Tag: business development

A framework for founders how one VC thinks about pre-seed investments - New Frontiers

A framework for founders: how one VC thinks about pre-seed investments

A framework for founders how one VC thinks about pre-seed investments - New Frontiers

‘When Frontline say we invest early, we mean it.’

At Frontline, 70% of our investments have been pre-revenue and 60% pre-product. At Pre-Seed and Seed, there is little to be learned from intensive quantitative analysis pre-investment (woo). That said, over the past year and a half at Frontline, I’ve built a qualitative framework, designed around four key questions, to help me quickly assess the companies I meet. Together, I believe that these four questions are critical in predicting success. 

1. Can you convince me to quit my job?

The first question I ask myself is, would I quit my job at the fund and work for these people on this problem? I know, it seems like a completely crazy idea, you (the founder), are here for the VC’s money, not to get them to join your team. Consider this though; when you pitch to a VC, you are looking to inspire and excite. At our stage of investment, it’s about taking a leap of faith and believing in your vision and your team’s potential. Surely, this is also what you do when pitching talent you are looking to hire. So, if you can convince a VC to invest in you, great. If you can get a VC to actually join your team, all the better.

Sarah Tavel was so excited after meeting the founder of Pinterest that she invested and swiftly left Bessemer to join the company. Pinterest is now a $15 billion business. It wasn’t that way when Sarah joined — it was still another startup trying to break through the noise.

So, why is this is a good heuristic to access early-stage companies? The key assumption we’re making in venture is that you’re going to build a big business and the essential ingredient in building a big company is the ability to hire the best. In the early days, you’re unlikely to be competing on compensation, option grants are a long way from ever paying the bills, and the hours will likely be long and hard. The one thing that will attract top talent is your ability to tell a compelling story, display a truly unique insight into the problem you’re solving and to be overwhelmingly impressive when you first meet candidates. The team isn’t assessed just on who’s in the room, it’s imagining who might be in 12 months time.

2. From Chihuahuas to exit, can you find a big enough market to scale?

At Frontline, we track all the reasons why we pass on companies — market size, competitiveness, price, strength of team, etc. We then review all the companies we’ve passed on and check in on how they’re doing using the metric of funds raised (not ideal, we know, but it’s a simple public indicator of success).

Surprise, surprise; our data has shown us that multiple cases where we liked the team but passed on the opportunity because we thought the market was too competitive, we were often wrong. The reality is that good teams can succeed in hot markets. In those cases where we also liked the founders, but passed because we felt the market was too small, we have found that founders go on to struggle.

“When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.”

Warren Buffett

Warren Buffet lives by this mantra and the data proves it.

Even if you’re good — when you go after a small market in the early days you tend to go deeper into the niche rather than expanding outwards. This can cap your upside and in venture, if we don’t think there’s a viable route to an investment returning half our fund, we are likely to pass on it. Here’s how that practically plays out, on the back of an envelope:

  • Frontline Ventures Fund II: $70 million
  • Target ownership at exit: 10% – 20%
  • Required company value at exit: $150 million – $300 million
  • B2B SaaS forward revenue exit multiples: 5x – 10x (if growing minimum 2X YoY)
  • Company revenue required at exit: $15 million – $60 million
  • You can usually never expect to own more than 10% of any market, so the smallest addressable market we consider for an investment is about $150 million — in reality, to find that market segment you need to look for +$1 billion markets (or be able to make the case that the market is growing or that you can create it)
  • This is fund by fund. Some funds don’t care about ownership/exit multiples – they just care if they think you can build a $10 billion company and can they get a slice of it.

Larger target markets give you flexibility in the early days to figure things out. Longer-term, you must then narrow your focus as you get closer to your customer because once you go deep on a customer segment, it becomes much harder to get back to a larger market without pivoting the company.

One of the best (non-software) examples of this is Chihuahuas. (Yes, you read it correctly). Imagine you’re starting a pet-food business and you decide to start with gourmet, home-delivered meals for Chihuahuas. Let’s say it’s a $50 million market (🤪) that no one is addressing specifically, you can get a big slice of this right? Sure, there are plenty of Chihuahua owners. Plenty of them might have a high willingness to spend on their dogs’ health. But what if it turns out Chihuahua owners aren’t as loose with their wallets as you thought? You’ve gone too deep too early and now all that adorable marketing collateral goes into the bin.

What you could have done is start with the pet food market (multi-billion dollar market). Move down into the dog food market (still multi-billion dollar market). Then go gourmet. Still a huge market and very competitive. But if you follow the rule that you’re never going to own more than about 10% of a market in a best-case scenario, it is always wise to target the larger opportunity. Chihuahuas might turn out to be the right answer — but so might the Maltese or perhaps Pugs. (Analogy inspired by the very cool Butternut Box.)

3. Can you spot the shift beneath your feet?

The world is changing by the day. Yet, major shifts in platform and underlying technology only really happen once every couple of years. The shift to mobile in 2009/10 and the shift to cloud in 2012/13 spawned dozens of new unicorns. In the UK, the opening up of financial regulation in 2014 has since spawned some of the most successful breakout European companies in recent memory.

Often the way these changes empower startups is by opening up new distribution channels. Founders are up against sophisticated sales teams with great brand awareness and multiple routes to reach their customers. But what these incumbents gain in scale they lose in awareness and speed. New routes to customers inevitable open up – and founders that can find these channels early are on their way to building great companies.

One of the best examples of this is the rise of self-serve in SaaS. Founders like Melanie Perkins of Canva that recognised the early trend rode the wave of lower acquisition costs and viral distribution when it was at its peak, and has now built a huge company. Older companies such as Hubspot had to transition from an inside sales-driven growth model to a freemium product-led strategy. For a company like Hubspot, making that transition is expensive and hard. As a startup, you can do it tomorrow.

As a founder, it’s important to recognize key changes in technology and/or customer behaviour that will allow you to create new value. Was there a missing piece of functionality that previously did not exist, and that you can now leverage? Old products become bloated by features whilst new paradigms make better, faster and cheaper products possible. This is a startup’s opportunity. Think about mobile-GPS enabling ride-sharing and food delivery, or AJAX enabling fast content consumption in a browser, or accessible machine learning frameworks like TensorFlow opening opportunities for new analysis.

4. Who are your beachhead customers?

Finally, when meeting new founders, I am always looking for beachhead customers. If a product is to be adopted by new customers, a general rule of thumb — pulled from Zero to One — is that it has to be 10 times better than the existing alternative.

