Finance and advicefornew businessideas
WEXFORD start-up companies are being invited to apply for a share of €1.5 million in funding from Enterprise Ireland for early-stage enterpreneurs through a New Frontiers programme at Waterford Institute of Technology.
Naturally Cordial Ltd from Wexford were among those who received support from the programme at the ArcLabs innovation hub in Waterford which is now taking applications until August 25 2016 from enterpreneurs and innovative business start-ups.
Programme manager Eugene Crehan said the scheme is designed to help people who have already passed the idea stage and are serious about ‘concept development.’
The time commitment for Phase 1 is one evening per week, starting from Tuesday September 6. The application process is online.
‘Over the next five years, we hope to support another 250 entrepreneurs on Phase 1 of the programme with about 20% making it through to the second phase and access to Enterprise Ireland funding every year,’ explained Mr. Crehan.
‘ Those who get onto Phase 2 are on the programme two days per week for six months and get funding of €15,000 each.’
The programme is run by the WIT School of Business from Arclabs, the innovation hub based at WIT’s West Campus in Carriganore.
Clodagh Davis of Naturally Cordial, Enniscorthy embarked on the scheme with her idea of producing premium cordials made from Irish soft fruit and organic citrus fruit.
She is currently selling to many quality food stores around Ireland and also to SuperValu as part of the Food Academy programme under the Naturally Cordial Brand.
Earlier this year, she was delighted to be asked to supply four flavours of cordial to the Simply Better range owned by Dunnes Stores.
Clodagh said she found the course practical and relevant, covering all areas of business and mapping out all the available support from state bodies and the stages at which support could be accessed.
‘ The steps I laid down then and the contacts I made are still driving the business forward today,’ she said.
Clodagh said she would advise anyone to do it. ‘It is a great way to ensure you have some time to think strategically about your business with people who are going to challenge you and force you to question all your assumptions.’
People contemplating a move back to the south east from Dublin or overseas can get in touch now with a view to applying for Phase 1 in 2017.