UP FRONT AWARD WINNER
LEADING THROUGH INNOVATION
Digital media company Foxframe, founded by Grainne Barron (MBA 07), has secured the title of ‘Best Investment Proposal for 2011’ and a prize of €10,000 at the 2011 Docklands Innovation Park Enterprise Awards. Barron is a media industry professional
with over 15 years’ experience in traditional video advertising, production and digital media, coupled with sales management expertise. Currently part of the Bolton Trust
Incubator Programme, Foxframe enables businesses worldwide to create their own professional video ads online using its
content-as-a-service (CaaS) software application, which automates the entire video production and distribution process. The winner was announced following a question-and-answer session by a panel of judges led by Damien Callaghan, invest- ment director, Intel Capital and chairman of the Advisory Board of Innovation Fund Ireland, and his team comprising Brian Caulfield, entrepreneur and partner, DFJ Esprit; Dr Ivan Coulter, founder and CEO, Sigmoid Pharma; and Diane Roberts, national director, Halo Business Angel Network. Now in their ninth year, the Docklands
Grainne Barron (MBA 07), CEO, Foxframe (centre) with Ronan Murphy, senior partner, PwC and Mary Mitchell O’Connor, TD
Innovation Park Enterprise Awards are an initiative of the Bolton Trust and DIT Hothouse, aimed at showcasing the inno- vative companies emerging from Docklands Innovation Park (DIP) to investors and those with an interest in start-ups. The 2011 Awards were spon- sored by PwC, Bolton Trust andHothouse. Barron was previously a director of
Animo TV, a corporate video production group working with national and interna- tional clients. In her earlier career she worked with NBC in New York and San Diego, and was sales director at Windmill Lane.
VC-BACKED FIRMS GREW JOBS BY 18.6PC IN 2010 RESEARCHNEWS
Employment in venture capital-backed firms has grown at an annual rate of 18.6pc since 2003, at a time when jobs growth in the economy in general was zero. This was one of the findings revealed in an inde- pendent economic impact study by UCD’s Department of Entrepreneurial Studies in February. “Our research finds that VC-backed com-
panies provide a substantial impetus to the ongoing development of a knowledge- based economy,” explained Prof Frank Roche of the Centre for Entrepreneurial Studies, UCD. “These firms enjoy much faster jobs growth, employ more graduates, invest more in R&D and produce greater exports than the economy in general.” The report, which was commissioned by
the Irish Venture Capital Association in association with InterTradeIreland, was launched on 16 February by Frank Ryan, CEO, Enterprise Ireland. “Irish venture capital funds will run out in
2012,” said Peter Sandys, chairman, Irish Venture Capital Association. “If we are to succeed in raising much-needed new capital then the incoming Government should con- tinue a proactive approach to the stimulation
companies, up from a base level of 63pc in 2005, and export intensity of 100pc in northern firms. In 2009, total direct employment by companies currently backed by venture capitalists was 9,733, an increase of 36pc on the levels employed in 2007. The report estimates one direct job supports the cre- ation of up to three additional downstream jobs in the Irish economy. Graduates repre- sented 77pc of the southern workforce and 75pc of the northern workforce. The UCD report also finds that Irish ven-
Prof Frank Roche of the Centre for Entrepreneurial Studies, UCD
of innovation, entrepreneurship and ven- ture (VC) capital investment.” The report finds that expenditure on R&D
by VC-backed firms in 2009 was €148m. This represents 28pc of total Irish indigenous spend on BERD (Business Expenditure on Research and Development) and represents 49pc of all SMEs’ share of R&D spend. In 2009, VC-backed companies generated
exports of €539m. This represented export intensity of 80pc of revenues in southern
ture capitalists invest more in technology and knowledge-based firms than the rest of Europe. High-tech companies accounted for 92pc of all investment by Irish venture capitalists in both 2008 and 2009. This is the highest technology rating in Europe, where the average is 31pc, with only four countries investing greater then 50pc in technology companies. Irish VC firms have invested €1.5bn in
Irish SMEs since 2000 and, through syndi- cation, have attracted a further €1.5bn from international firms willing to partner with local Irish firms to invest in Irish technology companies.
UCD BUSINESS CONNECTIONS 9
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