Conor and Deirdre MacCormack of Mcor Technologies with Liam Nellis of InterTradeIreland

A record prize fund of €360,000 is up for grabs for start-up businesses from InterTrade Ireland’s Seedcorn Business Competition.

The sum, already the highest offered by any business competition across the island, has been increased this year to help give fledgling firms ‘lift-off’ during the recession.

Liam Nellis, chief executive of the business and trade development body, said:  “The economic environment has never been more difficult for young businesses. Seedcorn can help by offering a fantastic cash incentive, as well as invaluable support and advice from some of Ireland’s top investment experts.

“I would urge any young company to have a go because by just entering Seedcorn they can put themselves in a better position to attract investment, gain valuable industry contacts and get their name known.

“Small companies on the island of Ireland have already raised around €95.4m of additional equity investment over the past six years as a result of their participation in Seedcorn.”

This year, the two top categories – Best High Growth Company and Best Emerging Company – stand to win €100,000 each.  There are also six regional prizes of €25,000 each and one Best Spinout prize of €10,000.

Mcor Technologies from Ardee won €100,000 and the best Emerging International Company title last year. The firm, run by Conor, Fintan and Deirdre MacCormack, develops and manufactures 3D printers – their Mcor Matrix yields physical 3D objects from digital data and they are the only 3D printer manufacturer of this technology in Europe.

 “Since winning the competition, we have had great success with the launch of our Matrix machine across the Irish and UK markets,” said Conor MacCormack.  “Business conditions right now are tough for everyone, but we have proved that the market is always receptive to the right product at the right price.

 “However, in order to roll out the product further a field in 2009, we have been in dialogue with several possible partners who are interested in entering this space, and Seedcorn has really helped us get attention from the people we want to reach. Entering the competition was a fantastic investment for us, not least in terms of profile.”

Seedcorn project manager is Caroline Sweeney. She said: “We are experiencing the most difficult economic conditions in 70 years, so it has never been more important for struggling young businesses to take advantage of the sort of benefits Seedcorn has to offer.

“Ireland is rightly renowned for its spirit of entrepreneurship and we want to see as many fledgling firms as possible coming forward to use the competition to help develop their business ideas, improve their business plan and learn how to present concepts to panels of investors.”

Following the scoring of written business plans, the top entries from each region and category are selected to make a short presentation to a panel of judges, followed by a question and answer session.

Winners are selected in each category in each of the four regions and all eight will be asked to make their presentation again to a separate panel of judges at the final in Dublin on November 26, 2009.  The panel will then select the overall all-island winner in each category.

To register an interest in entering the Seedcorn Business Competition, businesses should log on to www.seedcorncompetition.com. Business plans must be submitted by 1pm on the closing date of September 25th.    

Prize fund and categories: 

• €100,000 for Best High Growth Company

•  €100,000 for Best Emerging Company

• €25,000 for each regional winner

• €10,000 Special Award Winner for the best venture stemming from a university spin-out or platform programme

Entrants to the High Growth Company category must not be in existence for more than five years at September 25, 2009, have a new equity requirement of at least €500,000 and have sales targets of more than €8m by year 3, 4 or 5.

Entrants to the  Emerging Company category must not be in existence for more than three years at September 25, 2009, have a new equity requirement of at least €100,000 and have sales targets of less than €8m by year 3, 4 or 5.

Regions (each with two categories) 

• Dublin

•  Northern Ireland

• Munster

• Connacht & Leinster*

* Includes counties Cavan, Monaghan & Donegal and excludes Dublin.

Through Seedcorn, InterTrade says small companies on the island of Ireland have already leveraged around €95.4m of additional equity investment over the past six years  – including €18.5m (Connacht & Leinster); €44.3m (Dublin); €21.3m (Munster); and €11.3m (Northern Ireland).