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Question about New Frontiers Phase 2

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  • 19-09-2022 1:31pm
    #1
    Lauras Law
    Registered Users Posts: 172 ✭✭


    Hi all, I'm planning to apply for an upcoming New Frontiers Phase 2 program in Dublin. I've already completed Phase 1. During the Phase 1 program we were told that if we were accepted into the Phase 2 program, we would have to quit our current full time jobs to commit fully to our startups. My question is, do they make any exceptions? I know they offer funding, but it's not close to my current salary and with the current rising costs, it's a huge risk to leave a full time job to participate in a 6 month program. I know ideally my startup should be generating revenue at the end of the 6 months, but the intention of Phase 2 is to "develop and validate your business proposition". So if it's not yet at the point of generating revenue when Phase 2 ends I'll be out of employment, and right now I don't know what the jobs market will be like in 2023.

    My startup is something I've been working on part time up until now. Is there any way I can do Phase 2 without having to quit my current job? I know they want full time commitment to Phase 2, and I would absolutely give that. If it was allowed I could go down to part time hours with my current employer. But I'd be unable to take a full sabbatical for 6 months. Any feedback/thoughts/advice would be much appreciated.



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    #2
    shoutman
    Registered Users Posts: 6,924 ✭✭✭shoutman


    You are best off getting onto New Frontiers directly and asking them the question as i'm not sure if it is dependent on the program manager in your given location or what.

    I successfully got a Phase 2 place and had this very question and it was suggested that the easiest way around this is to move from an employee of your current business to a contractor/consultant.

    The person I was dealing with said that it was acknowledged that in current cost of living conditions, the voucher given over the time frame of the course is not necessarily going to cover living costs for many participants. That said, the course is designed to accelerate the push into full-time employment with your new startup, so I'd be suggesting that you'd want to be close to revenue generation or fundraising that would allow you to go full-time with the business by the end of the course.


    Best of luck with it.



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