Ireland is pushing forward its aquaculture sector
Hatch.blue, the world’s first aquaculture accelerator, is launching the second session of training for aquaculture startups in Ireland.
The program is set to take place from 18 September to 6 December and the applicants have until 24 of August to register their ideas, informs Seafood Source magazine.
"Ireland's hidden potential for aqua-farming is enormous and the government's support to attract innovation in the space is massive", explained Program Director Wayne Murphy. Teams of two people from eight companies will enter this session in order to learn how to move their business potential forward by 12 to 18 months.
"In Bergen, we had eight start-ups from seven countries, which went through 30 mentor sessions, met 40 investors from 17 different countries, and got investor-ready in 90 days. Two of the companies came away with six-figure investments and a very clear idea of where they were headed in the aquaculture world. All of the companies were delighted with the development experience, unparalleled international networking, and business and investment opportunities they gained", added Murphy referring to the first session.
This year’s program is set to take place in Cork, Ireland, and the organizers hope that at least half of the slots will be filled with Irish applicants.
In addition to the benefits gained from participating in the program, companies receive € 25,000 ($28,500) in cash. In return for the whole package, Hatch, which was founded by Alimentos Ventures, an aquaculture-specific venture capital fund in 2017, takes an 8% equity stake.
At the end of the program, each company makes a presentation to a selected audience of investors, corporate partners and press, and also has the opportunity to pitch to Hatch’s follow-on fund, which typically invests between €100,000 to 1 million ($114,000 to 1.14 million) in those showing high potential.
Free office space is available for participants for up to nine months post-program, with Hatch continuing to play a hands-on role assisting participants to navigate the minefield of raising financial backing, sorting out business propositions, arranging agreements with shareholders and investors, and finding customers.
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