Some interesting facts.

• Venture capital funding to SMEs rose over 40% to €401m last year, the highest level seen for 10 years  

• 22 VC funds and Business Angel networks attending conference

• Since its inception over 14 years ago the flagship event has attracted more than 3,000 delegates.

This year's event.

This year’s event in particular was a great success with over 300 delegates in attendance. With 22 VC funds and angel networks taking part, this is the highest number of investors the Venture Capital Conference has ever had taking part in the investor panel. In addition, following on from delegate feedback from the 2014 conference, InterTradeIreland extended the networking time giving companies additional opportunities to directly meet and directly engage with investors.

Minister Richard Bruton addresses the audience. 

Richard Bruton, TD, Minister for Jobs, Enterprise and Innovation said;“Venture capital funds provide critical funding, mentoring and access to networks to fast-growing companies and expanding established businesses – ultimately supporting them to create more jobs. The attendance of over 300 delegates at today’s InterTradeIreland conference highlights the positive equity environment in Ireland and the potential that exists across the island in this sector. Entrepreneurs and firms are meeting face to face with investors from across the country and they are looking at ways they can work together to grow their businesses and importantly create more jobs.”

Keynote Speaker

Amongst the keynote speakers at the conference was Niamh Bushnell, Dublin Commissioner for Startups who spoke about her own startup entrepreneurial journey and also contrasted the start up and investment scene in Ireland and the USA.

InterTradeIreland active player 

Speaking at the Conference, Margaret Hearty, Director of Programmes and Business, InterTradeIreland said: “InterTradeIreland has been an active player in helping companies raise venture capital for over a decade and with venture capital funding at the highest level in 10 years it is now more important than ever that firms become investor ready. Today’s conference brings together expertise and resources from across the island fostering a collaborative approach to sharing knowledge and experience amongst speaker, firms and investors.”

She continued; “InterTradeIreland continues to see a buoyant venture capital and business angel sector as essential to a strong growing economy. An example of this is the Halo Business Angel Networks (HBAN) across the island, which in 2014 facilitated 48 deals worth €9 million in direct investment from Business Angels, an increase of almost €8m raised in 2013.” 

Seed funding available

Drew O’Sullivan, Lead Equity Advisor with InterTradeIreland said, “At the early stage, there is a substantial amount of seed equity funding and a trend we experienced in 2014 was an increase in the level of Series A funding. In 2014, the level of Series A round funding saw 35 deals, each from €1.5million to €6.5 million, which is an increase of 10 deals from 2013 and the highest it has ever been. This is a strong indicator of a better calibre of start-up companies in Ireland and that companies are becoming investor ready and attracting this level of funding. Traditionally in the past, this level of funding would be associated with the IT software sector but we are seeing increasing interest in the life science sector from international investors. There are also several accelerator funds that are working to get early stage companies off the ground. It is a good time to be seeking equity across the island.”

Range of equity supports 

InterTradeIreland offers a range of supports to early stage companies to ensure that they are better prepared as they seek to raise equity and that they are ‘investor ready’.  This ranges from Funding Advisory Services, Education Programmes, Business Angel Finance and the all-island Seedcorn Investor Readiness Competition. The organisation delivers a series of monthly regional advisory clinics across the island where entrepreneurs can meet on a one to one basis with their Lead Equity Advisor.  For more information on the range of equity supports available from InterTradeIreland visit www.intertradeireland.com/equity

For more information following the InterTradeIreland annual Venture Capital Conference please visit http://www.intertradeireland.com/vcc/ to access speaker presentations and highlights from the conference.. 

• Complete the  Trade Accelerator Voucher application form 2014 (89 KB). You will need to include some company information and details about the type of expertise you need or problem which you are trying to solve.
• You can select the firm which you would like to advise you here from our list of participating providers. 
• Once completed, you submit your application via email to tav@intertradeireland.com .
• Your application will be assessed and once approved you will be notified immediately.

Am I eligible?

• Your company must be a registered Small Business (10 employees or less) with an annual turnover not exceeding €2m/£1.7m. 
• The assistance requested must relate to cross border trade and business.
• You must be a manufacturing or internationally tradable service company.

Get the simple guide on everything you need to know about expanding your business into a new cross-border territory - all the do’s and dont’s as well as valuable information on setting up a cross-border business as well as up to date regulatory information to keep your business compliant. Its Free! Download your copy HERE.

About FUSION

InterTradeIreland’s technology transfer and innovation programme FUSION, partners companies north and south with a third-level institution and provides them with the specialist expertise of a high calibre graduate who works directly in the organisation to deliver a new product or process improvement project.

