InterTradeIreland All-Island
Seedcorn Business Competition 2011
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280,000 for the best early stage companies on the island
Closing Date: 1pm Friday 16 September 2011
Entry information
Introduction
Entrepreneur? Early stage, high growth company?
Looking for equity funding?
Seedcorn is the islands biggest business competition for early stage/high growth companies in any sector on any part of the island.
The competition, aimed at companies who have a new equity funding requirement, has a record prize fund of 280,000.
All shortlisted companies will also automatically become part of the Seedcorn Network an extensive business community
which will help boost the company's profile, contacts and investment opportunities.
By taking part, previous Seedcorn finalists have attracted millions of pounds worth of new equity funding.
The competition 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.intertradeireland.com/seedcorn
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.
Categories
High Growth Company:
For companies which have not been in existence for more than five years at Friday 16 September 2011 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 16 September 2011 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.
The prizes
100,000 - Best High Growth Company
50,000 - Best Emerging Company
6 x 20,000 - Regional Winners
10,000 - Special Award Winner for the best venture stemming from a university spin-out or platform programme
The overall winners will receive a prize of 100,000 for the best high growth company and 50,000 for the best emerging company which is payable by installments, based on achieving key performance indicators in the business plan to finance the early stages of the venture.
Six regional winners will each receive 20,000 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.
Selection process
After the closing date of 1pm on Friday 16 September 2011, 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:
- Dublin (city and county)
- Northern Ireland
- Munster
- Connacht & Leinster*
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 2011 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 Wednesday 30 November 2011. This panel will select the overall All-Island winner in each category.
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