A CATALYST TO INNOVATION In association with Enterprise Ireland

Michael Brougham, Manager Enterprise Preparation, Enterprise Ireland

The Enterprise Platform Programme is providing Irish Entrepreneurs with a Springboard to Success writes Michael Brougham

For many would-be entrepreneurs, taking the leap from full-time paid employment to the challenging and sometimes lonely road to establishing your own business, can prove just too daunting a task. Is my idea good enough? Does it really have commercial appeal and is there an adequate market to actually establish a successful and sustainable business? The good news is that help is at hand for anyone facing these life-altering decisions in the form of the Enterprise Platform Programme (EPP). The EPP is an initiative of the Institutes of Technology in Ireland, which is co-funded and supported by Enterprise Ireland and the Department of Education & Science.

ABOUT THE PROGRAMME

The EPP is a rapid incubation programme aimed at entrepreneurs with a well-thought-out idea for a knowledge-based, innovative business with export potential. Essentially, the EPP is designed to provide the practical hands-on support and management development that is so critical in the early stages of a business start-up. The aim is to provide the right balance between formal education, training, personal development, business mentoring and business guidance so that the participants are armed with all the necessary skills not only to develop their enterprise ideas to launch stage but to continue to grow successful businesses into the future.

The first EPP - the Genesis Enterprise Project - was established almost ten years ago on a collaborative basis by the Cork Institute of Technology and the Institute of Technology Tralee to assist entrepreneurs in the South West Region. Today, with funding provided by the Department of Education & Science, each of the 14 Institutes of Technology throughout the country has an established Enterprise Platform Programme. Each Programme operates on a full-time basis over a 12-month period during which time participants can avail of a comprehensive range of supports all designed to get their businesses up and running. Most importantly, access to incubation space and the provision of a dedicated professional adviser, assigned from Enterprise Ireland’s Mentor Programme, are included as part of the initiative.

BENEFITS OF PARTICIPATION

The services of a mentor is a fundamental benefit of the EPP as it provides entrepreneurs with uniquely tailored advice and assistance that is specific to his/her own business project. This can prove the difference between success or failure for a start-up, where an experienced business professional can highlight potentially critical business issues at the planning stage and suggest possible actions to remedy them.

In addition, there is also considerable benefit to be gained simply through the interaction with fellow participants on the Programme, which should not be underestimated. Working alongside a group of like-minded individuals, who are all striving towards a common goal and who come to the EPP from different backgrounds and at different stages in their careers, allows for some highly effective synergies to be created.

ELIGIBILITY

To participate on the Enterprise Development Programme, entrepreneurs must have a well-researched proposal to develop an innovative knowledge-based business. As there are a limited number of places available on each Programme, entry is based on a competitive interview process. Ideally participants will also have a third-level qualification as well as considerable practical experience gained from working in a relevant professional environment.

FINANCIAL SUPPORT

In order to help bridge the transition from paid employment to successful self-employment, particularly in the first crucial year of start-up, the EPP also provides participants leaving full-time employment with financial assistance for the 12 months of the Programme.

Funding is available on a two-tier basis: Once accepted on the EPP Programme, a grant of €550 per month is available to each participant from the Department of Education and Science as part of the funding of an EPP. The balance of money from the Department Education supports the manager of the programme and the delivery of training to the entrepreneurs.

In addition, subject to certain eligibility criteria and approval, extra funding may be available from Enterprise Ireland through the CORD initiative. This can take the form of a total package of 50% of an individual’s verifiable (P60/P45) salary, up to a maximum €38,000 for one year.

It is the financial and other supports provided by the EPP that has prompted many would-be entrepreneurs to take that crucial first step on the entrepreneurial path. In the past four years, Enterprise Ireland has supported over 330 individuals on the Programme with CORD funding at a cost of more than €10million. The return on this investment is difficult to quantify in simple terms. It is only when you look at the likes of a company such as RedMere Technology, which was developed on an EPP at Dundalk Institute of Technology in 2004, that you begin to get an appreciation of the true potential of the Enterprise Platform Programme. RedMere, which has developed and patented a unique silicon chip technology for use in the next generation of consumer electronics, is now a multi-million dollar-funded company with global clients in the electronic equipment industry.

THE STRENGTH OF EPP

There are many other such business success stories that can be directly credited to the Programme. In fact, it should be highlighted that in the same four-year period, almost a quarter (22%) of all the High Potential Start-Up companies approved first round funding by EI have come through the EPP. This clearly illustrates the greatest strength of the Enterprise Platform Programme - its ability to unlock the wealth of entrepreneurial talent so evident in Ireland today and direct that talent to create, strong, successful and sustainable businesses into the future. Enterprise Ireland is committed to working with, and supporting, the Institutes of Technology in developing the EPP to its fullest potential.

Published in the December 2007 / January 2008 Issue of Irish Entrepreneur