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8/14/2019 Digital Media Pilots
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Elaboration and Validation of
Digital Media Pilots
Creative Industries Technical Assistance
Author: Kieran OHea
Version: 1.0Date: 12 September 2002
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Digital Media Pilot Projects 2
Table of Contents
1. Introduction ............................................................................................................................................ 3
2. Methodology .......................................................................................................................................... 3
3. Approach ................................................................................................................................................ 44. Impact ..................................................................................................................................................... 4
5. Pilot 1: Financial PilotAccess to Capital ......................................................................................... 5
5.1 Rationale ......................................................................................................................................... 5
5.2 Networks and Mentoring Programmes .......... .......... ........... .......... .......... ........... .......... .......... ......... 5
5.3 Cross-Border Investment Trends .......... .......... ........... .......... ........... .......... .......... ........... .......... ....... 5
5.4 Regional Development and Clustering .......... .......... ........... .......... .......... ........... .......... .......... ......... 6
5.5 Investment Readiness ........... ........... .......... .......... ........... .......... ........... .......... ........... .......... ........... . 6
5.6 Educating Investors .......... ........... ........... .......... .......... ........... .......... ........... .......... .......... ........... ..... 6
5.7 Identifying Financial Sources .......... .......... ........... .......... .......... ........... .......... .......... ........... ........... . 7
5.8 Challenges to be addressed .......... ........... .......... .......... ........... .......... ........... .......... ........... .......... ..... 7
5.9 Investment funds for digital media .......... ........... .......... ........... .......... ........... .......... .......... ........... ... 7
5.10 Pilot Participants .......... ........... .......... ........... .......... ........... .......... ........... .......... .......... ........... .......... 8
5.11 Venture Capital Companies ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ... 8
5.12 Pilot Objectives ......... ........... ........... .......... ........... .......... .......... ........... .......... .......... ........... ........... . 8
5.13 Pilot Duration and Costs ........... .......... ........... .......... .......... ........... .......... ........... .......... .......... ......... 9
5.14 Implementation schedule .......... .......... ........... .......... .......... ........... .......... ........... .......... .......... ........10
5.15 Deliverables .......... ........... .......... ........... .......... ........... .......... ........... .......... .......... ........... .......... ......10
5.16 Impact ............................................................................................................................................11
5.17 References .....................................................................................................................................12
6. Pilot 2: Mentoring Pilot Digital Business Labs ..................................................................................14
6.1 Rationale ........................................................................................................................................146.2 Challenges to be addressed .......... ........... .......... .......... ........... .......... ........... .......... ........... .......... ....14
6.3 The Digital Business Labs Programme .......... ........... .......... ........... .......... ........... .......... .......... ......15
6.4 Approach .......................................................................................................................................15
6.5 Cluster Development .......... ........... .......... ........... .......... ........... .......... ........... .......... .......... ........... ..16
6.6 Pilot Objectives ......... ........... ........... .......... ........... .......... .......... ........... .......... .......... ........... ...........16
6.7 Pilot Participants .......... ........... .......... ........... .......... ........... .......... ........... .......... .......... ........... .........17
6.8 Lab Structure .......... .......... ........... ........... .......... ........... .......... .......... ........... .......... .......... ........... ....17
6.9 Marketing Plan .......... ........... ........... .......... ........... .......... .......... ........... .......... .......... ........... ...........18
6.10 Pilot Duration and Costs ........... .......... ........... .......... .......... ........... .......... ........... .......... .......... ........18
6.11 Implementation Schedule .......... ........... .......... ........... .......... ........... .......... ........... .......... .......... ......20
6.12 Deliverables .......... ........... .......... ........... .......... ........... .......... ........... .......... .......... ........... .......... ......20
6.13 Impact ............................................................................................................................................20
6.14 References .....................................................................................................................................21
Annex I: Irish EVCA Members .................................................................................................................23
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1. Introduction
The interim report of this assignment, Digital Media Overview, proposed the implementation of a
number of pilot applications that could address the main deficiencies in digital media in Ireland
and in doing so support the development of the sector. The purpose of this exercise is to elaborate
and validate the proposed pilot projects, addressing the manner in which they should be executed.
The work will also identify the resources required and will predict the outputs and the impactachieved. It will also identify comparable initiatives in Ireland and abroad and incorporate points
of best practice from these into the proposed pilots.
According to the Harvard Business School 2nd
annual Internet Conference, Success on theInternet is no longer driven purely by technology, first mover advantage and buzz. Rather, it is
much about quality of management and the ability to grow successfully in an increasingly
competitive market. In the digital media sector, the two main inhibitors to growth are poor stateof readiness and inability to secure funds. Some might point out that there are other serious
inhibitors, most importantly bandwidth but this is mainly a problem of cost, not availability and
solving the problems associated with business skills, finance and networking might well enable
the bandwidth problem to be solved.
Pilot 1: Access to Capital Pilot 2: Digital Business Labs
Finance
Mentoring
Networking
The main areas where support is needed are mentoring, networking and finance. The two pilots
identified in the Digital Media Overview deal with finance and with business support. The firstpilot deals with access to financial information by digital media companies. It also deals with
cross-border investment trends. The second pilot proposes a business knowledge programme for
digital media companies. It also deals with creating partnerships between digital media
companies and larger enterprises. Finance features in pilot one while mentoring is the main
feature of pilot two. Networking meanwhile is a feature of both pilots.
Between them the pilots will address a range of issues aimed at improving the business and
investment prospects of Irish digital media companies. The absence of major investors and digital
media role models means that this is unlikely to happen without public sector intervention.
The amount of the intervention sought for the two pilots is 197,000 (314,000).
2. Methodology
It is anticipated that the pilot projects might be the subject of a call for proposals. In the case of
each pilot proposal, the following methodology will apply:
Description of the pilot consisting of the rationale behind it and what the pilot might achieve.
Summary of the information that exists, which might allow the proposal to be validated.
Description of similar initiatives which have been implemented, together with a comment ontheir effectiveness
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Proposed work plan for each pilot including an implementation schedule
Cost estimates for the implementation of the pilots.
This methodology is intended to provide sufficient information to allow a decision on the merits
of the proposals to be reached.
3. Approach
The pilots will run independently but in parallel. Each will run pilot seminars, which will be used
for knowledge sharing purposes and to determine future needs. Each pilot should also publish a
series of industry guidelines on issues including IPR, seeking funding, developing industry
partnership and cash flowing developments.
