One size does not fit all. That was just one of the truths discussed by founders at the second in a new series of start-up events in Galway on Friday.
On Friday (24 October) Enterprise Ireland and Silicon Republic teamed up to host the second edition of a new event series for early stage start-ups in Ireland, the Founders’ Exchange, this time at Galway’s PorterShed.
There were networking opportunities and open and honest panel discussions with founders, investors and advisers, chaired by Silicon Republic co-founder Ann O’Dea, as well as a special Start-Up Clinic where start-ups could interact one-on-one with mentors from Enterprise Ireland, the Local Enterprise Offices (LEOs) and WestBIC.
It was the second in a series of events planned to respond to the appetite expressed at the Founders’ Listening Tour earlier this year for more opportunities for founders to hear honest insights from other founders, to network with each other and to get direct access to start-up expertise on funding and supports.
In the second Founders’ Exchange, start-ups, stakeholders and investors gathered in Galway’s PorterShed on a damp Bank Holiday Friday and discussed the tough realities of the journey founders face as they seek to make a success of their new businesses.
Being in the west of Ireland, it seemed appropriate to have two medtech players on the founders’ panel; Dr Liz McLoughlin, co-founder and CMO of Tympany Medical, and Brian Shields, co-founder and CEO of Neurent Medical, who spoke of the unique advantage of starting a medtech company in a region where they are surrounded by leaders and professionals in the industry.
They also shared the challenges of fundraising in a sector that requires extensive research, development and regulation – and therefore long lead times – in a world where venture capital funds have a typical life cycle of eight to 10 years. McLoughlin shared her experience of crowdfunding via CrowdCube, as part of a larger raise, and again pointed to fact that medtech has not traditionally been a typical crowdfunding play.
Having a strong team was a key theme discussed by all founders. Shields talked about how a superb team was vital in setting up Neurent’s own manufacturing facility in Oranmore, where it promises to create 125 highly skilled jobs by the end of 2028, with roles in engineering, quality control, operations, supply chain, sales and marketing.
The medtech founders were joined on the panel by Paul Killoran, founder and CEO of Ex Ordo, an event-tech company that specialises in academic conferences. Killoran gave an honest recounting of a tough few years when the pandemic hit and saw it close to failing, only to successfully pivot into virtual events and then have that market fall away when people began to return to in-person conferences. While these conditions saw many such event-tech companies fall by the wayside, Ex Ordo navigated the choppy waters and came out the other end. It was a salutary lesson in resilience for those present.
The founders panel was followed by a panel of investors and advisers. Caroline McDonagh, head of enterprise at Galway Local Enterprise Office, reminded founders that the LEOs have a much wider remit these days than a few years back, with business expansion grants of up to €150,000 or 50pc of the investment available for start-ups of 18 months or more who can demonstrate a clear path to graduating to Enterprise Ireland.
Geraldine McLoughlin, senior investment manager at the Western Development Commission, detailed some of the success of its Western Development Fund which has tripled in value since its inception, and has seed-funded the likes of CitySwift and Aerogen.
Enterprise Ireland’s senior adviser Michael O’Dea had some honest and practical advice for those at early stage seeking support and funding. He said they should ask themselves four key questions: “What is the problem I’m proposing to solve? What is the solution I’m positing? Who is the customer? And who is going to pay for it?” A very good starting point indeed for anyone thinking of going on the start-up journey.
After the panels, attendees relaxed over pizza and refreshments or they headed for the Founders’ Exchange Start-up Clinic, a big hit again in Galway, where early-stage start-ups had access to one-on-one meetings with mentors and advisers from Enterprise Ireland, the LEOs and WestBIC. With such a wide range of supports available, it can often help to sit down with someone who has the full overview and can point start-ups in the right direction.
“We developed this because we heard from founders earlier this year on our listening tour about the importance of providing those opportunities for founders to meet other founders, but also for founders to meet investors and people from the State-backed entities such as Enterprise Ireland, the Local Enterprise Offices and so forth,” said Conor O’Donovan, head of start-ups and entrepreneurship at Enterprise Ireland.
Watch out for upcoming Founders’ Exchange events to be announced in coming days.
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