A Limerick start-up company that has designed the world's first automated recycling technology for flat screen TVs has been awarded seed funding and consultancy supports to the value of €75,000 after claiming first prize in Limerick Institute of Technology's (LIT) LEAP Business Awards for 2011/2012.
ALR Innovations, founded by Limerick engineer Dr Lisa O'Donoghue, expects to commence manufacturing in 2013 and is already at an advanced stage of discussions with potential customers for the technology in Ireland, Europe and the Far East.
The awards were for companies on LIT's Limerick Enterprise Acceleration Platform (LEAP) and were presented by Minister at the Department of Environment, Community and Local Government Jan O'Sullivan at the Millennium Theatre, LIT. The total €100,000 awards fund is the largest administered by any of the 16 enterprise programmes for start-up businesses at institutes of technology in Ireland.
ALR claimed a first prize of equity investment from AIB Seed Capital, which is managed by Enterprise Equity, to the tune of €50,000. It also received a cheque from LIT of €5,000, plus €25,000 worth of consultancy/supports, including legal advice from Holmes O'Malley Sexton and mentoring from the DiscoveryPartnership and an award for best Intellectual Property, sponsored by the HDS Partnership.
Dr O'Donoghue said: "I have been very fortunate to have enjoyed mentoring and support on a range of areas of the business, including developing a business plan ready for market, through the LEAP programme over the past 12 months. But this award is a huge boost for my company and at a critical time."
The award is the latest accolade for the emerging young company and its CEO Dr O' Donoghue, including the Young Entrepreneur of the Year 2010, the JCI Young Person of the Year Award 2011 and the Molex Frederick A. Krehbiel II Medal for frontier research with this recycling technology.
LEAP is an incubator programme for early stage companies and of the 73 companies that participated in LEAP over its first five years - 2007 to 2011 - 59 of them are today sustainable businesses employing approximately 250 people.
TechCentral Reporters
Pictured (l-r): Dr Lisa O'Donoghue, ALR Innovations; Frank Walsh, partner, Enterprise Equity, Investment Manager AIB Seed Capital Fund; Dr Maria Hinfelaar, president, Limerick Institute of Technology