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I was just reading a thread over on the digital media forum about something which was in the budget. While it has to be run by the powers that be in Brussles it looks pretty good from a new start up point of view. Three years exemption from corporation tax if you are below a certain threshold.
Maybe people on the forums already know about this?
Aphra.
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Great news! :D
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This is a good thing, much more in line with the sort of support fledgling Irish companies need than existing initiatives, in that it’s of benefit to small enterprises making their way, with very little time overhead required to avail of it, and little danger of resulting in aid centric business models.
All we need now is some profit making games companies.
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That’s a good post and very frank and helpful; any money you can get when running a business is good…
At the same time, I think that’s another less than maximally clever or useful scheme from EI.
For instance, a scheme which provides three companies with an easily accessible 10k of seed funding each, would be a lot more useful for creating innovative new startups than 30k of "Innovation" Vouchers; you’d probably get a lot more innovation that way. -
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I’d agree with pretty much everything you’ve just said – very much what I was getting at.
Speaking very generally, EI seem useful if you are pursuing a big, ambitious, business plan and planning to create lots of employment etc, eg, create a manufacturing plant, big software services company etc.What’s really missing here is the kind of thing that’s comparatively so easy to come by in california – initial seed capital; we don’t have the ecology of business angels that understand tech and are ready willing to gamble a bit of their personal money to seed a good pitch, and we don’t seem to have any state bodies that steps into that role.
Are you familiar with y-combinator? They are the kind of entity that fulfills exactly this need in the states, in a more formal structure than angel funding – around 10/15k euro of seed capital in exchange for equity, easy access – if you convince some smart people you’ve a workable idea – some mentoring, networking to put the tech guys in touch with the business guys; they’ve had a very impressive success rate so far.
It’s a very different model than trying to become a ‘high potential startup’ as defined here, and is much more appropriate for many classes of software startup.
Anyway, either way, it’s good to see tax incentives like the corp. tax reduction, it’s a step in the right direction.
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