Market Discovery Fund

You are eligible to apply for a Market Discovery Fund if you are a client of Údarás na Gaeltachta that meets the following criteria:

• Manufacturing or eligible internationally traded services companies.
• Have demonstrated the capacity to internationalise.
• HPSUs engaged in eligible activities

(please discuss with your Development Executive for further detail on HPSU eligibility):

• Have a minimum of 5 full-time employees (based in Ireland) at the time of application
• Have been approved an ÚnaG equity investment
• Have drawn down the equity investment at least 6 months prior to application for the Market Discovery Grant
• Small and Medium Established sized companies engaged in eligible activities.
• Large companies engaged in eligible activities can access Level 2 and 3 support only.
• With the exception of HPSUs, all companies must be trading for more than 5 years, minimum of 10 global employees of which a minimum of 5 employees must be based in Ireland, with sustainable annual revenues of at least €500K and are EBITDA positive in the last 9 months.
• Will not have drawn down finance in the form of equity from ÚnaG in the previous six months

Food and Drinks companies may be eligible for the Market Discovery Fund and should contact your assigned Údarás na Gaeltachta Development Executive to discuss.

The maximum funding is 50% of eligible expenditure up to a maximum grant of €150,000.

The grant allows the client to:

• Undertake primary and secondary market research;
• Establish the market potential and barriers to entry;
• Identify, profile and contact potential customers in the context of primary research to determine their needs, requirements and validate pain points that are assumed to be addressed by the company’s product/service;
• Review of competitor landscape;
• Assess route to market options;
• Identify other relevant stakeholders in the market e.g. trade associations, industry groups/networks;
• Comparative pricing, research and modelling;
• Review of market regulations / legislation to inform potential product/service customisation;
• Advice on the legal requirements of the market being researched;
• Lead generation activities i.e. building a target list based on research findings;
• New supplier research required to service the specific market being targeted;
• Time spent on developing a market strategy and plan for the future;
• Participation at recognised Trade Fairs outside of Ireland (this includes entry fees, rental of exhibition stand/space, transport costs and travel and subsistence relating to the Trade Fair for up to a maximum of 5 employees). Employee time spent preparing for and attending Trade Fairs is ineligible.
• Please note that attendance at conferences, summits, forums, symposiums, stand-alone company events, demonstrations or meetings are not eligible for support.

The client may use any or all of the following resources to undertake the market research. Further details are available by downloading Market Discovery Fund Company Guidelines. <—Add Link

Wages and salary costs of personnel assigned to the project can be supported.

The maximum eligible salary is €80,000 per annum per employee exclusive of employer’s PRSI and bonuses.

The company has the option to;

• Place an existing or new employee(s) in market for the purposes of undertaking the project assignment and/or
• Appoint new employee(s) / re-assign an existing employee(s) who would be based in Ireland to undertake market research.

Overheads are eligible up to a maximum of 30% of wages and salaries.

Only Travel and Subsistence costs for overseas trips related to the proposed project are allowed.

Foreign Travel and Subsistence costs must be for company employees.

Costs of hiring a consultant(s)/consultancy firm to input or undertake the proposed project are set at a Maximum of €900 per day.

4.1 Business Accelerator

A Business Accelerator is an Údarás na Gaeltachta appointed in-market industry expert within a specific sector and market, with the experience, knowledge and contacts to support a company’s expansion and development into an export market.

Maximum Daily Rate of €1,500 per day for a maximum of 25 days, inclusive of consultant’s time and all associated travel, subsistence and out of pocket expenses.

Not available to Large Companies.

The maximum financial assistance available for Trade Fair participation is €75K (expenditure).

Up to a maximum of €25,000 expenditure for office rent in the new market for a maximum duration of 18 months. The office is to be used for the purposes of the new market assessment only and not for sales or distribution activities.

Market Research Materials

The cost of purchasing reports and databases relating to a new market/sector are eligible for support.

Collateral

The development cost of market collateral for use in the new market is eligible. The cost can include designing collateral, localisation, market specific value proposition messaging and translation for market testing.

All applications for funding should be discussed with your Údarás na Gaeltachta Development Executive prior to submission.

Prior to applying you must do the following:

Contact your assigned Údarás na Gaeltachta Development Executive to discuss your application.

Any expenditure incurred prior to receipt of the application by Údarás na Gaeltachta will not be eligible for grant aid.