Of course, on day one your product isn’t going to be 10x (lol) better for all your potential customers. It’s not even going to be close for a lot of them. But customer pain is a sliding scale. For most customers, your initial product might only be a 2/3x improvement. But there will be a group for whom the pain you are solving is most acute.

Find these customers and obsess over solving their problem. When you do, nurture them. Grow a loyal and effective group of early advocates who love your solution. Leverage this group to raise capital and as you develop your offering you’ll find you’re a 10x solution for more and more of the market.

TL;DR

Early-stage VCs don’t look that closely at the product or the technology as those are rarely the things that trip up early-stage founders. It’s almost always one of the below:

  • The team isn’t right.
  • The market is too small.
  • The market isn’t ready.
  • The company is unable to find early customers.

If you’re speaking to us, know that this is the lens through which I evaluate an opportunity. I know it isn’t perfect, but I hope this gives you some guidance on how to shape your approach. And, if a VC turns you down, don’t be too disheartened. I got turned down by Frontline when I was in the early days of fundraising.

There are myriad reasons why you can be rejected; some subjective, others less so. At Frontline, we try to give constructive feedback to all the companies we engage. It can be hard to tell a founder you don’t believe in them personally, but more often than not, that’s the real reason. For founders, figuring out why VCs make the decisions they do is another part of what it takes to build a big company.

And remember, the ‘picking’ part of venture is tough. It’s as much our job to get it wrong as it is to get it right (+50% of pre-seed investments fail). But we want to partner with founders as early as possible – and as soon as you have a vision and a plan together. Ping me on finn@frontline.vc if you want to chat or just tell me why most of the above is wrong.

About the author

Finn Murphy Frontline Ventures New Frontiers Entrepreneur Development ProgrammeFinn Murphy

Finn Murphy is an Associate at Frontline Ventures, an early-stage venture fund specialising in B2B software. He loves working one-on-one with entrepreneurs and helping them find their path to building world-changing companies… [Read Finn’s profile]

Other articles from the New Frontiers blog

A new cohort commences Phase 2 at GMIT’s Innovation Hubs

The food business: when is a trend not a trend?

Four of the Mid West’s most promising New Frontiers startups

How to decide whether to outsource or keep everything in-house

New Frontiers - the food business when is a trend not a trend

The food business: when is a trend not a trend?

New Frontiers - the food business when is a trend not a trend

Understanding and using trends to develop sound business opportunities can be a complex area. In the food sector, for example, there are numerous macro and micro trend reports published every year, but what does a start-up food company really need to consider, when determining whether an idea is actually commercially viable?

Trends can mean different things to different people. It’s a much bandied about term, mainly used to describe things that are currently popular or that are predicted to become popular. Essentially, broad shifts in consumer behaviours, attitudes and values drive changes which become identifiable, marketable trends.

Typically, trends are (or should be) the starting point for a good business idea. A way of quickly and inexpensively road-testing your idea is to assess it against the key trend indicators for your sector. Your idea should meet a clear and defined need, solve a problem and align with at least one trend.

The 7 real trends shaping the food industry

Without fail, at the start of every year, a deluge of lists emanates from a myriad of sources, telling us what we ate last year, what we will be eating this year and, of course, what we should be eating. These lists are fun to read, but are linked in many ways to what is being sold by the source, whether it is a data house looking to sell more reports; food delivery companies promoting their businesses; or chefs/food gurus/influencers looking to build their profile.

The question is, how can you discern the wheat from the chaff? What’s a real trend versus a fun fad? It’s clear that a focus on health, community and the environment have taken centre stage of late in the food sector, along with a keen focus on “management of self” in a frantic, always-on, digital era.

Below is my take (please note, far from exhaustive!) on some key trends that a food start-up needs to consider before taking the plunge, along with a few examples of products that meet the trend test.

Food industry trend #1: Changing Meal Patterns

What some commentators describe as the “Fourth Meal”, this trend reflects the growing fragmentation of eating occasions. In our topsy-turvy and less structured world, with mobile and flexible working becoming the norm, breakfast has morphed into lunch and snacks have become mini-meals. Also, the final meal of the day is often a treat more than sustenance, which brings its own challenges. Products such as nutritional bars – a substantial and relatively healthy snack – have been trailblazers in this trend, with Fulfil at the forefront (followed by a long tail of competitors).
Food industry trends - Orla Donohoe - New Frontiers

Food industry trend #2: Health is Wealth

Food & Beverage products in the health space cover a vast spectrum of interest areas and preferences, including disease prevention and holistic well-being all the way through to practical health management tools. Products that claim to aid sleep are a new phenomenon as people find it increasingly difficult to unwind, digitally detox and prepare for rest in the evening. Hot beverage brands such as House of Tea have capitalised on this trend by promoting the features and benefits of variants such as their “Sleep Well” product which has very specific (relaxing) ingredients.

Food industry trend #3: Nutritional Nurturing

It can be very difficult to communicate positive health messages to children that aren’t boring for them and at times it feels that a constant battle is being waged against sugar, which the parent is doomed to lose. I have therefore been eagerly awaiting the arrival of newly launched Hidden Heroes in my nearest Dunnes, and am hoping that my young son will no longer refer to vegetables as the “emeny”. The brainchild of Aileen Cox Blundell, these are junk-free vegetable snacks with 100% natural ingredients which tick all the boxes. Convenient (frozen), guilt-free (quality product) and with a razor focus on a child’s nutritional needs.

Food industry trend #4: Real People, Real Food

The artisan movement is no longer niche and there is huge interest now in knowing where your products come from and who has made them. On social media platforms, posts relating to product provenance generate strong engagement and empathy and add significantly to the user experience. Earlier this year, a small company in the west of Ireland garnered huge publicity following an appearance on a business makeover programme. Aran Islands Seaweed Pesto, an authentic product produced by likeable, relatable people, charmed the public as their journey from idea to product on a plate was shared. Catnip for Millennials.
The 7 real trends shaping the food industry - New Frontiers

Food industry trend #5: Kits are King

Meal kits are one of the fastest-growing segments in the market and have extended in all sorts of directions. Not just focused on meals any more, there are now kits for bread, cakes, biscuits, condiments, cheese and even beer. My absolute favourite is the recently launched Gin Fusion Kit from the Dublin company Drink Botanicals, which aims to enhance the gin experience. Interestingly, in the US, Amazon has introduced a new range of meal kits in Wholefoods, which link with Alexa-enabled devices to provide recipes and cooking instructions – appealing to gadget lovers who also seek convenience.

