20 May 2020 | 02.49 pm
Seedcorn Competition Has €100,000 Top Prize
InterTradeIreland inviting applications before May 29
20 May 2020 | 02.49 pm
The webinars will provide those considering applying with advice on preparation of video clips, presentation slide decks and business plans.
InterTradeIreland’s Seedcorn competition is the largest investor readiness competition for early stage/high growth companies in any sector on any part of the island. The competition, aimed at companies that have a new equity funding requirement, has a record total cash prize fund of €280,000.
Businesses can enter in one of the two categories – new start or early stage – and there are four regions: Northern Ireland, Dublin (City & County), Munster, and Connacht & Leinster (including counties Donegal, Cavan and Monaghan).
Companies submit their application along with a visual representation of the business idea. Shortlisted companies are invited to submit a full business plan and, if successful, are invited to deliver an investment pitch in front of the judging panel comprising of venture capitalists, business angels and some of the island’s leading industry experts and entrepreneurs.
Throughout each stage of the competition, companies will be judged on various criteria including financial performance, company milestones and achievements, future strategy for the business, the management team in place and the quality of the pitch to the judging panel. Feedback is provided to companies at each stage of the competition process.
€100,000 Overall Winner
€50,000 Category Winner
€20,000 Regional Winners (x 6)
A €10,000 prize will also be awarded for the best venture stemming from a university spinout or a recognised support programme.
New Start Company – for companies under five years old at 1 June 2018 and who are seeking to raise new equity of between €50,000 and €299,999.
Early Stage Company – for companies under five years old at 1 June 2018 and who are seeking to raise in excess of €300,000.
Limerick firm Tracworx was last year’s overall Seedcorn winner. The venture has developed a patient tracking system that uses WiFi networks in hospitals, allowing healthcare facilities to automate their data collection and generate reports using real-time data.
CEO Chris Kelly (pictured) said the Seedcorn prize funding aided in the development of a new app to assist hospitals in tackling Covid-19.
“Seedcorn has allowed us to take our business to the next level,” said Kelly. “From the refinement of our investment documentation and pitching skills, to the exposure we have been given, it has been transformational to our business and I would urge other firms to get involved.”
Seedcorn participants secure expert feedback on their business plans and pitches, improve their investor readiness and gain exposure to investors. Since the competition’s inception in 2003, c.3,100 companies have been through the programme and finalists have raised in excess of €256m.
Shane O’Hanlon, Funding for Growth Manager, InterTradeIreland, commented: “The funding environment is especially challenging for every business right now, and new companies are at a critical and vulnerable stage of development. Seedcorn’s team of experts can give entrepreneurs priceless insight and feedback to set them on the right track.”
The closing date for initial applications 29 May 2020. Further details are available here.