InterTradeIreland All-island Seedcorn business competition 2009
22 September, 2009
Are you an early stage/high growth company?
Do you need new equity funding to help your business take-off?
InterTradeIrelands all-island Seedcorn Business Competition has a new record prize fund of €360,000 and offers budding entrepreneurs the opportunity to:
Develop your business idea
Improve your business plan
Make your concept investor ready
Gain exposure to venture capitalists and other equity providers
Increase the profile of your business
The judges are looking for the same elements as a potential investor including:
High growth companies
The optimum risk/reward profile
A strong management team
Ability to exit
Full details of the selection criteria are available when you register at www.seedcorncompetion.com
Who can enter?
The competition is aimed at independent ventures incorporated on the island of Ireland (Ireland or Northern Ireland) in the seed, start up or early stages of business development and ideally targeting international markets. The competition is for individuals or venture teams, who have created, manage and own such ventures. The promoters/founder entrepreneurs are to have played a major role in conceiving the venture, continuing to have key management roles and to own significant equity.
High Growth Company: For companies which have not been in existence for more than five years at Friday 25 September 2009 and have a current new equity requirement of at least €500,000 (or sterling equivalent), which is clearly demonstrated in the business plan. Companies with substantial sales targets are eligible to enter this category. "Substantial sales targets" means cumulative projected sales in excess of €5m (or sterling equivalent) by Year 3, 4, or 5. These sales targets must be reflected in the financial projections.
Emerging Company: For companies which have not been in existence for more than three years at Friday 25 September 2009 and have a current new equity requirement of at least €100,000 (or sterling equivalent), which is clearly demonstrated in the business plan. Companies with cumulative projected sales targets of less than €5m (or sterling equivalent) by Year 3, 4, or 5 are eligible to enter this category. These sales targets must be reflected in the financial projections.
Best High Growth Company
Best Emerging Company
6 x €25,000
Special Award Winner for the best venture stemming from a university spin-out or platform programme
The overall winners will each receive a prize of €100,000 payable by instalments, based on achieving key performance indicators in the business plan to finance the early stages of the venture.
Six regional winners will each receive €25,000 to finance the early stages of their ventures. There is also an award of €10,000 for the best venture stemming from university spinouts and platform programmes.
After the closing date of 1pm on Friday 25 September 2009, all business plans will be grouped into the region and category they have entered. The four regions (with two categories in each) are as follows:
1. Dublin (city and county)
2. Northern Ireland
4. Connacht & Leinster*
*includes counties Cavan, Monaghan, and Donegal and excludes Dublin.
The competition aims to recreate the investment process. Following the scoring of written business plans submitted, the top plans from each region and category will be selected. In November 2009 the selected entrants will be invited to make their investment pitch to a panel of judges, followed by a question and answer session.
On this basis, winners will be selected for each of the two categories in each of the four regions. These eight will be asked to make their pitch again to a separate panel of judges at the final on Thursday 26 November 2009. This panel will select the overall All-island winner in each category.