Entrepreneur O Ceidigh to address potential investors in drive to boost business in BMW region
By Joan Fahey, January 25, 2010
Padraig O’Ceidigh, the west of Ireland entrepreneur whose business career started when he 'exported' periwinkles from rural Spiddal to Galway city, is to address potential private investors in the Border, Midlands and West (BMW) region.
O’Ceidigh, whose business successes include the Aer Arann airline, will be the keynote speaker at a special seminar for would-be ‘business angels’, in Galway on Monday, February 1st. Private investors, on the look-out for equity opportunities in fledgling companies in the BMW area, have been invited to attend the seminar which has been rescheduled after falling foul of severe flooding before Christmas.
In the USA, ‘business angels’ provide more equity to early-stage business than venture capitalists, and a major push is underway to promote a similar model here. At the February 1st seminar, the Halo Business Angel Partnership will outline how would-be investors can get involved in high-potential new companies, through investing funds and also contributing their invaluable business acumen. The theme of the seminar will be Success, Ambition and Opportunity.
“For people who would like to invest money and expertise, the prospect of getting involved with a high-potential early-stage company holds a lot of attractions,” explained Gerry Mackey of the Halo Business Angel Partnership. “They get access to ambitious, early-stage companies with strong growth potential.”
Minister for Labour Affairs Dara Calleary will open the seminar – Private Equity Opportunities in Early-stage Companies – in the Ardilaun Hotel, Galway. It runs 2.30-4.30pm. Among the speakers will be representatives from four businesses from the BMW region who are currently taking part in the Business Angel process, and hoping to soon obtain Business Angel support.
The various legal, and financial and taxation-relevant, opportunities associated with business angel investment will be teased out by industry experts Laura Lynch (Director, Mazars Tierney Accountants) and JP Gilmartin (RDJ Glynn Solicitors.) Cathie Hynes from Enterprise Ireland will also address the seminar. There will be networking opportunities for all who attend.
“The seminar is not a ‘pitching day’ by early-stage businesses. It is more to illustrate to potential investors that there are opportunities in the BMW region, and investors, or their professional advisors, will get a flavour of those opportunities on the day,” added Mr Mackey. “Absolute discretion is guaranteed, of course. Investors who are already involved in the business angel network know we only present them with viable opportunities.
“Nationally, 34 private equity deals were initiated by the Halo Angel Business Partnership over the past three years. This brings the total Business Angel investment up to almost €6m. “Of these, seven occurred in the Border, Midlands and West region, which illustrates the activity in the region. The level of financial support ranged from €40,000 to €700,000.” Said Minister Calleary: "I am delighted to be associated with this seminar. It will help to stimulate further economic development in the BMW region in a very challenging economic time." "The whole business angel model has great potential to support economic development in Ireland. Early-stage businesses need support across a wide variety of fronts, not least of which is the expertise and intellectual capital that experienced business people can bring."
Anyone would like to attend the seminar should contact Gerry Mackey at WESTBIC on gmackey@westbic.ie
About the Halo Business Angel Partnership:
• The Business Angel Partnership is the new national business angel network in the Republic of Ireland bringing together the private equity activities of Enterprise Ireland, InterTrade Ireland and the Irish Business and Innovation Centres, including WESTBIC in the BMW Region.
• A key objective for the Business Angel Partnership is to develop and foster the growth of private equity and business angel activity in Ireland. They do this by matching private investors with pre-screened investment opportunities in start-up, early stage and developing businesses.
• In this way they alleviate the ongoing difficulty faced by early-stage and growing companies who find it difficult to raise funds on reasonable terms. They also offer alternative investment options to investors interested in getting involved in companies with growth potential.
• Gerry Mackey is the regional manager of the Halo Business Angel Partnership in the BMW region. Its offices are located at WESTBIC, Galway Technology Centre, Mervue Business Park, Galway.
FOR MORE DETAILS, contact: GERRY MACKEY, Halo Business Angels Partnership
Tel: 091 730850 / 704 830 Email: gmackey@westbic.ie
or
LIAM HORAN, Sli Nua Communications, Tel: 094 95 42965
Mobile: 087 9185 867, Email: liam@slinuacommunications.com
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