Two successful start-ups are urging new and early stage firms to get in shape for investment through InterTradeIreland’s Seedcorn Investor Readiness Competition.
Limerick company Tracworx, last year’s overall Seedcorn winner, and Waterworx Robotics, the Omagh based 2019 regional winner, have called on other companies to take advantage of what the competition has to offer.
Tracworx developed a patient tracking system that uses existing Wi-Fi networks in hospitals, allowing healthcare facilities to automate their data collection and generate reports using real-time data. The company was established in 2016 by college students Chris Kelly (CEO), Fionn Barron (COO) and Eoin O’Brien (CTO).
Most recently, the funding Tracworx secured from winning Seedcorn helped the company tackle the coronavirus pandemic, aiding in the development of a new app to assist hospitals in tackling Covid-19.
Chris Kelly, Tracworx CEO, said: “Seedcorn has allowed us to take our business to the next level. From the refinement of our investment documentation and pitching skills, to the exposure we have been given both publicly and within the start-up and investment communities, it has been transformational to our business and I would urge other firms to get involved.”
The Seedcorn contest mirrors the real-life investment process. Participants, who are in with a chance to win a share of a €280,000 cash prize fund, can secure expert feedback on their business plans and pitches, improve their investor readiness and gain exposure to investors, all while boosting their firm’s profile.
Companies benefiting from Seedcorn have come from many sectors including advanced manufacturing, technology, sport, finance, medical devices and diagnostics.
Waterworx Robotics, last year’s Seedcorn regional winner, has developed an autonomous, multi-sensor investigation drone, that carries out long range inspections.
Sean O’Hare, CEO and Founder of Waterworx Robotics said: “Seedcorn helped propel our company forward since winning at the regional final last year. The process is extremely valuable, it challenges you and teaches you how to position your business to investors. I would strongly urge any start-up to enter this year, even if you don’t get shortlisted, the tools you learn from the masterclasses and business planning workshops will help equip you on your road to becoming investor ready.”
Since the competition’s inception in 2003, more than 3,100 companies have been through the programme andfinalists have raised in excess of €256m.
Shane O’Hanlon, Funding for Growth Manager, InterTradeIreland, said: “Now, more than ever, in the uncertain times we find ourselves, start-up and early stage business need help and support to secure investment. The funding environment is especially challenging for every business right now, and new companies are at a critical and vulnerable stage of development.
“Entrepreneurs have shown their ingenuity and resilience over the decades, and we are confident that with the right support, despite the current crisis, they will rise to the many obstacles they face. Seedcorn’s team of experts can give entrepreneurs priceless insight and feedback to set them on the right track.”
A series of online Seedcorn workshops will be held in the coming weeks to provide those considering applying with advice on preparation of video clips, presentation slide decks and business plans.
Closing date for initial applications is 1pm on the 29thMay 2020. To out more about workshops and the Seedcorn competition check out https://intertradeireland.com/funding/seedcorn/