The life cycle of the pilots will include four phases:
1) Existing situation and requirements analysis (desk & field research),
2) Solution design (strategic planpilot modules)
3) Implementation and demonstration (pilot networks, seminars and results publication)
4) Marketing plan preparation and implementation of dissemination activities.
The pilots should address the issue of dissemination and showcasing achievements in the digital
media sector. For this reason they should investigate links to a suitable digital media awards
ceremony.
4. Impact
The pilots must address the following needs of the digital media community:
Improvement of quality of business models
Better business networks for digital media
Benchmarking of good practice in the sector
Support on IPR and financial issues
For the investment community, the following needs must be addressed:
Improvement of ability of the venture capitalists to form funding consortia
Making the digital media sector more prominent
Creating business networks for venture capitalists and business angels
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5. Pilot 1: Financial PilotAccess to Capital
5.1 Rationale
According to the European Commission, a lower level of investment and market transparency for
accessing capital in Europe than in the US results in a smaller percentage of the available risk
capital being channeled towards digital media companies, especially start-ups and SMEs. Thisslows down growth and employment creation. Many start-ups and medium sized firms need to
expand beyond their national border but cannot. In the highly turbulent market situation where
revenue models are unclear, investors are reluctant to provide capital for medium term risk
bearing projects. Traditional financial institutions are faced with the lack of physical goods on
which to secure loans; the capital provided is often in the form of interest bearing loans, not ideal
for digital media and Internet related investments that may need many years to become profitable.
5.2 Networks and Mentoring Programmes
Venture capitalists, unlike banks, should be attracted to digital media companies, which promise
to be ideal vehicles for exit strategies, funding plans, intellectual property rights, low cost bases
and multiple income streams. However many digital media companies have not attempted to
structure themselves in this way. Investment companies have therefore tended to shy away from
digital media and this situation has only become worse in the wake of the dot.com fiasco. Digital
media companies need help from investors in order to identify their Critical Investment Success
Factors (CISFs). The subsequent alignment of digital media companies and investors to a pointwhere the art of creativity meets the art of entrepreneurship can only be achieved through the
creation of special networks and mentoring programmes. The objective of these initiatives should
be to encourage digital media talent to flourishartistically, culturally and economically.
5.3 Cross-Border Investment Trends
Investment trends differ from country to country but trends unique to digital media have emerged
in Europe. In the US, regulations concerning capital gains tax, IPR, privacy and securities are
consistent across the country. In Europe, where there are multiple regimes, trading across
boundaries can be problematic and this is compounded by the legal difficulties of trading in
digital IP. Investors have therefore proved reluctant to invest across borders and this is hindering
the growth of the European digital media sector. Even more alarmingly, business angels tend toinvest in companies within a 100km radius of the city in which they are based.
One of the ways to address this problem is to set up cross-border networks of investors and digitalmedia companies. Ireland needs particular assistance in this respect because none of the major
digital media companies or venture capitalists is based here. Ambitious companies andentrepreneurs inevitably gravitate to where the money so this means that the best talent eventually
dissipates. An Irish venture market for digital media, capable of providing an alternative to this
trend, is unlikely to develop without public sector intervention.
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5.4 Regional Development and Clustering
Unequal regional development is also contributing to the problem. There are not many digital
media clusters and still fewer successful ones. This is a result of regions placing low priority ondigital media, which is in turn due to a lack of growth expectations, poor financing or perceived
lack of competence. In a sector where typically 90% of the companies have less than 10
employees, the lack of clusters is not only hindering the development of a digital ecology but is
also making it difficult for investment companies to see progress in the sector and to identify
likely investment targets. Regions need to create active cross-border networks that link clusters of
digital media companies with each other and with the investment community. These networks can
help to transfer knowledge from digital media experts in high activity metropolitan clusters to less
advanced regions. Ireland must make more effective use of networks and clusters if we are to
make the offerings of our digital media companies more visible and attractive to investors.
5.5 Investment Readiness
In Ireland, despite culture and digital media being inherently linked, the development of the
digital media sector has up to now been inconsistent with the popularity of Irish culture and with
more traditional forms of expression such as music. To speed up growth, the sector needs a
scheme that will successfully match digital media companies with suitable investors and
financiers. Help is also needed in reducing the "time to investment" and lowering search costs for
both parties. This would facilitate companies looking for fast growth and strategic partnerships
but this is unlikely to occur of its own accord. What is needed is fully supported investment
where the venture capitalist brings in not only money but advisors, premises, network contacts in
the industry, introductions to complementary technologies and the positioning of senior
managers.
5.6 Educating Investors
Match making should be facilitated by organisations that can work between investors and digital
media companies and can foster mutual understanding between the two communities. Investors
have up to now been afraid to get hands-on with digital media companies, who for their parthave been ill prepared to meet the assessment criteria of the investors. The result is a hesitation by
the investment community due to perceived immaturity in the digital media sector. This is even
inhibiting the availability of seed capital, or amounts less than 50k for exploring ideas in this
sector.
The pilot will therefore include an induction phase for investors, which will more fully appraisethem with the characteristics and potential of the digital media market. The objective will be to
set up a common standard of induction so that anyone from the finance community can have a
common grounding in the characteristics of the digital media sector. This could be achievedthrough a series of seminars in which practitioners from the sector could lecture on best practice,
business models and sectoral trends, using practical experience and case studies.
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5.7 Identifying Financial Sources
The aforementioned problems have been compounded by the difficulties that digital media
companies have had in accessing the right financial information. Different types of projects
require different types of funding while at the same time different investors have different
thresholds and criteria for investing. To add to the confusion, digital media companies often end
up in the investors technology portfolios because of the sectors association with the Internet.Addressing these problems should involve the development and widespread dissemination of an
all-island matrix showing digital media companies who they should approach for different types
of funding. The matrix should take into account the criteria of the financing organisation,
including minimum and maximum investment, type of company supported and types of
investment made.
5.8 Challenges to be addressed
The barriers to development associated with raising finance in digital media give rise to the
following challenges:
Creating new funds that combine private and public money, to be managed by investors witha sophisticated understanding of the sector.
Providing access to these funds with a professionalism and swiftness which reflects the needsand dynamics of the sector.
Offering finance at different stages of business development, in particular at seed capitalstage.
