The trouble is that it is often difficult for companies to secure VC funding, not because of the quality of the idea itself, but because of a lack of knowledge of how to open the doors. But InterTradeIrealnd is yet again looking to facilitate that process, through its AllIsland Seedcorn Business Competition, which this year offers a prize fund of 280,000 to small companies looking to secure major investment.

The competition has run since 2003, and was designed to facilitate up-andcoming companies to bring their businesses on to a higher level.

"The competition is all about promoting the use of private equity to accelerate the growth of companies and aims to help those with a significant equity requirement to become more investorready, " explained Grainne Lennon, Seedcorn Programme Manager.

Companies can increase their chances of successfully raising seed and venture capital if they are properly prepared and focused and armed with a good business plan, in which the business opportunity must be backed up with extensive research including identification of potential customers and why they will buy. Participation in the Seedcorn Competition will act as a significant catalyst for smaller companies in the production of this business plan, and advice on the preparation of the plans can be found at www. intertradeireland. com/seedcorn.

This year, a new category has been added, that of Emerging International Company, and to qualify for this category, businesses must be in existence for not more than five years, and have a private equity requirement in excess of 300,000. Substantial international sales targets are also required.

To enter the second Emerging Company category, a business must not be in existence for more than three years, and must have a private equity requirement in excess of 75,000 but less than 300,000.

Prizes, which are open to companies on both sides of the border, are generous.

There are four regions - Dublin (city and county), Northern Ireland, Munster, and Connacht (plus Counties Cavan, Monaghan, Donegal and Leinster excluding Dublin. Each of these regions has a prize in both categories, and each regional winner receives 20,000. There are also prizes of 10,000 for the best venture stemming form university spinouts and platform programmes.

Regional winners then go on to an overall final in front of a judging panel, whereupon the best Emerging International Company in Ireland receives 100,000, while the best Emerging Company in Ireland will receive 50,000. But, substantial though those prizes are, the real benefit of the competition is in the doors that it opens into the world of venture capital funding.

Indeed, since the start of the competition, 40m of additional equity investment has been leveraged by participating fledgling firms, of which almost 29m has been for southern companies.

"The experience of every company that has taken part is that the prize money is simply the icing on the cake, " said InterTradeIreland chief executive Liam Nellis. "The opportunity to access invaluable advice from some of Ireland's top investment experts has helped these to raise significant additional investment and grow their businesses at an accelerated speed."

This is a view which is echoed by the participants themselves, and last year's winner, Cork-based Enbio (which develops innovative technologies that will reduce the trauma and the recovery time experienced by patients of medical implant surgery), has been significantly boosted not so much by the prize money but by the experience of participating in the competition.

"Winning the competition enhanced Enbio's profile domestically and internationally, " said Enbio CEO Dan Phillpott. "It was a catalyst to raise investment, hire scientists, open laboratories and realise our vision.

Beyond the prize money, without a doubt Seedcorn has been a door-opener - we were regarded as the best start-up company in Ireland last year."

To register your interest in entering the All-Ireland Seedcorn Business Competition, log on to www. intertradeireland. com/seedcorn . Business plans must be submitted by 5pm on the closing date of September 28, and the final will take place on November 29, whereupon the panel will select their overall winner from the list of regional winners.