4th October 2007

Entrepreneurs gather in Limerick for MidWest Showcase

Entrepreneurs, investors and business advisors gathered at a seminar in Limerick today to hear first hand experience and advice on funding for start-up companies and the challenges facing entrepreneurs in Ireland today.

The half day seminar entitled ‘Funding for New and Established Start-Ups’ was the focal point of the first MidWest Entrepreneur Showcase hosted by Limerick Institute of Technology’s Enterprise Acceleration Centre, LIT’s on campus business incubation facility.

One of the speakers at the event, attended by over 160 business people from the MidWest, was Jerry Kennelly, the well known Kerry entrepreneur and founder of Stockbyte which was sold in April 2006 for €110 million. 

Said Mr. Kennelly, "From a state support, infrastructure, tax and can-do perspective, there has never been a better time to start a global business from Ireland. I cannot understand why more people don't give up their jobs for the rewards offered by running your own business based here.”

“But it takes creativity, guts, tenacity as well as scale and speed to create substantial value. There are few people in the world who do business as well as the Irish -  and the regions are often hungrier for that success than anybody else.”

A number of other speakers shared their expertise and experience of funding start up companies.

Damian Young, head of the Small Business segment in Bank of Ireland declared that the environment for new businesses remains positive.

Said Damian, “There are a wide range of supports available to small businesses today that were not there 20 years ago. The environment remains good with low taxation, financial incentives and a range of skills and knowledge supports. Access to capital is key and banks continue to support small businesses at early stages.”

Martin Corry, development advisor in Enterprise Ireland added, “Today’s Mid West Entrepreneur Showcase highlighted the range of business innovation which exists in the Mid West region. At Enterprise Ireland, we have a keen focus on working with entrepreneurs who wish to start and develop high growth companies with the ability to grow to scale and achieve significant global success.”

The meeting was chaired by Dr. Maria Hinfelaar, Director of LIT who added that a thriving entrepreneurial economy can deliver a range of economic, regional and social benefits for Ireland. Citing a recently published report on Entrepreneurship in Ireland in 2006, she said that Ireland remains one of the foremost countries in the EU in terms of entrepreneurship.

“The Global Entrepreneurship Monitor Report 2006 for Ireland found that 44% of Irish adults perceive that there are good opportunities to establish a new business at present, 50% also believe that they have the necessary skills to successfully establish and run a business. Ireland ranks third highest in the EU in terms of entrepreneurial activity and our Enterprise Acceleration Centre plays a key role in supporting entrepreneurs and start-up enterprises in the region.”

In addition to the seminar, the Mid West Entrepreneur Showcase featured exhibits by clients of the Enterprise Acceleration Centre; companies recently established in the Mid-West; and organisations who support entrepreneurs in the region. Two companies on the LEAP (Limerick Enterprise Acceleration Platform) programme run by LIT, ARV Excellence and Tricycle Interactive took the opportunity to launch their websites signifying the progress they have made in 2007.

Tricycle Interactive, established in October 2006 by three graduates from the University of Limerick, creates unique interactive products and services that are easy to learn, effective to use and fun, see www.tricycle.ie.

ARV Excellence is a process improvement company specialising in the delivery of Lean Six Sigma and software, see www.arvexcellence.com.

Said Donncha Hughes, Manager of the Enterprise Acceleration Centre, “The Showcase provided valuable insights on the latest funding options available. But the real value was in facilitating early stage businesses to network with each other and meet advisors who can help them along the way. We hope that this event will inspire the next generation of 21st century entrepreneurs to take advantage of the opportunities that are now available.”

Delegates also heard from Drew O'Sullivan, an Investment Manager with the venture capital firm 4th Level Ventures and David Boland, Managing Director of Documatics, who presented on "Early Stage Business Funding – A practical Case Study”.

The meeting was sponsored by leading Limerick based Audit, Tax and Advisory Providers, MGM Mulcahy Gorman Mulcahy (see www.mulcahygormanmulcahy.com).