Feasibility Study Grant - Next Deadline 30 Jan 2025
Description
Making a Feasibility Study Application to the Local Enterprise Office (LEO)
The LEO will consider applications for feasibility study grants towards the development of innovative product / service ideas not already in the marketplace, where the promoter has already conducted extensive market research into the idea, but assistance is required to move the concept nearer to market readiness, and work is required to further develop the product / service prototype or delivery and it is expected that it will be market ready in less than 12 months. The aim of a Feasibility Study Grant is to help start-up companies or individual entrepreneurs with the cost of researching their proposed business or new business idea to see if it could be viable and sustainable. The study should help the promoter to reach firm conclusions about their business idea and give them the information they need to draw up a full business plan.
Financial support will not be available for R&D or pure market research type projects. We would refer you to innovation vouchers at this stage of development.
Financial assistance of up to €15,000 or 50% can be given to feasibility study expenditure of €30,000.
To make an application, contact the LEO to discuss your idea and arrange a meeting if it is deemed eligible, an application must then be lodged, and a further meeting will be arranged with the project executive to discuss the detail of your proposal.
It will then be being presented to the Evaluation Committee for consideration.
How to write your Feasibility Study Application
In submitting your application to the LEO, an application & a written application to the LEO must contain the following information under the following headings:
- Background of promoter
- Background to the Idea
- The proposed Concept (product or service)
- Scope of the feasibility study
- Background on the Market
- Information on the Potential Market
- Market research conducted to date
- Work Programme of further research that needs to be conducted & by whom under the following areas:
- - Product / Service Development
- - Market Potential & Route to Market
- - Technical / Production Requirements
- - Financial Viability & Funding options
- - Legal / Organisational Requirements
- - Business Plan
- Costs involved in conducting the feasibility study
- Details & Quotations for any outsourced work
- Any other material deemed relevant
If you can provide the above information & prove you have undertaken market research & validated the current market place to some extent, then we may consider an application in relation to funding for further finalisation /prototype development or consultancy costs relating to moving the idea forward to market readiness.
How do I apply for the grant?
You need to contact your local LEO. They will assess your eligibility.
If applying for this grant, you should show that:
- you have done enough preliminary research to suggest that a full feasibility study is worthwhile;
- and there is a reasonable possibility that there is a valid business idea & a proven arising from the study
- And that it has real local job creation potential.
if you need assistance with this prior to applying for a feasibility study grant as a first step, a mentor appointed by the LEO can assist you in relation to product development & market research as well as building a value proposition. Applications are considered on a case by case basis.
Eligibility
LEOs can assist in the establishment and/or development of new and existing enterprises (limited company, individuals/sole trader, cooperatives and partnerships) provided that such enterprises/projects are capable of attaining commercial viability and subject to the following eligibility criteria:
- The enterprise must not employ more than 10 people;
- The enterprise must be established, registered and operate within the geographic location of the Local Enterprise Office;
- The enterprise must operate in the commercial sphere;
- The enterprise must demonstrate a market for the product/service;
- The enterprise must have potential for growth in domestic and/or export markets and also potential for new job creation.
Within the above eligibility criteria there are certain priorities and restrictions:
- Priority must be given to enterprises in the manufacturing or internationally traded services sectors which over time can develop into strong export entities and graduate to the Enterprise Ireland portfolio;
- Salary support may be offered to unique tourism services projects that are focused predominantly on generating revenues from overseas visitors and which do not give rise to deadweight and/or displacement in the local economy;
- This grant aid does not support those areas such as retail enterprises, personal services (eg hairdressers, gardeners, creches etc), professional services (accountants, solicitors etc), construction/local building services, as this is considered to give rise to unacceptable deadweight (where the project would have proceeded anyway) and/or displacement (where the projects imply to displace business from other players in the market).The sector of the economy in which an enterprise is operating or intends to operate
- The size or proposed size of the enterprise
- Any expenditure incurred, prior to receipt of application form, will not be eligible for grant support.
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