Business News

GUEST BLOG: Accelerate your company’s growth

By Business & Finance
05 December 2014
accelerator programme

by Enda Doyle, director of Business Development and Innovation, eircom Business Solutions

There’s nothing new about the concept of an accelerator that advances the development of promising technology firms. But at eircom Business Solutions we’re innovating the concept of the accelerator itself, offering a unique combination of resources, including a guaranteed route to market.

Established by Silicon Valley Group in partnership with eircom Business Solutions, Lab353 is a brand-new initiative seeking 10 of the most promising young technology companies who want to establish or scale their operations in Europe and the US.

If that sounds familiar, it’s because Lab353 does bear similarities to other acceleration programmes and seed funds that deliver capital, mentoring and office space for selected firms with high-potential products and services. But that’s where the similarities end.

Importantly, Lab353 is not an incubator: we’re not here to babysit developers with great ideas, or to nurture new early-stage concepts with no market awareness. The successful applicant is more likely to be a young but established company which has gone beyond prototype stage to secure small reference customers but lacks the resources to jump to the next level.

Lab353 is the first initiative of its kind in Ireland, and builds on the successful model of the San Jose-based Steinbeck Innovation Centre and includes a well established route to market through eircom Business Solutions. Our team at eircom Business Solutions has partnered with Silicon Valley group to deliver a fund of up to $10m, or $1m to each of 10 chosen companies.

The mentors attached to Lab353 are among the top tier of Irish business in America and Ireland, able to provide advice and knowledgeable guidance on everything from marketing to scaling fast to global market access.

eircom Business Solution’s role will be to work closely with the selected innovators to co-develop network-based solutions appropriate for the Irish and European markets. We will also provide access to our ISO-accredited service and support centre, our nationwide mobile and fixed networks, and our Amazon Web Services managed cloud service. Finally, we’ll be providing the customer introductions that will allow Lab353 businesses to begin to flex their solutions at scale in the UK and Ireland, with enterprise customers who are seeking an innovative edge. The importance of these first contracts for young businesses cannot be overstated.

A reference customer at enterprise level is the golden goose that every start-up needs, and Lab353 was designed from the bottom up to help its participating companies secure those sites, while minimising risk for all parties by providing oversight and direction from an experienced team of mentors.

Would you like to be considered for Lab353?

  • You can apply online to be considered for the program but your application must be completed and submitted no later than December 31st 2014. Applicants may be based in Ireland already or serious about locating into Ireland from abroad.
  • From March 2015, the selected companies will undergo a 10-week mentoring process, based in Lab353 in eircom Business Solutions premises in Dublin.
  • In May 2015 the companies will pitch their ideas to a group of influential investors, with the aim of securing up to $1m investment each.

What Lab353 has to offer

Supported by Silicon Valley Group and eircom Business Solutions, 10 companies will be selected for the 2015 programme and be awarded:

  • Office space in Lab353, a European launch-pad in the heart of Dublin;
  • Technology development services for mobile, cloud and software development;
  • Strategic management consulting;
  • Corporate, legal and tax services through Lab353 partners;
  • The opportunity to pitch to investors and secure up to $1m investment; and
  • Access to a global network of mentors from Silicon Valley and Ireland.

Enda DoyleEnda Doyle is Director of Business Development and Innovation for eircom Business Solutions.