Dundalk company scoops award at InterTradeIreland ceremony

Seedcorn Competition

David Lynch

Reporter:

David Lynch

Dundalk company scoops award at InterTradeIreland ceremony

Dundalk company scoops award at InterTradeIreland ceremony

Dundalk company, Nova Leah, collected an award last night after being named Best Early Stage Company, at the Connacht & Leinster final of the 2017 InterTradeIreland Seedcorn Investor Readiness competition.

Nova Leah has developed an expert cybersecurity risk assessment system to assist medical device manufacturers in meeting new FDA cybersecurity requirements. The system, SelectEvidence®, features decision making capabilities which assist manufacturers in identifying potential vulnerabilities specific to their devices and creates risk mitigation plans specific to these findings during pre-market and post-market phases.

The company received a prize of €20,000 to help finance the early stages of its venture. 

At the national final in Dublin last night, Donegal company Cerebreon Technologies was named Overall Best New Start Company, winning a cash prize of €50,000.  Meanwhile, Belfast company Phion Therapeutics was crowned Overall Winner of competition, winning a cash prize of €100,000. 

Now in its 15th 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.  With over 275 competition entries, the winners went up against companies in a range of sectors including Medical Devices, Technology, FinTech, Design Engineering, Diagnostics and even Digital Ticket Sales.  This year’s competition saw an unprecedented number of submissions from female entrepreneurs, with five women among the regional winners who went forward to the national final. 

Welcoming the successful conclusion of InterTradeIreland’s Seedcorn competition, An Tánaiste and Minister for Business, Enterprise and Innovation, Frances Fitzgerald TD, said: “I heartily congratulate this year’s winners and I want to thank InterTradeIreland for organising this event.  Securing funding can be a challenge for early stage companies and, while there can only be two major winners of the generous Seedcorn Competition funded by InterTradeIreland, all 276 companies which participated in the process will have benefitted from the competition and should now be a better position to pursue outside investment as their companies develop. I wish them all the very best for the future”.  

Commenting on the announcement of the winners, Ken Nelson, Chairman, InterTradeIreland said: “It’s very rewarding to be in a position to promote the growth of new start companies on the island of Ireland, north and south.  Entrepreneurs and innovators are essential to the health of every economy and InterTradeIreland is proud to support them as they turn ideas into action.  It’s great to see so many female entrepreneurs involved in the competition this year.  I warmly congratulate both of our winners on their success in our very challenging Seedcorn competition.  I wish them and indeed all those companies who entered this year all the best for the future.”

The Seedcorn competition is aimed at new start and early stage companies which have a new equity funding requirement.  It has an overall cash prize fund of €280,000, with no equity stake.  Since it started in 2003, the 2775 companies that have gone through the competition have raised over €229m.

 For more information, please visit: www.intertradeireland.com/ seedcorn