New Name, New Frontiers for CIT's Business Incubation Programme
Published on: Tuesday, 03 July 2012
A cohort of 12 brand new businesses have just embarked on an intensive six month rapid incubation programme, New Frontiers, which is the new brand name for the highly successful Genesis Programme. The Rubicon Centre, CIT's on campus Incubation Centre, will host the New Frontiers programme and is already home to 57 start-up companies employing 220 people. Since its inception in 1998, the Genesis Programme has helped 234 business start-ups, who collectively have raised over €102m in public and private Investment and created employment for a total of 2,221 people.
Participants on the New Frontiers programme represent a wide range of business sectors including independent living, life sciences, E-commerce, pet nutrients & new forms of media. These businesses will be refined and defined over the coming months to the point where those that are not trading already will be launched in the marketplace, those seeking international sales will be supported to access these new markets and those seeking investment will have a robust business plan to present to the investment community.
The businesses will be assisted to achieve their aims with a range of supports from Enterprise Ireland, Cork City and County Enterprise Boards and Cork Institute of Technology. These supports include access to the CIT Innovation Eco-System, a pool of experienced trainers and mentors, EI international offices and other EI supports including a scholarship fund of €15,000 each and networking and support from the wider business community.
At the end of the six month period, each New Frontiers participant will have progressed their business to the next stage where they can engage directly with their local and international customers and some will be seeking investment from the national and international investment communities.
Complementing all this will be the expertise provided from Kieran Moynihan, CIT's Entrepreneur-in-Residence. Kieran is an experienced entrepreneur with an impressive track record spanning a 20 year career in the technology sector. Kieran will help the participants build investment grade business plans, where appropriate.
Commenting on the new programme, Enda McDonnell, Regional Director of Enterprise Ireland said "These new start-ups will provide a wide range of employment opportunities over the next number of years, using the tried and tested development paths offered by our partners, CIT and the Rubicon Centre. We are delighted to see the wide range of opportunities that these promoters presented and were successful in gaining a place on the New Frontiers Programme."
Peter Finnegan, Programme Manager for New Frontiers added "This is a wonderful opportunity for these entrepreneurs to refine and shape their business proposition in a highly supportive environment."
New Frontiers will run until the end of 2012 and further information can be viewed online or by Tel: (021) 492 8900.