Food industry trend #6: Plant Protection

Interest in plant-based proteins is at an all-time high. Even children in their early teens (and sometimes younger) are choosing to follow meat-free diets. My own locality of Stoneybatter on Dublin’s north side could well be a candidate for vegan capital of Ireland (three vegan restaurants opening in the last few months). And it is becoming mainstream. California-based vegetarian burger company Beyond Meat has been the best-performing public offering in the US this year, currently holding a market capitalisation of $11.2bn, above Macy’s and Trip Advisor. Definitely not niche.

Food industry trend #7: Green Me

Now more than ever, there is a strong and growing sense of personal responsibility to effect positive changes and address the world’s increasingly pressing and worrying environmental issues. Reducing usage of packaging (especially plastics), commitments to green causes, effective management of food waste – consumers now demand and expect that food (and other) businesses will take their concerns more seriously. There are many great examples here however I particularly like Insomnia’s Mission Compostable campaign, which aims to replace all single-use items with either reusable or compostable alternatives by 2020. Clear, time-bound and accountable.

When you are sure your service or product meets at least one clearly identified trend, the first and most pertinent piece of advice you will receive on New Frontiers and elsewhere is to validate it. Be aware that research can be maddening! Just when you are sure your proposition is fully birthed and ready for launch, someone will throw a curveball. When this happens, take a deep breath. Embrace the feedback. Make any necessary changes, taking advantage of the many resources that are available. And above all, enjoy the experience, as I did.

About the author

Orla DonohoeOrla Donohoe

Orla Donohoe is a trends analyst, food sector advisor, and content writer. She has a background in international business development, and a career spanning over 20 years in market and client facing roles in Bord Bia’s Dublin, London and Madrid offices… [Read Orla’s profile]

Other articles from the New Frontiers blog

A new cohort commences Phase 2 at GMIT’s Innovation Hubs

Four of the Mid West’s most promising New Frontiers startups

How to decide whether to outsource or keep everything in-house

A strong employer brand is essential for attracting top talent

How to decide whether to outsource or keep everything in-house - New Frontiers

How to decide whether to outsource or keep everything in-house

How to decide whether to outsource or keep everything in-house - New Frontiers

Growing your business beyond the startup phase means making some big changes with regard to how your company operates. In a startup, it’s an all-hands-on-deck situation for the close-knit team; communication is a breeze because the company isn’t a sprawling organisation yet and at any given moment you, the founder, can be found jumping between roles, keeping tight control over everything.

However, as you scale up, it quickly becomes apparent that the advantages that made you a startup success could now be the very things that are holding you back. The small team needs to grow so you can keep up with demand and remain competitive, it’s no longer efficient for you to be the last one to sign off on everything and each department in your company needs to start regulating themselves.

As you figure out how to navigate this evolution of your business, there will be a big question that you’ll have to answer early on, and that is “Should we outsource, or should we keep everything in-house?” We’ve narrowed down the primary determinants when considering this question to 1) Expertise, 2) Cost, 3) Time, and 4) Control. In this blog, we’re going to look at the pros and cons concerning each to help you decide which is the best solution for you.

The pros and cons of outsourcing vs keeping it in-house

Expertise

Your business has a core skillset that allows you to offer certain products and services in the marketplace, so it makes sense to keep these types of skills in-house. However, when it comes to other areas – such as marketing, IT, accounting, or recruitment – you may find your team is lacking. You can hire individuals with these skills, but how many people will you need and at what level of experience? Do you have the right knowledge to be able to recruit the correct individuals for the role?

One of the main advantages of outsourcing is that you get immediate access to a team of specialists highly skilled in their area. Rather than hiring someone who knows just a thing or two about IT, for example, outsourcing provides you with technology experts dedicated to getting you results. On the other hand, you may prefer growing your expertise from the inside so you can ensure you have your own stamp on every project while also learning from experiences.

Cost

Outsourcing is by far the more cost-effective solution when compared to an in-house option. The outsourced agency doesn’t require benefits, training, space, tools, holiday pay, or a Christmas bonus. You don’t have to waste resources on a recruitment process, and instead of paying a salary, you only pay for hours worked or input received. Some will say that this doesn’t matter if there is a loss in quality, which can happen when you give an outside source control over an aspect of your business. However, this is simply a matter of doing your due diligence before choosing which outsourced agency or consultant to partner with.

Time

One of the primary motivations for outsourcing is because it gives you more time to focus on your business. Many hours can be eaten up trying to get to grips with financial budgets, marketing analytics, or troubleshooting technical difficulties if these are not your areas of expertise. However, you will only save time by outsourcing if you have good communication channels available.

There are four main reasons why working with an outsourced company can prove problematic if communication is a problem:

  1. Projects slide because you’re not used to working with people remotely.
  2. Project briefs are not clear enough, therefore resulting in inaccuracies and multiple revisions.
  3. You haven’t built up a proper level of trust with your outsourced agency and end up spending a lot of time micromanaging their work.
  4. You and your outsourced agency are working in different time zones.

However, it is worth noting that most of these problems can occur with bad in-house time management as well. Employees working from home can become isolated from their team, vague briefs can result in mistakes, micromanaging employees can take up a lot of time and, if you have expanded internationally, you may find your team is working across different time zones. The lesson here is to find a way to improve those communication channels early on in your business’s progression, whether you choose to outsource or not.

Control

Working with an outside firm is often viewed as a partnership rather than an employment situation. Therefore, instead of having ultimate control over employee work processes, determining how you prefer things to be done from start to finish, you have a situation in which you hand over a project to a team of experts in another company and they get you results their way. Of course, you will be able to specify certain details, such as how many leads you want, the budget, the expected outcome, etc., but the core impulse behind outsourcing is that you recognise the agency to be more experienced than you in a certain area and that is why you are willing to hand over control to them. You have to decide whether this is something you are happy to do when deciding to outsource a service or keep it in-house.

Scaling up? Enterprise Ireland provides funding for established SMEs in areas such as developing your management team, market research and internationalisation, developing your management team, productivity and business process improvement, as well as company expansion. Find out more on their Established SME funding page.

