Title: “TRANSFORM – Ideas into Businesses” Programme
The TRANSFORM - Ideas into Businesses Programme is a one year full-time business incubation programme which is designed to provide ambitious entrepreneurs, who have an idea for an export focused business, with the necessary business skills, expertise, contacts, networks and facilities to establish successful businesses. It allows them the time and space to develop their business plan and get their business up and running.
Rationale and objectives:
Enterprise Ireland and Invest Northern Ireland launched on the 10th of May 2007 a new cross-border business incubation programme: TRANSFORM - Ideas into Businesses. The programme is designed to provide ambitious export-oriented entrepreneurs in Northern Ireland and the six border counties of the Republic of Ireland with salary support, and the skills, expertise, contacts and networks to establish successful export-oriented knowledge-intensive businesses.
The intensive year-long business incubation programme which commences in September 2007 offers potential participants the opportunity to be part of an elite group of entrepreneurs.
Forty places are available on the TRANSFORM - Ideas into Businesses programme. The programme is unique in that it offers eligible participants financial support of up to STG£26,000 or €38,000 towards their first year's salary as they develop their new business. Furthermore it provides a tailored programme of practical business development modules including business planning, strategy, finance and corporate development.
Key activities:
The TRANSFORM - Ideas into Businesses Program will provide best in class training and will encompass a mix of workshops and residents.
Training will take place in two areas:
-The North West cross border area (Group training sessions are likely to take place on a rotating basis between Derry, Letterkenny and Sligo)
-The North East cross border area (Group training sessions are likely to take place on a rotating basis between Dundalk and Newry)
The training program is geared to support entrepreneurs develop a globally oriented business. It will be geared to the needs of the participants. However core components will include:
-Business planning (Strategy Development, building a sustainable competitive advantage, setting smart objectives, time management, project management)
-Building your business Plan (Market research, assessment and validation – export focus, developing your technology, developing your value proposition, protecting your ideas – IP, copyright etc, developing an effective sales & marketing plan)
-Enhancing your skills (How to recruit and retain the best people, growing & developing your management team, managing the sales process, how to make a pitch to potential buyers & investors, communication & negotiation skills, innovation & design skills, managing money – cash-flow, budgeting, pricing)
-Corporate development (Establishing a Board of Directors, scaling your business internationally, maintaining compliance with corporate law and establishing excellent corporate governance procedures, contract, finance and employment laws, health & safety, environmental, planning laws and other relevant legal requirements, tax planning & financial engineering)
-Getting results (Performance management, monitoring and control)
The programme also offers participants intensive one-to-one mentoring with an experienced business advisor, one-to-one business development expertise to develop a robust and ambitious business plan, incubation space and key networking opportunities as well as an international market visit.
Funding information:
The TRANSFORM - Ideas into Businesses Programme is part financed by the European Union through the Special Programme for Peace and Reconciliation managed by the Special EU Programmes Body under Peace II Priority and Measure 5.2 Improving Cross Border Public Sector Co-Operation.
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