Dragon’s Den star launches Angel Network initiative

Liam Cosgrove

Reporter:

Liam Cosgrove

He is perhaps better known as a tough no nonsense businessman, but later today (Wednesday) Cavan tycoon Sean Gallagher will be doing his bit to rekindle Longford’s ecomomic prospects with the launch of a major new investment project.

He is perhaps better known as a tough no nonsense businessman, but later today (Wednesday) Cavan tycoon Sean Gallagher will be doing his bit to rekindle Longford’s ecomomic prospects with the launch of a major new investment project.

Gallagher’s presence at the official launch of the €1m Longford Business Angel Network-a scheme devised to entice new business start ups to the county-is being viewed as somewhat of a coup for its organisers, Longford Business Network.

Leading business and commercial figures descended on Longford Rugby Club this afternoon as the search to find new and potentially lucrative business models of the future begins in earnest.

Armed with a €1m war chest, 20 financiers from different corners of the local business sector have stumped up €50,000 each as part of a drive to assist prospective enterprises keen on establishing a foothold in County Longford.

Key members of the Longford Business Forum hope the idea and first county wide proposal will form the blueprint for other districts designed to attract new business and stimulate job activity locally.

A spokesman from the forum said: “The availability of seed capital funding at a time when it is very difficult to access bank finance might just be the hook we need to bring inward investment to Longford and we will be working hard post-launch to market the availability of this €1m fund,” he said.

The media launch was followed by a seminar presented by Mr Gallagher.