A High Potential Start-up (HPSU) is a company that is internationally focused, has the potential to employ at least 10 persons within 3 years of starting and generate revenues of at least €1million, according to Enterprise Ireland.
The criteria for new Enterprise Ireland HPSU Clients can be summarised as companies:
· Introducing a new or innovative product or service to international markets.
· Involved in manufacturing or internationally traded services.
· Capable of creating 10 jobs in Ireland and realising €1 million in sales within 3 years of starting up.
· Led by an experienced management team.
· Headquartered and controlled in Ireland.
· Less than five years old from the date of incorporation.
Mary Ryan, Deputy CEO at WestBIC says in the Enterprising Podcast that “HPSU companies must have global ambition, they must be a scalable business that is capable of successfully competing internationally.”
WestBIC work with companies to further develop/refine their HPSU value proposition, further validate their product and the market, develop the management team and support them to become investor ready. The primary financial support from Enterprise Ireland for a start-up is co-funded equity investment.
No two companies follow the same path in becoming a HPSU. A key element of WestBIC’s offering is that supports are tailored to the particular stage that a startup or a scaling company is at, with milestones and processes that they need to go through to become investor ready set out.
“HPSUs by the very nature of their title attract investor interest!” says Mary Ryan. “If your business is at an early stage but has HPSU potential, our team will provide you with individually tailored, direct support to further develop your business and get to a HPSU-ready stage, and on to becoming investor-ready.” Contact us via our website today!
If I do not qualify, where can I get support for my start-up?
If your business is not eligible, or too early for Enterprise Ireland HPSU support you may qualify for funding and supports from your Local Enterprise Office. The Local Enterprise Offices offer a first-stop shop for entrepreneurs and small businesses with 10 employees or less, prior to applying for HPSU support. They can provide advice, mentoring and funding (including feasibility funding), to eligible start-ups. For further information about supports from the Local Enterprise Offices, please visit your Local Enterprise Office.
For more information on becoming a High Potential Startup, check out our podcast on How to become a HPSU (& How WestBIC can get you there!) Available on Spotify, Apple Podcasts, or wherever you listen to your podcasts.
