Cash prize for solid business plans

A VENTURE capital prize fund offering €280,000 to budding entrepreneurs with solid business ideas was launched yesterday in Limerick.

Donncha Hughes of Limerick Institute of Technology, one of the colleges participating in the competition said: “Access to finance is a critical issue for early-stage entrepreneurs to fund investment in the company for development and growth. Our mentoring and business planning service will identify the options open to the new business.”

These will include applications for feasibility funding to enterprise boards and Enterprise Ireland; Business Angel Investors; business expansion schemes, venture capital, loans, savings and applications for seed capital relief.

Mr Hughes said: “It is important that the entrepreneur maximise the value of these supports at the appropriate stages in the development of their business. The Seedcorn competition is a valuable resource for clients of LIT’s Enterprise Acceleration Centre, including the participants on the LEAP Programme.”

Mr Hughes said the aim of LIT’s Enterprise Acceleration Centre is to accelerate the development of high- potential companies by assisting entrepreneurs to develop their businesses.

He said: “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.”

Gráinne Lennon, project manager, InterTradeIreland said: “Securing venture funding for viable business and investment propositions is challenging. If the business venture is early stage, the equity gap is even more pronounced as only a small number of venture capital funds invest in the ‘seed capital’ space. The business plan is a key tool that demonstrates that the entrepreneur/venture team have a business proposition with the potential to be a star investment.”

A panel of business leaders and investors will award the top prize of €100,000 and €50,000 to the overall “international” and “emerging” category winners and further cash prizes to the runners-up.

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 September 28.