€14 MILLION INVESTMENT FOR 11 START-UP COMPANIES IN SHANNON REGION
Entrepreneurial activity provides employment boost for region - Tánaiste
Tánaiste and Minister for Enterprise, Trade & Employment Mary Harney T.D. today (Friday, June 13, 2003) announced an investment of €14 million in 11 new Irish-owned high-technology start-up businesses in the Shannon Region. €4 million is being invested by the State, through Shannon Development, with an additional €10 million being leveraged from the private sector.
The eleven (11) companies have come through Shannon Development's InnovationWorks process, which is part of the Shannon Development Knowledge Network of technology locations in the Shannon Region. The companies will generate over 200 jobs over the next 3-5 years. 72 of these jobs are already in place. National export levels will also increase as the companies' products compete in the global marketplace.
Speaking at InnovationWorks, National Technology Park Limerick, the Tánaiste said: "Today's announcement is truly representative of the network spirit of InnovationWorks, as it involves companies from Limerick, Kerry and Clare who have developed a very diverse product range and with high technological content."
"This clearly illustrates the level of sophistication that our industry base at indigenous level has reached. Some of these technologies, including multimedia stream server technology; remote information monitoring and access using GSM/Internet and, in-flight GSM solutions, were unheard of just a decade ago. Many of these new Irish companies will generate an even higher level of product as their businesses grow," the Tánaiste added.
"The founders of these companies must be complemented on their achievements to-date. Entrepreneurship is not an easy option - it involves risks and sacrifices yet it's the challenge to succeed that motivates an entrepreneur. The recent Global Entrepreneurship Monitor (GEM) Report for 2002 stated that even though only 9% of the Irish adult population have set up or are in business since 1999, entrepreneurial activity is increasing in Ireland, which now ranks 12th in the world, ahead of its European counterparts and just behind the US which is in 11th place. " the Tánaiste said.
Encouraging third level Colleges to ensure that the research and ideas generated in the educational system are not left in tomes on book shelves but are turned into live projects, real businesses, the Tánaiste said: "these Colleges are a source of innovative technologies, capabilities and up-to-date knowledge and information and should be tapped into. I know that Shannon Development, through it's Campus Enterprise and Commercialisation of Research and Development programmes is doing so, but we need to see increased activity at this critical level.
"We also need to realise that the closure or downsizing of a multinational company can have a positive outcome from an entrepreneurial viewpoint. Some of the eleven companies have been founded by former multinational employees who have used the experience and expertise gained to become employers. While the knowledge economy in Ireland relies on the multinational sector, particularly those undertaking higher value-added activity, they are also hotbeds for nurturing Irish technology entrepreneurs," the Tánaiste stated.
Congratulating the new team of Shannon Region entrepreneurs, Shannon Development's chief executive, Kevin Thompstone said: "As global industry has become more sophisticated and more technology-driven, so too have the enterprises setting up in the region. Computers, technology and knowledge have replaced lathes and machinery as the drivers of Irish-owned businesses today.
"The level of entrepreneurial activity in the Shannon Region is increasing. In 2002 we had 130 new enterprise enquiries; 150 highly skilled professionals participated in our range of entrepreneurship programmes. Seventy (70) expatriates attended seminars in Boston and New York as part of our Alumni programme and we now have 46 companies in our InnovationWorks facilities - 30 in Limerick and 16 in Kerry
"This is the result of our investment in physical infrastructure to provide the type of environment needed by entrepreneurs today. We have also created a venture development process, which is unique to InnovationWorks. This includes a VentureStart: 1 programme at the idea generation stage. Eighty (80) participants attended the last programme in November 2002. VentureStart: 2 brings a strategic and commercial focus to start-up businesses - we have 18 people from 13 companies attending the latest VentureStart: 2 programme which commenced on June 6. We are constantly monitoring the business environment and refining our venture development process in response to clients' needs and business best practice," added Mr. Thompstone.
