International finalists
JOHN DUNNE and TOM FARRELL, Intune Networks
FOLLOWING EUROPEAN project research at UCD, John Dunne and Tom Farrell founded Intune Networks in Dublin in 1999.
Both had been working with US, European and Japanese technology companies on a new type of laser, when they realised they could “beat them” at developing a practical way to calibrate and control such technology.
Entrepreneurial from the outset, the UCD pair formed Intune to create an innovative business around their ideas.
From 1999 until 2005, Intune had fewer than 20 employees and worked hard to survive the telecoms crash in 2001 by managing to shift its technology application into the sensor market for oil and gas. In 2006, its longevity in the optical space paid off as the emergence of YouTube, Facebook, Google and mobile networks offered it a new opportunity. The firm was ready to develop a killer solution for the industry.
Success in designing the world's first optical packet switch and transport system has achieved global recognition and acclaim. It has won a number of awards, including The Irish TimesInnovation Award 2011.
In 2010, the company reported turnover of €10 million. As a Silicon Valley-style company, backed by VC firms to the tune of €50 million to date, Intune has the potential to become “Ireland’s Nokia” due to the scale of the problem it solves throughout today’s global network and internet infrastructure.
The business has survived the largest-ever sector collapse in telecoms and the world’s economic crisis of 2008, while retaining 100 per cent of its core staff, 45 per cent of whom have PhDs. Today, it employs almost 200 – 155 are permanent employees – and has two RD facilities in Ireland, one in Dublin and one in Belfast.
Products
A range of technologies based on tuneable lasers, which has led to the development of the world’s first optical packet switch and transport system . This solves a 30-year-old architectural problem in world networks.
Customers
Intune’s first customer for its new product line is the Government. It was selected to deliver the technology behind the Exemplar Network facility in 2010 and unveiled the full, commercial version of the technology in May. It plans to announce its first customers shortly as trial deployments are rolled out globally.
What were your biggest challenges and how did you overcome them?
“Converting technology ‘speak’ into business value is the most challenging aspect of our business. Once you have business value you can attract customers and investors.”
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ADRIAN McCUTCHEON, Telestack Limited
ESTABLISHED IN 2001, Tyrone firm Telestack Ltd specialises in the complete in-house design, manufacture, installation and commissioning of a wide range of mobile bulk material handling solutions.
Having previously traded as a brand of Loughside Engineering (established in 1978), the Telestack product range originally comprised telescopic conveyors, with a market principally within the UK and Ireland.
In April 2008, Adrian McCutcheon, together with his business partner Malachy Gribben, decided to internationalise the business. The success of this strategy was reflected in three-year turnover growth that represented a compound annual rate of 42 per cent. Turnover to the year ending February 2011 was £10.7 million. They had a 75 per cent growth rate from 2010 to 2011.
Further growth in excess of 30 per cent is anticipated for 2011-2012.
The company, which was awarded ISO 9001:2008 accreditation in November 2010, currently employs a staff of 62 at its Omagh base and plans to expand this year.
Products
The product offering extends far beyond traditional telescopic conveyors and now includes truck unloaders, feeder hoppers, transtracks and track conveyors. Product diversification has allowed its business to become more evenly split, selling into ports/terminals, mining and quarry markets.
Customers
All port or terminal projects are sold through distribution channels in key markets such as Russia, Australia and India, and through global consultants for major port developments in North Africa and South America. In addition to direct sales, quarry and mining projects are primarily sold through localised distribution.
What vision prompted you to start-up in business?
“The ability to make a difference. I had worked for larger companies on a global scale for 15 years so felt it was time to put this experience to good use, and Telestack was the perfect opportunity to continue working in a field that I loved, with the flexibility of also being able to enjoy more time at home with my young daughters.”
Has anyone acted as a mentor to you?
“Over the years, I have shadowed and learned valuable business skills from colleagues in a range of diverse industries, such as Mike Mills, former managing director of Ulster Carpet Mills Ltd. Mike was very influential in my career and someone I will always hold in high regard.”
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BRENDAN FARRELL jnr, XSP
AT THE ripe young age of four, Brendan P Farrell jnr gave early indications of his entrepreneurial skills and ambitions while helping his parents to run the family business, Farrell’s Bar and Grocery in Longford town. Following successful roles in operations management, his entrepreneurial know-how came to the fore once again when he joined forces with partners to develop a software solution that automates corporate actions.
Established in 1996, XcitekSolutionsPlus LLC (marketed as XSP) is now the global leader in automated, end-to-end corporate actions solutions for the financial industry.
Over the years, markets have experienced turbulent economic conditions, but XSP continues to grow and remains in demand globally, with revenue for 2011 expected to be more than 30 per cent ahead of the previous year.
