Very interesting to hear how the Digital Pioneer Programme works - what a great scheme. Agreed we need to meetup with EI and trash out some of these issues.
Paul Walsh
· 2 years ago
James - do you know anyone in EI that actually knows how companies make money from the Internet? Seriously? I've been invited to an 'Irish International Business Network' (private club) launch party this evening in London - perhaps I'll meet others who we can collaborate with.
Nic Brisbourne
· 2 years ago
Paul - good initiative, if I can help the Digital Pioneer programme with any VC insight (or any other way) let me know.
best, Nic
Paul Walsh
· 2 years ago
That's great news Nic! This could be a good opportunity to promote UK companies in Asia - possibly the differentiator needed. I'm meeting them next week so will have an update after that. Please feel free to run this past anyone you think could add benefit.
In short I was suggesting that the Irish tech community should setup their own mini-VC fund, prompted by Damien Mulleys ideas around a Business Advisory.
"As it happens I sent an email to Damien Mulley today about how I think the Business Advisory he’s involved in should approach funding in Ireland. Only having come to this post afterwards I realise that everything I advocated to him has already been said here.
I’m late to the discussion but I might as well chip in:
Despite having a mandate to foster innovative technology in Ireland, EI seems to want to bet on a sure thing. I’ve seen first hand where EI have openly discussed massaging its requirements for a pure service company to get funding because they were sure it would do well. Zero innovation was involved in the project being discussed.
Ireland has too much of a reliance on large multinationals. As the multinationals are starting to look elsewhere the Government will, unfortunately, all too likely further incentivise these companies to prop up jobs rather than funding more diverse, smaller local enterprises.
Silicon Valley has a large amount of reinvestment coming back from entrepreneurs who have gone through a few cycles. Here in Ireland we have a catch-22 situation. No money coming in from (probably property generated) VC funds, harder for startups. Less startups, then less money coming in and the riskier investments.
The work being put in by Damien and Conor and others is great and it’s encouraging to see a such positive attitude within the tech community being developed.
The Business Advisory idea is great idea since a key ingredient for small companies is access to good advice. So my suggestion was that they should take the Advisory one stage further and develop a “Y Combinator / Dragons Den” facility for a collaborative VC project (Fergus Burns mentions this directly above). I think if the Irish tech community sets up its own funding facility it will be a focal point to encourage growth within the community.
Projects that are being funded and guided directly by the Irish tech community will do a number of things:
It will allow the community to help itself. It will be a show of confidence to funding sources (VCs, government agencies) that the tech community is willing to invest in themselves. It will generate incentive for all involved, less fear of local competition and access to a larger support base.
VC’s would be happier committing money if companies have in essence been peer reviewed and have had access to good advice. EI will get awake up call hopefully and begin to “get it”. My own opinion is that EI should oversee that money isn’t being abused, but bascially give the money away with zero expectation of a return. Failure is still not as well accepted as it is the American context. EI only investing in dead certs defeats the whole idea of whats needed to foster the best startup culture.
I’m not talking about raising a ton of money for large startups, more like following the Y Combinator model of initialing seeding up to $10-15,000 and if anything had potential help the company raise other funding through the usual support agencies or VC’s. Anybody on the funding side of this collaborative project would be able to choose where their money is invested rather than a kitty that is dispensed by somebody else.
Other benefits, are that the tech investors will “train” as VCs for comparatively little investment, leading to bigger and better things down the line. Personally, I’d like to be able to spread my own risk as small company and have some interest (however small) in other small businesses. That in itself will foster incentive for the broader community to thrive."
Lal
· 2 years ago
Paul,
congrats on the mentoring. Kudos 2u 4 being approached like that - shows how your own personal/profressional PR/help-out approach can really make a difference.
Some strong words there but sometimes you need 2 get some smoke going 2 get action.
Interested in chatting with some more on this topic (especially in relation to 'startup' help etc..)
Lal
Paul Walsh
· 2 years ago
David - I hear you. Whilst I love the Dragons Den, I'd hate to see that type of stuff happen in real life. It's best left for TV. It's more of a piss take out of poor folk who freeze in front of a TV camera (which could happen to anyone) and then you have the public raping of inventors who loose large quantities of equity when they don't have the skill to negotiate (shame on them for taking the piss with the inventor of the energy saver in the last episode!).
