Enterprise Ireland believes that the best way for Irish companies to withstand current global economic challenges is by diversifying their export footprint. One of the new supports that Enterprise Ireland has introduced to encourage companies to enter new markets is the Market Discovery Fund.
Launched in January 2018, the Market Discovery Fund aims to encourage companies to expand into new markets by helping with the costs of researching viable and sustainable market entry strategies.
The Fund provides support towards both internal and external costs incurred by companies when researching new markets for products and services. Eligible companies can receive support when they are looking at a new geographic market for an existing product/service, or when looking at exporting a new product/service to a market that they already do business in.
The Market Discovery Fund is available across three levels:
- Level 1: Grant up to €35K
- Level 2: Grant greater than €35K but less than €75K
- Level 3: Grant greater than €75K but less than €150K
The maximum funding is 50% of eligible expenditure up to a maximum grant of €150,000. Eligible expenditure includes, but is not limited to, salary support, consultancy costs, trade fair costs and foreign travel.
The Market Discovery Fund has been open for applications for a number of weeks. To date, nine Market Discovery Grants have been approved. Applications can be at various stages of informal discussion before they are formally received and approved, so it is not possible to give a meaningful number in this regard
Enterprise Ireland only report on funding that has been drawn down, and as the Fund is newly launched no companies have reached this stage to date.