DIT Hothouse graduate to compete for EY Emerging Entrepreneur Award
On Thursday 23rd October, Sean Mitchell, co-founder, Movidius will compete in the Emerging category of the EY Entrepreneur Of The Year™ 2014. Established in 2005 by technology veterans Sean Mitchell, David Moloney and Val Muresan, Movidius is a mobile vision processor company that designs high performance, ultra low power processor chips for use on mobile devices such as smartphones, tablets, electronic eyewear and consumer robotics.
Movidius participated in DIT’s Hothouse Programme in 2006. Aimed at experienced entrepreneurs establishing technology and innovation-focused businesses, the programme offers an extensive programme of training, mentoring and networking aimed at helping participants develop the skills and contacts they need to build sustainable export-led companies.
Speaking about the company’s participation in the programme Sean said, “There were three important benefits to us from taking part in the programme. The first was that we made a contact and built a relationship with someone who became a final investor and it was great that we had known them for two years at that stage. Building the relationship was really important and we also felt it important that we had one key Irish investor in the syndicate. Secondly early on we had office space which allowed us to build our team and this was free of charge to us. Finally an introduction to Enterprise Ireland – we secured a €0.5 million investment from them and this would have taken a lot longer had it not been for the programme. The programme overall gave us one year to focus and get our thoughts on the business to get a framework together and get serious. Sometimes people can have a great business idea and just get distracted and it was great to have the time to just focus.”
Headquarted in San Mateo, California, Movidius has a staff of over 60 employees and operate development centres in Dublin and Romania. To date the company has raised over €36m in venture capital investment.
“When we took part in the programme it was at a point when we had been going for a year, and we wanted to see if the idea had legs... Through getting involved with the programme, by the 2nd half of the Phase 2 we had increased the team. The idea was that we would get more active in the market place, and get a first investment secured. By 2007 we had finished the programme, and we secured a first investment with Enterprise Ireland. Later we successfully received a BES Angel investment, which allowed us to build to a point to attract venture investment. Within a year, we had closed the first venture capital investment round.” Sean Mitchell, Senior Vice President and Chief Operating Officer, Movidius
All of the team at DIT Hothouse would like to congratulate Sean on his success to date and wish him the very best of luck on Thursday!