Dublin City’s best young entrepreneurs have been announced this week at the County Final of Ireland’s Best Young Entrepreneur (IBYE) competition. Run by the Local Enterprise Offices, IBYE is supported by the Department of Business, Enterprise and Innovation and Enterprise Ireland. Now in its 4th year, this year attracted almost 1,500 applications nationwide.
Greg Swift, Head of Enterprise in Dublin City explained: “The search to find Ireland’s best young entrepreneur began in August. The calibre of entries was exceptionally high. The innovation, creativity, passion and determination demonstrated by entrants at the Enterprise Day, Bootcamp and County Final confirms that supporting fledgling businesses has such importance in terms of future enterprise and job creation in Dublin City. The competition enables all participants to broaden their business networks and refine their business acumen.” - writes dublincity.ie.
There was joy for James McElroy of House My Dog in Dublin City as they were named winner of the Best Established Business award.
The Best Start Up category was a particularly hard-fought contest. Aimee Madden of CliniShift in Dublin City was named winner.
Many innovative new business concepts emerged in the Best Business Idea category. The winner was Flavia Wahl of Ibreeze in Dublin City.
James McElroy of House My Dog was named the Overall Winner of IBYE for Dublin City.
“Dublin is one of the best cities in the world to start and grow a business. Individuality, innovation and creativity combine; helping to create a strong start-up eco-system that supports entrepreneurs to shape their ideas and create value through the products and services. The entrepreneurs here today are contributing to and shaping this enterprise eco-system for themselves, and for future generations.” Lord Mayor / Ardmhéara Mícheál Mac Donncha
The adjudicators in this year’s competition were Greg Swift of Local Enterprise Office Dublin City, Edel Flynn of Element 78 and Gavan Walsh of iCabbi. The awards ceremony was attended by other special guests including Owen Keegan, Chief Executive, Dublin City Council and Martin O’Connell guest speaker from Nasal Medical.
IBYE Co-ordinator for Dublin City, Ailish Smyth concluded “Each of the winners and runners-up will share in an investment fund of up to €50,000 from the Local Enterprise Office to help grow and develop their business. The 3 category winners go forward to the Regional Finals in Dublin in January. The team in Local Enterprise Office Dublin City will be providing intensive supports between now and then to prepare them for the regional finals and hopefully Dublin City will have a representative at the IBYE National Finals in March.”
Pictures from the event have been syndicated to picture desks by Fennell Photography earlier today.
Stay up to date with the competition by following on Facebook, Twitter, Google+, LinkedIn and YouTube. Find out more about supports available to entrepreneurs of all ages by visiting www.localenterprise.ie
Ireland’s Best Young Entrepreneur is an enterprise initiative run by the 31 Local Enterprise Offices (LEO) around the country and funded by the Department of Business, Enterprise and Innovation and Enterprise Ireland. A €2 million investment fund is available through IBYE which supports young entrepreneurs through training, mentoring and direct financial investments.
IBYE was open topeople between the ages of 18 (at date of application) and 35 (at 31st December 2017) with an innovative business idea, new start-up or established business, including: individuals, venture teams, partnerships, existing businesses with a new idea,or people overseas (including Irish emigrants) who will headquarter in Ireland.
Each LEO will have a total fund of up to €50,000 to invest in six businesses (three category winners and three runners-up) according to criteria including businesses’ investment needs. The three categories are as follows:
Best Business Idea (pre-trading) – up to €10,000 investment fund through every LEO(€7,000 for category winner and €3,000 for runner-up, through every LEO)
Best Start-Up Business (up to 18 months), with up to €20,000 investment fund through every LEO(€15,000 for category winner and €5,000 for runner-up, through every LEO)
Best Established Business (over 18 months) with up to €20,000 investment fund through every LEO(€15,000 for category winner and €5,000 for runner-up, through every LEO)
The county winners will proceed to eight regional finals in January and February 2018 from which 24 contenders (three from each region – one in each category) will be selected to compete for the national title of Ireland’s Best Young Entrepreneur. A further €100,000 investment fund will be available to invest in the winners of the three categories at the national final, one of which will also be named with the prestigious title of Ireland’s Best Young Entrepreneur.
Local Enterprise Offices
The Local Enterprise Offices (LEOs) are the ‘first-stop-shop’ for providing advice and guidance, financial assistance and ‘soft’ supports in the form of training and mentoring to anyone wishing to start or grow a business.
The LEOs provide a ‘signposting’ service in relation to all relevant state supports available through agencies such as Revenue, the Department of Social Protection, Education and Training Boards, the Credit Review Office and Microfinance Ireland.
The LEOs can offer direct grant aid to microenterprises (10 employees or fewer) in the manufacturing and internationally traded services sector which, over time, have the potential to develop into strong export entities. Subject to certain eligibility criteria, the LEOs can provide financial assistance within three main categories, i.e., Feasibility Grants (investigating the potential of a business idea) Priming Grants (to part-fund a start-up) and Business Development Grants for existing businesses that want to expand.
The LEOs also offer advice and guidance in areas such as Local Authority rates, Public Procurement and other regulations affecting business.
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