Structuring funding in a flexible way, offering venture loans and equity options and providing
continuing financial advice after the loan is secured.
Creating environments for research and experimentation, which are not dependent on shortterm market return.
Creating a series of investment funds for digital media at seed capital, business developmentand corporate expansion levels, ranging from 5000 to 5 million.
Encouraging funds to be linked to specific business schools, cities and regions in Ireland topromote regional economic development and the emergence of dynamic digital ecologies.
5.9 Investment funds for digital media
Part of the work will be to examine the options for creating investment funds for digital media.
These funds might be located at:
University business schools providing a link between university research, the development ofbusiness and management skills and the creation of new digitally related businesses.
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At a city level, similar to the New York Discovery Fund, which is promoted through theMayors office and administered via the New York Economic Development Agency and/or
At a national level, similar to the Scottish Technology Fund (a joint venture between ScottishEnterprise and 3i) and the Welsh Technology Growth Fund.
5.10 Pilot Participants
The target groups for participation in the pilot will include the following. Participants will be used
as a source of consultation and validation at all stages of the pilot.
Digital media and Internet companies, particularly SMEs, entrepreneurs and start-ups.
Professional and industrial associations, networks, market analysts and managementconsultants.
Partnership forums, associations for business angels, venture capital, etc., incubator typeorganisations.
Dissemination networks, magazines, newspapers etc.
5.11 Venture Capital Companies
The targeted investment organisations in the South offer a range of investment options for digital
media companies.
Name Seed Start Exp Min Invest Max Invest
ACT Venture Capital N Y Y 500 1500Campus Companies Venture Capital
Fund
Y Y Y - -
Delta Partners - - - 500 3000
Dublin Business Innovation Centre Y Y N 12 127
Eircom Enterprise Fund N Y Y 38 391
Enterprise Equity Ireland N Y Y 75 1600
ICC Venture Capital N Y Y 75 1600
Shannon Development Y Y Y 20 1000
Trinity Venture Capital Y Y Y 100 2500
Source: European Venture Capital Association, 1999, in kEuros
For a full listing of EVCA members in Ireland, see Annex I.
5.12 Pilot Objectives
The pilot will increase the capacity of Irish enterprises and potential ventures (i.e. project results
and business ideas) in the digital media sector to identify, represent, develop and certify
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knowledge, competencies and business potential. It will do this by making possible a better
understanding of the market opportunities, trends and evolution scenarios and through the
development of a set of services tailored to meet the needs of this markets stakeholders, namelythe entrepreneurs, the knowledge producers and providers, the investors and the venture
capitalists. It also aims to improve the availability of knowledge about finance options by making
this available to the digital media sector in a centralised way.
The pilot will be delivered through networks and seminars aimed at investors and digital media
companies. The digital media participants will undergo an audit of investor readiness as part of
their assessment. From the investor side, a model for an e-tolerant investment fund will be
created. The pilot will include a simulated application of this model and a simulated cluster
development that will explore different configurations of digital practitioners and investors. The
pilot will carry out a continuous, sustainable market observation and intelligence building
exercise, tailored on the real needs of the above-mentioned stakeholders.
5.13 Pilot Duration and Costs
The proposed duration of the pilot is 12 months following which it will deliver a report and
publish best practice guidelines. Progress will be validated at the 6 and 11 month stage in specialworkshops. There will be an interim review after six months. The work should be carried out in a
number of work packages to be more precisely defined by those implementing the pilot. The
following guideline includes the effort in person days that should be dedicated to each work
package.
Work package 1: Management and workshop organisation (50)
Work package 2: Marketing: secure participating organisations (20)
Work package 3: Verified model for all-island network of investors/digital media companies (50)
Work package 4: Verified model for preparing digital media companies for investment (20)
Work package 5: Verified model for digital media induction programme for investors (20)
Work package 6: Verified model for investment fund for digital media (20)
Work package 7: Verified model for all-island matrix of funding possibilities (20)Work package 8: Dissemination of results and best practice guidelines (20)
The following cost estimates are in Euro:
Management and workshop
organisation
50person days @ 800 40 000
Marketing 20 person days @ 800 16 000
Workpackages 3-8
implementation150 person days @ 800 120 000
Literature Brochure, workshop
material
5 000
Website Design, development,hosting
10 000
Public Relationslaunchand ongoing publicity
Use of PR company 5 000
TOTAL 196 000
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The resources to be made available by InterTradeIreland to the pilot are a financial contribution
of 196k and optional hosting of some of the pilot activities.
Total effort to implement the pilot is estimated at 11 person months.
5.14 Implementation schedule
5.15 Deliverables
The pilot will investigate and practically demonstrate the feasibility of various support measures
aimed at furthering the development of more effective relationships between digital media
companies and investors. The pilot will be encouraged to address all of the following issues and
implement those that are appropriate:
Setting up of cross-border networks of investors and digital media companies
Transferring knowledge from digital media experts in high activity metropolitan clusters toless advanced regions.
Reduction of the "time to investment" and lowering search costs for both parties.
Management &
workshop organisation
Marketing
All-island network
Investment readiness
Investor induction
Investment fund
Financial matrix
Dissemination of results
WP / month 1 2 3 4 5 6 7 8 9 10 11 12
Worksho 1
Worksho 2
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Model for an audit of investment readiness
Design of an induction phase for investors, to more fully appraise them of the characteristicsand potential of the digital media market
Blueprint for creating investment funds for digital media
Development of an all-island matrix of funding possibilities
5.16 Impact
The success of the pilot programme will be judged by measuring the following criteria:
Positive feedback from the marketing and dissemination campaigns which will serve tofurther verify the need for the pilot actions.
The interest and commitment of the financial and digital media communities will be gaugedby their level of participation in the programme and by the strength of the emergingnetworks.
Acceptance by the investment community of the induction programme and the investmentfund for digital media.
Acceptance by the digital media community of the investment readiness programme and theall-island funding matrix.
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5.17 References
The following projects have been funded by the European Commissions e -Content programmethrough its action line on opening up access to capital for digital content companies. Most of
these projects have similar objectives and the European Commission in choosing so many similarprojects has taken something of a scattergun approach to increasing the flow of venture capital
into digital content projects in the various Member States. While this is an admirable objective,
the downside is that these projects are doing little to stimulate the flow of investment across
borders and most of them are clearly lacking the direct participation of digital media companies.