About the author

scarlet-merrill

Scarlet Merrill

Scarlet Merrill is Editor of the New Frontiers website and founder of her own startup, Engage Content Marketing. She is an expert in designing and executing content strategies and passionate about helping businesses to develop a quality online presence… [Read Scarlet’s profile]

Other articles from the New Frontiers blog

A new cohort commences Phase 2 at GMIT’s Innovation Hubs

Four of the Mid West’s most promising New Frontiers startups

A strong employer brand is essential for attracting top talent

Magda Rzepkowska (WallPee) is the ‘one to watch’ in 2019

A strong employer brand is essential for attracting top talent - New Frontiers Entrepreneur Development Programme Ireland

A strong employer brand is essential for attracting top talent

A strong employer brand is essential for attracting top talent - New Frontiers Entrepreneur Development Programme Ireland

At the beginning of 2019, the unemployment rate was the lowest it has been in 10 years, at 5.3%. This is good news, but it also means that Irish SMEs are struggling to attract and retain top talent. There is no denying that a high salary has a reliably magnetic effect, but it is far from the only reason why people choose to work where they do and how long they stay with a company.

FDI companies are enjoying a large slice of the talent pie with 229,057 people currently employed in the sector, making competition fierce for smaller indigenous businesses. For Irish SMEs wanting to attract the right people with the right skills, it is vital to tap into these other draws and having a strong employer brand is a powerful enticement for job seekers.

What is an employer brand?

Having an employer brand is how you market your company to job seekers. Just like with the marketing of products and services, the promises you make to jobseekers should be fulfilled at all stages of the recruitment process and followed up on in the work environment. For example, if you market your company as “daring, innovative and fun” but then the job candidate quickly finds out that the office space is a cardboard cut out of every other office they’ve seen and their interviewer comes across as stern and a sticker for the rules, the expectations that brought them to your door in the first place have been shattered. This is why is it important that your employer brand is a clearly defined personality for your company which is holistically incorporated into every aspect of the organisation.

How do you create an employer brand?

Considering that the average person spends a third of their waking life at work and that people are more aware than ever before of the importance of a healthy work/life balance, where someone chooses to work is a serious consideration for them. Therefore, if you have the ability to offer benefits and perks that people with the skills you desire would appreciate, then it makes sense to construct an employer brand that acts as a platform for these advantages. But what does this look like in practice?

Case study: Lush

A great example of employer branding done right is the cosmetics retailer, Lush. When Lush holds their open call recruitment events, they truly are an event! Hopeful job seekers are known to queue for hours to be in with a chance of working as a sales assistant at Lush. But why? For anyone not in the know, Lush on the surface would appear to be your typical high-street retailer that pays their employees an average wage without commission. The hype all comes down to their employer branding, which they’ve perfected.

Lush’s employer brand is all about injecting positivity, fun and a heavy dose of quirkiness into life while also being steadfastly ethical and environmentally conscious. Lush defines itself as being a challenger of the status quo, a champion of individuality and relentlessly passionate about everything they do. Vibrant colours, bold images and a generous amount of sparkle dominate their image and they employ a complementary informal brand voice. Their typical customer identifies intimately with the brand and many fans, or “Lushies” as they call themselves, even help Lush spread the word about new products with their organic user-generated content. It makes sense that more often than not Lush’s employees are also their customers.

In keeping with their branding, you won’t hear humdrum questions such as “Where do you see yourself in 5 years?” during a job interview, but rather they’ll ask “Which fictional character do you think is most like you and why?” Staff frequently have opportunities to exercise their creativity by submitting and implementing concept and design ideas for seasonal campaigns. When an employee’s birthday comes around, they will get to have the day off and employees are regularly invited to participate in Lush industry events. With passion being a key Lush trait, employees get to try new products for free and enjoy 50% off all products so that they are truly invested in what they are selling.

More than a job

What Lush has managed to do is create an employer brand that is also a lifestyle choice. People want to work there because they feel that Lush represents them in more ways than simply a job title. In this scenario, employees feel valued for who they are as individuals and not just for the skills they provide. When you show your employees that you value them, they become ambassadors of your brand and when that happens attracting and retaining staff is no longer a problem. The key to a successful employer brand is the crafting of a story that people want to be a part of and proving the truth of that story throughout the employee experience.

If colour and sparkle don’t feel like the right style brand for you, remember that Virgin, The Boring Company, Google and The Walt Disney Company all are examples of successful employers brands with very diverse company personalities and employee benefits. Your employer brand is only limited by your imagination!

About the author

scarlet-merrill

Scarlet Merrill

Scarlet Merrill is Editor of the New Frontiers website and founder of her own startup, Engage Content Marketing. She is an expert in designing and executing content strategies and passionate about helping businesses to develop a quality online presence… [Read Scarlet’s profile]

Other articles from the New Frontiers blog

A new cohort commences Phase 2 at GMIT’s Innovation Hubs

Four of the Mid West’s most promising New Frontiers startups

Magda Rzepkowska (WallPee) is the ‘one to watch’ in 2019

Financial advice every startup entrepreneur needs to hear

Financial advice every entrepreneur needs to hear - New Frontiers - Ireland (1)

Financial advice every startup entrepreneur needs to hear

Financial advice every entrepreneur needs to hear - New Frontiers - Ireland (1)

Make sure the money coming in is more than the money going out – that’s the crux of accounting, right? Well, that’s not bad advice, but it’s not exactly helpful either. The day-to-day, month-to-month monitoring of a company’s finances requires a more detailed approach if you aim to make a profit, identify new opportunities and grow your business.

If you want your company to thrive beyond the shaky startup phase, past the inevitable “bad year” and towards a stable and profitable future, then you need to ensure your company is financially healthy. What does that mean? A financially healthy company has the appropriate strategies in place to maintain regular cash flow, be protected during rainy days, secure profits, invest wisely and be ready to scale up. If that sounds good to you, then check out our 4 financial tips below that will whip your finances into shape.

4 financial tips for startups

1. Tighten up your cash flow

For most startups, the issue with cash flow is lagging debtors. Debtor days is how long it takes a client to pay you for your services and chances are some of your debtors are more casual about it than you’d prefer. At the beginning, when you’re trying to get your business off the ground, slow debtors can cause a lot of stress and frustration. The best thing you can do is nip this in the bud from the being.

Firstly, decide if you can afford to provide a credit period. If you can’t, then you need to plainly outline this in your service contract. Some companies ask for part of the payment up front. However, if you are going after bigger, more established clients, chances are they will expect a credit period that can range from 30 to 60 days. Manage this by setting a clear credit period that suits you and prompt clients to pay with a friendly reminder approaching the end of their payment window. If this goes unrecognised, have a second reminder quickly sent from a more senior team member. If you still have no success, then send a legal follow-up and stop doing business for this client until payment comes through.

If you are trying to build up a book of clients in the early stages of your business, this approach may sound aggressive, but in the long run it’s better to have an established process in place to manage debtors because it directly affects your cash flow which is the lifeline of your business.

