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Techstart: 10K Concept Grant

The Techstart Proof of Concept Grant Fund offers pre-commercial grants to entrepreneurs in Northern Ireland. These grants aim to help innovators assess the viability and commercial potential of their innovative ideas. The fund is managed by Techstart Ventures LLP and is part of a broader program that includes equity investments, grants, and advice for innovative startup and early-stage tech companies. For more information on equity investments, you can visit their parent site at www.techstart.vc.

Closing: 5pm Tuesday 5th December 2023

On a competitive basis this fund seeks to support entrepreneurs with grants directed towards exploring the viability and commercial potential of a novel and innovative concept.

Concept projects can receive up to 100% funding, but it's important to know that the grants are reimbursed after expenses are incurred. Successful applicants will be reimbursed for eligible expenses once they provide proof that the money was spent as per the Letter of Offer.

Eligible Criteria:

  1. Eligible Applicants: Sole Traders, Partnerships, and Limited Companies can apply. Community Interest Companies and Social Enterprises are not considered.
  2. Innovative Concept: You must have an innovative or novel concept to prove.
  3. Residence and Registration: The principal applicant must reside in Northern Ireland. If applying through a Limited Company, it must be registered in Northern Ireland, with the principal applicant as the majority shareholder. Proof of address may be requested.
  4. Employment Costs: If you're seeking funding for employment costs, the application must be made by a Limited Company.
  5. Supplier Identification: You must identify your proposed supplier for independent third-party costs at the application stage. Attach supplier quotations to your application.
  6. Quotations Required: Successful applicants need to provide formal quotations from proposed suppliers before receiving a Letter of Offer.
  7. Employment Costs Limit: Up to 30% of the grant can cover employment costs for project promoters, with a daily rate of £200. The application must specify the work and output under these costs, excluding administration and overhead activities.
  8. Application Limit: Applicants can have a maximum of two unsuccessful applications, regardless of the entity or concept. Only one submission is allowed per application round.
  9. No Double Funding: Applicants who previously received a Catalyst Co-Founders' Proof of Concept Grant cannot use Techstart Grants for the same expenses to prevent double-funding.
  10. University Related Companies: University-affiliated companies with university ownership or associated intellectual property are ineligible for Techstart Grants.

Find out more information about applying here

Post Date - 2023/11/05
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