Tech start-ups apply for €30,000 accelerator package

1 Nov 2011

DCU Ryan Academy's Propeller Venture Accelerator programme seeks out the most promising tech start-ups

DCU Ryan Academy Propeller Venture Accelerator, which is also a Techstars Network member, is inviting the most promising tech self-starters with bright ideas to apply for the last remaining seats on its upcoming programme that aims to spin out new firms. Applications close tomorrow (2 November).

This accelerator at DCU Ryan Academy, which is ranked seventh in Europe, has already received applications from all over the world, including China, India, USA, Israel, Iran and Europe, according to Terence Bowden, Venture manager at DCU Ryan Academy.

In January, the accepted companies will move into the office space at DCU Ryan Academy based at Citywest, while they will also get an attractive package to help get their companies off the ground, including financial aid and mentoring from experienced entrepreneurs, said Bowden today.

The overall package includes:

  • Investment package (worth €30,000);
  • Mentoring from a panel of more than 50 business mentors from business backgrounds;
  • Access to workshops covering strategy, business planning and how to hone up your presentations skills;
  • Office space (free for three months);
  • A demo day, when the start-ups will pitch their business plans to more than 70 investors in April 2012.

In May of this year, six start-ups from DCU Ryan Academy’s first Propeller Venture Accelerator programme pitched for funding to more than 70 investors from Ireland, the US and Europe.

The start-ups included:

  • Associate Mobile
  • Fantom
  • GreenEgg Technologies
  • HealthComms
  • Simple Lifeforms
  • VendorShop

Paul Healy, CEO, Fantom, which participated in the first Propeller Venture Accelerator at DCU Ryan Academy, says it was a great opportunity to be part of the programme.

“Winning a place on the inaugural Propeller was like being plucked off the bus and placed on the bullet train for our business. We were given access to the most senior Irish business talent and an inside track to the Irish and international investment community,” he said.

Accelerating early stage start-ups in Dublin

Propeller Venture Accelerator itself was established in 2010 with the funding of €1m from Irelandia Investments.

Taking the successful US accelerator model and adapting it to the Irish context, the programme aims to accelerate early stage technology start-ups, both Irish and international, in Dublin.

It was announced as a charter member of the TechStars Network earlier in the year, as well as having agreed partnerships with the Halo Business Angel Network (HBAN) and the Irish Technology Leadership Group (ITLG).

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Founded in 2006 by David Cohen, Brad Feld, David Brown, and Jared Polis, TechStars provides seed funding from more than 75 top venture capital firms and angel investors, as well as mentoring from a selection of the world’s most successful entrepreneurs.

Carmel Doyle was a long-time reporter with Silicon Republic