Investor compeition helps startups sow the seeds for growth

At a time of great challenge for the entrepreneurial community, InterTradeIreland’s Seedcorn Competition offers assistance as the largest investor readiness competition for early stage/high growth companies in any sector on across the country. 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, located in any of four regions; Northern Ireland, Dublin, Munster, and Connacht & Leinster.

After companies submit their application along with a visual representation of the business idea, those shortlisted 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.

The competition is open to independent incorporated ventures in Ireland or Northern Ireland in the Seed, Start-up or Early Stage of business development, and ideally targeting international markets. The competition is for individuals or venture teams who have created, manage and own such ventures.

Limerick firm Tracworx, last year’s overall Seedcorn winner, has called on other companies to take advantage of what the competition has to offer.

“Seedcorn has allowed us to take our business to the next level,” says Chris Kelly, Tracworx CEO. “From the refinement of our investment documentation and pitching skills, to the exposure we have been given both publicly and within the start-up and investment communities, it has been transformational to our business and I would urge other firms to get involved.”

Tracworx developed a patient tracking system that uses existing Wi-Fi networks in hospitals, allowing healthcare facilities to automate their data collection and generate reports using real-time data.

The company was established in 2016 by college students Kelly, Fionn Barron (COO) and Eoin O’Brien (CTO). Tracworx has since extended its operations into the UK and has plans in the near future to expand further into the European market.

Most recently, the funding secured from winning Seedcorn has helped the company tackle the coronavirus pandemic, aiding in the development of a new app to assist hospitals in tackling Covid-19.

“Covid-19 has presented an unprecedented challenge for hospitals. Contact tracing in the hospital environment has become a top priority to protect frontline staff and patients. Our core product is a Wi-Fi based tracking technology which gives hospitals complete transparency over where their patients have been, which can directly support this contact tracing effort.”

With the support of Seedcorn, Tracworx has been able to expand on its current product to offer a mobile based version of the application to allow healthcare providers match the location history of a confirmed Covid-19 carrier with other users. “This directly helps with the challenge of remembering where an individual has been for the last two weeks.”

Companies benefiting from Seedcorn have come from many sectors including advanced manufacturing, technology, sport, finance, medical devices and diagnostics. Since the competition’s inception in 2003, more than 3,100 companies have been through the programme and finalists have raised in excess of €256m.

“Now, more than ever, in the uncertain times we find ourselves, start-up and early stage business need help and support to secure investment,” says Shane O’Hanlon, Funding for Growth Manager, InterTradeIreland.

“The funding environment is especially challenging for every business right now, and new companies are at a critical and vulnerable stage of development. Entrepreneurs have shown their ingenuity and resilience over the decades, and we are confident that with the right support, despite the current crisis, they will rise to the many obstacles they face.

“Seedcorn’s team of experts can give entrepreneurs priceless insight and feedback to set them on the right track.”

Closing date for initial applications is 1pm on the 29th May 2020.

www. intertradeireland.com/funding/seedcorn/