GMIT’s 2020 New Frontiers Business Start-up Programme is now open to new applicants
Date: Monday, February 3, 2020
Author: GMIT Innovation Hubs
Up to €22,500 available from GMIT New Frontiers Business Start-Up Programme - Applications are now open!
New Frontiers is Ireland’s national entrepreneur development programme, delivered locally by Galway Mayo Institute of Technology Innovation Hubs and funded by Enterprise Ireland.
If you have an innovative business idea with a plan to establish your own company, or you are already at an early stage of development, the New Frontiers Programme can provide you with funding, help and support to accelerate your business development.
How does the Programme benefit entrepreneurs?
- Expertise in all areas of business including investment, market research & validation, business model, patenting, product development, sales and marketing.
- Mentoring from experienced business advisers and practitioners.
- Free Office space and other business incubation facilities.
- €22,500 tax free funding, €15,000 in the second phase and €7,500 in the third phase of the programme.
- Networking opportunities with other entrepreneurs and business development agencies.
- Introductions to seed and early-stage capital investment networks.
- Access to entrepreneurship best practice – both national and international.
- Peer group learning from participants in this region and across the country.
- Access to the expertise in Enterprise Ireland through the Market Research Centre.
- Expertise from GMIT and the supportive environment of the Innovation Hubs in Galway and Mayo.
- €10,000 award for best emerging business, sponsored by KPMG.
Ideally applicants should:
- Have an innovative idea
- Be capable of building a new company
- Create employment
- Generate sales revenue
- Have export potential
New Frontiers is Delivered in Three Phases:
- The First Phase will test the feasibility of the proposition. It is the shortest phase (6/8 weeks) and will be conducted on a part-time basis. It will focus on the promoter, product/service, market opportunity, business model and feasibility study.
- The Second Phase is much more intensive. Those accepted onto this phase must commit on a full-time basis for 6 months. Office space will be offered for FREE in the GMIT Innovation Hubs. €15,000 funding will be available to all eligible participants.
- The Third Phase is built around the business success and growth, getting to the market, exporting, generating employment and attracting investment. This will be full-time over 3 months with a further €7,500 for selected participants. First Prize in our Best Emerging Business competition is €10,000 sponsored by KPMG.
Martin Flynn from www.okwhosnext.com says
“Participation in New Frontiers has been invaluable to us. It provided insight, networking and perhaps most importantly, tools, knowledge and structures crucial in supporting our new business start-up. The calibre of mentors, presenters, tutors and consultants has simply been excellent. Regular monthly funding of €2,500 gave us the runway to put optimal strategies in place. It is really essential if you are serious about taking your business idea to the next level.”
The 2020 programme is now open to new applicants. Apply early as places are limited.
First preference places will be offered to those who return their applications by Thursday, March 12th. The programme will commence on Saturday, March 28th.
To apply for this exciting business opportunity, please visit www.gmit.ie/newfrontiers