The pilot should consider these aspects when carrying out its background research and preparing
its methodology.
http://www.checkchances.org/
CHECK YOUR CHANCES addresses small e-content businesses (up to 50 employees) that
consider an IPO as an option to raise venture capital. The project provides information services to
these companies that support them in their decision-making process and helps them to evaluate
whether an IPO is advisable considering the background of their specific business situation. If the
assessment is positive, CHECK YOUR CHANCES will support the e-content businesses in
taking their first, yet critical, steps towards an IPO.
In the project a comprehensive set of learning content on corporate financing has been created.The different forms of financing (equity vs. debt, intermediate forms) and various sources of
financing (banks, public funding, business angels, venture capitalists, strategic investors,shareholders) are described. This general part is supplemented by an overview of typical phases
of financing and situations with high financing demand. Practical guidance is given with respect
to venture capital financing. Concerning an initial public offering, requirements and steps in
preparation and administration are described.
For entrepreneurs there is a comprehensive section providing basic knowledge, practical tips anda financial planning tool for the preparation of a business plan. Important terminology is
explained in a comprehensive glossary on financial and business administration terms. By means
of commented case studies the financial and operational development of well-known companies
of the growth industries are illustrated.
The most comprehensive presentation of material and tools is provided as an e-learning
environment on the Internet (www.checkchances.org). This service also includes self-checks of
knowledge, a selection of relevant links and sections dealing with subjects closely related to the
matter of financing, such as company valuation and intellectual property rights. Other formats for
output are a CD-ROM and a printed handbook, which both include part of the content and tools
available on the Internet.
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http://www.e-nec.net/
NEC is a project designed by a European consortium in 2000 to support the start-up of European
Internet-related SMEs in the new economy by providing an animation and tutoring service aimed
at improving access to risk capital. During the twelve months' duration of the project, the
consortium produced an online incubator, a virtual meeting place - made up of a network of real
"physical" regional meeting places - where human talent, venture capital, consulting services,
entrepreneurship, and training come together, meet and are invited to start new ventures.
This New Economy incubation model serving as a meeting point is experiencing rapid worldwide
growth. The need, especially among New Economy start-ups, for venture capital services and
digital consulting is growing exponentially with the Internet. In response, business incubators are
developing into New Economy for-profit businesses of their own that emphasise venture capitalfinancing and consulting services in exchange for fees and equity in tenant companies. The NEC
strategy has been designed to meet the entrepreneurs', investors' and experts' needs. It introduces
a new approach to simplify the investor - invested relationship and the international partner
matchmaking process.
NEC tools, in fact, intend to contribute to the definition of a standard legal and advisory platform
which is simultaneously European and local, personalised and codified, and which reduces
investment barriers and risks. In other words, as far as NEC is concerned, the distinctive formula
for delivering services is that of a networked incubator, i.e. a mechanism to foster partnerships
among start-up teams and other successful Internet-oriented firms, because the New Economy is a
Networked Economy. That formula is facilitating the flow of knowledge and talent across
companies and the forging of marketing and technology relationships between them.
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6. Pilot 2: Mentoring Pilot Digital Business Labs
6.1 Rationale
Digital micro-enterprises have many creative ideas but inadequate time and resources to develop
them. They are often ill equipped to deal with investors and content commissioners. The success
of the digital media sector relies heavily on developing sufficient creative talent to satisfy the
demand for diverse and compelling content. While their work is recognised and flagged as beingat the forefront in terms of innovation and content, digital media innovators and entrepreneurs
need access to an intellectual infrastructure that will support business growth in this dynamic
industry.
The pilot should provide a programme of business support to digital media companies, focusing
mainly on the needs of established, indigenous enterprises, with the aim of promoting best
practice in business management. It will provide knowledge on issues such as business
development, branding and intellectual property rights, with the objective of encouraging digital
media companies to become competent in these practices. It will also encourage them to exploit
the resources around them, such as academic support, R&D facilities, business-to-business
networking and collaboration opportunities. Contributors to the programme will include digital
media companies, experts in business, law, finance and sponsoring organisations, ideally with the
participation of a business school and a University research centre.
Large organisations are often unaware of the different business functions that digital media can
add value to, including Training; Corporate communications; Customer relations; Retail activity;
Supplier networks; Marketing; Internal communications; Procurement; and Public relations. Mostorganisations will eventually use digital media to some degree even if it is only on the company
web site. However, they need help from the sector in order to understand more fully the ways in
which digital media can help their business. In a pilot scenario, digital media companies could be
given assignments by sponsoring companies. Digital media specialists could also take upresidencies inside sponsoring companies in order to carry out research into their digital needs.
The sponsoring company may also wish to place staff inside digital media companies, to learn
more about digital media or to carry out due diligence in the case of a possible investment.
Partnerships such as this will lead to more widespread recognition of digital media as a problem
solving technology and will increase the profile of the Irish digital media sector.
6.2 Challenges to be addressed
The following challenges are associated with helping Irish digital media companies to access the
global market:
Developing business knowledge of how to provide continuity of supply and how to protect,harness and exploit intellectual property rights.
Finding cost-effective ways for emerging talent and talented products, works or programmesto be showcased internationally.
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Supporting small companies to secure international distribution deals and to provide acompelling global online presence.
Creating networks and partnerships that allow digital media companies to establish profitableworking relationships with a range of clients.
6.3 The Digital Business Labs Programme
The programme should be a knowledge-driven process for digital media companies that enables
them to take a 360o
view of their future business directions. It will include modules on analysis,
discovery, creative thinking and strategic orientation and is designed to help digital media
companies to equip their businesses for the future. The programme will provide an innovative
approach to company orientation and the provision of prescriptive business solutions. It will help
participants to align with best practice in their sector and to align their own internal strategies.
The programme will give digital media companies a high-level view on their business and ontheir sector and helps them to develop future orientations.
Companies will be given the opportunity to participate in cost-effective group labs that aresmall enough to retain the intimacy of one to one consulting.
The programme will provide digital media companies with a low cost introduction to highquality consulting and business analysis.
Participants will learn about best practice in the sector and how to apply it to their businesses.
The proposed model is not unique and could in theory be offered to any sector by any competent
consulting firm. What makes it unique in the context of this application is that nobody in Ireland
has attempted to deliver business knowledge to the digital media sector using this model. Thoseconsulting firms that could do it have chosen not to, either because they do not recognise the need
from inside the sector or they do not see sufficient profit in it. Public sector intervention is
therefore needed to provide this important service.
