DIT Hothouse graduate, Checkventory, takes home the Docklands Innovation Award 2015
Adrian Walsh, Checkventory, with the Docklands Enterprise Innovation Award.
The winner of the 2015 Docklands Enterprise Innovation Awards is Adrian Walsh, CheckVentory. The winner was announced by Simon Harris TD, Minister of State with responsibility for International Financial Services, the Office of Public Works and Public Procurement at an Awards Ceremony at PwC . Three Shortlisted Start-Ups went Head-to-Head in Enterprise Awards Battle for €10,000 expansion funding prize.
The DIT Hothouse firms have created over 1,450 jobs and attracted over €120 million in external investment.
From L-R: PwC Head of Financial Services, Damian Neylin; DIT President, Prof. Brian Norton; DIT Director of Research, Enterprise and Innovation Services, Dr. Brian O'Neill; Minister of State, Simon Harris TD; Award Winner, Adrian Walsh; PwC Senior Partner, Ronan Murphy; DIT Hothouse Centre Director, Tom Flanagan; DIT Hothouse Incubtion Centre Manager, Bernadette O'Reilly, and IADT Innovation, Commercialisation & Development Manager, Dominic Mullan.
Founded in 2013 and headquartered in Dublin, CheckVentory Innovation is a recent graduate of the DIT Hothouse New Frontiers Programme. CheckVentory is a field based asset verification platform for funded inventory in the automotive industry. It enables risk managers and credit controllers to quickly, accurately and cost effectively reconcile their entire stock holding, irrespective of where the vehicles are located. Most distributors of high value capital products have to participate in the partial or full financing of their products throughout distribution process.
This financing is most at risk during the stock and sales process when the funded inventory is located across a wide dealer network.
To reduce risk, teams of auditors are regularly dispatched to all stock locations to conduct an inventory audit and reconcile all assets back to the balance sheet. CheckVentory has been designed specifically to address this issue, it uses highly innovative mobile technology to enable audits to be assigned, managed and reconciled on one simple platform, quickly, easily and accurately. It enables its users to utilise existing resources in each of the locations vastly reducing the cost and time of conducting audits.
Currently installed and running with several multinational clients, CheckVentory is being used to manage over €50 million worth of assets. In July 2014 the company won CSF funding of €50,000 and in November it was selected as a finalist in the EIG Silicon Stroll, which identified 50 of Europe’s most investable start-ups.
Adrian was the former Managing Director of Fiat Group Ireland and has also held management positions with BMW and Nissan. Prior to his automotive career he was a senior executive in two successful Irish technology companies, Soft-ex and FPS Voyager. Adrian holds an M Sc in Management Practice from the IMI, Dublin.
Minister Simon Harris said: “It was an honour to meet and acknowledge the individuals with the ideas, concepts and drive that embody the spirit of innovation that this Government is working to fund and foster. I wish the Docklands Innovation Award winner CheckVentory continued success into the future.”
The Chairman of the Judges Panel, Dermot Berkery, Delta Partners, said: “The judging panel had its work cut out. While Artomatix, CheckVentory and FenestraPro operate in sectors as diverse as games, asset tracking and construction, at the core of each of them is a strong businessperson whose company has the potential to cuts costs and simplify processes for their customers. Each faces a large global market that provides the opportunity to scale. In the case of CheckVentory which the Judges voted ‘best investment proposal 2015’ it is testament to the entrepreneur and the support they are receiving.”
Three companies, each seeking expansion funding, battled it out at the 2015 Docklands Innovation Enterprise Awards to secure the title of ‘best investment proposal 2015’ and a prize of €10,000. The finalists, all of whom are recent graduates of the Dublin Institute of Technology Hothouse New Frontiers Programme, pitched their investment proposals and were questioned by an experienced panel of judges on their business plans. The event is supported by PwC and the Awards Evening took place on Wednesday, 11th March at PwC, One Spencer Dock, North Wall Quay, Dublin 1.
The runners-up were:
Eric Risser, Artomatix
David Palmer, FenestraPro
The judging panel were: Dermot Berkery, Partner, Delta Partners, Sonia Flynn, Managing Director, Facebook Ireland, Barry Murphy, CEO, TCAS Online, Tom Shinkwin, Partner, Enterprise Equity Venture Capital.
Each short listed candidate gave a 20 minute presentation on their investment proposal and be questioned by a panel of judges. Now in its thirteenth year, the Docklands Innovation Enterprise Awards is the initiative of Docklands Innovation and DIT Hothouse and is aimed at showcasing the innovative companies emerging from Docklands Innovation Park to investors and those with an interest in start-ups. Last year’s winner Propertygate went on to raise investment and now employs eight people.
Speaking at the Awards, Ronan Murphy, Senior Partner, PwC, said:
“Recent research by PwC found that the majority of companies feel that innovation is a competitive necessity. However, it is acknowledged that coming up with new ideas and commercialising them is not easy. Forging an organisational culture that promotes innovation, getting closer to the customer to find out what they really want and directing innovation accordingly is more important than ever. It is equally important to support our young entrepreneurs, who are leading innovators, and they will create jobs and play a key role in our economy’s growth. PwC is delighted to support these Awards and wishes the winner and all the candidates every success.”
Since 2001, DIT’s Hothouse which is based in Docklands Innovation Park has supported over 300 entrepreneurs at the early stages of their business development. Previous participant companies have included Movidius, Sigmoid Pharma, DecaWave, Mick’s Garage and Smart Wall Paint. Hothouse firms have created over 1,450 jobs and attracted over €120 million in external investment. This year’s finalists are all recent graduates of the DIT Hothouse New Frontiers Programme which is an Enterprise Ireland funded entrepreneur development programme. The New Frontiers Programme is co-funded by the European Regional Development Fund (ERDF) under the National Strategic Reference Framework (NSRF) 2007-2013. DIT Hothouse deliver the New Frontiers Programme in collaboration with the Institute of Art, Design and Technology, Dun Laoghaire.
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