Ok, back to reality - I attended the launch of an International Irish Business event in London last night (by invitation and now invited to sit on its Committee). After I raised the issue of Dublin falling behind London when it comes to the Internet startup scene, the Head of EI approached me and asked if we could meet to discuss how to do stuff in Dublin. So, talking to the man in charge might actually help. I had a chat with a senior figure from Microsoft at the event too and she agreed - so we'll be discussing how to progress things. I need to write a post about this specifically so please provide me with feedback when you get a chance :)
I'm keen to get startups, investors (NOT just VCs), government agencies, Enterprise Ireland and large brands together to discuss this subject and to put in place a framework so it can 'happen'. As I said in my post, there are too many groups working in silo and it's time to get one coordinated effort.
Paul Walsh
· 2 years ago
Lal - thanks for your kind words. I don't think of it as PR, although I do obviously realise the power of making things happen. I think the story in the Sunday Tribune helped. I purposely stayed under the media radar until recently so it's nice to get some recognition.
I'm going to write a blog post about the networking event I attended last night where I met the Head of Enterprise Ireland who I'll be hooking up with soon to discuss how to build an ecosystem in Dublin. So, you'll have to tell me if your interest is Dublin or London because play in both playgrounds.
David Copithorne
· 2 years ago
Paul,
I wasn't a fan of DD and I haven't the seen the last few seasons. To be honest I didn't like people, trying to make a go of something, being torn to shreds publicly either. What I meant was a funding system will allows for investors to have a larger say in where their money is going rather than a a combined fund that is distributed using a board/committee. I won't be using that analogy again ;-)
The comments I made about Enterprise Ireland possibly sound harsher than the opinion I hold them. Even the example of helping non-innovative companies get funding shows two things, one being that they are bending over backwards to help others but two that they just don't seem to be getting enough demand in the tech scene. I'm just frustrated that they expect large successful start-ups to pop out fresh in air in Ireland where the smaller tech company ecosystem is extremely small (and largely unsupported) at the moment.
I suppose what I was trying to say was if we can't get a decent national policy/framework in place that their is plenty of opportunity to help ourselves.
You're right a coordinated effort is needed in Ireland. I'd love to contribute to any feedback you might be discussing with the relevant parties. Looking forward to your post..
Paul Walsh
· 2 years ago
David - don't be harsh on yourself. I echo your concerns regarding EI. I bitch about them from time to time but I'm prepare to work with them to help 'them' improve how they deliver their service so companies such as Segala can benefit.
Duncan
· 2 years ago
For want of going off the track slightly - ie DD. The major obstacle for start ups is culture. On this side of the ocean we have the ability to knock failure – it can be a good thing. As an Online Product Manager I am very aware that seven out of ten products put forward won’t even see the light of day – the trick is to learn why they didn’t and apply the learning’s. Over on the side of the ocean I get the feeling that start-ups are supported and actively encouraged – that “go get them” attitude.
Do you not find it ironic that an industry that can create fantastic communities online – with all the knowledge transfer that entails - can not shift it into the off line world?
All Comments
best,
Nic
which possibly wont get published since its fairly critical of EI, fair enough.
In short I was suggesting that the Irish tech community should setup their own mini-VC fund, prompted by Damien Mulleys ideas around a Business Advisory.
"As it happens I sent an email to Damien Mulley today about how I think the Business Advisory he’s involved in should approach funding in Ireland. Only having come to this post afterwards I realise that everything I advocated to him has already been said here.
I’m late to the discussion but I might as well chip in:
Despite having a mandate to foster innovative technology in Ireland, EI seems to want to bet on a sure thing. I’ve seen first hand where EI have openly discussed massaging its requirements for a pure service company to get funding because they were sure it would do well. Zero innovation was involved in the project being discussed.
Ireland has too much of a reliance on large multinationals. As the multinationals are starting to look elsewhere the Government will, unfortunately, all too likely further incentivise these companies to prop up jobs rather than funding more diverse, smaller local enterprises.
Silicon Valley has a large amount of reinvestment coming back from entrepreneurs who have gone through a few cycles. Here in Ireland we have a catch-22 situation. No money coming in from (probably property generated) VC funds, harder for startups. Less startups, then less money coming in and the riskier investments.