6.4 Approach
The pilot will be based on successful mentoring programmes but will be especially designed for
the needs of digital media companies. The pilot programme should be made available on a
subsidised basis to companies who meet certain criteria relating to size and turnover, including
independent digital media companies and traditional media companies who are in transition to
digital. Business-to-business mentors will participate in phase one of the pilot and will impartknowledge directly to the participants via the labs programme. Phase two of the pilot will
encourage large enterprises to work with local digital media companies by setting up partnershipsaimed at increasing the role of digital media in everyday business. Large businesses are potential
market makers due to their ability to stimulate the market by outsourcing certain requirements to
digital media specialists or by becoming investors in their companies. This phase will seed further
understanding in the business community of the impact of digital media on their business.
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The pilot programme of one-day labs will be run once a month for three months starting at the
end of month 3 of the pilot. The labs will cluster companies around issues key to their
development. These issues have been identified from within the sector. The objective is to mix
the diversity of a conference with the intimacy of one-to-one consulting. The lab model is a
hybrid that will bring up to 16 participants from 8 companies together for one day off-site with
four independent experts, each addressing one of the identified topics. The day will be split
between lectures and round table discussion.
The Digital Business Labs are intended to be the first steps in a development path that will
disseminate best practice in the digital media sector, encourage collaboration between the
companies and lead to an eventual migration into a digital media cluster when such facilities
come on stream. The pilot scheme is borne of a commitment to the development of a robust
digital media sector with great economic potential.
6.5 Cluster Development
The following diagram shows how the proposed pilot programme helps what are currently non-
aligned digital media companies to mobilise themselves into a collaborative platform sharing
skills and access to expertise. Such a platform will galvanise the digital media sector, filling gaps
in its business armoury and equipping it to compete internationally. This will eventually become
an organically derived digital cluster, which will be attractive to investors and capable of
substantial and sustainable growth.
6.6 Pilot Objectives
The results of the recent O2 National Digital Media Conference (www.ndmc.info) indicate that
digital media companies would benefit from better advice in a number of areas including business
development, branding and intellectual property rights. The cost of obtaining such advice can be
T0 T0 + 6 T0 + 12 T0 + 18 T0 + 24 T0 + 30
BUSINESS
KNOWLEDGE
PROGRAMME
Performance
Assessment
and Business
Model
Analysis
COLLABORATIVE PLATFORM (featuring Industry Working Group)
PEER
EXPOSURE:
Industry
Conference &
Workshops
MARKET
EXPOSURE:
Collective
Pitching and
Marketing
Migration
into DIGITAL
CLUSTER
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prohibitive so it is intended to offer the labs at a highly subsidised price that will be cost-effective
for all participants. The pilot programme is intended to fill a gap in the market for business
knowledge but is also intended to complement other initiatives aimed at developing a first-class
digital media sector in Ireland.
The main aim of the pilot programme is to equip digital media organisations with the necessary
knowledge and intellectual resources required to successfully manage the growth and direction oftheir organisations. The pilot programme should comprise three labs. Up to eight companies from
the digital media sector should attend each lab. Each company can bring two people. Leading
independent experts in business, infrastructure, IPR and finance will lecture at each lab. An
international guest may also feature. By the end of the pilot programme, a total of 24 companies
will have gone through the pipeline.
If successful, the pilot may create a demand for further programmes. If this demand is sufficient,
a fully operational labs programme running one lab per month could reach 10% of the digital
media sector or approximately 100 companies in its first year.
6.7 Pilot Participants
The target audience for the programme is the digital media sector. The digital media community
has specific needs and requires a special approach that few people outside the industry arecapable of understanding or providing. The team of experts that will deliver the programme must
have such experience. There are three typical profiles for participants in the programme:
1) Start-ups or recently established companies facing the challenge of rapid growth.2) Established companies that are in transition into new markets.3) Organisations and entrepreneurs who are considering investing in the digital media sector
In addition to the above, the programme must encourage the participation of business schools,
research centres and the local business community.
6.8 Lab Structure
The suggested format of the Lab is a morning of presentations by acknowledged experts,
followed by an afternoon of round-table issue discussions with the experts from the morningsession. The following would be a typical schedule:
09h00Positioning your business
10h00Marketing and presentation skills: hitting the right pitch.
11h00Unlocking value from IPR
12h00Effective networking with the business and finance communities 13h00 Lunch
14h00Roundtable discussions of present business issues with the experts who presented themorning content.
17h00 Close.
Each lab participant should receive focused business advice from acknowledged experts in the
field. The right advice on IPR, Finance and Marketing can make the difference between winning
and losing in the Digital Media arena. Such advice doesnt come cheap, but the lab programme
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enables young companies to benefit at a low cost from unique, valuable advice normally only
available to longer established, cash rich organisations.
Certain participants may need a more personalised type of service. The pilot should have the
flexibility to explore the structure of a more intensive lab dealing with individual clients and
covering the following topics:
Discovery: an in-depth look at the clients business model, customer base, development planand pipeline.
Market Landscape: presenting industry trends, developments and best practice relevant to theclient.
Validation: evaluating the clients current market position and direction against the marketlandscape and identifying gaps.
Strategy: identifying corrective actions, presenting findings to the client and working withthem to ensure that the business strategy is in line with the business opportunity.
6.9 Marketing Plan
The following tactics will be used to create awareness of the labs and secure critical mass
participation:
PR programme supported widely in the press and trade media
Marketing through trade associations such as NIIM and IIA
Sampling of databases by phone and of a larger number of companies by e-mail
Sampling includes information on labs and request to assist in shaping labs by replying toembedded survey
Use input from sampling to refine lab objectives, confirm participant cost and date of first lab
Once sufficient response obtained from sampling to sell out first lab, go out to a wider targetaudience to sell out remaining two labs
Publicise these via e-mail with link to Lab web site and through the press
6.10 Pilot Duration and Costs
Funds are limited in the digital media sector and there is not a tradition of paying for consulting.
