Frequently Asked Questions....
What is the Mortgage Innovation Challenge?
- A nationwide competition that will provide grants to startup companies driving innovation in the area of mortgage provision in Ireland.
Who is funding the Mortgage Innovation Challenge?
- The challenge is funded by Bank of Ireland as set out in the Competition and Consumer Protection (CCPC) approvals regarding the acquisition of the KBC portfolios
- Bank of Ireland is providing €1 million which will be allocated to successful projects
Who is administering the Mortgage Innovation Challenge?
- Delta Partners Ltd has been appointed to operate the Challenge and will work with the RDI Hub to source and evaluate applications and allocate grants
Who is eligible for the Mortgage Innovation Challenge?
- Beneficiaries must be established as a registered company in Ireland, with Irish resident directors or executives
- Licensed retail banks and their subsidiaries are not eligible to apply
- Successful applicants must demonstrate through their application how they are developing innovations relevant to the market for the provision of mortgages in Ireland
What is the application process?
- Applicants must submit an application form here by the closing date of June 23rd 2023. To submit an application, you must create an F6S account
- Application forms will be evaluated and shortlisted applicants will be invited to an in-person pitch day in September 2023
- Following the pitch day, successful and unsuccessful applicants will be notified
- Depending on how many quality applications are received, there may be a second tranche of the Challenge in the second half of 2023
How will applications be evaluated?
- Applications will be evaluated and scored by a judging panel who will evaluate the strength of the project (team, market opportunity, product innovation) and adherence to the theme (innovation relevant to the market for the provision of mortgages in Ireland)
- We are particularly interested in seeing applications from across all the regions of Ireland
How will the grants be made?
- The grant is an equity-free stipend which will be paid into the Irish bank account of the successful entity in tranches
- Successful applicants will be subject to due diligence checks before funds can be transferred
- Successful applicants will be required to enter into a grant agreement
What size grants are available?
- Grants are available in denominations up to a max of €200K. The size of the grant will be determined depending on the company/project requirements and potential
What can the grant be used for?
- The grant can be used for any activities that will clearly assist the business in reaching its next commercial milestone
What requirements / obligations are placed on successful applicants?
- We require successful applicants who receive a grant to provide quarterly reports for 24 months on their progress and use of funds, commencing on receipt of the first grant under the Challenge
What stage should the company / project be at to be eligible?
- The challenge is targeted at early stage startup projects
- The company does not need to be generating revenue to be selected
- While grants can be awarded to companies that are at a later stage, we anticipate the majority of the fund will be for companies at the earliest stages of development
Can companies that have already raised investment apply?
- Yes
Can a single person apply for grants?
- Yes, provided that they have formed a limited company in Ireland. That said, our experience is that companies with more than one founder are more likely to succeed.
Can one company apply more than once (i.e. with more than one idea/project?)
- We don’t recommend that one company submits more than one application.
The Mortgage Innovation Challenge
Contact us:
info@mortgageinnovation.ie