Investment & funding
Starting and growing a technology company usually involves a series of funding and investment rounds.
At the early stage of business development grant aid may be the appropriate and available funding mechanism. Grants such as Enterprise Ireland’s CORD grant, which is available to eligible participants on the Hothouse Venture Programme, can afford entrepreneurs the opportunity to commit full time to developing their business idea. This grant provides recipients with up to 50% of their previous year’s salary up to a maximum of €30,000. A variety of other grants are available; for further details go to our section entitled Support Agencies.
The Seed Capital Scheme (SCS), in conjunction with its associated scheme, the Business Expansion Scheme (BES), are tax relief incentive schemes run by Revenue. The BES provides tax relief for investment in qualifying companies, while the SCS provides for a refund of tax already paid by an individual, when that individual sets up, and takes employment in, a new qualifying business. Both schemes can work in tandem with grant aid to inject further funds into the business.
Further information on SCS can be found at http://www.revenue.ie/en/tax/it/leaflets/it15.html#section1 and on BES at (http://www.revenue.ie/en/tax/it/leaflets/it55.html.
When initial revenue generating customers have been secured venture capital investment may be the appropriate vehicle to accelerate sustainable growth. The Seed and Venture Capital section provides a directory of the venture funds currently operating in the Irish market. Certain technology companies may require further investment rounds at later stages of their business development which will often involve international investment houses.