Entrepreneurs from Galway, Mayo, and Westmeath could get a huge cash boost for their business thanks to a record prize fund of €360,000 being offered by InterTradeIreland’s Seedcorn Business Competition, details of which were announced this week.
The sum, already the highest offered by any business competition across the island, has been increased this year to help give fledgling firms ‘lift-off’ during the recession.
Liam Nellis, chief executive of the business and trade development body, said the economic environment has never been more difficult for young businesses.
“Seedcorn can help by offering a fantastic cash incentive, as well as invaluable support and advice from some of Ireland’s top investment experts.
“Small companies in the Connacht and Leinster area have already raised around €18.5m of additional equity investment over the past six years, bringing the total on the island of Ireland to €95.4m.
“I would urge any young company to have a go, because by just entering Seedcorn, they can put themselves in a better position to attract investment, gain valuable industry contacts, and get their name known.”
This year, the two top categories – Best High Growth Company and Best Emerging Company – stand to win €100,000 each. There are also six regional prizes of €25,000 each and one Best Spinout prize of €10,000.
Mcor Technologies of Ardee has gone from strength to strength since winning €100,000 and the overall Best Emerging International Company title last year. The company, run by Conor, Fintan and Deirdre MacCormack, develops and manufactures 3D printers.
“Since winning the competition, we have had great success with the launch of our Matrix machine across the Irish and UK markets,” said Conor. “Business conditions right now are tough for everyone, but we have proved that the market is always receptive to the right product at the right price.
“However, in order to roll out the product further afield in 2009, we have been in dialogue with several possible partners who are interested in entering this space, and Seedcorn has really helped us get attention from the people we want to reach. Entering the competition was a fantastic investment for us, not least in terms of profile.”
SOTA Orthopaedics of Drogheda, which develops state-of-the-art medical devices for orthopaedic surgery, won last year’s regional title; Emerging Company winner in Connacht & Leinster.
CEO Brian Thornes said: “We were thrilled to win the regional title and found Seedcorn a very useful experience. I would urge other local companies to have a go, because in tough trading conditions like these it can help you to get ahead of the game.”
Seedcorn project manager Caroline Sweeney said: “We are experiencing the most difficult economic conditions in 70 years, so it has never been more important for struggling young businesses to take advantage of the sort of benefits Seedcorn has to offer.
“Ireland is rightly renowned for its spirit of entrepreneurship, and we want to see as many fledgling firms as possible coming forward to use the competition to help develop their business ideas, improve their business plan, and learn how to present concepts to panels of investors.”
Following the scoring of written business plans, the top entries from each region and category are selected to make a short presentation to a panel of judges, followed by a question and answer session.
Winners are selected in each category in each of the four regions and all eight will be asked to make their presentation again to a separate panel of judges at the final in Dublin on November 26, 2009. The panel will then select the overall all-island winner in each category.
To register an interest in entering InterTradeIreland’s Seedcorn Business Competition, visit www.seedcorncompetition.com Business plans must be submitted by 1pm on the closing date of September 25.
Entrants to the High Growth Company category must not be in existence for more than five years at September 25, 2009, have a new equity requirement of at least €500,000 and have sales targets of more than €8m by year 3, 4 or 5.
Entrants to the Emerging Company category must not be in existence for more than three years at September 25, 2009, have a new equity requirement of at least €100,000 and have sales targets of less than €8m by year 3, 4 or 5.