Lack of a subsidised business support programme is depriving those most in need of help. On the
other hand, pricing the labs too low or offering them for free might attract participants for the
wrong reasons. A nominal participation charge may therefore be considered. However the cost of
planning and delivering a labs programme still far exceeds the amount that could be collected in
revenue from participants. This makes the lab programme an unattractive proposition for a
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commercial organisation. Yet without such a programme the digital media sector is being
deprived of valuable information which could help companies to grow.
The work should be carried out in a number of work packages to be more precisely defined by
those implementing the pilot. The following guideline includes the effort that should be dedicated
to each work package.
Work package 1: Management and planning (20)
Work package 2: Marketing: secure participating organisations (20)
Work package 3: Lab organisation (30)
Work package 4: Developing industry partnerships (20)
Work package 5: Dissemination of results and best practice guidelines (10)
The cost of each lab is 16,000 including management and planning, guest speakers time andexpenses, venue costs and catering. Additional costs are likely to be incurred in promoting the
programme and securing the participants. The lab programme will be run over a 6-month period
allowing for 2 months of planning, followed by 3 labs over 3 months and 1 month for follow up
and reporting. Approximately 6 person months of effort are anticipated.
The following cost estimates are given in Euro:
Management and reporting 30person days @ 800 24 000
Marketing and networking 40 person days @ 800 32 000
Lab organisation 10 person days per lab @
800 per day x 324 000
Guest experts 4 person days @1500 perday inc travel expenses x 3
18 000
Literature Brochure, lab material 5 000
Website Design, development,
hosting
10 000
Public Relationslaunch
and ongoing publicity
Use of PR company 5 000
TOTAL 118 000
The format of the labs is lectures followed by round table discussion. Technology requirements
are minimal as no digital media creation or presentation is anticipated. Conference-style
presentation will be the norm. There will therefore be no exceptional costs in this area and all
equipment needed will be included in the venue apart from portable computers which some of the
speakers may care to bring with them.
Documentation will include a lab programme which will initially be developed for online
dissemination during the marketing phase and which may later be reproduced in printed brochureform. A programme covering each days activities will be integrated into this brochure. Theprinted content of the Labs programme may be supplemented by handouts from the experts
should they wish to make these available.
The contribution of InterTradeIreland to the project should include a financial contribution of
118,000 and the optionally the provision of facilitation including the hosting of the three labs.
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6.11 Implementation Schedule
6.12 Deliverables
The first deliverable is the lab offering which will be used to attract a critical mass ofparticipants.
The second deliverable is the lab programme including the names of the experts who havebeen secured to deliver the labs.
The third deliverable is the report of the labs programme which will be published as a bestpractice guide.
The fourth and final deliverable is the report of the ongoing mentoring programme aimed atbuilding working relationships between digital media companies and large clients.
6.13 Impact
The success of the pilot programme will be judged by measuring the following criteria:
Feedback from sampling campaign leading to a critical mass of interest and a capacityaudience at the three pilot labs
Securing the interest and commitment of the business community and the subject experts
Positive review from feedback forms submitted by the labs participants
Sufficient word of mouth generated to create demand for second labs programme
Management & Planning
Marketing & Networking
Lab organisation
Industry partnerships
Dissemination of results
WP / month 1 2 3 4 5 6
Lab 2 Lab 3
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6.14 References
www.nmk.co.uk
NMK is based at the University of Westminster as part of its Business Development and
Commercial Research Unit. It is a business resource for individuals and companies working in
the new digital media. NMK is publicly funded, but does not position itself in any of the
traditional public-sector institutions or hierarchical structures. Rather, NMK operates across
economic boundaries, bringing together knowledge and expertise from higher education,
professional bodies and the creative industries, in order to drive forward the UK's new media
industry.
Making use of these extensive assets and contacts, NMK can offer businesses and individuals a
rich programme of events, courses, publications and networking activities, all aimed to boost
profitability and facilitate development in the new media industry. From the freelancer just
starting out to the director of a large production team, NMK helps people to realise their business
and creative potential.
The Innovation Labs
An important part of the NMK project is the Innovation Labs. These are a cluster of new media
businesses neighbouring the NMK office at the Harrow Campus of the University ofWestminster. The businesses are developing a wide-range of new media products and services,
and, as well as office space, they receive support from the NMK programme.
Industry Advisory Groups
Through a number of steering groups, NMK is in a process of ongoing consultation with leading
members of the new media industry, in order to ensure that the programme reflects the needs and
concerns of the UK's industry.
A Learning Resource for New Media Companies
NMK's Knowledge Network is a new way of delivering the information, skills and expert
knowledge that everyone working in new media needs to succeed. The Network is grouped into
four main themes, each of which includes a range of subjects: project management, pricing,
pitching, recruitment and training are just some of the issues covered.
Many of the subject areas are hosted by specialised experts, all of whom have been selected on
the basis of their experience, understanding and willingness to support the UK's growing new
media industry. As well as donating knowledge resources to the site, they can also be contacted
by e-mail.
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www.firsttuesday.com
First Tuesday is the world's leading network for innovation and technology. With over 50,000
active members worldwide, the First Tuesday network includes 43 cities in 25 countries across
five continents and brings together the leading players in the technologies sector: entrepreneurs
and managers of new ventures; venture capitalists and investors; service providers; and"intrapreneurs" and technology managers in corporate entities. No other such company operates
in as many cities with such local depth as First Tuesday.
First Tuesday cities hold monthly events, such as: the Classic event, which traditionally brings
together the full range of a city's membership on the first Tuesday of the month; Thought
Leadership events, which bring together leading experts to brainstorm on issues in the
technology sector; or Wireless Wednesday events, which are focused on the wireless segment of
the telecom sector. Among its services for companies are:
Business Cluster Exchanges: First Tuesday brings together clusters of companies from twocities that work in the same business area of the technology sector.
Chambers of Commerce: First Tuesday works with local chambers of commerce to organiseevents where they match companies visiting a First Tuesday city from another country or city
with companies in the First Tuesday city.
Discussion Forums: First Tuesday maintains discussion forums among members concerningspecific themes or areas of the technology sector.
Elevators: First Tuesday offers leading companies a platform to present and publish theirsuccesses to other members.
HR: First Tuesday is preparing to offer on-line postings for job offerings and CV brokering
services for recruiters and candidates.
Inside: First Tuesday organises events inside its members' companies that bring peopletogether around specific themes on innovation and technology.
MatchMaking: First Tuesday offers a service to match business plans with funding sources.
