New Frontiers LYIT
New Frontiers is the national entrepreneur development programme funded by Enterprise Ireland and delivered by Institutes of Technology at a local level. In the North West this programme is managed by LYIT and IT Sligo and participants are based at CoLab, LYIT and the Innovation Centre at ITSligo. The programme was launched in February 2012 with the objective of creating high value knowledge based businesses each year. The programme offers assistance and helps people who have an innovative early-stage start-ups business idea.
What LYIT and the New Frontiers programme will provide to entrepreneurs –
- Incubation facilities, such as office and other business services. Skill and knowledge from the Institute of Technology and a helpful encouraging environment in CoLab.
- Access to the knowledge in Enterprise Ireland through Market Research Centre
- Business area processes will be covered such as; sales training, financial management, patenting, market research and validation, product development and business. Guidance from skilled business advice-givers and experts and national and international contact to best practice entrepreneurship. Meet and make contacts with business development agencies and other entrepreneurs
- Contact with early stage capital investment networks
- Exposure to peer-group learning from participants in the area and across the county
- Up to €15,000 in funding in Phase 2 (if participants are successful to advance to this Phase)
Who can and should apply to the New Frontiers Programme at LYIT
- Aimed at entrepreneurs
- Early stage start-up companies
- The programme is open to applications from a range of areas such as – eligible internationally traded services, biotechnology, digital media, pharmaceutical, food and consumer products, engineering and electronics, clean technology / renewable energy, medical devices and information & communication technology
- It is preferred that applicants possess the following;
- Aim to set up a manufacturing or internationally traded services business Or a new domestically traded service business with a possibility to trade internationally
- Motivated, capable and dedicated to grow a viable business
- Expansion focussed, working towards turnover of more than €500,000 and generating more than five jobs in 3-5 yrs time
- A business grown from a solid robust basis of technology and or innovation
- Demonstrate there exists a commercial market for the planned service or product
The New Frontiers Programme is a three phased programme aimed at offering a complete and inclusive list of business development requirements to participants.
Phase 1 – Testing the Business Idea
- Assist participants to confirm the market potential of their business idea. Part-time over 8-10 weeks, these evening and weekend workshops provides information and also start-up training to assist participants investigate their products viability and see if a viable proposal exists.
Phase 2 – Business Planning
- Dedicated participants, after a competitive process, who have a robust proposal and are capable of growth and job creation have the possibility of being offered a place on Phase 2 after Phase 1.
- Phase 2 is full-time and aims to assist participants in the development of an investor ready business plan. Assistance and support is provided to participants over a six month period, to assist them with their business proposal and their skills development. By partaking in mentoring, workshops and frequent reviews participants will be able to confirm and completely describe their business proposal and determine possible funding opportunities, sales channels and customers. To aid this Phase participants will be given up to €15,000 funding to assist them, subject to performance reviews.
Phase 3 – Business Development
The businesses rising out of Phase 2 will be directed to applicable government supports that are most likely to assist at their phase of development. In addition, for a length of time, there may be more assistance and incubation facilities provided to participants at CoLab, LYIT.
How to apply
Call CoLab on +353 (0) 74 9186703
Note: no applications will be available from or considered by Enterprise Ireland.