InterTradeIreland’s annual Seedcorn Competition which offers a lifeline to young companies seeking to raise equity to help their business grow and develop is now open. With an overall prize fund of €280,000, new start and early stage companies can benefit from a cash injection of up to €100,000.
Aimed at innovative companies from all sectors, Seedcorn is the largest business competition on the island and is a must for entrepreneurs wanting to attract investment. At a time where there is a shortage of seed finance, the competition is one avenue for ambitious start-ups to get new business ideas off the ground.
Benefits of participation
Seedcorn is about much more than just money – entrants can gain invaluable guidance, tips and advice from experts, including investors and other entrepreneurs, on how to improve their business plan and refine their pitch to demonstrate that they are investor ready.
Last year’s overall winner, Ocean Survivor, from Limerick, manufacturers of a range of innovative safety equipment aimed primarily at the off-shore oil industry. Founder Kieran Normoyle credits Seedcorn with providing constructive feedback as well as vital funding, which allowed Ocean Survivor to invest in securing the necessary trials, standards and personnel required to bring their product to market.
Legacy of Seedcorn success
Since its inception in 2003, companies who have gone through Seedcorn and reached regional final level have raised more than €200m. Last year alone, in excess of €10m was raised.
Over the coming weeks, InterTradeIreland is hosting free workshops to guide those considering entering this year’s competition, including providing advice on preparation of video clips, presentation slide decks and business plans. More information on the workshops can be found on the InterTradeIreland website.
This year’s competition is now open for registration at www.intertradeireland.com/seedcorn and businesses are encouraged to submit an entry. Deadline for submissions is 27 May 2016. You can follow all the action throughout the 2016 competition by searching for and using #ITIseedcorn and following @iti_seedcorn