2. Get financial and tax advice

If you’re not an accountant and you don’t employ the services of an accountant, then chances are you are missing out on many opportunities to make tax savings for your business. From Entrepreneur Relief to Startup Refunds for Entrepreneurs (SURE) to R&D tax credits, there is a lot of support available in Ireland for startups. A financial advisor that specialises in small businesses can provide you with invaluable tax advice that is vital for giving startups the breathing space they need to grow.

There are also numerous state and private funding sources for startups, from microfinance loans to incubator funding to angel investment. A good place to start is your local LEO, and the Enterprise Ireland website also has extensive information on their funding supports (so both tax saving and funding sources). Of course, we can’t but mention our own programme, New Frontiers! We are Ireland’s only national entrepreneur development programme, and as well as providing office space, mentoring, and training, the New Frontiers programme offers Phase 2 participants a €15,000 tax-free stipend.

3. Have access to a bank overdraft

Getting a loan and being financially healthy may sound contradictory, but bear with us! We’re returning to the issue of cash flow. Let’s say for some reason or another your business stops making a profit for a few months. Perhaps your premise was flooded, or you lost a few big clients in a row. Do you have a strategy in place to weather the storm?

Bank overdrafts are not always easily accessed when you suddenly need one. After all, what bank wants to loan money a business when it’s failing? It is much better to set up this facility in advance, when your balance sheet is looking healthy. That way everything is ready to go when disaster strikes, and guess what? With this lifesaver overdraft facility at the ready, it’s not such a disaster after all. It’s just another bump in the road on your way to success.

4. Consider outsourcing

When you’re expanding your business, you might imagine everything you do will be inhouse because you want to retain as much control as possible. However, outsourcing can be a lot more cost-effective if your ambition is to scale up. Doing everything yourself makes sense when you’re a startup, but if you plan on growing your business then this can prove too costly. Hiring an in-house team of marketers or accountants or IT professionals is expensive, and that’s before you take into account the office space and equipment that comes with them. Outsourced services don’t only make financial sense, but you also gain access to the valuable insights of experts in their field. Now you can focus on what you do best and save money at the same time.

If you have a startup idea and would like to take it to the next level, read more about the New Frontiers programme and see our calendar of upcoming application deadlines around the country.

About the author

scarlet-merrill

Scarlet Merrill

Scarlet Merrill is Editor of the New Frontiers website and founder of her own startup, Engage Content Marketing. She is an expert in designing and executing content strategies and passionate about helping businesses to develop a quality online presence… [Read Scarlet’s profile]

Other articles from the New Frontiers blog

A new cohort commences Phase 2 at GMIT’s Innovation Hubs

Four of the Mid West’s most promising New Frontiers startups

Magda Rzepkowska (WallPee) is the ‘one to watch’ in 2019

6 start-up friendly events you can’t miss out on in 2019

Unleash your inner cyborg and start automating tedious work tasks! - New Frontiers - Enterprise Ireland

Grow smarter and faster by automating tedious work tasks

Unleash your inner cyborg and start automating tedious work tasks! - New Frontiers - Enterprise Ireland

The buzz around automation is only intensifying as companies continue to discover new ways technology can make businesses smarter and more efficient. The human element of work is evolving as we get better at using technology to our advantage, allowing us to give more time to the areas that need our attention the most. In fact, our relationship with technology has become so symbiotic that leading tech entrepreneur Elon Musk believes we are already cyborgs!

The definition of a cyborg accord to Oxford Dictionaries is:

“A fictional or hypothetical person whose physical abilities are extended beyond normal human limitations by mechanical elements built into the body.”

Your smartphone may not be directly wired up to your brain just yet (watch this space, Musk is working on ‘neural lace’) but as he explains, “You can answer any question, you can video conference with anyone, anywhere. You can send messages to millions of people instantly. Just do incredible things.” The question is, are you ready to embrace your inner cyborg? If you are then you’ll find you can easily automate tedious work tasks with your not-so-secret superpower – technology.

5 ways to automate tasks in your company

1. Clean up your inbox!

We might as well start with the bane of your working life – your inbox! The emails never stop coming, and god forbid you should go on holiday because when you return you’re going to have to spend a whole day tunnelling through that backlog! The average worker receives 121 emails a day and sends 40, so how can automation help?

Most email platforms, such as Gmail and Outlook, have inbuilt automation tools so you can easily categorise emails by importance. Smart Labels in Gmail or Rules in Outlook allow you to automatically sort your incoming emails based on the sender’s details or keywords. Both email platforms allow you to schedule emails to be delivered at a specific time. You can do this in Outlook by clicking the more options arrow in the ‘Tags’ section of your email or use the plugin Boomerang for Gmail. You can also design email templates for messages you find yourself sending repetitively to save time and avoid errors.

2. Start using voice-to-text software

Sometimes it’s the simplest pieces of technology that can save the most time at work. No one marvels at the wonders of a calculator anymore, but it is one the handiest pieces of office equipment! This is the kind of automation we need in other areas of our working life, a solution that completes a task quickly and precisely every time. Voice-to-text software is just that. Dictation solutions have come on leaps and bounds in recent years and for anyone who finds themselves writing at length on a daily basis, this is a must! If you’re looking for a free version, GoogleDocs Voice Typing is a great choice.

3. Be an automation whizz with Zapier or IFTTT

If you’re serious about automating tasks at work, then you probably have heard about IFTTT and Zapier before. Both applications allow you to sync various solutions so that you can have your Gmail talking to your Dropbox account, or your Twitter triggering messages in your preferred Slack channel. These platforms perform by letting you design rules that in practice look like this: if X occurs then Y must happen.

X could be your company name being tagged on Twitter and Y could be the notification of this in a Slack channel. This one would be very handy for the marketing department, but there are useful rule combinations for everyone in the office. If you’re not sure what you need automated, that’s not a problem – take a look at their library of predesigned rules and find out what’s popular with other users.

4. Get real financial insights with Xero or Bullet

Human error is inevitable, but you don’t want it to happen in your financial accounts. Accounting solutions such as Xero and Bullet (an Irish company) can help you automate repetitive tasks while also providing business intelligence that would otherwise get lost! They enable you to automate payroll, invoicing, expense claims, approval processes, payments, and reports. If your bank allows live feeds, reconciliation becomes a breeze.

Knowing which of these is best for you will depend on your needs, but they both have time-saving features the overworked entrepreneur will appreciate. Bullet, for instance, does automatic mileage calculations and can post Revenue returns directly to ROS. Xero is powerful for growing startups because of the hundreds of other systems it can connect to – stock control, POS, project management, booking, time tracking, CRM, and other business tools. These are cloud accounting solutions, which means everything is safely backed up and encrypted in the cloud, allowing you to always have access to what you need, when you need it.

