Innovators offer wares to investors
With a seven-minute pitch to potential financiers and judges, it is make it or break it time for many young start-up firms
FROM A cloud-computing app developed by Donegal farmers to software from Singapore that helps couples to stay in love, the start-up zone at Dublin’s Web Summit didn’t disappoint yesterday.
Some 100 technology minnows from around the globe each had just seven minutes to pitch their big idea to both investors and judges in the Electric Ireland Spark of Genius competition, many hoping to attract a funding windfall to keep their entrepreneurial dream alive.
Co-founder of Farmflo Jason Devenney was one of the first on stage, plugging the farm management software he created with his brother Gareth.
“Rather than farmers having to fill in paper-based systems in the evenings, they can use a mobile device to input medications given and other data during the day,” explains Devenney.
With 100 farmers already using Farmflo’s sheep app, the brothers are hoping for a €150,000 investment to build cattle and arable apps and hire more developers.
Devenney is hoping the fact that data is backed up to the cloud doesn’t serve to put Ireland’s weather-worn farmers off.
“There’s nothing for measuring rainfall in it – it would probably be too far off the scale anyway,” he says.
Singapore-based start-up Vibease was also in the market for money with its novel love app creating quite the stir yesterday.
“Our product helps couples to say intimate no matter where they are,” explained co-founder Steven Kik to intently listening techies.
As the product is already popular with jet-setting career couples and army wives, Kik is hoping for to acquire a €300,000 investment in the course of the summit.
“As a means to stay connected and stay intimate with your wife, this app really will come in handy.”
Social betting service BragBet was yesterday celebrating a partnership with Boylesports that will allow the Dublin-based start-up to handle real money sport bets on its team-based gambling service.
“Friends can come together online and put some money into a joint fund and suggest different bets each week,” explained BragBet’s Nicola Riordan about the service.
“Each week a different person is the captain so they get the responsibility of deciding what to bet the pot on.
Friends can up vote or down vote ideas.”
The six-figure investment means all odds offered and bets placed on BragBet will now be handled by Boylesports.
Meanwhile, Sweden-based Irish entrepreneur Neil Costigan was promoting his futuristic IT and mobile security software, BehavioSec.
“We identify how you type your password, the timing between keys, how hard your press and the way you move the mouse and use this as a biometric to enhance the basic security of PIN numbers and passwords,” explained Costigan.
Looking for investment of €3- €4 million from international investors at the summit, customers already include the US military.
“They are the early adopters of security.
“They want to know what security will be in five years. These are the guys dealing with spies and the James Bond types,” he says.