NOTES FOR EDITORS
Company Profiles
Limerick
1. 3d Eagleview International
2. eZee Global Software
3 . HomeNet Communications
4. Internet Control Solutions
5 . Taringold
6. Vlyte Holdings
Kerry
1. Brandon Products
2. Metpro
3. Altobridge Ltd.
Clare
1. Fraysen Systems Ltd.
2. XL Technology Services Ltd.
Limerick-based start-ups
Company: 3d Eagleview
InnovationWorks, National Technology Park Limerick
Product: Digital visualisation, video montage and multimedia products
A graduate of the Limerick Institute of Technology and a former private sector employee founded 3dEagleview International. 3dEagleview is a visual communications company that provides innovative visualisation solutions for the Leisure sector. They enable businesses save time and money by communicating their ideas and visions more effectively using innovative technologies. Services to this sector include, golf course yardage guides, multimedia DVD's, golf course design visualisation & event broadcast graphics.
The company has also developed a range of visual communications solutions, which provides both public and private sector organisations with solutions that result in accurate and realistic visualisations. Mapex services include sketching, 3dModelling, Photomontage, Animated Photomontage, full contextual Videomontage, corporate video/dvd production and websites.
Company: eZee Global Software
InnovationWorks, National Technology Park Limerick
Product: Management system for hair and beauty salons
eZee Global Software Ltd. trading as eZee Software, is a software development company, developing high quality, touch screen enabled, easy to use, Business Management Systems (BMS) for specific vertical markets - notably hair and beauty salons and estate agents.
eZee software has been designed with ease of use in mind and when bundled with state-of-the-art touch-enabled hardware, it offers its users a unique and total solution.
Company founders are graduates of Limerick Institute of Technology with experience in the IT sector in Ireland and overseas. Both returned to Limerick to found their business at InnovationWorks, National Technology Park Limerick.
Company: HomeNet Communications
InnovationWorks, National Technology Park Limerick
Product: Multimedia streaming server technology
HomeNet Communications' founder is a graduate of University of Waterloo, Ontario, Canada and worked in the telecommunications sector overseas and in Ireland prior to setting up HomeNet Communications to develop a family of products for the rich media streaming market. Its first product - i-Serve, facilitates the provision of live video signals from cameras to mobile phones, PDAs and PCs. i-Serve is among the first product of its type worldwide.
HomeNet Communications core enabling technology will be applied to a range of applications - traffic monitoring, remote home/security monitoring, home healthcare.
HomeNet Communications is developing products specifically designed to solve both technology and business issues relating to the streaming media markets. The products will address the needs of content owners, broadcasters, network and cellular providers to deliver content to the consumer. The company's mission is to be a significant supplier of embedded media streaming solutions.
Company: Internet Control Solutions
InnovationWorks, National Technology Park Limerick
Product: Remote information monitoring and access using GSM/Internet
Internet Control Systems is a wireless development company specialising in the design and development of wireless telemetry across the Internet. The company's founders are graduates of Trinity College, the College of Marketing and Design and Boston University and have over 30 combined experience in the IT consultancy sector in Ireland and overseas.
Internet Control Solution's technology allows a multitude of wireless applications to be built. The technology consists of software architecture and a core set of software and hardware components collectively branded Centario. Centario allows software developers concentrate on their application rather than on the minute details of the individual components. From the users' perspective, Centario presents a singe consistent interface to mobile worker enterprise solutions.
Company: Taringold
InnovationWorks, National Technology Park Limerick
Product: Management information engine (datamining software)
Taringold, has been established by a team of promoters including: a graduate from the University of Limerick with IT experience in the public and multinational sectors, and an Accountant with broad commercial experience.
Taringold is developing a management information engine which, using Internet technology and methodology, will deliver business improvement and control through generation and distribution of critical operational information from data generated from existing backend systems. This engine - Insata - will provide managers with the means of identifying the root cause of their problems from their desktop.
