There are over 80 different government supports available to small businesses but many of them are not well known or understood. Each week in the SFA e-zine, we will profile a different support that could improve your business, giving you information and advice.

Ireland’s Best Young Entrepreneur (IBYE)

What?

Competitive awards programme for entrepreneurs between the ages of 18 and 35, with support available to entrants through training, mentoring and a €2 million investment fund.

There are three categories:

• Best Business Idea (pre-trading at time of application)
• Best Start-Up Business (up to 18 months)
• Best Established Business (over 18 months)

Why? 

The aim of the programme is to highlight the achievements of young entrepreneurs and to stimulate more entrepreneurial activity amongst young people.

The programme is also used to demonstrate that there is help available to young people who want to start their own businesses.

How? 

Entries can be made online at www.ibye.ie. The closing date is 29 September 2017.

Selected applicants will be invited to regional ‘Entrepreneur Bootcamps’ in November.

Each Local Enterprise Office chooses a category winner and runner-up in each of the three categories. The winners at county level will progress to the eight regional finals in early 2018. The regional winners in each category will compete in the national final in March 2018, with one of the category winners also being named Ireland’s Best Young Entrepreneur.

The assessment criteria are:

• Promoter/s: 25 Marks
• Market opportunity: 25 Marks
• Ability to deliver key commercial milestones: 20 Marks
• Innovation: 10 Marks
• Potential to deliver economic impacts: 10 Marks
• Quality of application & business plan: 10 Marks
• Pitch & interview: 40 Marks
• Total Marks: 140

Prize funding is available at different stages of the process:

• County level: €50,000 prize fund available for the three category winners and three runners up
• National level: €100,000 prize fund available for the three category winners

Tips

If you are interested in applying, don’t forget:

• There is no entry fee for IBYE applicants.
• Applicants must be 18 or over at the date of application and 35 or under on 31 December 2017.
• The competition is open to people overseas who intend to headquarter their business in Ireland.
• More information is available at www.ibye.ie or through your Local Enterprise Office.