Market Discovery Fund: Who Qualifies and What You Get
Learn how the Market Discovery Fund helps companies fund research, travel, and trade shows to explore new international markets.
The Market Discovery Fund is a financial support program designed to help businesses investigate and test the potential of new international markets.
Who it's for
This scheme is specifically intended for companies that are looking to grow beyond their current borders. If your business is ready to move into new territories and needs help understanding the landscape of a foreign market, this program is designed for you. It is aimed at businesses that are actively exploring how to scale their operations globally.
What you get
The fund provides financial assistance to help offset the various costs associated with international expansion. This includes funding for market research to help you understand consumer behavior and local requirements. It also covers costs related to travel for business purposes and the expenses involved in participating in international trade shows to showcase your products or services to a global audience.
What it costs you
While the fund provides financial support, it requires a significant commitment of time and planning from your side. You cannot simply apply for general expenses; you must provide a clear and detailed market entry strategy. This means you need to demonstrate exactly how you intend to approach your chosen market and how the funding will facilitate your growth.
The catch to know
There is one important geographic restriction to keep in mind when planning your expansion. This fund is intended for true international market discovery; therefore, it does not cover any costs related to markets within Ireland or the United Kingdom. You must be looking at territories outside of these two regions to qualify for this specific support.
How to apply
- Conduct internal research to identify which new international territories are most suitable for your business.
- Draft a detailed market entry strategy that outlines your objectives and how you will use the funding.
- Prepare a breakdown of the expected costs for research, travel, and trade shows.
- Contact the issuing agency to discuss your specific business goals and the application process.