Enterprise Ireland Pre-seed Startup Fund

Pre-seed is pre-seed. It makes perfect sense not to shovel money out to people who have an idea and not much else. In the US they say 'Skin in the game!". Here we say "Put some money where your mouth is!" Where do you think the cash comes from? Why do you think you are entitled to it?

Pick any part. Did you not read the Scheme’s details?

It’s not for ‘starting up ‘ – the applicant must have made progress and at least have a very viable product/service and business plan already,  The funds are for bring a venture to the next stage i.e. getting it ready for outside investment by boosting its ‘package’ – think of a mini IPO. Marketing actually  is covered (e.g. market research, travel) but not marketing’s direct costs. Certain fees also are capped.

The amounts advanced  are €50k or €100k and are issued as CLN’s (think of preference shares with some disadvantages).

The applicant must also match the investment on a minimum of a 1:10 basis – for obvious reasons and to make the BS look better after the CLNs.  There is a big ‘time’ investment by EI in this if successful so the applicant and proposal need to be professional, otherwise they get turned down.

I did a workshop for the pssf a while back. I never pursued it any further. While I remember them going through the convertible loan note and terms, I don't remember anything about the applicant having to match the investment on a minimum of a 1:10 basis. Maybe this is something new or just wasnt covered in the workshop I attended...

Perhaps if your posts were less confrontational and more intelligent than artificial your points might be clearer? My questions are pussycat compared to what you would be asked by EI. You have given zero details about your business. You have not stated that you meet the application criteria, or even that you have participated in New Frontiers, Local Enterprise Office (LEO) or Enterprise Ireland programs.  Zilch.

Instead you query EI’s approach before you even start. For example, you wrote ‘….it says any funding received through the Pre-seed Startup Fund cannot be used for sales or marketing. Anyone know why that is? Even at pre-seed stage companies need to invest in sales and marketing if they’ve a product ready.’

You’ve been told by several what the Fund is for but you either have failed to grasp that or do not want to. It’s not a development loan to fund market growth, it’s to help bring an ‘oven-ready’ company to the next level, with cash, advice, resources and mentoring. If you read the Fund details with an open mind and not an agenda you would see its purpose is very clear. From the EI site-

‘The fund is designed to enable companies cover operational costs to undertake key tasks including the development of a market ready product/solution, product testing in the marketplace, and building critical skillsets within the start-up team. The Pre-Seed Start Fund will support early-stage companies to reach key technical and commercial milestones required to attract future Seed Funding within 6 – 18 months..’

There’s your answer, again.

@ Gloomster – 😁 I can be artificially intelligent sometimes but only when writing on cruise control!