The XSP solution is licensed by 65 of the world’s leading financial firms and deployed in 77 locations across the globe.
XSP is consistently recognised by industry publications, recently winning awards from Financial-i Magazine and Systems in the City. Today XSP employs more than 70 full-time subject matter experts, supplemented by tier 1, globally situated teams of partner development resources.
With offices in New York, London and Birmingham, Alabama, XSP also has partner offices in Singapore, Sydney, Australia and other locations to support its growing Asia Pacific client base.
Products
The company’s flagship product, the XSP v5 platform, is a technologically advanced solution with feature-rich functionality that streamlines the complete lifecycle of Corporate Actions processing.
The XSP GO!™ Product Suite addresses many new product and technology initiatives around cloud computing, mobile delivery and social networking collaboration which will facilitate automating of the last mile in the global Corporate Actions processing chain.
Customers
With a diverse client base of the world’s leading financial institutions, XSP is regarded as the market leader when it comes to implementing the complete lifecycle of corporate actions automation software into live production environments.
What motivates you to succeed?
“I want XSP to be the absolute best Corporate Actions Automation Solution in the world. It is motivating to see our staff enjoy coming to work each day and our clients to not only be satisfied customers of XSP, but also ‘raving fans’ of what we provide.”
MICEAL SAMMON, Sammon Group
MICEAL SAMMON is the founder, chairman and CEO of the Sammon Group, an international construction company specialising in the design and build of world-class educational facilities with headquarters in Kilcock, Co Kildare.
Born into a family from Aughnasheelin, Ballinamore, Co Leitrim, that has been involved in the construction industry for over five decades, Miceal, along with his wife Cathy, set up his first specialist fit-out and joinery company in Ireland 25 years ago.
The company originally focused on manufacturing for and fitting out Irish pubs at home and abroad and progressed during the first decade of operations to take advantage of the growing phenomenon of Irish pubs internationally, in locations such as France, Germany, Boston, and Russia.
During the group's second decade of operations, the company became a leading player in the design and build of high-quality hotels, offices and specialist joinery projects in Ireland. The group also expanded into other sectors, moving into the construction of school buildings, a transition which became the company's springboard to international success. In 1999 the company successfully completed its first education project in Ireland and has continued to enjoy an exemplary track record in the delivery of world-class education facilities for its clients, both domestically and internationally.
The Sammon Group currently employs more than 3,500 people worldwide.
Services
The company's multifaceted delivery of design and build, project management, construction, joinery fit-out and facilities management allows it to deliver the total building solution to clients.
Clients
The group currently has projects under construction in Ireland, UAE and Saudi Arabia and prides itself on being the pre-eminent provider of social infrastructure in the Middle East.
What were your biggest challenges and how did you overcome them?
"Access to working capital was the biggest issue - especially for a young entrepreneur. It was hard to be taken seriously at such an age and to convince people you had the acumen and entrepreneurial flair needed to run a business."
How do you recharge your batteries?
"Every new challenge and every new goal brings a renewed energy! I love to spend time with my family at home, farming, vegetable gardening and jam-making."
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THE AWARD
THE ERNST & Young Entrepreneur Award, now in its 14th year, aims to recognise and acclaim Ireland's entrepreneurs. The award is run in association with The Irish Times, RTÉ, Enterprise Ireland, InterTradeIreland and Newstalk.
Eight companies have been chosen in each of the three categories: International, Industry and Emerging.
Four nominees have been profiled each Monday for the last six weeks.
A nominee must be a business founder or owner, and be primarily responsible for the recent performance of a company that is at least two years old.
Founders of public companies are eligible, provided the founder is still active in top management.
The nominee must own 5 per cent of the company to be eligible.
Anyone – including employees, company advisers and financiers – can nominate an entrepreneur. Entrepreneurs may nominate themselves or their peers.
Judging criteria include growth in turnover and employee numbers, as well as vision, degree of innovation, creativity in production, marketing and selling, and expansion in local and international markets.
The chairman of the judging panel is Pádraig Ó Céidigh, chairman of Aer Arann. Other judges are: Terry Clune, chief executive of Taxback.com; Hugh O’Donnell, chief executive of Kentz Group; Brian Long, partner at Atlantic Bridge Ventures; Michael Carey, executive chairman of Jacob Fruitfield Group; Anne Heraty, chief executive of CPL Resources; Pat McDonagh, director of Thirdforce and Ernst & Young Master; Liam Shanahan, managing director of Shanahan Engineering; Jeremy Fitch, managing director of Invest Northern Ireland; Tom Hayes, head of entrepreneurship at Enterprise Ireland, and Jerry Kennelly, chief executive of Tweak.
The winner of the award will be announced at a televised awards ceremony on October 21st.
