In Ireland High Potential Start-Ups or HPSU are those companies with the potential to provide an innovative service or product for sale on global markets and the capability to generate at least 10 jobs and €1m in sales within three years of commencement. In general, HSPUs are those companies with the ability to drive innovation and wealth creation, by developing new products and markets never seen before and generating networks which never existed before.
These companies are highly regarded in Ireland and they usually benefit from numerous funding programs. However, to benefit from these funding programs, these startups should be clients of Enterprise Ireland, an agency set up by the Irish jurisdiction to support start-up businesses in Ireland.
The basic requirements for Irish HSPU companies
- The company should have its headquarters in Ireland or controlled from Ireland
- The entity should not be older than 5 years from the date of incorporation
- Introduce at least one innovative service or product to the global markets
- Create at least ten jobs
- Generate at least €1m in sales
- The business entity should be involved in manufacturing or internationally traded services.
The aforementioned requirements should be achieved within a period of 18 months from the date of the company’s incorporation. During this period, Enterprise Ireland will work with the startup to further develop and refine its proposal for investment. The initial financial support that Enterprise Ireland gives to the startup is co-funded equity investment.
How to get funding from Enterprise Ireland
For startups to get funding from Enterprise Ireland, it is requisite that the owners of the startup draft an outline of the business plan or proposition a business plan providing all the necessary information regarding the innovative company and its services and products. As a general rule, the draft should comprise of the minimum funding the startup owners will need to achieve their goals.
The authorities at Enterprise Ireland will assess the business plan and give the final verdict if the startup qualifies as an HSPU. Startups which qualify will get the Innovative HSPU Fund, which can be up to half a million Euro! Each startup will be funded depending upon the type of business it is engaged in and the level of development the business has.
If your startup doesn’t qualify for Enterprise Ireland, it wouldn’t be the end of the world. There are still a number of programs you can get. For more details, reach out to our expert consultants at SIGTAX. Our experienced team stays au courant and will give you up to date and valuable information regarding all you might need to know about HSPU.