Media Release

Lunchtime briefing on InterTrade Ireland’s record

SeedCorn prize fund of €280,000

Limerick Institute of Technology's Enterprise Acceleration Centre is delighted to host this year’s InterTradeIreland All-Island Seedcorn Business Competition Mid-West Lunchtime Briefing on Tuesday 24th July next @ 12.30 PM. All early stage business promoters in the region are welcome to attend this lunchtime briefing. The programme includes a briefing by Grainne Lennon, Project Manager, InterTradeIreland on the structure, application process and key changes to this year’s SeedCorn Competition which involves a record prize fund of €280,000.

Speaking in advance of the briefing, Ms Grainne Lennon, Project Manager with Intertrade Ireland highlighted that while the prize fund has been increased to €280,000 this year, that the real benefit of the Seedcorn competition is as a ‘door-opener’ to assist business founders to grow their ventures.  

“The Seedcorn competition is offering €100,000 for the best emerging International Company on the island, €50,000 for the best Emerging Company, six regional prizes of €20,000 and a prize of €10,000 for the best venture stemming from university spinouts and platform programmes. It is aimed at fledgling independent ventures which entrants own and manage that can demonstrate the potential to deliver substantial international sales targets. The competition is all about promoting the use of private equity to accelerate the growth of companies and aims to help those with a significant equity requirement to become more ‘investor ready’. Entering the competition offers budding entrepreneurs the opportunity to develop their business idea; improve their business plan with expert advice; learn how to present concepts to panels of investors; gain exposure to venture capitalists; and increase the profile of their business.”

Donncha Hughes concluded that the InterTradeIreland Seedcorn competition is of immense interest to clients of the Enterprise Acceleration Centre including the participants on the LEAP programme who he suggested would be strong contenders in the emerging company category. He recommended that interested early stage business founders should attend the lunchtime briefing which would be an excellent networking opportunity.

“The Enterprise Acceleration Centre’s aim is to accelerate the development of high potential companies by assisting entrepreneurs to develop their businesses. Two key issues in this regard are business planning and securing external finance. The LEAP programme is geared to assist early stage business promoters by facilitating them over 12 months to develop an ‘investor-ready’ business plan. The Seedcorn competition complements the work of the LEAP programme in many ways.’

Anyone interested in attending this briefing is asked to register in advance by emailing Donncha @ eac@lit.ie or Tel 061 490151. There is no charge to attend this event and tea/ coffee and sandwiches will be served.

To register your interest in entering the All-Ireland Seedcorn Business Competition, log on to www.intertradeireland.com/seedcorn . Business plans must be submitted by 5.00 pm on the closing date of September 28, 2007.