Limerick company, Deviate Aspire, was today named the Best New Start company at the Munster final of the 2015 InterTradeIreland all-island Seedcorn Investor Readiness competition.
Deviate Aspire, which is based at the University of Limerick, overcame tough competition from two other Munster finalists to win €20,000 to help finance the early stages of its ventures. The company will now go on to compete against 3 other companies in the all-island final of the competition, which will take place on Wednesday 25th November at Clontarf Castle, Dublin.
Deviate Aspire manufacure a range of safety equipment aimed primarily at the off-shore oil industry. The company iscurrently developing a simple to use technology that mitigates the effects of hypothermia, while promoting comfort and mental well-being in a survival situation.
Now in its 13th year, Seedcorn is the island’s biggest business competition for new start and early stage companies in any sector, from any part of the island. The competition, aimed at companies who have a new equity funding requirement, has an overall cash prize fund of €280,000, with no equity stake. To date, InterTradeIreland has supported over 2,151 enterprising companies through the Seedcorn process. With €197 million in new equity being raised by the companies who have reached the regional finals stage of the Seedcorn competition over the past 12 years, the competition has a strong track record of supporting early business start-ups to become investor ready.
Kieran Normoyle, founder Deviate Aspire said; “I am absolutely delighted to win Best New Start Company at the Munster Regional Finals. I first heard about Seedcorn a year ago. The competition seemed like a great way to evaluate our current business plan and attain expert support along the way. The greatest reward for participating to date has been the constructive feedback Deviate Aspire has received about our business plan. By committing ourselves to the Seedcorn competition we had to consider all the aspects of our business and bring them together in one cohesive document. In doing so, we learned so much. Winning the competition would be incredible and would allow us to invest the prize money in securing the necessary trials and standards required to bring our product to market. We would also invest in personnel to guarantee that the product is brought to market as soon as possible.”
Connor Sweeney, Seedcorn Project Manager, InterTradeIreland added; “Seedcorn is the largest all-island business competition with a total cash prize fund of €280k and considered the most important barometer for new and emerging companies among the investment and business communities in Ireland. Not only does the competition deliver a cash prize for the winners, but it also allows businesses to experience the competitive investor pitch process and equips them with the skills for future pitches. Since the competition inception over 12 years ago, the standard of the companies taking part has risen year on year and I sincerely congratulate Deviate Aspire on their win today against very tough competition.
“The Seedcorn Competition reaches out to businesses early in their development and it’s exciting for InterTradeIreland to work with these companies at such a crucial stage in their journey. I look forward to seeing the business grow from strength to strength.”
The all-island final will take place at Clontarf Castle Hotel in Dublin on the 25th November, where Deviate Aspire will go head-to-head with the winners of the Northern Ireland, Dublin, and Connacht & Leinster finals for the title of overall Best New Start Company worth €50,000 and ultimately the ‘Overall Winner’ title worth €100,000.
Companies can follow the Competition on Twitter (@ITI_seedcorn) #itiseedcorn or on LinkedIn (Seedcorn Network) where they can get valuable information and advice from experts.
Further details are also available on the Seedcorn website at www.intertradeireland.com/seedcorn