InterTradeIreland has launched its final call for entries from Galway companies to the seventh annual All-island Seedcorn Business Competition. A prize fund of €280,000 is offered by InterTradeIreland for the best early stage companies on the island.
Companies have an opportunity to compete at a regional level in two categories, Best Emerging Company and Best High Growth Company. Sean Gallagher, an InterTradeIreland Board member and ‘Dragon’ from the hit RTÉ TV Show Dragon’s Den will be one of the competition judges. Advice from some of Ireland’s leading investment and business experts will be available to participating early stage companies on how to develop business ideas and improve business plans. InterTradeIreland will also advice on how companies can get ‘investor ready’ and ensure their concept is more attractive to investors.
The competition is open to all independent companies incorporated in Ireland or Northern Ireland in the seed, start-up or early stages of business development and ideally targeting international markets. Entrants should have started, managed and own the company and have not yet raised external equity in excess of €1 million.
Galway based Chipright Limited, an innovative engineering organisation specialising in electronic design was a regional winner in the Best Emerging company category in 2007, and won a €25,000 share of the prize fund. Since winning the competition, the company has grown its business internationally to become a service leading company in many elements of hardware and software.
Speaking at the final call, competition judge, Sean Gallagher said: “As well as the cash prize on offer, the competition offers an invaluable opportunity for companies to test and validate their business plan because it mimics the real-life investment process. The competition forces you to formalise and review your plan which, once documented, can be used for so many opportunities. Even if you don’t win the ultimate prize, you can learn so much along the
way from InterTrade Ireland’s professional advisers.
“Locally, the two best early stage companies will take home at least €20,000 each before competing in the grand final for the overall €100,000 prize. We have been really pleased with the interest from companies to date and would encourage more Galway companies to consider applying”
Last year’s overall competition winner for the Best High Growth Company – Belfast-based Sophia Search - has since secured the largest ever Business Angel Investment in Northern Ireland worth £800,000 and opened its first offices in the US.
The final date for receipt of interested applications is 1pm on Friday, 17 September 17. Regional winners will be announced in November before going on to compete in the all-island grand final which takes place on November 25 in Belfast.
Further details are available on www.intertradeireland.com/seedcorn
