The Propeller Venture Accelerator was established in 2010 with the funding of €1 million from Irelandia Investments. The aim is to accelerate early stage technology startup companies, both Irish and international, in Dublin. The Propeller Accelerator has taken the successful US accelerator model and adapted it to the Irish context. In early 2011 the Propeller Accelerator became a charter member of the Techstars Network, only one of five outside of the US and only one of three in Europe.
The Propeller Venture Accelerator has an emphasis on software, Web 2.0, applications, informatics and cleantech startups. The accelerator programme is a mentor-led, three months incubation with free space and services and an additional €30,000 cash investment in each company. This is in return for 6.5% equity stake.
The first Propeller Programme which started in February 2011 had an initial six companies - who were:
Associate Mobile
Fantom
GreenEgg Technologies
Healthcomms
Simple Lifeforms
Vendorshop
Approximately seventy early stage companies either applied or made an expression of interest in the accelerator, including applicants from Brazil, US, UK and Europe. These companies are in areas such as social media, cloud-based software, online gaming, cleantech, Facebook applications and mobile applications.
Propeller startups will have access to and advice from mentors, which is a key part of the programme, the mentors are senior corporate executives as well as seasoned entrepreneurs in the technology area. Another benefit of the programme will be a package of corporate and service support including marketing, accounting, legal and intellectual property advice. Companies such as Sage, Arthur Cox (largest law firm in Ireland), Tomkins IP (intellectual Firm of the Year in 2010), Enterprise Ireland, Irish Small and Medium Enterprises Association (ISME), the HALO Business Angels Network, the Irish Technology Leadership Group and Arizona State University in the US have agreed to partner on the programme.
