01 May Breastfeeding monitoring technology Coroflo awarded €2.1m EU funding
Q: How did you hear about the EIC? Why did you decide to apply for the EIC and how many submissions took you to receive the grant/equity?
– We heard about the EIC grant through another Irish tech founder/CEO who had just successfully been through the process.
She was very enthusiastic about our product and believed we were ideal candidates for the programme.
Q: Do you think it was an easy process to go through?
– No, easy is not a word I would use to describe it. I would say ‘thorough’ is more accurate given the breadth and depth of detail required to complete the application.
Q: Let’s deep dive into the details of the proposal: any general tips & hints on the overall documentation preparation?
– Time: do not underestimate the time it takes to complete a strong application; it is a detailed, time consuming process so a certain level of commitment is necessary from the outset.
Team: input is required from across the business. The application forces the company to consider current, medium and long term requirements. This requires input from every person across every aspect of the business.
Advice: speaking to as many previous participants as possible is a terrific way to get insights and ideas, whether it is to ask about how best to present certain information or for simple reassurance when doubt and fatigue starts to creep in.
Q: Any practical tips & hints on the “excellence” section of the proposal?
– Try to break up large volumes of text with infographics, charts, tables etc. Keep the reader (the evaluator) in mind when communicating large amounts of information.
Q: Any practical tips & hints on the “impact” section of the proposal?
– As above, visual presentations of scientific or technical data can be very powerful and possibly more accessible for generalist evaluators.
Q: Any practical tips & hints on the “quality and efficiency of implementation” of the proposal?
– Keep the language clear and concise. Ask yourself ‘am I answering the exact question they are asking me?’ Provide background and examples where possible.
Q: Once you received the invitation for the second step in Brussels, how did you prepare for it?
– In the weeks directly after being notified of the interview, we studied the application in detail and finalised the verbal presentation element. In the week preceding the interview, we took part in a mock interview with Enterprise Ireland and then continued to practice in the same format as the interview would be held.
Q: Any practical tips & hints on the second step in Brussels? More than on the specific questions, could you share with us how you felt the interaction with the panel went and what their expectations were?
– The interview was exactly as was described in the instructions; the moderator introduced us and advised he would start the clock once we were ready – this gave us those vital few seconds to take our place and set-up the product.
We felt the room was neutral, the evaluators listened carefully and we felt their questions were relevant. We felt at least 3-4 of the evaluators had studied our proposal in detail.
Q: Would you recommend this programme to other SMEs?
– It depends on the SME. If they have a capability and capacity to secure funding then I would recommend EIC however in the first instance, I feel it’s important for SMEs to understand the level of competition at a European level as well as the commitment required to participate in the process.
Q: How, in your opinion, the EIC is perceived among the investor community?
– For investors who have an understanding and knowledge of EIC, they have an appreciation of the competitive nature of the process; the types of technologies being advanced; the size of the commercial opportunities as well as the SME grit involved to apply and succeed. For many investors, success within the EIC programme is the validation they seek in order to make a final investment decision.
Q: Once you received the funding, how closely did you follow the project plan?
– We are in Month 2 of our project and are following the plan closely.
Rosanne has 15 years experience in financial services and has worked across different business units including wealth management and client service operations. Having qualified from the University of Limerick, Rosanne completed further industry qualifications with the Institute of Project Management and the Institute of Bankers.
Rosanne has an impressive track record in analysing multi-layer operational issues across organisations, liaising with stakeholders and providing workable and efficient solutions. From a people and practical perspective, Rosanne has managed teams in demanding, target-driven, results-focused environments to achieve strategic improvements and progress.