Ostoform wins AIB Start-up Academy 2017
Limerick company Ostoform has won the 2017 AIB Startup Academy competition ahead of 13 other contenders who pitched for the €20,000 cash investment before 300 attendees at the Lighthouse Cinema in Dublin.
The 14 finalists each delivered a five-minute elevator pitch about their business and then faced a five-minute Q&A session with the judging panel. Runners up to Ostoform were Michael Swift of Frankman and Ailbhe Keane of Izzy Wheels.
Now in its third year, the AIB Startup Academy received almost 500 applications from businesses across the country. These entries were narrowed down to a shortlist of 22, from which 10 were chosen. A further four start-ups were selected at the regional summits in Galway, Cork, Dublin and Belfast.
The final startups then took part in an eight-week training and mentoring programme on topics such as networking, data analytics, design thinking, finance, marketing and social media.
Led by Kevin Kelleher and Rhona Hunt, Ostoform is a medical device that aims to manage peristomal skin complications for people with ileostomies. Based in the University of Limerick, the company is currently receiving funding through Enterprise Ireland’s Commercialisation Fund and has won an award at the Seedcorn Investor Readiness Competition, resulting in €10,000 in funding from InterTradeIreland.
Brian Keating, AIB Group Propositions and Brands Director, commented: “The standard of pitching tonight was excellent. Each and every startup tonight should be proud of their business and what they’ve achieved. Throughout 2017 we will be running Startup Bootcamps which are open to all entrepreneurs.”