Thursday, 17th April 2008

Enterprise Acceleration Centre announces details of Business Plan

Competition for LEAP 2007 promoters

The Enterprise Acceleration Centre, Limerick Institute of Technology’s on campus business incubation facility is delighted to announce details of the LEAP Showcase Exhibition 2007 which takes place on Monday 21st April 2008 to mark the end of the first year of the LEAP programme. The highlight of the evening will be the presentation of the Enterprise Acceleration Centre Business Plan Competition Awards which recognise the achievements of three of our LEAP programme companies with a prize fund of €10,000.

Outlining the format of the Business Plan Competition, Enterprise Acceleration Centre Manager, Donncha Hughes said that the development of an investor ready business plan by each company is one critical measure of the success of the programme. He added:

“Our promoters on the LEAP programme are required to work on two broad milestones during the 12 month programme. The first objective is for each of the ten participants to prepare an investor ready business plan prior to year end while the second objective is for each business to deliver initial sales in order to provide a platform for the future of each business. This business plan competition recognises the achievements of the entrepreneurs who have made great progress since joining the first LEAP programme in April 2007. The ten participants were invited to submit a business plan by April 1st. The plans were then forwarded to the members of the Selection Panel who will meet with the promoters on the 21st of April in order to decide on the Award winners.”

Limerick Institute of Technology is delighted to welcome back all the organisations in the Mid West who contribute to the success of the LEAP programme. Looking forward to what will be a superb networking event, Donncha added:

“The Enterprise Acceleration Centre has invited LIT staff members, representatives of Enterprise Ireland, the Enterprise Boards and all the trainers, mentors and advisors who have worked with our LEAP programme 2007 participants to make our first year a superb success.  Invited guests can meet each LEAP 2007 company (founder and team) on the evening – from 7.00 PM – during the Showcase Exhibition which takes place in our reception area. The awards ceremony will take place in Acés Bistro, our on-site restaurant at eight o’clock. The three award winners will make a five minute elevator pitch to assembled guests.  This networking reception is kindly sponsored by MGM and AIB.”

Mr Hughes concluded that the LEAP programme showcases the vibrant business start-up culture that has been created in the Enterprise Acceleration Centre. The programme is critical to creating a pipeline of clients and will undoubtedly have a positive economic impact over the long-term in the Mid West Region. The companies who participated in the 2007 programme operate across a range of sectors:  high tech software applications ranging from automotive design, scheduling, calibration management, social networking; service businesses ranging from training for medical device companies, to creative design services; and specialty consumer food products.

Further information on the LEAP programme available online @ www.lit.ie/leap including profiles of participants who have entered the Enterprise Acceleration Centre Business Plan Competition.  

Ends

Notes to Editor

How much is the prize fund?

There are three emerging new business awards sponsored by the Enterprise Acceleration Centre to a total value of €10,000.

• 1st – Best funding proposal - €5,000
• 2nd – Innovation & Market Entry - €3,000
• 3rd – Best business plan - €2,000

The Judges

The panel comprises five experienced business people with enterprise start up and financial expertise and experience.

• Ann Larkin, Head of Small Business, AIB
• Pat Lynch, Director, Compliance & Risks
• Neil Mulcahy, Director, MGM
• David Cronin, Chief Executive, Wild Geese Group
• Dominic Moriarity, Tom Crean Centre, Chairperson

The Enterprise Acceleration Centre would like to acknowledge and thank all our training providers, case study providers and guest speakers for their assistance in the delivery of the training element of the LEAP 2007 programme.