5. Automation for customer relationship management

Customer relationship management (CRM) software is the go-to for businesses that have a lot of customers to manage and want to design an effective sales pipeline personalised to each individual. With CRM tools you can automate many different aspects of your company’s communication with your customers, such as the initial “Welcome” email, follow up emails, automatic reminders that a subscription is coming to an end and automatic updates to customer profiles and calendars. With customer-centric automation such as this, you can nurture long-lasting customer relationships, boost your brand reputation and capture more leads.

Automation results in higher productivity, reduced operating costs, streamlined processes and the protection of your competitive edge. What’s not to like? Beep-bop-boop, cyborgs are go!

About the author

scarlet-merrill

Scarlet Merrill

Scarlet Merrill is Editor of the New Frontiers website and founder of her own startup, Engage Content Marketing. She is an expert in designing and executing content strategies and passionate about helping businesses to develop a quality online presence… [Read Scarlet’s profile]

Other articles from the New Frontiers blog

A new cohort commences Phase 2 at GMIT’s Innovation Hubs

Four of the Mid West’s most promising New Frontiers startups

Magda Rzepkowska (WallPee) is the ‘one to watch’ in 2019

6 start-up friendly events you can’t miss out on in 2019

product-market fit and finding your sweet spot - New Frontiers

Emer O’Donnell chats about product-market fit and finding your sweet spot

product-market fit and finding your sweet spot - New Frontiers

If you are unsure about what product-market fit is, ask yourself are customers banging down the door? Instead of manufacturing demand for a product or service and relying on the hard sell, product-market fit is when you have found a sweet spot in the market and customers’ needs mirror the unique value you offer.

A Qualified Executive Coach and regular Enterprise Ireland and New Frontiers trainer, Emer O’Donnell has spent 15 years helping companies to locate their sweet spot and grow. I sat down with her to find out more about this business strategy which turns build it and they will come on its head and puts customer needs in the driving seat.

Emer O’Donnell chats about product-market fit and finding your sweet spot - New Frontiers

 

Let’s start off with the obvious question, how do you define the product-market fit strategy?

One of the participants at the Founder’s Forum summed it up beautifully, way better than I could – customers are banging down the door for your stuff. Two authors have written a lot about this, Brant Cooper and Patrick Vlaskovits. Their definition of product-market fit is as follows:

Product-market fit, the match between product and market segment that results in high growth or high demand. So many customers are demanding your product that a clear market signal has been sent saying your product is needed.

Brant Cooper & Patrick Vlaskovits

Is there any way to measure it?

There are a couple of people who’ve written extensively about product-market fit in the last five to 10 years, and they’ve come up with mathematical ways of measuring it. I think those are really helpful for start-ups to look at because it takes you a little bit away from the kind of “art” or “voodoo” of am I there or am I not? and instead provides something factual for you to measure.

So, the first one of those is from Sean Ellis. Sean was the original growth hacker or marketeer behind the initial viral growth of Dropbox. Sean’s suggestion for measuring product-market fit is to ask your customers a very simple question, and that question is “How would you feel if you could no longer use or buy my product?” You give customers optional answers such as wouldn’t care, would care a bit, would be disappointed and would be very disappointed. You obviously need a reasonably sized sample to do this, but Sean’s view is that if more than 40% of the people say that they would be very disappointed if they could no longer use your product, then you probably have product-market fit!

As a trainer with the New Frontiers programme, you have a lot of hands-on experience with start-ups. What are the warning signs that they don’t have product-market fit?

If I look at the start-ups that we interact with, one of the indicators to me that a company may be at product-market fit would be when I hear them talk about the challenges in their business and they’re not talking about sales. When I hear start-ups talking about things like “My sales cycles are taking too long”, or “I’m struggling to find customers”, or “I’m missing my sales target”, that’s an indicator to me that they don’t have product-market fit.

I think one of the big mistakes that we see with start-ups that don’t have product-market fit is that they start spending money in places that they shouldn’t be spending it. There is this concept of a growth pyramid which says that at the bottom of the pyramid you should have product-market fit. You need this as a solid foundation first, and then you build everything else on top of it.

One of the most common mistakes I see start-ups making is that they hire a sales team before they have product-market fit, and then they wonder why the sales team doesn’t work out. If you’re not at product-market fit, then you either need to refocus the target audience or you need to tweak the product. But either way you need to keep your cash burn low.

To recap, product-market fit is when the market is sending out a clear signal that there is a need for whatever product or service you’re offering. Often the challenge when a company hits that point will be related to delivery, and not to sales.

Let’s say you are a start-up that does have product-market fit. What would be your advice then?

OK, on the flip side of that is say one of the companies that I am working with right now on the Founder’s Forum. They have product-market fit, and they are hesitating over expanding the team and raising money. Now they are at risk of a competitor coming in and taking the market from them. It is a balancing act. If you go too far, you run the risk that you are not building on a solid foundation; but if you go too slowly, you can miss the boat. It’s about balancing the two.

What are your key steps for achieving product-market fit?

There are three elements. The first is that they have a well-defined sweet spot or target market. They need to be very clear about who they are targeting. This can be a real challenge for a young company, because often they go too broad and go for, say, “Everyone in North America”! You need to focus down and get really clear about it.

The second one is what is the customer trying to do? What is the problem they are trying to solve or the job they are trying to get done? And knowing how you deliver in value against that and being really solid about that.

The last one is understanding why customers should choose you over the competition. You need to be clear about how you’re different from the competition. The three of these things working together is the recipe for product-market fit. If any one of them is out of whack, you are unlikely to hit product-market fit.

It’s important to remember that the answers don’t lie in your team, but in your customers. You need to be good at getting out and listening to your customers in a very open way, without assumptions. Most people will go out and look for the answers they want to hear. Instead of asking “That’s a good idea, isn’t it?” you should have a much more open set of questions to explore and get new insights. I did an exercise over the summer when I talked to 10 of our own customers, and I got some really good insights. I learned things about how our customers view us that I would never have guessed. But it’s all in the way you ask the questions.

If you’d like more insights from Emer, sign up for the monthly email sent out by her company, Select Strategies, examining the issues which affect growth in many companies.

