Competitive Start Fund (CSF) - Enterprise Ireland • Hacker News Board

Re: Competitive Start Fund (CSF) - Enterprise Ireland

#21

Post by mcgeadyd » Tue, Mar 08, 2011, 2:02 PM UTC

i'm in dublin, but ironically I'm looking for a US visa. Swap passports anyone? <-- I'm JOKING!!!

Re: Competitive Start Fund (CSF) - Enterprise Ireland

#22

Post by wildmXranat » Tue, Mar 08, 2011, 2:03 PM UTC

dclaysmith wrote: post #5

Dublin is a great place to live and good place for tech companies. I recently had to hire a developer and got plenty of good resumes and was really happy with the eventual hire. Google, PayPal, Facebook are here and loads of online gaming/gambling companies too. Plus you can't beat the Guiness. That being said, I'd say that if you aren't already in Ireland--the funding above would probably not be an option. Getting a…

I think Microsoft's advertising arm is there as well. They were looking for multilingual developers and offered to relocate even from Canada. I guess Ireland's corp taxes are a haven.

Re: Competitive Start Fund (CSF) - Enterprise Ireland

#23

Post by mcgeadyd » Tue, Mar 08, 2011, 2:08 PM UTC

chadp wrote: post #2

It is not a bribe, they are taking an equity stake. "The maximum support available is €50,000 for a 10% ordinary equity stake in the start-up company. "

Ok sorry, I changed €50k "bribe" to "deal".

Re: Competitive Start Fund (CSF) - Enterprise Ireland

#24

Post by wildmXranat » Tue, Mar 08, 2011, 2:08 PM UTC

I guess a lot of Europe's investors are sweating bricks just thinking of the length of time it will take for Ireland to pay back the money. 50k for equity now, in exchange for having up-to 10 additional tax payers is a good deal.

Re: Competitive Start Fund (CSF) - Enterprise Ireland

#25

Post by mcgeadyd » Tue, Mar 08, 2011, 2:11 PM UTC

mcgeadyd wrote: post #21

i'm in dublin, but ironically I'm looking for a US visa. Swap passports anyone? <-- I'm JOKING!!!

Oh, If anyone wants to find out more about ireland or dublin... get in touch and i'll fill you in.

i can't believe i'm the first person to post this on HN. thought it might have been old news by now, but thought I'd do it anyway.

Re: Competitive Start Fund (CSF) - Enterprise Ireland

#26

Post by dxjones » Tue, Mar 08, 2011, 2:13 PM UTC

For 50k they take 10% equity, valuing your startup at a tiny 500k, plus you have to leave the country. You give up a lot.

Why not just pitch to Dave McClure's 500Startups? You can get started with $10k for 1% equity, valuing your startup at $1M. More funding is possible, plus space, mentors, ...

http://500startups.com/

Re: Competitive Start Fund (CSF) - Enterprise Ireland

#27

Post by mattmanser » Tue, Mar 08, 2011, 2:13 PM UTC

ojbyrne wrote: post #18

This seems like a weird requirement: "The first tranche will be released when the company provides confirmation of an additional investment of €5,000 in the company" So you have to get approval not only from them, but also some other funding organization (and one that invests such a small amount). I wonder if self-funding counts.

I'm not pretending any inside knowledge but that looks like self-funding to me.

It's been fairly common for the loans and grants I've seen in the UK to require proof of a bit of self-provided capital before you can get the funds.

Re: Competitive Start Fund (CSF) - Enterprise Ireland

#28

Post by yeahsure » Tue, Mar 08, 2011, 2:15 PM UTC

mcgeadyd wrote: post #21

i'm in dublin, but ironically I'm looking for a US visa. Swap passports anyone? <-- I'm JOKING!!!

Care to share why you're looking for a US visa? Your comment would certainly add value to the conversation (ie Why do you think the US is better for entrepreneurs than Ireland?)

Re: Competitive Start Fund (CSF) - Enterprise Ireland

#29

Post by ciupicri » Tue, Mar 08, 2011, 2:19 PM UTC

rmc wrote: post #13

lubos wrote: post #4

another bummer: "Please note applicants must be eligible to live and work in Ireland."

Any of the EU half a billion people can live and work in Ireland.

Not anyone from EU. Bulgaria and Romania are excluded:

On 17 December 2008, the Government announced its decision that, from 1 January 2009, it would continue to restrict access to the Irish labour market for nationals of Bulgaria and Romania. [1]

[1] http://www.deti.ie/labour/workpermits/whoneedsapermit.htm

Re: Competitive Start Fund (CSF) - Enterprise Ireland

#30

Post by Swannie » Tue, Mar 08, 2011, 2:20 PM UTC

mattmanser wrote: post #27

ojbyrne wrote: post #18

This seems like a weird requirement: "The first tranche will be released when the company provides confirmation of an additional investment of €5,000 in the company" So you have to get approval not only from them, but also some other funding organization (and one that invests such a small amount). I wonder if self-funding counts.

I'm not pretending any inside knowledge but that looks like self-funding to me. It's been fairly common for the loans and grants I've seen in the UK to require proof of a bit of self-provided capital before you can get the funds.

Agreed.

I read that to mean "when you produce a bank statement with €5,000 in the account, we will pay you the first half".