The work being put in by Damien and Conor and others is great and it’s encouraging to see a such positive attitude within the tech community being developed.
The Business Advisory idea is great idea since a key ingredient for small companies is access to good advice. So my suggestion was that they should take the Advisory one stage further and develop a “Y Combinator / Dragons Den” facility for a collaborative VC project (Fergus Burns mentions this directly above). I think if the Irish tech community sets up its own funding facility it will be a focal point to encourage growth within the community.
Projects that are being funded and guided directly by the Irish tech community will do a number of things:
It will allow the community to help itself.
It will be a show of confidence to funding sources (VCs, government agencies) that the tech community is willing to invest in themselves.
It will generate incentive for all involved, less fear of local competition and access to a larger support base.
VC’s would be happier committing money if companies have in essence been peer reviewed and have had access to good advice. EI will get awake up call hopefully and begin to “get it”. My own opinion is that EI should oversee that money isn’t being abused, but bascially give the money away with zero expectation of a return. Failure is still not as well accepted as it is the American context. EI only investing in dead certs defeats the whole idea of whats needed to foster the best startup culture.
I’m not talking about raising a ton of money for large startups, more like following the Y Combinator model of initialing seeding up to $10-15,000 and if anything had potential help the company raise other funding through the usual support agencies or VC’s. Anybody on the funding side of this collaborative project would be able to choose where their money is invested rather than a kitty that is dispensed by somebody else.
Other benefits, are that the tech investors will “train” as VCs for comparatively little investment, leading to bigger and better things down the line. Personally, I’d like to be able to spread my own risk as small company and have some interest (however small) in other small businesses. That in itself will foster incentive for the broader community to thrive."
congrats on the mentoring. Kudos 2u 4 being approached like that - shows how your own personal/profressional PR/help-out approach can really make a difference.
Some strong words there but sometimes you need 2 get some smoke going 2 get action.
Interested in chatting with some more on this topic (especially in relation to 'startup' help etc..)
Lal
Ok, back to reality - I attended the launch of an International Irish Business event in London last night (by invitation and now invited to sit on its Committee). After I raised the issue of Dublin falling behind London when it comes to the Internet startup scene, the Head of EI approached me and asked if we could meet to discuss how to do stuff in Dublin. So, talking to the man in charge might actually help. I had a chat with a senior figure from Microsoft at the event too and she agreed - so we'll be discussing how to progress things. I need to write a post about this specifically so please provide me with feedback when you get a chance :)
I'm keen to get startups, investors (NOT just VCs), government agencies, Enterprise Ireland and large brands together to discuss this subject and to put in place a framework so it can 'happen'. As I said in my post, there are too many groups working in silo and it's time to get one coordinated effort.
I'm going to write a blog post about the networking event I attended last night where I met the Head of Enterprise Ireland who I'll be hooking up with soon to discuss how to build an ecosystem in Dublin. So, you'll have to tell me if your interest is Dublin or London because play in both playgrounds.
I wasn't a fan of DD and I haven't the seen the last few seasons. To be honest I didn't like people, trying to make a go of something, being torn to shreds publicly either. What I meant was a funding system will allows for investors to have a larger say in where their money is going rather than a a combined fund that is distributed using a board/committee. I won't be using that analogy again ;-)
The comments I made about Enterprise Ireland possibly sound harsher than the opinion I hold them. Even the example of helping non-innovative companies get funding shows two things, one being that they are bending over backwards to help others but two that they just don't seem to be getting enough demand in the tech scene. I'm just frustrated that they expect large successful start-ups to pop out fresh in air in Ireland where the smaller tech company ecosystem is extremely small (and largely unsupported) at the moment.
I suppose what I was trying to say was if we can't get a decent national policy/framework in place that their is plenty of opportunity to help ourselves.
You're right a coordinated effort is needed in Ireland. I'd love to contribute to any feedback you might be discussing with the relevant parties. Looking forward to your post..
Over on the side of the ocean I get the feeling that start-ups are supported and actively encouraged – that “go get them” attitude.
Do you not find it ironic that an industry that can create fantastic communities online – with all the knowledge transfer that entails - can not shift it into the off line world?