About the author

scarlet-merrill

Scarlet Merrill

Scarlet Merrill is Editor of the New Frontiers website and founder of her own startup, Engage Content Marketing. She is an expert in designing and executing content strategies and passionate about helping businesses to develop a quality online presence… [Read Scarlet’s profile]

Other articles from the New Frontiers blog

A new cohort commences Phase 2 at GMIT’s Innovation Hubs

Four of the Mid West’s most promising New Frontiers startups

Magda Rzepkowska (WallPee) is the ‘one to watch’ in 2019

6 start-up friendly events you can’t miss out on in 2019

Insights The five WHYs of the New Frontiers Entrepreneur Development Programme - Colm Ó Maolmhuire

Insights: The five WHYs of New Frontiers

Insights The five WHYs of the New Frontiers Entrepreneur Development Programme - Colm Ó Maolmhuire

As an entrepreneur, deciding to apply for programmes such as New Frontiers will have a significant effect on the development of your business, but it’s important to thoroughly asses both your motivations and chances of success. In this blog, New Frontiers Programme Manager at IT Blanchardstown, Colm Ó Maolmhuire, looks at five key questions you should ask yourself.

One of the techniques all entrepreneurs and managers need to use, in drilling down into and analysing their business proposition, is the ‘5 Whys’ format. In my experience, any founder needs to take stock and do some serious analysis after Phase 1, for their critical ‘Go/No Go’ decision, and that included deciding whether or not to apply for Phase 2. The alternative is following another path to start up. Based on my experience with founders applying to New Frontiers, I thought it might be useful for potential participants to explore how the 5 Whys might be used in such a situation, and what supplementary questions might be relevant. These are not necessarily in any particular order.

WHY am I doing this?

Why am I starting a new venture? Am I an entrepreneur? Am I willing and able to make the hard decisions, initially on my own? Am I ready to leave my employment/give up my regular earnings to enter the uncertain world of startups?

  • Remember that there is very little you can do self-employed that cannot be done employed. A startup is not for everyone.

WHY am I doing the New Frontiers programme?

Given the great variety of paths to startup, how is this programme the best or most appropriate method of supporting my plan of action for the business? There are many other supports and agencies out there, so how does this match my needs and strategy?

  • Remember that New Frontiers is not suitable for every startup.

WHY will the customers buy what I’m planning to offer?

Do I have a strong initial understanding of my customers, their pain and my solution, my Customer Value Proposition? Can I articulate it clearly? If not, then how am I going to trial and validate anything?

  • Remember, this may change, or pivot, during Phase 2, but you need to start with a clear focus and understanding.

WHY do I think there is a business in it?

Is this going to be a ‘need to have’, rather than a ‘nice to have’? What do I know of my market/domain, from a commercialisation point of view? How will I define and progress the market opportunity in terms of scale, niche, accessibility, addressability, route to market, go to market, and most importantly initial sales? How do I think I will make money at this?

  • Remember, if you can’t figure out how to sell profitably, you could end up with an expensive experiment.

WHY will investors back it?

Will I be able to address the main question investors ask: What’s in it for me? Will I end up with a proposition that’s sufficiently compelling for future investors?

  • Remember, during Phase 2, we address and progress all of the above (and more) elements of your business. You can use the programme to gather evidence, document and deliver strongly. You will also be able to prepare and practice for pitching to professional investors.

Phase 2 of the New Frontiers programme is a strong blend of time, space and support mechanisms for startups, and their founders, to prepare and progress to an advanced stage. It is an opportunity for you to build a business proposition and skillset on a strong foundation. But it only works if you can and do ask yourself the ‘hard questions’ – like WHY!

Thinking of applying to Phase 2 of New Frontiers? Read Colm’s post: Tips for making a successful Phase 2 application.

About the author

Colm Ó MaolmhuireColm Ó Maolmhuire

Colm is the New Frontiers Programme Manager at IT Blanchardstown. He has 20 years’ experience operating as an independent, professional management trainer, mentor and consultant. His main areas of expertise are in finance, business planning/analysis and management skills… [Read Colm’s profile]

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Four of the Mid West’s most promising New Frontiers startups

Magda Rzepkowska (WallPee) is the ‘one to watch’ in 2019

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Lean Startup using customer-focused development processes

Lean Startup: using customer-focused development processes

Lean Startup using customer-focused development processes

Originally published in 2011, The Lean Startup by Eric Reiss was an important moment in the history of startups. The book sets out a clear approach to developing new products and services that has established itself as the standard framework that startups now use to turn ideas into companies.

At its core, The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses proposes that startups use a build, measure, learn framework in an iterative product development cycle that places the customer at the heart of the process. With each iteration, the lean startup method brings the company closer to achieving product-market fit by developing a product that serves a real customer need.

Get out of the building

The Lean Startup How Constant Innovation Creates Radically Successful BusinessesThe customer-focused development process which was originally developed by Steve Blank is at the heart of the lean startup. The answers about which features to build and which markets to target are to be found out in the field talking to customers, not at the whiteboard. The only way an idea can be turned into a successful business is through a process of validated learning and the lean startup lays out key steps to achieve this:

  • Identify your key “leap of faith” assumptions about your product and customer
  • Build a Minimum Viable Product (MVP) to test these assumptions as quickly and cheaply as possible
  • Measure your customer reactions
  • Learn from the data collected during the customer development process
  • Change direction if your hypotheses are disproven (pivot or persevere)
  • Iterate on your original idea based on the feedback

Building a Minimum Viable Product – perfection is the enemy

The goal with an MVP is to push it out rapidly with a minimum of time, development effort and expense. If your team is in a position to develop a software product in-house it is easy to become obsessed with the quality of your offering and spend too much time building features and refining the user experience.

The unfortunate fact is that quality is irrelevant if nobody wants what you are building. Rather than building out out a fully realised product and then starting to look for feedback, in the lean startup approach, the idea is to build the most basic demo possible and iterate on it early and often with customer input. If your potential customers complain about missing features this can be used to drive product development in the next iteration.

“If you are not embarrassed by the first version of your product, you’ve launched too late.”

Reid Hoffman, LinkedIn founder

IMVU – a harsh lesson in customer validation

In The Lean Startup, Eric Reiss details how his startup IMVU spent months coding a complex backend system that would allow interoperability of various instant messaging clients. Once it was ready to ship they found that no one would even download their new 3D messaging client it in the first place, so the entire development effort went to waste. They had failed to test some of the most basic assumptions about their customers before committing to a development effort. The author comes to the crushing realisation that they could have learned just as much about their customers by creating a simple sign up page where they could have gauged early interest without committing to a costly development process.

