30th April 2007

Entrepreneurs take the LEAP in LIT

“Limerick Institute of Technology is delighted to welcome eleven fantastic entrepreneurs onto the LEAP programme in 2007. The programme, hosted by the Enterprise Acceleration Centre on campus, will assist these eleven participants to develop their business ideas into sustainable enterprises over the coming year.”

This is according to Donncha Hughes, Manager of the Enterprise Acceleration Centre following the commencement of the LEAP – Limerick Enterprise Acceleration Platform – Programme. LEAP integrates a range of supports focused on strategic planning and practical business set-up to include; management training, business coaching, mentoring and consultancy. These supports work together to challenge and guide the participants during year long programme to develop an investor ready business plan while also challenging them to win the sales that will make their business profitable.

“Our recruitment campaign sought enthusiastic, self-starters with innovative business ideas from across Limerick, Clare and North Tipperary. We are delighted that we found eleven fantastic promoters for our pilot programme in 2007. Without a master plan or design, the recruitment process unearthed eleven superb promoters operating across a range of sectors: from high tech software applications in the aeronautical, automotive and general management sector; publishing and specialty food consumer products; and services businesses ranging from high level training, industrial environment and creative design services. The Enterprise Acceleration Centre and the LEAP programme provides the ideal environment and platform for these promoters, and their extended teams, to develop their business concepts and turn them into successful businesses. The programme will facilitate the enterprises to develop products and services, branding and most importantly to win customers and sales.”

LEAP programme manager, Graham Royce, added that in addition to the structured approach of the programme, a key benefit of the programme is the entrepreneurial environment that is already being created in terms of sharing ideas, experiences, perspectives and contacts as each of the promoters help to motivate and inspire each other.    

“The first week of the programme has been used to develop a team spirit among the participants. The training sessions concentrated on the process of business planning and business plan development in addition to development of presentation skills. We have also had one-on-one sessions with participants to assist them to develop a plan of action that will allow them to focus on the key issues for their business and set out a schedule for key deliverables. What the LEAP programme brings is a network of contacts who can assist in a practical way with the full range of business issues, such as accountancy, product development and production, building a management team, intellectual property, branding, sales and marketing. The full year programme is also geared towards assisting the companies to source the finance they require.”

Mr Hughes concluded that each of the businesses faces certain challenges and difficulties in their first year and beyond like all other businesses in Ireland but each has superb potential in terms of developing as a successful enterprise. We are already looking forward to LEAP 2008 and are meeting people to discuss their ideas.  

“Cost competitiveness and innovation are critical issues for all small and medium sized businesses in Ireland. A business must develop a unique selling point (USP) that will drive sales and profitability. Once the USP is established the challenge is to establish procedures and systems to manage the business. This is the first year of the LEAP programme in Limerick. Our objective is to facilitate the development of these businesses and thereby establish the track record of the Enterprise Acceleration Centre as the number one location for establishing high performance start-ups in the region.”