Promotion: Seedcorn PinPoints the way
Published 19/05/2010 | 09:00
Since winning the Award for Best Emerging Company at last year’s InterTradeIreland All-Island Seedcorn Business Competition finals, Cauwill Technologies has gone from strength to strength.
The Limerick based company developed an application, known as PinPoints, an easy way for users to find their destination as it cleverly figures out what navigation software is being used and shows the sent location.
The application is available through a multitude of platforms from desktop computers, laptops to mobile phones and helps users get directions to a location with just one click of a button.
InterTradeIreland’s Seedcorn Business Competition 2010 offers early stage companies a share of a prize fund of €280,000.
As well as this fantastic cash incentive, Seedcorn provides invaluable support and advice from some of Ireland’s top investment experts on the development of the business idea, gaining exposure to investors and increasing the business’s profile and credibility.
Cauwill Technologies, co-founded by Limerick University graduates, Ian Rice and Ronan Skehill, launched PinPoints in July 2009. At the time of their Seedcorn Award success in November 2009, Pinpoints had already secured subscribers in more than 66 countries. Since winning the award, the number of registrations has increased by over 200%.
According to co-managing director, Ronan Skehill, “Winning the Seedcorn Business Competition award gave us the confidence to turn our quality technology into a high growth business. We have been able to leverage the monetary award to incorporate the advice we received during the competition and execute our business plan.”
“The prize money enabled us to us exhibit at key industry trade shows in London and Berlin. We received a huge response at these events, in particular London, where we were shortlisted out of 200 exhibitors for the ‘Innovation Award at the Travel Technology Show’, of which we came second. We’re now engaging in a number of opportunities within Europe and on track to meet our target for new business as set-out in our winning business plan.”
With a rapidly growing customer base, Cauwill Technologies is researching new mobile platforms and more choice to the end user. The company is expanding and now hiring key positions in software development and sales and marketing.
The co-managing directors, Ian and Ronan, learned invaluable lessons throughout the competition and felt that from the very first step of completing the competition application form along with a formal methodology for approaching their business plan was extremely helpful. It taught them to become more focused and concentrated on their business model and strategy for both short-term and long-term planning.
“The Seedcorn Competition process also allowed us access to a team of business experts who provided mentoring and feedback when needed. One of the many lessons we learned was that our business was not only about the technology but also about the day to day running of the business and the team that we build around us.”
Keep it simple
The Cauwill Technologies founders believe that the Seedcorn competition is an incredible opportunity for young companies. With the availability of a panel of business experts throughout the competition offering advice in all areas of business, including potential early advantages and pit-falls, it is the ideal launching platform for young and innovative companies.
Ian and Ronan’s advice to companies entering the competition is “keep it simple”. Ronan advises, “When submitting your plan clearly explain what your company is about, know your market and identify opportunities. Where possible, include testimonials or quotes from existing clients that demonstrates the service and reputation you have cultivated so far.”
For Cauwill Technologies, the Seedcorn competition gave them a healthy cash injection, sound business advice, international recognition and new access to the investment community.
For more information on “how to raise equity” or our investor ready service visit intertradeireland.com/equitynetwork