Offices: First Tuesday will offer an on-line exchange of under-utilised office space in FirstTuesday cities.
Research: First Tuesday will soon be offering its members on-line access to leading researchon companies and trends in the technology sector.
Suppliers: First Tuesday will soon be offering suppliers in the technology sector theopportunity to post the services they offer in an on-line format to First Tuesday members.
Youth: First Tuesday is developing product services for youth that are interested ininnovation and technology.
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Annex I: Irish EVCA Members
The following companies are the Irish members of the European Venture Capital Association and
should be considered for inclusion in certain aspects of the pilot. Searches in EVCA for Northern
Ireland venture capitalists yielded nothing. All UK members are located on the mainland.
Company3i IRELAND(full member) Address Alexandra House, 1st Floor The Sweepstakes, Ballsbridge
IRL - Dublin 4
Ireland Telephone 353 1/667.38.38 Telefax 353 1/667.36.33 [email protected]
Contact Mr. Clive Austin Partners Mr. Alex Brebbia Type of firm Independent Quoted Company Number
of staff 2 Minimum Investment () not applicable Maximum Investment () not applicable Investment
stages Buyout - Buyin (below EUR 15M), Delisting, Expansion - Development Capital, Privatisation,
Buyout - Buyin (EUR 15M to EUR 75M), Buyout - Buyin (above EUR 75M) Industry preferences No
Preferences Geographical preferences Ireland Type of financing Equity Financing
CompanyA+L GOODBODY(associate member) Address International Financial Services Centre North Wall Quay
IRL - Dublin 1Ireland Telephone 353 1/649.20.00 Telefax 353 1/649.26.49 Websitewww.algoodbody.ieEmail
[email protected] Mr. John Olden Partners Mr. Paul Carroll Mr. John Coman Ms. Eithne
Fitzgerald Mr. Jack O'Farrell Mr. John Olden Mr. David Widger Type of firm Law Firm Number of staff
400
CompanyACT VENTURE CAPITAL LIMITED(full member) Address Jefferson House Eglinton Road, Donnybrook
IRL - Dublin 4
Ireland Telephone 353 1/260.09.66 Telefax 353 1/260.05.38 Websitewww.actventure.comEmail
[email protected] Mr. Niall V. G. Carroll Partners Mr. Aidan Byrnes Mr. Niall V. G. Carroll Mr.
Walter Hobbs Mr. Owen Murphy Type of firm Independent Private Partnership Number of staff 17
Minimum Investment () 500000 Maximum Investment () 15000000 Investment stages Early -Stage,
Expansion - Development Capital, Buyout - Buyin Industry preferences Computer Related, Medical - LifeSciences - Health Related, Internet Technology, Communications other Geographical preferences Ireland,
United Kingdom, Continental Europe Type of financing Equity Financing
CompanyDELTA PARTNERS(full member) Address ICL Building , South County Bus. Park Leopardstown
IRL - Dublin 18
Ireland Telephone 353 1/294.08.70 Telefax 353 1/294.08.77 [email protected]
Contact Mr. Frank Kenny Partners Mr. Dermot Berkery Mr. Shay Garvey Mr. Frank Kenny Mr. Maurice
Roche Type of firm Other Number of staff 8 Minimum Investment () 500000 Maximum Investment ()
3000000 Investment stages Early-Stage Industry preferences Internet Technology, Communications other,
Medical - Life Sciences - Health Related Geographical preferences Ireland, Europe Type of financing
Minority Equity
CompanyDUBLIN BUSINESS INNOVATION CENTRE(full member) Address TCD Enterprise Centre Pearse Street
IRL - Dublin 2
Ireland Telephone 353 1/671.31.11 Telefax 353 1/671.33.30 [email protected]
Contact Mr. Desmond C.W. Fahey Partners Mr. Gerard A. Cashin Mr. Domhnall McCullough Mr. Chris
Park Mr. A.M. Prendergast Dr. Frank Roche Type of firm Limited Company Number of staff 12 Minimum
Investment () 12697 Maximum Investment () 253947 Investment stages Seed Capital, Start -up Capital
Industry preferences Internet Technology, Other , Telecommunications, Computer Related Geographical
preferences Ireland Type of financing Equity Financing, Loans
http://www.3i.com/http://www.3i.com/http://www.3i.com/mailto:[email protected]:[email protected]:[email protected]://www.algoodbody.ie/http://www.algoodbody.ie/http://www.algoodbody.ie/mailto:[email protected]:[email protected]://www.actventure.com/http://www.actventure.com/http://www.actventure.com/mailto:[email protected]:[email protected]://www.delta.ie/http://www.delta.ie/http://www.delta.ie/mailto:[email protected]:[email protected]:[email protected]://www.dbic.ie/http://www.dbic.ie/http://www.dbic.ie/mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.dbic.ie/mailto:[email protected]://www.delta.ie/mailto:[email protected]://www.actventure.com/mailto:[email protected]://www.algoodbody.ie/mailto:[email protected]://www.3i.com/8/14/2019 Digital Media Pilots
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CompanyEIRCOM ENTERPRISE FUND LTD.(full member) Address 114 St. Stephen's Green West
IRL - Dublin 2
Ireland Telephone 353 1/701.51.30 Telefax 353 1/679.72.53 Websitewww.eircom-enterprise-fund.ieEmail
[email protected] Ms. Maura Moore Type of firm Limited Company Number of staff not
applicable Minimum Investment () 38092 Maximum Investment () 390921 Investment stages Seed
Capital, Start-up Capital, Early-Stage Industry preferences Communications other Geographical
preferences Ireland Type of financing Minority Equity, Loans
CompanyENTERPRISE EQUITY IRELAND LTD(full member) Address Dublin Road
IRL - Dundalk County Louth
Ireland Telephone 353 42/933.31.67 Telefax 353 42/933.48.57 Websitewww.enterpriseequity.ieEmail
[email protected] Mr. Conor O'Connor Type of firm Limited Company Number of staff 4
Minimum Investment () 300000 Maximum Investment () 1600000 Investment stages Early -Stage,
Expansion - Development Capital, Buyout - Buyin Industry preferences No Preferences Geographical
preferences Ireland Type of financing Equity Financing, Minority Equity
CompanyGENSEC IRELAND LIMITED
