Limerick company, ALR Innovations, was named the Best High Growth Company in the Munster final of the 2011 InterTradeIreland Seedcorn all-island business competition. ALR Innovations, which is based at the Hartnett Acceleration Centre in Limerick, beat 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 in the all-island final of the competition, which will take place in Dublin on 30th November.
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.
ALR Innovations, a University of Limerick spin out company which is based at 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 EPA funded research under the STRIVE programme.
Lisa O’Donoghue, CEO, ALR Innovations said; “We are thrilled to have won the Munster final. This has been a very exciting and beneficial competition for us to be involved in. Seedcorn has given us the opportunity to test our business plan and to view it as an ever evolving plan that reflects the direction and needs of the company. We have also been given the opportunity to discuss our strategy with experts and experienced business people and entrepreneurs, which is invaluable in expanding our view and the potential of our company.
Joseph Leen, Chief Technology Officer, ALR Innovations said: “The win is a great endorsement of our business plan which is in place to deliver our unique technology to customers worldwide”.
Liam Nellis, Chief Executive, InterTradeIreland added; “The calibre of the finalist companies in the Munster final was second to none. The wealth of innovative thinking and creativity across the island of Ireland is extremely promising and we are delighted to be able to work with some of the best up-and-coming businesses in the crucial early stages. Congratulations to ALR Innovations for its worthy win. This is a company that is making innovative advancements in the recycling space.”
ALR Innovations will go head-to-head with the winners of the Northern Ireland, Dublin and Connacht & Leinster> finals for the title of overall Best High Growth Company.
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.
The all-island finals will take place in Dublin on 30th November, where companies are in with a chance to compete for the overall Best Emerging Company prize worth €50,000 or the overall Best High Growth Company prize worth €100,000.
InterTradeIreland’s All-island Seedcorn Business competition, now in its ninth year, is the largest business competition on the island.
Previous finalists of the competition have gone on to secure more than €140 million worth of equity since taking part.