Shannon Development is delighted to partner with InterTradeIreland to promote the InterTradeIreland All Ireland Seedcorn Business Competition 2010. Shannon Development is hosting an information workshop where InterTradeIreland’s equity advisors will talk about the benefits of entering the business plan competition which has a prize fund of €280,000. This insightful workshop for startup and expanding businesses will take place in Birr Technology Centre, on Tuesday, June 22 next at 6pm.
Start-up companies across the island are being offered the opportunity to learn more about how to cash in on a €280,000 prize fund in the InterTradeIreland All-island Seedcorn Business Competition 2010. Local Entrepreneurs could get a huge cash boost for their business, thanks to a prize fund of €280,000 being offered by InterTradeIreland’s All-Island Seedcorn Business Competition 2010.
Denis Duggan, Shannon Development’s Manager in Birr Technology Centre said “The current business environment is very difficult for startup companies. Shannon Development is delighted to work with InterTradeIreland’s equity advisers to promote the All Ireland Seedcorn Business Competition 2010 at the upcoming workshop in Birr Technology Centre. The Equity Advisors will talk about the benefits of entering the competition and how to prepare a business plan to attract potential investors during a series of free workshops. This is a great opportunity for business in the Tipperary and Offaly areas to find out more about the Seedcorn competition and equity investment”.
The competition is the largest on the island in terms of the prize fund available and in the past has helped give fledgling firms such as Tipperary based company, HKPB Scientific a ‘lift-off’.
HKPB Scientific, based in Thurles, Co Tipperary was a regional winner in 2008 and took home a €20,000 share of the competition prize fund. Since winning the award, the company has gone from strength to strength in its research and development in the chemical, physical and biological sciences. HKBP recently announced its intention to employ 200 people over five years in Nenagh, Co. Tipperary.
Previous winners of InterTradeIreland’s Seedcorn Competition have leveraged more than €125m of additional equity investment over the past seven years.
As well as offering fantastic cash incentives Seedcorn provides invaluable support and advice from some of the island’s top investment experts and the competition mimics a real Venture Capital investment process.
InterTradeIreland Board member, Sean Gallagher who is also a well-known ‘Dragon’ from RTE’s hit TV show ‘the Dragon’s Den’ said:
“The economic environment has never been tougher for young companies. InterTradeIreland’s Seedcorn Competition can help businesses get off the ground with a cash incentive as well as invaluable advice and support from leading investors across the island. They can use the competition to help develop their business ideas, improve their business plan and learn how to present concepts to panels of investors. I would urge companies to enter Seedcorn and give their business a boost – aside from the prize fund on offer, the competition provides a unique opportunity for firms to raise their profile, make invaluable industry contacts and ultimately attract further investment.”
This year, the two top categories – Best High Growth Company and Best Emerging Company – stand to win €100,000 and €50,000 respectively. There are also six regional prizes of €20,000 each and one Best Spinout prize of €10,000.
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 regions and will be asked to make their presentation again to a separate panel of judges at the final in Belfast on Tuesday, November 30th, 2010. The panel will then select the overall all-island winner in each category.
To register for the competition and for further information, visit: www.intertradeireland.com/seedcorn
Business plans must be submitted by 1pm on Friday, 17th September, 2010. Further information please contact: Rachael Downing of InterTradeIreland on (0044) 28 3083 4114 Denis Duggan of Shannon Development on 057-9124001 or 086-1681848
Prize fund and categories:
• €100,000 for Best High Growth Company
• €50,000 for Best Emerging Company
• €20,000 for each regional winner x 6
• €10,000 Special Award Winner for the best venture stemming from a university spin-out or platform programme
Regions
• Northern Ireland
• Dublin City and County
• Munster
• Connacht and Leinster*
• includes counties Cavan, Monaghan & Donegal and excludes Dublin
Through Seedcorn, companies on the island of Ireland have already leveraged around €125m of additional equity investment over the past seven years – including €24.6m ( Connacht & Leinster); €47.4m (Dublin); €33.2m (Munster); and €19.6m (Northern Ireland).
Entrants to the High Growth Company category must not be in existence for more than five years at September 17, 2010, have a new equity requirement of at least €500,000 and have sales targets of more than €5m by year 3, 4 or 5 (or sterling equivalents).
Entrants to the Emerging Company category must not be in existence for more than three years at September 17, 2010, have a new equity requirement of at least €100,000 and have sales targets of less than €5m by year 3, 4 or 5 (or sterling equivalents).
Nandi O’Sullivan
Public Relations Manager
Tel: +353 61 710259
Mobile: +353 86-2371510
Fax: 061 363180
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