News
ALR Innovations and Zinc Software crowned winners at Seedcorn Competition
2 December 11
ALR Innovations and Zinc Software were named the Best High Growth Company and Best Emerging Company respectively at InterTradeIreland’s annual All-island Seedcorn Business Competition. The event, which took place at the Burlington in Dublin on Wednesday night, is the largest business competition on the island. As the Best High Growth Company on the island, ALR Innovations has won the overall prize of €100,000 while Zinc Software will take home a cash prize of €50,000 for its success as the Best Emerging Company.
ALR Innovations, a University of Limerick spin out company which is based between the University of Limerick and the Hartnett Acceleration Centre in Limerick, supplies a specialised recycling technology for LCD displays which removes the hazardous materials from waste displays in a fast, efficient and automated process. The technology is currently unchallenged in the market and provides a unique solution for the problem of LCD recycling for European and worldwide markets. The technology has emerged from Environmental Protection Agency funded research under the Science, Technology, Research and Innovation for the Environment (STRIVE) programme.
Minister for Small Business, John Perry TD said “The innovative thinking we see from early business start ups is key to future economic growth in Ireland. The companies involved with the InterTradeIreland Seedcorn competition receive excellent advice from some of the top business minds around the island, including entrepreneurs who have already been through the early stages of business. I commend all those who have been involved at the various stages of the competition and for providing this invaluable guidance. ALR Innovations and Zinc Software beat very tough competition so I congratulate them on their great success. I hope the experience and rewards they receive from the competition stand to them for a long time to come.”
Liam Nellis, CEO for InterTradeIreland added: “Once again, the quality of the business plans we received is a testament to the level of innovation and entrepreneurial excellence on the island. The Seedcorn competition is now in its ninth year and has grown to become the biggest business competition on the island, covering all regions. Previous winners have to date leveraged over €140m in new equity funding since their success in the competition - we have great hopes for our 2011 winners and are proud to support them at this critical stage of their development.”
Dr. Lisa O’Donoghue, CEO, ALR Innovations said: “We are delighted to win such a prestigious competition as Seedcorn. We have found our involvement in Seedcorn and with InterTradeIreland to be a hugely rewarding and beneficial experience. It has improved and refined our business proposition through the vigorous judging process. We have also made contacts on both sides of the border during this competition that would have been difficult to make otherwise. It certainly proves that the idea behind InterTradeIreland is alive and well. We look forward to maintaining a close relationship with InterTradeIreland as we continue to grow and expand our business on a global market which the Seedcorn competition is helping us to achieve.”
Zinc Software is a technology company engaged in developing preventative healthcare technology. The company has developed the world’s first smartphone linked heart health sensor. Consisting of a revolutionary ear worn Bluetooth heart sensor and a patent protected signal analysis engine, the platform has potential applications ranging from medical to fitness and wellness. The first products are games that target stress, a huge factor in many people’s lives. The user is instructed in yoga breathing based on live feedback from their heart. As their stress levels reduce the games progress, giving a visual indication of how well they are doing that is both fun and engaging.
Darran Hughes, CEO, Zinc Software said; “We are delighted to have won the Best Emerging category in the Seedcorn Competition. It is a great validation of our product and our company. It helps largely in our quest to raise funding over the coming months. Also the prize fund is very timely allowing us to expand our team and helps us get closer to product launch.”
One of Cork’s newest businesses, AirDryer Systems was also recognised as one of the best early stage companies on the island. The company was announced as the overall winner for best venture stemming from a university spin-out / platform programme winning a prize fund of €10,000. AirDryer Systems is introducing a new and exciting range of appliances for the home. The Marilyn unit, the first in the range of products they are bringing to market reduces the costs of drying your laundry by up to 90% and reduces the drying time by up to 75%, when compared to a Tumble Dryer and a free standing Clothes Airer.
InterTradeIreland’s Seedcorn competition aims to recognise and promote the best early stage companies across the island. Companies are selected following an intense competition designed to mirror a real life investment process.
In addition, companies can also look forward to the benefits of being part of the Seedcorn network – an extensive business and investment community that will help to boost their profile, contacts and create future potential investment opportunities.
Now in its ninth year, Seedcorn is the island’s biggest business competition for early stage/high growth companies in any sector, from 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.
Business plans are initially assessed by a panel of independent entrepreneurs, investors and experts and companies are subjected to a rigorous interview before judges in competing for the Best Emerging and Best High Growth Company titles on a regional basis in Connacht & Leinster, Munster, Dublin and Northern Ireland with the winners in each region securing an initial €20,000 share of the prize fund for their company.
Previous finalists of the competition have gone on to secure more than €140 million worth of equity since taking part. Further details are available on www.intertradeireland.com/seedcorn.