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Spin-out company wins all-island business prize

Belfast-based Catagen was named the Best High Growth Company at InterTradeIreland’s 2012 all-island Seedcorn Business Competition. The event, which took place at the Titanic Belfast on 28 November, is the largest business competition on the island. As the Best High Growth Company on the island, Catagen won the overall cash prize of €100,000.

Catagen, manufactures a range of rapid age testing equipment for the Catalytic Converter Testing market, a critical part of the global automobile industry. This market is driven by stringent Environmental Protection legislation worldwide, aimed at reducing harmful exhaust emissions.

Dr Andrew Woods, CEO of Catagen said: “We are absolutely delighted to win the High Growth Category in the All Island Seedcorn competition. It is an important milestone for Catagen, and yet another independent validation of our world beating carbon reducing technology, business model, and growth trajectory. Having already generated significant sales and profits from our catalyst testing technology, the prize money provides a welcome additional boost to our capital resources. It will be used to assist the closing of our sales pipeline opportunities with international vehicle manufacturers, and enable us to invest in the development of our Northern Ireland manufacturing operations. The IntertradeIreland Seedcorn competition has been a very enjoyable and thorough learning experience for the Catagen management team.”

Arlene Foster, Minister for Enterprise, Trade & Investment, said: “Over the last ten years the Seedcorn Competition has provided a much needed boost to many start-up companies. As the preparation involved for the competition so closely mirrors the requirements of the fund-raising process, many of the successful companies have been able to use this as a platform to look for further backing. This risk capital provided to private companies by equity investors is an essential element in the funding eco-system to foster entrepreneurship, innovation and growth in our economies.

Thomas Hunter McGowan, CEO for InterTradeIreland added: “We are in the tenth year of what is now the biggest and one of the most prestigious business competitions on the island for early stage/high growth companies in any sector. Once again, we have been excited by the outstanding calibre of the business plans and the final ‘investment pitches’, all of which are a testament to the level of innovation and entrepreneurial excellence on the island. We are looking forward to following and encouraging this year’s winners in their future business development in the hope that they will replicate the success of those who have won in previous years.”

http://www.intertradeireland.com
www.catagen.co.uk

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