The Dublin Web Summit‘s startup competition, Spark of Genius, is designed to promote the Irish startup ecosystem. After whittling the entries down to five finalists, who gave their final pitches yesterday, the winner was just announced as the event drew to a close.

The victorious startup is Redeem And Get. This Dublin-based team offers businesses a set of tools to manage the deals they offer via group deal sites. It allows them to collect customer information, and provides a booking engine and inventory management features. It also offers real-time updates on how individual deals are performing.

The judges praised the revenue generating potential of the service, and the team walks away with a €40,000 prize made up of a mixture of cash and services from companies including Maples, KPMG, Cawley-Nea. They also receive a €100,000 term sheet from ACT Venture Capital… oh, and a fetchingly mohican-clad trophy.

Previously running several times per year, the Dublin Web Summit is switching to an annual frequency, meaning the next one will take place in October 2012. Look out for more coverage of the Dublin Web Summit on The Next Web over the weekend.