NovaUCD-based RendezVu will compete this week in the national final of Bank of Ireland’s ‘Bright Ideas Challenge’. RendezVu is one of four technology based SMEs which have been shortlisted for this event which has a prize of an interest free loan of €100,000 and mentoring by Sean Gallagher, entrepreneur and competition judge. 

 

Paul Groarke and Garrett Hussey, co-founders, RendezVu

The grand finale takes place this Wednesday, 3 March 2010 in the House of Lords, College Green, Dublin. 

The four finalists were selected from four regional competitions held during 2009. In addition to RendezVu, the Dublin regional winner, the other finalists are Eventovate from Mayo, ResourceKraft from Limerick and Sonru from Waterford. 

RendezVu, an elearning venture, was co-founded in 2008 by Paul Groarke and Garrett Hussey, both ex-Baltimore Technologies employees. There is currently no convenient way for most students learning languages to practise their language skills other than travelling to foreign destinations which can be expensive and impractical.  To address this issue in the learning environment RendezVu has developed a next generation learning platform to provide immersive education for languages and other subjects using virtual world and gaming technologies.

RendezVu was the overall winner of NovaUCD's 2008 Campus Company Development Programme Award and earlier this year it was presented with the David Manley 2009 Emerging Entrepreneur Award.

“The competition was designed to give small innovative businesses with high growth potential the opportunity to showcase their business on a unique platform, while simultaneously offering them an attractive investment package.  The winner of the competition will receive assistance with their future development plans”, said Damian Young, Head of Bank of Ireland’s Small Business Segment.

According to Sean Gallagher, entrepreneur and judge of the event, “While there are many challenges facing SMEs, all four finalists in the competition have proved that by developing unique offerings for specific markets a business can expand and grow in any environment. I look forward to working with the national winner to assist them with developing their business further.”

The ‘Bright Ideas Challenge’ aims to encourage and support both innovation and enterprise in business start-ups who are in the early stages of developing their business.  It was developed in association with the Business Innovation Centres to offer both financial and practical business support to start-up SMEs.  Finalists were selected based on their innovative and differentiated product or service and went through a robust screening process and a live presentation in front of a panel of judges and public audience led by Sean Gallagher.  Each regional winner won a cash prize of €5,000 from the Bank, along with a mentoring and training package valued at €5,000.   The winner will receive an interest free five-year loan from the Bank of Ireland Seed and Early Stage Equity Fund, which is managed on behalf of Bank of Ireland by Kernel Capital. 

ENDS

1 March 2010

For further information contact Micéal Whelan, NovaUCD, e: miceal.whelan@ucd.ie, t: +353 (0)1 716 3712.

Editors Notes

NovaUCD is University College Dublin’s Innovation and Technology Transfer Centre. NovaUCD is responsible for the commercialisation of intellectual property arising from UCD research and for the development of co-operation with the industry and business communities. NovaUCD as a purpose-built incubation centre also nurtures new technology and knowledge-intensive enterprises. Twenty-six knowledge-intensive companies, including RendezVu, are currently located in NovaUCD.  NovaUCD has been funded through a unique public-private partnership that includes AIB Bank, Arthur Cox, Deloitte, Enterprise Ireland, Ericsson, Goodbody Stockbrokers, UCD and Xilinx.

Profile of the other three short-listed companies:

Eventovate, a Ballina based software company, won the West regional final of the competition. Eventovate enables hotels to offer additional added value services to customers booking events and conferences; while also enabling them to improve the management, booking and delivery of the events.  The company was established in 2008 by brothers Jonathan and Jason Ruane.

ResourceKraft provides software based services that assists organisations of all kinds, to measure and reduce their energy usage and carbon emissions.  The business was established in 2007, its Chief Executive is Frank Casey and is based in Moylish Park in Limerick.  ResourceKraft won the South-West final of the competition. 

Sonru has created a video tool built for remotely interviewing people online and helping them prepare for job interviews.  The system is used by interviewers who want to interview multiple people in a quick, structured and cost effective manner.  Based in Enniscorthy Enterprise and Technology Centre, the company was established in 2007. It was the winner of the South-East regional final of the competition and its Chairman is Fergal O’Byrne.

The Bank of Ireland Seed and Early Stage Equity Fund was launched in November 2009 and is managed on behalf of Bank of Ireland and other partners, Enterprise Ireland and University of Limerick Foundation, by Kernel Capital.   The €26m fund invests in start-up and early stage companies, with a focus on export orientated high potential start-up companies that operate in the technology (including green technology), food and financial services sectors, in addition to supporting patent and patent pending projects within Irish universities. It comprises of an investment by Bank of Ireland of €17m, €8m from Enterprise Ireland, and €1m by University of Limerick Foundation.