business.
Participants can remain in their own office, enterprise centre, start-up hub, work from home and/or avail of space in the GMIT Innovation Hubs.
How does the programme benefit entrepreneurs?
(1 ) Expertise in all areas of business including investment, market research and validation, business model, patenting, product development, sales and marketing.
(2 ) Mentoring from experienced business advisers and practitioners.
(3 ) Office space (if needed ) and other business incubation facilities.
(4 ) €15,000 funding to cover full-time participation in the second phase of the programme.
(5 ) Networking opportunities with other entrepreneurs and business development agencies.
(6 ) Introductions to seed and early-stage capital investment networks.
(7 ) Access to entrepreneurship best practice – both national and international.
(8 ) Peer group learning from participants in this region and across the country.
(9 ) Access to the expertise in Enterprise Ireland through the market research centre.
(10 ) Expertise from GMIT and the supportive environment of the Innovation Hubs in Galway and Mayo.
Ideally applicants should
(1 ) Have an innovative idea.
(2 ) Be capable of building a new company.
(3 ) Generate sales revenue.
(4 ) Have export potential.
New Frontiers is delivered in three phases
(1 ) The first phase will test the feasibility of the proposition. It is the shortest phase (six to eight 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.
(2 ) The second phase is much more intensive. Participants on this phase must commit on a full-time basis for six months. €15,000 funding will be available to all eligible participants. Expert modules, workshops and mentoring will be provided.
(3 ) 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. A €14,000 award fund sponsored by KPMG (€10,000 ) and AIB (€4,000 ) will be available for the best emerging companies on the programme.
(4 ) Apply early as places are limited. First preference places will be offered to those who return their applications by Friday, March 16. The planned start date for phase one is Saturday, April 7.