Benefits to Arbarr

Through the Programme, Arbarr Electronics has benefitted from the services of Institute of Technology, Tallaght and graduate Paul Doherty. Paul assisted in the development of a Battery Powered Standby Power System for use in the Domestic market capable of powering low energy lamps and communication devices for approximately 50 hours. On receiving the award, James McCorley, Managing Director of Arbarr Electronics said:

The InterTradeIreland FUSION project helped us immensely to work on the production of a portable LiFe-PO4 Battery Powered Standby System and allowed us to bring it to the market quickly. The result has strengthened Arbarr’s position in the market and broadens our range of products that will increase sales with existing and new customers”.

John Byrne the academic from Institute of Technology, Tallaght was vital to our project. The use of IT, Tallaght’s technical equipment was integral to the research for the development of our products. John’s extensive research and passion for this area of the industry has been both inspirational and extremely helpful. His knowledge and supervision on this project helped us to bring our product to market more quickly than projected. I would recommend the FUSION project to SMEs because it enabled our company to hire a highly qualified graduate who, with the support of the academic, was the driving force behind this project.”

Interested in FUSION? 

Product development and innovation is at the heart of growth but often needs costly technology support.  FUSION can provide that support by helping to fund a high calibre science, engineering or technology graduate and partnering you with a third level institution with specific expertise.

The graduate is employed by you and is based in your company throughout the project (12 - 18 months) with mentoring from the academic partner and InterTradeIreland FUSION consultant.

Funding Available

18 month support package - worth up to £44,250/€52,800 typically in the area of new product/service development

12 month support project - worth £31,000/€37,000 typically in the area of process improvement. 

For more information go to www.intertradeireland.com/fusion

• 85% of firms stable or growing - 48 % of firms stable with 37% experiencing growth
• 72% of firms planning to invest in their business over the coming year
• 50 per cent of firms involved in cross-border trade experiencing growth 
• Cashflow is now the most significant challenge with 15% rating it as a huge issue, overtaking energy costs at 9%
• Top three business investment activities cited as i.) Marketing (37%), ii.) I.T. (28%), iii.) staff training.

Cross-Border Traders

Cross-border traders, exporters and innovating firms are more likely to be growing, increasing sales and employment.  It was also revealed that firms in Ireland are now faring substantially better than their counterparts in Northern Ireland with 42 per cent of firms in Ireland experiencing growth in Q4 compared to 29 per cent of businesses in NI.        

Sectoral Performance 

Despite the prevalence of stability rather than growth in most sectors in Q4, it seems that the retail and leisure industries enjoyed a strong final quarter of last year, outperforming both manufacturing and business services. The construction sector continues to struggle with the number of firms in the industry that are ‘surviving at all cost’ rising significantly from 3 per cent to 21 percent in one quarter.

Sales Performance

Sales performance in the last three months of 2014 was not as buoyant as previous quarters, dropping slightly from 44 per cent in Q3 to 39 per cent of firms in Q4 reporting an increase in sales. Employment levels also reduced slightly in Q4 from 12 per cent to 10 per cent. However the long-term trend of fewer firms cutting jobs continues to be encouraging.

Key Challenges 

Figures also indicated a shift in the key challenges faced by businesses with the most significant issues reported to be cashflow and late payments. The cost of energy is now affecting two-thirds fewer businesses than the start of 2014, most likely reflecting the dip in global energy prices over recent months.

InterTradeIreland Commentary 

Commenting on the Q4 Business Monitor, Aidan Gough, Strategy and Policy Director at InterTradeIreland said: “Despite an uncertain international environment it is reassuring that so many businesses across the island find themselves in a position of relative stability or growth. 

“Over the last few business monitors, it is evident that the gap between firms in Ireland and Northern Ireland is widening with southern businesses performing better with regards to growth, increasing employment levels and sales performance. 

 We are particularly encouraged by the results that show the very positive impact that cross-border trading can have on business performance.  As well as being more likely to be growing, innovating and creating new jobs the latest business monitor also shows that cross-border traders are more likely to be investing in their business over the next year, with 87 per cent indicating their intention compared to 63 per cent of those with no export sales.  We would encourage businesses to ‘Discover What’s Possible’ by availing of the many cross-border trade and innovation supports offered by InterTradeIreland.” 

InterTradeIreland’s quarterly Business Monitor survey is the largest and most comprehensive business survey on the island and is based on the views of more than 750 business managers across Northern Ireland and Ireland. It differs from other surveys in that it is seen to be the ‘voice of local businesses’ feeding directly from telephone interviews conducted with a robust sample of firms of all sizes across a range of sectors to track all-island economic indicators such as sales, employment, business outlook and other specific topical research areas on a quarter by quarter basis.

Download the Results 

A copy of the 2014 Q4 InterTradeIreland Business Monitor Executive Summary can be viewed at:http://www.intertradeireland.com/researchandpublications/business_monitor/