New Frontiers Programme

New Frontiers Programme

I attended the New Frontiers information evening hosted at Deloittes offices on Earlsfort Terrace. I like to keep up to date on the various programmes and supports available to tech start-ups. I’m always amazed by the number of start-ups that are not aware of the supports available to them.

The New Frontiers programme should be considered by every tech start-up looking to bring their product to market. The programme brings you through a structured process and insures you have done due diligence on your idea before investing a huge amount of time and effort in development. An added bonus to this is that the New Frontiers Programme does not take and equity stake in your business.

The programme is funded by Enterprise Ireland and delivered by IADT (Media Cube)and DIT (Docklands Innovation Center). Participants can choose where they would like to be based.

What does the programme have to offer?

1. Tailored training
2. €15,000 to develop your business idea
3. One to One mentoring
4. Incubation space
5. Network of 150 like minded peers

What does the programme expect to achieve and what’s expected from participating companies/individuals?

1. 128 companies established
2. 17.5 million invested over 5 years
3. Have a business idea built upon technology or innovation
4. Evidence of a market opportunity
5. Intend to trade internationally
6. Each company creating 5 jobs within 3-5 years
7. Turnover > 500K

What type of people are they looking for?

1. The right person with the right idea
2. Commitment, drive  and determination
3. Business expertise or acumen
4. Relevant management and technical skills
5. Credible business idea
6. A business idea that can sell
7. A business with growth potential
8. A business that can attract investment

How is the programme delivered?

The programme is delivered over 3 Phases

Phase1

Application closing date is 5pm August 23rd

Start date is September 20th  and there are 30 places available (15 Hothouse) (15 IADT)

Selection process is via the Application form and face to face meeting.

You are not required to leave your current employment for Phase 1

Phase 1 is about testing and validating your business idea.

It is delivered over an 8-10 week period through weekend and evening workshops.

1. Workshops

• Market Research
• Value Proposition
• Funding options for startups
• Finance
• Business Strategy groups

Phase 2

Start date is December 4th

Application closing date is November 11th  5pm

15 Places available

Planning the Business

You are required to leave employment if you progress to this stage

Entry to this phase is evaluated by a national panel with Enterprise Ireland.

Although Phase 1 is not a prerequisite for Phase 2 you are highly recommended to do Phase 1 (~85% of Phase 1 companies progress to Phase 2)

Phase 2 consists of

• Day long workshops
• Clinics providing one to one sessions with industry experts
• Professional mentor for 5 sessions
• Scholarship of €2500 paid monthly*
• Agreed objectives, goals and milestones
• Milestone reviews every 3 months with Enterprise Ireland and the programme team.
• Incubation space with DIT or IADT
• Access to Enterprise Ireland market information
• Access to Institutes of Technology resources

* Only lead entrepreneur gets funding

Output from Phase 2 is a investor ready business plan

A review of your business plan will be done in month 6 with where you will be required to present your business – This will validate your business eligibility for Phase 3.

Phase 3

Phase 3 is about developing the business and transitioning out of the incubation center. Further supports will be available to you at this stage.

Statistics

• 285 Companies/People have gone through the programme resulting in 194 sustainable businesses
• 115M in Equity Funding
• 1300 Jobs created

Conclusion

If you have and innovative business idea that you would like to take to the next level, The New Frontiers Programme is a great place to start.  Some of the best ideas come from people who have spotted a niche or innovation in their own industry. These ideas provide a great opportunity for new business start-ups because you have in-dept knowledge of your sector and have identified your market and potential customers.

Click here to apply or get more information on the New Frontiers programme