Dropbox – a highly effective MVP

As a counterpoint to IMVU’s failure to validate with customers, the author describes how the founder of Dropbox used a cleverly edited video to show how Dropbox would work in practice, long before any actual software had been developed that would allow it to work in real life. Overnight, this video allowed them to sign up over 70,000 people who wanted to use the service, proving they were meeting a real market need.

Customer development over product development

Most startups that don’t make it have usually failed due to a lack of customers rather than a lack of product development. Placing the customer at the heart of the development process, as outlined in the lean startup, is crucial for a successful outcome.

Lean Startup methodology, along with Steve Blank’s customer-focused development process and Alex Osterwalder’s Business Model Canvas, provides an excellent framework that any startup can use to test its hypotheses with the market and develop products that serve real customer needs.

About the author

Dara Burke ShowhouseVR New Frontiers ProgrammeDara Burke

Dara Burke is a past participant of the New Frontiers programme in the north-west and the founder of ShowhouseVR, a virtual reality startup that enables users to visit spaces before they are built… [Read Dara’s profile]

Other articles from the New Frontiers blog

A new cohort commences Phase 2 at GMIT’s Innovation Hubs

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Magda Rzepkowska (WallPee) is the ‘one to watch’ in 2019

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New Frontiers National Networking Event - March 8th 2018 - Red Cow Hotel Dublin

The importance of networking for New Frontiers participants

New Frontiers National Networking Event - March 8th 2018 - Red Cow Hotel Dublin

Joe Healy, (Divisional Manager, High Potential Start-ups, EI) – Minister Heather Humphreys TD, Minister for Business Enterprise and Innovation – Maria Gavin (Programme Manager New Frontiers, EI)

Of all the feedback received from entrepreneurs over the years, one key benefit of the New Frontiers programme stands out consistently: how crucial networking and peer support has been for their entrepreneurial journey.
New Frontiers participants get a wide range of supports on the programme. For some, learning sales and marketing skills, or successfully pivoting their idea, or preparing for export are the difference between success and failure.

But another characteristic of the programme is that it’s cyclical, and all entrepreneurs (typically, around a dozen at each location) start at the same time and work out of the same incubator. They face their business hurdles together, even though they’re each working on their own project, and celebrate milestones with their fellow participants. Insights and learning are swapped on a daily basis, as the focus is on collaboration, not competition.

So it’s an added bonus that Enterprise Ireland organises a yearly networking event, where all the participants from the previous year – from the 16 locations around the country offering the programme – can come together and network. From speeches, presentations and inspirational talks from alumni in the morning, to dedicated one-on-one networking sessions in the afternoon, it’s a day not to be missed.

An annual networking event

This year’s networking event was held in Red Cow, Dublin, on 8th March. It was opened by Minister Heather Humphreys TD, Minister for Business, Enterprise & Innovation, who has some particularly good news for the programme:

“I’m pleased to learn that 2017 proved to be a record year for the New Frontiers programme with 164 entrepreneurs moving through Phase 2. Enterprise Ireland, together with the Institutes of Technology, work to continually develop and improve the programme and so, I’m delighted to tell you that a third phase is currently being developed and will be piloted later this year. This will no doubt be of immense benefit to those participating!

The Government of Ireland, through Enterprise Ireland, is very supportive of the New Frontiers Programme. €3 million was allocated in 2017 to be spent on this programme across the Institutes of Technology. However, it is important to continue investment in programmes such as this. I am pleased to tell you, therefore, that a further €400,000 has been allocated in the 2018 budget to bring the annual spend to €3.4 million this year.”

New Frontiers is the perfect way for early-start companies to position themselves for further HPSU supports. Over 30% of Competitive Start Fund awards go to New Frontiers alumni, with the potential then to become Enterprise Ireland clients and play an important role in the Irish business community.

After the Minister’s address, Maria Gavin, Manager of the New Frontiers Programme at Enterprise Ireland, gave an overview of the day and thanked everyone involved in making the programme such a success.

“I’d like to underline the uniquesness of New Frontiers as a truly national programme, having a significant regional outreach through the IoTs enabling would-be entrepreneurs from all differing parts of the country to benefit from a professional and comprehensive educational programme.

Today is a chance to rightly celebrate and elevate New Frontiers, in addition to thanking all those who make it such a success: the New Frontiers graduates – I admire your bravery and tenacity in entering the start-up arena; the 13 Programme Managers, whose tireless work and dedication benefit all participants; the LEO staff, whose involvement is pivotal in the start-up ecosystem; and to my Enterprise Ireland colleagues – both HPSU & Regional DAs – for their collaboration and commitment to New Frontiers. All of you are invaluable!”

The morning was packed with information. There was a presentation of the HPSU Unit from Sarita Johnston, Manager of HPSU Start at Enterprise Ireland, a Q & A, and a panel discussion with previous participants. Attendees were also treated to some fascinating insights from three highly successful alumni, James McElroy (HouseMyDog), Michael O’Dwyer (SwiftComply), and Ross O’Dwyer (Pundit Arena).

Download the slides from the various presentations

Collaboration and networking

Feedback from attendees was extremely enthusiastic. Everyone agreed that the opportunity to meet with the wider New Frontiers community was invaluable, and the afternoon’s pre-booked networking sessions proved very fruitful.

Many entrepreneurs disclose that isolation is one of the key limiting factors when building their business in the early days. A programme such as New Frontiers helps to beat this phenomenon with its collaborative approach, incubation facilities, group training events and access to mentoring. Events such as the annual networking event are the cherry on the top!

If you have a business idea and are interested in applying to New Frontiers, discover more here!

Discover a few of the entrepreneurs from the class of 2017!

Vicki O’Donnell – Wilder Wander

Joe Fernandez – Data Origami

Charlotte Matabaro – Mohecan Male Grooming

Mel Clohosey – Socialfeedia

Carol Ann McGowan – Heartstone

Joe Perrott – Remote Signals

Michelle Baxter – The Clinic Space

Ciaran Brennan – PaidAde

About the author

scarlet-merrill

Scarlet Merrill

Scarlet Merrill is Editor of the New Frontiers website and founder of her own startup, Engage Content Marketing. She is an expert in designing and executing content strategies and passionate about helping businesses to develop a quality online presence… [Read Scarlet’s profile]

Other articles from the New Frontiers blog

A new cohort commences Phase 2 at GMIT’s Innovation Hubs

Four of the Mid West’s most promising New Frontiers startups

Magda Rzepkowska (WallPee) is the ‘one to watch’ in 2019

6 start-up friendly events you can’t miss out on in 2019

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