The HPSU is a programme run by Enterprise Ireland which supports start-ups who have the potential to develop an innovative product or service for sale on international markets with the potential to create 10 jobs and €1 million in sales within 3 years of starting up.
High Potential Start-Up (“HPSU”) Funding
HPSU particularly focuses on start-ups who have developed a product or service through R&D, technology or IP development and is specifically geared towards exporting that good or service. It also encourages start-ups to develop an Investor Ready Business Plan to make it more attractive to future investors.In order to apply for HPSU funding, the company must be a small enterprise, in existence for less than five years and it must be an existing Enterprise Ireland client. The company must also satisfy one of the following conditions:• Companies that are not trading – 15% of the total operating costs must relate to R&D expenses in the current financial year;• Trading companies - 15% of the total operating costs must relate to R&D expenses in at least one of the three previous years; or• The company must have an innovative business plan for the development of products, services or processes which are technologically new or substantially improved compared to the state of the art in its industry in Europe, and which will carry a risk of technological or industrial failure which will be expanded upon in the business plan.
How FOD can assist you once funding has been confirmed
The HPSU call date for the online application system is currently open. If your company is successful in securing HPSU funding from Enterprise Ireland, Flynn O’Driscoll can work with your company in order to put the relevant documentation in place to ensure the investment is legally binding and implemented in a time efficient manner, including the following:• Engaging with Enterprise Ireland in order to obtain various consents;• Documentation for the subdivision of the share capital and an increase in authorised share capital if necessary and the necessary Companies Registration Office filings;• Documentation for the allotment of shares including share certificates and the necessary Companies Registration Office filings;• Shareholder consent and waiver (if applicable);• Share Subscription and Shareholders’ Agreement;• An amended Constitution;• Disclosure Letter and Disclosure Bundle (if applicable);• Solicitor certificate;• Company searches; and• Companies Registration Office filings.
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