(full member) Address Beech House, Beech Hill Road ClonskeaghIRL - Dublin 4
Ireland Telephone 353 1/261.40.00 Telefax 353 1/260.31.75 Websitewww.gensec.comEmail
[email protected] Mr. Steve Wood Partners Mr. Shane Lynch Type of firm Fund Management
Company Number of staff 16 Minimum Investment () 250000 Maximum Investment () 5000000
Investment stages Start-up Capital, Early-Stage, Bridge Industry preferences Communications other,
Computer Related, Internet Technology Geographical preferences Europe, Ireland Type of financing
Equity Financing, Minority Equity
CompanyHIBERNIA CAPITAL PARTNERS(full member) Address 88 St. Stephens Green
IRL - Dublin 2
Ireland Telephone 353 1/475.47.25 Telefax 353 1/475.47.28 [email protected]
Contact Mr. David Gavagan Partners Mr. David Gavagan Mr. Niall McFadden Type of firm LimitedCompany Number of staff 8 Minimum Investment () 2000000 Maximum Investment () 15000000
Investment stages Delisting, Expansion - Development Capital, Replacement Capital, Turnaround -
Restructuring, Buyout - Buyin Industry preferences Communications other, Consumer Related, Industrial
Products and Services, Manufacturing, Medical - Life Sciences - Health Related Geographical preferences
Ireland, United Kingdom Type of financing Equity Financing, Majority Equity, Minority Equity
CompanyICC VENTURE CAPITAL(full member) Address 72-74 Harcourt Street
IRL - Co. Dublin 2
Ireland Telephone 353 1/415.55.55 Telefax 353 1/475.04.37 Website not applicable [email protected]
Contact Mr. David Fassbender Partners Ms. Anne Bannon Mr. John Dixon Mr. Tom Kirwan Mr. Pat
McGrath Mr. Maurice McHenry Mr. Martin O'Brien Type of firm Fund Management Company Number of
staff 14 Minimum Investment () 1000000 Maximum Investment () 25000000 Investment stagesExpansion - Development Capital, Mezzanine - Bridge Finance, Replacement Capital, Buyout - Buyin
Industry preferences Computer Related, Consumer Related, Industrial Products and Services,
Manufacturing, Services, Biotechnology, Electronics, Industrial Automation Geographical preferences
Ireland, United Kingdom Type of financing Equity Financing, Loans, Minority Equity
CompanyIVCA (IRISH VENTURE CAPITAL ASSOCIATION)(national association member) Address c/o NCB Venture Ltd
IRL - IFSC Dublin I
Ireland Telephone 353 1/611.56.11 Telefax 353 1/611.59.87 Website not applicable Email
http://www.eircom-enterprise-fund.ie/http://www.eircom-enterprise-fund.ie/http://www.eircom-enterprise-fund.ie/mailto:[email protected]:[email protected]://www.enterpriseequity.ie/http://www.enterpriseequity.ie/http://www.enterpriseequity.ie/mailto:[email protected]:[email protected]://www.gensec.com/http://www.gensec.com/http://www.gensec.com/mailto:[email protected]:[email protected]://www.hcp.ie/http://www.hcp.ie/http://www.hcp.ie/mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]://www.hcp.ie/mailto:[email protected]://www.gensec.com/mailto:[email protected]://www.enterpriseequity.ie/mailto:[email protected]://www.eircom-enterprise-fund.ie/8/14/2019 Digital Media Pilots
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[email protected] Mr. Michael Murphy Type of firm AssociationE Number of staff not
applicable
CompanyMILLENNIUM CAPITAL LIMITED(full member) Address Molesworth House 8-9 Molesworth Street
IRL - Dublin 2
Ireland Telephone 353 1/679.08.18 Telefax 353 1/679.90.14 Websitewww.campuscapital.comEmail
[email protected] Mr. Patrick Ryan Partners Mr. Patrick Ryan Type of firm Independent
Private Partnership Number of staff 3 Minimum Investment () 40000 Maximum Investment () 635000
Investment stages Buyout - Buyin, Early-Stage, Expansion - Development Capital, Privatisation, Start-up
Capital, Other Early-Stage Industry preferences Biotechnology, Computer Related, Electronics, Industrial
Automation, Internet Technology, Telecommunications Geographical preferences Ireland Type of
financing Minority Equity, Senior Debt, Mezzanine
CompanySHANNON DEVELOPMENT COMPANY(full member) Address Park House National Technolog. Park
IRL - Castleroy, Limerick
Ireland Telephone 353 61/33.65.55 Telefax 353 61/33.65.45 Websitewww.shannon-dev.ie/investments
[email protected] Mr. Geoff McMullen Partners Mr. E. O'Grady Ms. Michelle
O'Grady Mrs. Ann Slattery Type of firm Government - International Organisation Related Number of staff
4 Minimum Investment () 20000 Maximum Investment () 1000000 Investment stages Early -Stage,Expansion - Development Capital, Seed Capital, Start-up Capital, Buyout - Buyin Industry preferences
Consumer Related, Electronics, Telecommunications Geographical preferences Ireland Type of financing
Minority Equity
CompanyTRINITY VENTURE CAPITAL(full member) Address Dunleary House Dun Laoghaire Road
IRL - Co. Dublin
Ireland Telephone 353 1/202.04.20 Telefax 353 1/202.04.21 [email protected]
Contact Mr. John Tracey Partners Mr. Gavin Bourke Mr. Don Harrington Mr. Rory Quirke Mr. Shane
Reihill Mr. Karl Schtte Type of firm Independent Private Partnership Number of staff 9 Minimum
Investment () 500000 Maximum Investment () 15000000 Investment stages Early-Stage, Expansion -
Development Capital, Start-up Capital Industry preferences Computer Related, Electronics, Internet
Technology, Telecommunications, Communications other Geographical preferences Ireland, UnitedKingdom Type of financing Equity Financing, Minority Equity
mailto:[email protected]:[email protected]://www.campuscapital.com/http://www.campuscapital.com/http://www.campuscapital.com/mailto:[email protected]:[email protected]://www.shannon-dev.ie/investmentshttp://www.shannon-dev.ie/investmentshttp://www.shannon-dev.ie/investmentsmailto:[email protected]:[email protected]:[email protected]://www.tvc.com/http://www.tvc.com/http://www.tvc.com/mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.tvc.com/mailto:[email protected]://www.shannon-dev.ie/investmentsmailto:[email protected]://www.campuscapital.com/mailto:[email protected]