8th December 2011 – Limerick company ALR Innovations was named the Best High Growth Company at InterTradeIreland’s annual all-island Seedcorn Business Competition and took home a prize fund of €100,000. The event, which took place in Dublin last week, is the largest business competition on the island.

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 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."

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 onwww.intertradeireland.com/seedcorn.

Ends

For further information please contact:

Morwenna Rice / Laura Wall
Drury
01 260 5000
086 1940069 (MR) / 086 164 1168 (LW)
morwenna.rice@drury.ie / laura.wall@drury.ie

Caption:
InterTradeIreland 2011 All Island Seedcorn Business Competition High Growth Company Overall Winners. ALR Innovations. Limerick.
pictured: L-R Dr Lisa O'Donoghue,Peter Lyons, Liam Nellis Chief Executive InterTradeIreland and Joseph Leen.
pictured: Darryl Mooney

About the InterTradeIreland Seedcorn Business Competition

Seedcorn is the island’s 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 companies who enter the competition 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 & 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

High Growth Company Category

For companies which have not been in existence for more than five years at Friday 16th September 2011 and have a current new equity requirement of at least €500,000, 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 by Year 3, 4 or 5. These sales targets must be shown in the financial projections.

Emerging Company Category

For companies which have not been in existence for more than three years at Friday 16th 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 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 shown in the financial projections.

About InterTradeIreland

InterTradeIreland is the only organisation which supports SMEs across the island to develop North/South trade and business development opportunities for the mutual benefit of both economies.

InterTradeIreland encourages better use of Ireland’s collective resources to accelerate trade and business growth across the island and create an environment where it is easier to do business. It achieves this through co-operative business, policy and research programmes, partnerships and networks.