November 2009

LIT Congratulates Cauwill Technologies on Munster Seedcorn Win

 Limerick Business wins €25,000 Seedcorn Prize

Limerick Institute of Technology would like to congratulate LEAP 2009 company Cauwill Technologies on their selection as the best company in Munster in the Emerging Category of the 2009 InterTradeIreland All-Island Seedcorn Business Competition.

Ronan Skehill, Cauwill pictured with Donncha Hughes and Graham Royce.

“The Enterprise Acceleration Centre (EAC) and the LEAP programme are major supporters of the InterTradeIreland All-Island Seedcorn Business Competition.,” according to Donncha Hughes, EAC Manager following the announcement by InterTrade Ireland that Cauwill had been awarded first prize to the value of €25,000 in the Emerging Company Category in Munster. “For early stage technology oriented companies, the focus has to be on sales to international customers. This makes access to finance a critical requirement. LEAP 2009 company, Cauwill Technologies has developed a highly innovative product called PinPoints. A PinPoint can represent an address, a business name, a hotel or any place of interest. The PinPoint can be sent to a mobile phone and with one-click it uses technology available on ‘Smartphones’ to enable accurate satellite navigation to the location. The technology has broad appeal but will be deployed sector by sector. The first sector to benefit from this technology is the online travel sector, specifically providers of online hotel booking engines. These companies have a need to describe a specific location each time a hotel is booked. A beta customer has been secured in the hotel booking engine sector which is experiencing very strong growth on a global basis. The promoters Ronan Skehill and Ian Rice epitomise how an early stage company can present themselves as an investable opportunity for investors.” 

The LEAP 2009 programme is currently assisting 16 start-up entrepreneurs, including Cauwill Technologies, to develop an investor-ready business plan during the 12 month programme. Programme Manager, Mr Graham Royce, declared that the Seedcorn competition provides fantastic motivation to entrepreneurs to put their strategy on paper and this in turn helps to drive the business forward by identifying opportunities and also the gaps that need to be addressed.

“The seedcorn competition provides a focus in terms of preparing a business plan. It offers fledgling independent ventures the opportunity to develop their business ideas, improve their business plan and lean how to present their business to panels of investors. The prize money is simply the icing on the cake for entrants, because Seedcorn gives growing enterprises access to invaluable advice from some of Ireland’s top investment experts, helping them to raise significant additional investment and grow their businesses at accelerated speed. It also gives growing companies the opportunity to gain exposure to a whole range of venture capitalists and to increase the profile of their business.”

Mr Hughes concluded that Limerick Institute of Technology was delighted that all three companies shortlisted in the Emerging Category in Munster are based in the Enterprise Acceleration Centre. The other two companies shortlisted were ModaNode and coClarity.

“Each of the companies competing in the Emerging Category submitted business plans which demonstrate a minimum equity funding requirement of at least €100,000 to support their growth ambitions for the future. The selection of three EAC companies highlight that a cluster of software development, digital media and Web 2.0 expertise is developing in the EAC. coClarity transforms how people interact and work together. Their first product ‘Goshido’ is a collaboration and project guidance system designed to meet the unique challenges of the games development industry. MobaNode specialise in engaging with mobile consumers by delivering personal, targeted, relevant, content and messaging to mobile devices at music events, sporting occasions, conferences, expos and more. Over the last 18 months, ModaNode list of clients includes Heineken at the Green Energy Festival; Nokia at the Top Gear Live Show; Dublin’s St. Patrick’s Day Festival; plus many other marquee brands in Ireland and the UK. The other strong area of synergy for EAC companies lies in the area of sensors, telecommunications and energy management.”