A young Waterford entrepreneur has won a place at the first ever national final of Ireland’s Best Young Entrepreneur (IBYE) competition, for a chance to share a €100,000 investment fund.
Padraig O’Scanaill of Fund Recs will represent the Munster region in the Best Start-up category at the national final in Dublin this December and has already won €20,000 worth of investment from Waterford Local Enterprise Office.
Founded in 2013, Fund Recs provides cloud based software to the Investment Funds Industry, targeting a need for disruptive technology to automate the manual reconciliation of data and deliver streamlined workflows. Not even a year in business, Fund Recs already works with a Top 5 Global Bank, a FTSE 100 company and a globally renowned independent securities depository.
Originally from Ballyvourney, Co. Cork, Padraig graduated from UL and after several years working in Limerick, Galway and Dublin came to Waterford and volunteered as a CoderDojo mentor. Padraig now regards Tramore as home.
Speaking of the IBYE journey, Padraig was delighted with the company’s progress in the competition. “The competition has been a fantastic experience for me personally and also for the company. The starting point was being accepted onto the local IBYE programme, where we received mentoring and attended intensive business bootcamps.”
“I thought winning the Best Start-up category in the Waterford final was a major achievement, particularly in the face of such tough competition. However going on to win the Munster regional final was tremendous. Representing Munster in the National Finals has focused so much positive attention on the business. That, coupled with the support received from Waterford LEO has given our business invaluable exposure, funding, networking opportunities and potential to grow.”
Ireland’s Best Young Entrepreneur competition is an integral part of the Action Plan for Jobs 2014 and is supported by the Department of Jobs, Enterprise and Innovation through the 31 Local Enterprise Offices around the country.
Mr. Ciaran Cullen, LEO Waterford said, “It is very fitting that Padraig will go on to represent Munster in the national final in December. Over 1,000 businesses entered from every county in Ireland and the competition was intense. Padraig’s company Fund Recs develops cloud based reconciliation software and was recognised for its strong concept, innovative nature, originality and international growth potential.”
“We are delighted to support Padraig and his company, which is testament to the entrepreneurial spirit in Waterford. Business challenges and business opportunities are breeding start-ups, like Fund Recs. Locally, there is a wealth of talent, intellect and vision, all combined with sound business acumen, which is ensuring that we see more young innovative companies like Padraig’s start, grow and flourish in Waterford.”
For all the latest news and updates about the Ireland’s Best Young Entrepreneur competition, visit www.ibye.ie, www.localenterprise.ie or search #TeamWaterford or #IBYE on social media.