Company: Vlyte Holdings
InnovationWorks, National Technology Park Limerick
Product: LCD Display Technology
Vlyte Holdings was founded by a graduate of Trinity College and the University of Limerick with experience in overseas and domestic markets. The management team now includes a Graduate of the Limerick Institute of Technology.
Vlyte Holdings has developed a unique LCD display - Glass Slipper - a large-sized liquid crystal display (LCD) which produces images and text to a very high standard, for use in outlets including banks, building societies, and retail stores where routine updating of point of sale advertisements is required.
Kerry-based start-ups
Company: Brandon Products Ltd.
Monavalley Industrial Estate, Tralee
Product: Seaweed extracts-soil conditioners and personal care products
Brandon Products Ltd. manufactures and markets a range of cosmetic ingredients using Irish seaweed. The Company has also developed niche markets for a range of seaweed-based horticulture products.
Brandon Products was founded by a B. Commerce graduate of UCC with vast experience in the multinational sector in Ireland; and an Analytical Chemistry graduate from the Institute of Technology Tralee. The Company was founded as a result of extensive research undertaken by Dr. Henry Lyons of the Institute of Technology Tralee, who is regarded as one of the country's leading experts in marine hydrocolloids. Dr. Lyons provides ongoing scientific support to the company. Brandon Products is now increasing its research and development capability to build sustainable competitive advantage in the marketplace.
Company: Metpro Ltd.
Ballinorig Business Park, Tralee
Product: Corrosion inhibitors/plastic solutions
Metpro Ltd. is a specialist company supplying anti-corrosion products and services to a world-wide market. The Company's anti-corrosion technology centres on the use of Volatile Corrosion Inhibitors (VCI).
The Company's founder has extensive experience in the Biochemical sector in Ireland and South Africa. Key personnel include a former lecturer in Chemistry at the Institute of Technology Tralee with industry experience in the pharmaceutical sector in Ireland and South Africa. Metpro works closely, at research level, with the Chemistry Department in the Institute of Technology Tralee, from where a high percentage of its workforce will be sourced.
Company: Altobridge Ltd.
InnovationWorks, Kerry Technology Park
Product: In-flight GSM solutions
Altobridge Ltd is developing an in-flight communications system for the aeronautical industry. Wireless networks for voice and data are supplanting traditional wired installations in the areas of communications. Altobridge are bringing the wireless revolution to the aeronautical community.
The founders of Altobridge were also promoters of Kerry-based Microcellular Systems, the early leaders in microcellular wireless solutions primarily for specialist areas such as enclosed environments - maritime and underground and in-building applications.
Management and technical consultants to Altobridge have extensive senior management expertise internationally in the telecommunications and aerospace sectors.
Clare-based start-ups
Company: Fraysen Systems Ltd.
Kilmurray, Co. Clare
Product: Process management software system
Fraysen is developing a low-cost, modular, integrated data analysis software system for manufacturing industries. The lack of data, or the tools necessary to understand it, in process improvement in the manufacturing sector prompted the establishment of Fraysen.
The founder is a software and electronic engineering graduate of Trinity College Dublin with a Masters in Systems Engineering from Boston University. He has over 12 years experience in software development in multinational industry.
Fraysen has a multi-disciplined management team with 100 years experience in manufacturing, software, marketing and business management.
Company: XL Technology Services Ltd.
Beechpark, Ennis, Co. Clare
Product: Financial data collection and commercial dissemination
XL Technology Services is developing a system to collect, process and distribute data from Public companies worldwide for value-added resellers of financial data, the reference markets, investor relations services, electronic news markets and other databases. The product includes financial information and company news of approximately 25,000 multinational companies.
The promoter is a graduate of NUI Maynooth with an MBA from the University of Limerick. He has extensive experience in the public and private sectors in Ireland and overseas.
ENDS
Last modified: 13/06/2003
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