What is an Agile Innovation Fund?
On 23 November 2017, Enterprise Ireland introduced a fast track Agile Innovation Fund. This fund provides companies with a rapid access to innovation funding. The Agile Innovation Fund allows Irish organisations to respond quickly to market opportunities and challenges. Recently those challenges have focused on Brexit.
What are the reasons to apply for the Agile Innovation Fund?
There are some compelling reasons to apply for an Agile Innovation Fund.
- Online and fast-track-approval process.
- Up to 50% funding up to €150k (total cost of the project must be less than €300k)
What projects are they looking for?
- The fund is looking for what it defines business innovation projects which can include a new business model, production method, new product or a service-delivery method of the company.
Is my company eligible?
You are eligible if:
- Irish-based manufacturing company or internationally traded service company
- Your company has adequate cash to complete the proposed project.
EI High Potential Start-Up (HPSU) client companies can also apply if:
- Sustainable revenue of €500,000
- The company has not raised external capital in the form of equity in the past 6 months.
- EBIDTA+ in the last accounting cycle (or 9 months prior to application submission) and is prepared to show future EBIDTA+ status.
Funding Rate
Grant rates vary, according to the type of projects. Companies can get up to 50% funding if the project cost is less than €300k, and i.e. grant amount less than €150k. However, a bonus of 15% is available if there is collaboration between two companies. In this case, the funding should not exceed 50% of the project cost.
