VITAL is a new approach to business creation. It distinguishes between the originator of the business idea and the SME/entrepreneur who can commercialise the idea. It therefore provides a novel option for the idea owner who may not have the time, resources, knowledge or commercial expertise to make it happen. It can also allow the idea owner to profit from market success. Similarly it can give those in need of new business opportunities access to evaluated knowledge based ideas and support with the commercialisation process.
VITAL has been supported by the European Union’s INTERREG IVA Programme, managed by the Special EU Programmes Body. The aim of the project is to identify our region’s best knowledge based ideas, connect them to new and existing businesses and create a positive economic impact in Northern Ireland and counties Cavan, Monaghan, Donegal, Leitrim, Louth and Sligo
There is no charge for participating on VITAL, however, if successful, you must be prepared to commit resources, time and effort to the project.
How VITAL Works
- It identifies and validates a pool of ideas for commercialisation
- VITAL identifies SMEs, seasoned entrepreneurs and senior managers with the skills and knowledge to bring the ideas onto a commercial platform
- It offers access to Technology Transfer and Licensing opportunities
- VITAL matches the right idea to an appropriate partner
- VITAL can assist with fast tracking the route to market through one to one mentoring, consultancy, access to market knowledge and priming capital if required
If you have an idea or an invention and you’re open to a new way of bringing it to market, VITAL can help. If your idea passes our evaluation process then we can connect you with an implementer – an existing company or someone who will have the time, resources and expertise to help turn your idea into a business reality.
If you are a seasoned entrepreneur, an experienced manager or a business owner, then VITAL could be the project for you. Your company may need new innovative technologies or products which could help your business to grow. At VITAL we can match a new or existing business to a relevant business idea and support the development of a business case.
The idea can come from anywhere, will be knowledge based and innovative and will be capable of deployment within the INTERREG IVA region of Northern Ireland and the six border counties - Cavan, Monaghan, Donegal, Leitrim, Louth and Sligo.
SMEs seeking and implementing ideas on the VITAL project will be trading within a wide range of sectors (excluding retail, public sector or consultancy). They will be based within the INTERREG IVA eligible region of Northern Ireland (outside of the Greater Belfast Region) or the six border counties of Ireland. A review of audited accounts will be required to demonstrate the company’s financial stability prior to being accepted.