Other methods of funding start-ups?

Pixie Chief

Hi Guys, I was reading through some old threads here earlier and found a reference to www.ifund.ie so I went to take a look. What a brilliant idea. Seems that all it is lacking is lots of people to get involved. I have signed up but haven't supported any projects yet. So many business start-ups and projects that really need funding but don't fit the 'funding profile' - just like moi! Anyone know of any other projects/forums/sources like this? Would be really interested in hearing from people who successfully found funding for thier business start-up from sources other than banks/semi-state/family - how they achieved it and how successful they were with the business in the end? I think there is a general feeling amongst people of no credit rating/finances/contacts with really great ideas that never get off the ground that people think it is because their business plan wasn't good enough/business wasn't viable enough/they weren't businesslike enough/bad risk etc etc and if they had just worked hard enough then they would have gotten there. Not sure that's true? I have a great idea but no money - searching high and low for solution and I'm sure there are lots of others out there like me - advice and info from others who have blazed this trail (successfully or not) would be of huge help to me and others out there

mickmcl09

Hi Pixie Chief, I'm in a similar boat to you. Have a business idea, based on a business in the UK for over 10 years. I was unsuccessful in obtaining a grant from an enterprise board because they felt it hadn't a longevity beyond 2 years in Ireland - a cop out as far as I'm concerned as I had presented them with proof of the business sustainability especially in terms of providing employment for years to come, starting with 2 full time and 1 part time and doubling that in 2 years.
Like you, I'm determined not to give up. I had a look at ifunds. Great idea in principal but in reality, I'm not so sure. The banks are not a runner. I'd be happy to have a dragon on board, but it's like having your hand in a horses mouth.

The govt are spending money hand over fist on various bodies to assist new business and it's a farce. They probably spent almost as much on these agencies as the amount of grant assistance they hand out.

I need 25k to get up and running and keep cash flow in order for the first 12 months. The govt will spend at least double that on social welfare payments to 3 people over the same period, not to mention what the govt would get back from my business in VAT, income tax, PRSI etc.

Even if the govt could provide funds to businesses on the understanding that it is paid back over a period of time, perhaps even giving the entrepreneur a tax incentive to repay the initial grant. Everybody wins.

I feel that no matter who's in charge of this country, they're all spoofers, they'll look after their own patch first. Indirectly, they're actually taking the shirt off every single one of our backs in this country.

Sorry, the tone has changed. However, don't give up. 'You could succeed with your last blow' as they say.

Pixie Chief

Hi Mickmcl09 - hmmm, frustrating, isn't it? It just makes me nuts - open the box with the tools inside the box! Get off your asses and create work if there isn't any there but we will stand in your way at every turn. You can only get funding up to €1,000 with any kind of ease and that can take up to 6 months. I think ifund is cool, but I could see how it would be difficult at the level of funding you need. Just hoping that people who have been through this successfully will have some advice/sources for us! I know you have probably tried everything but will just quickly mention First Steps (Smurfit funding for start-ups) Local partnership boards who can supply 50% of funding (with limits and where does the other 50% come from, I know) Social Enterprise Fund (for those businesses that benefit society)....anything else? Anyone?

YouBuyLocal

Had a chat with one of the guys in SmallBusinessCan and he said they were working on a crowd-funding platform as an extension for their current online community. He said it was supposed to be developed around September but thesed projects are always delayed. If anyone hears about that maybe yee can throw it up here.

Also, I suggest a sticky for small business funding programmes and sources.