What we’ll cover…
- Your app idea and funding options
- Local Enterprise boards
- Trading Voucher Online
- Enterprise Ireland
- Competitive Start Fund
- Micro Finance Ireland
- Get an app quote from Glitterbug
From Idea to App
Got an idea for an app? Congratulations! A good idea is half the battle.
But how can you help fund the process of turning that idea into a working app?
For any entrepreneurs, it can frustrating. You come up with a brilliant idea for an app or custom software application but you do not have all the funds needed to pay for the development? Or perhaps your business could really benefit from an app?
Maybe your existing customers have asked about this or you’ve been thinking about how having an app would help you to stand out.
There are Funding Supports
But again, how do you pay for your app development and can you get any help with this?
The answer is yes! There are supports available and although not ever entrepreneur is successful in getting full funding, there are matched funding options too where you pay a certain percentage of the cost and one of the Enterprise bodies or other Government Boards e.g. Bord Failte pays the remainder.
Glitterbug Mobile App Development Ireland
Glitterbug Limited is the top app development company in Ireland and we pride ourselves on our competitive, cost effective app development options. But developing an app costs money, even with our cost effective rates, and we know that small and medium businesses need all the help they can get. So let’s go through the funding options for your app.
First Step – Your Local Enterprise Board
Your first step when looking for funding should be to talk to your Local Enterprise Board.
We’ve included a link here to the main site which lists these across the country.
We call the Local Enterprise Boards LEOs for short and there is one for every region in Ireland.
Your local LEO will be able to give you detailed information on what funding is available to you at present and in the future, will validate your idea and give you advice and mentoring and will help you to complete funding applications.
Trading Voucher online
You can get 2500 euros towards app or website development
LEOs have a range of different financial supports available depending on your business. One of the easier to obtain supports is the Trading Voucher Online.
This support is for business which have been running for at least 6 months and have less than 10 employees.
You can get funding of up to €2,500 for online trading.
This generally means websites or apps for your business.
This is a good financial aid to start with because the process of applying for the funding is quite straightforward and a high number of applicants receive this funding. You can apply here:
Think about your app/business idea?
Do you feel that your app/business would allow you to take in revenue of 1.3 million per year after three years?
Do you feel confident that you could have a team of 10 employees or more by that time?
If you’ve answered YES to these questions, then you Enterprise Ireland will be worth pursuing.
You can reach out to Enterprise Ireland and get mentorship. They will validate your idea and suggest funding opportunities.
This is a program run by Enterprise Ireland for new start up companies. It involves mentorship and guidance while reminding and validating your idea as well as investigating the feasibility of your project.
There is some funding available as part of being on this program. We would highly recommend this as a starting point to get you on the track for more funding.
Competitive Start Fund
After you have completed the New Frontiers program, the next step might be the Competitive Start Fund (CSF).
This is a competition run by Enterprise Ireland. It is a two stage process. The first stage is a written application describing your business idea, how you will make money and your own experience.
As part of this you need to do a video interview, answering questions which you will receive in advance.
The second part, for the lucky applicants who make it through, is an interview where you have about 3 minutes to show your business pitch and about 15 minutes afterwards to answer questions.
If you succeed in this competition, Enterprise Ireland will take 10% equity of your business in exchange for 50K. You can spend this 50K as you like on your business needs.
There’s strong competition around this but it can be a brilliant opportunity for the right business as it also gets you mentorship and guidance with Enterprise Ireland and opens the door to Venture Capital funding in Ireland.
Lending Options for Businesses
As well as getting funding from the enterprise boards, you can look at lending options for startups.
MicroFinance Ireland is a great option for business lending. They offer loans ranging from €2,000 to €25,000.
Best of all, since Microfinance Ireland has been created by the government, their rates are fantastic because they are not profit driven.
They even offers free mentoring support from professionals in different areas.
If your business deals with Northern Ireland and you are bringing in revenue or around 5K per month or more, then Intertrade Ireland are worth checking out.
InterTrade Ireland offer funding to Irish businesses working with customers across the border in Northern Ireland.
If your project is tourism based, check out the supports offered by Failte Ireland. The can offer excellent funding for innovative, smart tourism ideas especially projects which help increase tourism in rural Ireland.
So now that you have seen some of the funding options available to you, what is the next step?
Well… in our opinion, it is getting a quote from us for your project.
Finding an estimated cost will help you to see how much money you will need and let that further guide your options.
You can get an instant online quote using our App Cost Estimator or contact us to get a quote in a few minutes.