As businesses continue to navigate the digital landscape, it's clear that staying ahead of the curve is essential. For small and medium-sized enterprises (SMEs) in Ireland, the Grow Digital Voucher, replacing the Trading Online Voucher, offers an invaluable opportunity to harness the power of digital technology and take operations to the next level.
What is the Grow Digital Voucher?
The Grow Digital Voucher is designed to provide financial support to small enterprises with up to 50 employees, enabling them to embrace digital solutions that can streamline operations, reach new customers, and enhance their competitiveness in today’s fast-paced business environment. With funding of up to €5,000, this voucher helps businesses invest in software, training, and IT configuration to support their digitalisation journey.
Source: Local Enterprise Office
Eligibility: Is Your Business Eligible?
To qualify for the Grow Digital Voucher, your business must meet certain criteria:
- Size and Scale: Your enterprise must have between 1 and 50 employees.
- Digital for Business: You must have completed a Digital for Business Project within the previous two years.
- Trading Status: Your business must be established and trading for at least 6 months, operating within the area covered by a Local Enterprise Office.
- Solvency: You need to demonstrate financial solvency through submitted financial statements.
- Exclusions: The Grow Digital Voucher is not available to businesses that are currently clients of Enterprise Ireland or IDA Ireland or those that operate in ineligible sectors such as gambling, adult entertainment, tobacco, or certain agricultural industries.
How Much Funding Can You Receive?
The Grow Digital Voucher offers up to 50% funding of eligible costs, with a minimum grant aid of €500 and a maximum grant of €5,000. This funding can be used towards software subscriptions, training, or IT configuration, ensuring that businesses can equip themselves with the tools they need to start the digital transformation journey.
Enterprises can be approved for a maximum of two Grow Digital Voucher projects (up to €10,000) with the second voucher contingent on the successful implementation of the previous project and demonstrated business progression.
How Will the Grow Digital Voucher Help Your Business?
The Grow Digital Voucher offers a valuable opportunity for businesses aiming to incorporate digital technologies and maintain a competitive edge in today's marketplace. Here are some advantages of utilising the voucher:
- Enhance Efficiency: Optimise your operations and boost productivity by implementing digital tools designed for your business requirements.
- Expand Customer Base: Broaden your reach and engage with a larger online audience, increasing your customer base and revenue.
- Maintain Competitiveness: Close the digital divide and ensure your business remains competitive by leveraging the latest technologies.
What Can You Spend the Voucher On?
The Grow Digital Voucher covers various digitalisation costs that are key to business growth. Some eligible expenditures include:
- Software Subscriptions: Costs for new business software that will directly benefit the business, such as e-commerce platforms, website development (excluding bespoke solutions), customer relationship management (CRM) platforms, job tracking software, and more.
- Training and Configuration: If your business requires expert assistance to set up new systems or provide training to your team, the voucher can cover these costs. This is up to 50% of the overall project cost).
It is essential to know that some expenses are not included in the Grow Digital Voucher scheme, such as custom or tailored software, systems used exclusively for regulatory compliance, or routine updates of existing digital systems that do not result in substantial enhancements.
How Can Grow Digital Vouchers Help Your Business?
Let’s say you run a small enterprise just beginning its digital transformation journey. You’ve identified that implementing HubSpot would significantly improve your sales, marketing, and customer service operations. The total cost of subscribing to HubSpot and covering the necessary onboarding fees comes to €10,000.
Here’s how the Grow Digital Voucher can help:
- The voucher will cover up to €5,000, which will help subsidise the cost of your HubSpot subscription and the required onboarding services.
- Your business will only need to pay the remaining €5,000, making the investment more manageable.
- You can then apply for an additional Grow Digital voucher of up to €5,000 to continue your digitalisation journey.
This can be a great way to kick-start your digitalisation efforts without shouldering the full financial burden upfront. You’ll be able to access HubSpot’s powerful CRM and automation tools, as well as expert onboarding assistance, to ensure a smooth transition and successful implementation.
What is Digital for Business?
Before you can apply for the Grow Digital Voucher, your business must have completed a Digital for Business project within the last two years. But what exactly does this entail?
The Digital for Business initiative is a tailored support programme provided by the Local Enterprise Offices (LEOs) across Ireland. It is designed to assist small enterprises in improving their digital capabilities, ensuring they have the right tools, systems, and strategies to succeed in the digital age. The programme includes a detailed assessment of your business’s existing digital systems, identifies potential gaps, and helps you explore opportunities to optimise and integrate new digital solutions.
Once your Digital for Business project is complete, you’ll have a clearer vision of your digital needs and how to progress. This forms the foundation for applying for the Grow Digital Voucher, allowing your business to access funding to further your digitalisation efforts.
If you're unsure where to start or need guidance to prepare for the Digital for Business project and apply for the Grow Digital Voucher, our experts at Cat Media are here to help. We offer a free assessment call to ensure your business is ready to take full advantage of these opportunities.
How to Apply
The first step in accessing the Grow Digital Voucher is to discuss your application with your Local Enterprise Office (LEO). Each office offers tailored support to guide you through the application process and ensure your business qualifies for the funding. Find your Local Enterprise Office here.
Take the Digital Readiness Assessment
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Not sure where your business stands in terms of digital readiness? You can take a free, 5-minute digital readiness assessment to see how digitally prepared your business is. This quick assessment will provide you with a bespoke digital scorecard, offering insights and advice on how to improve your digital strategy.
Take the Next Step with HubSpot
If you’re ready to begin your digital transformation, the HubSpot platform might be the perfect fit. Not sure which HubSpot solution is right for you?
Take the HubSpot Product Fit Quiz here to find the solution that aligns best with your business needs.
If you have any questions or comments, feel free to drop them in the form below. Our team at Cat Media is here to guide you through your digitalisation journey, ensuring that you have the right tools and support to thrive in today’s competitive marketplace.
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