5 Pieces of Advice from One Entrepreneur to Another

WestBIC is an Enterprise Ireland partner providing hands-on startup support, funding readiness and investment preparation for early-stage founders in the west of Ireland.

At WestBIC, we support innovative start-up companies across the West and Northwest of Ireland to scale their businesses internationally. Over the last 30 years, a wealth of knowledge has passed through our doors from the MedTech to EdTech sector and Gaming to Sustainable Innovation. We have gathered a bank of advice, from the innovative masterminds themselves, to pass onto the next generation of Innovators in Ireland.

1. Use the Available Supports

90% of WestBIC supported high potential startups survive >5 years vs. the international average survival rate of 50% >5 years.

Ken Coffey, founder and CEO of AtriAn advises start-up companies to “take advantage of the vast resources that are available for start-ups such as WestBIC’s expertise and experience.” Niamh and Ruairi Dooley, co-founders of BiaSol, second this opinion, they confirm that “the support from other entrepreneurs, businesses & state agencies in Ireland is fantastic.” Suzanne Moloney, founder and CEO of HidraMed Solutions adds “there are so many networking opportunities, different grants and great support schemes available. It’s just a case of finding the right one for you and using it.”

So how to find the correct support(s) for you and your business? Check out Enterprise Ireland’s ‘Start in Ireland’ portal here. This is a tool which will flag up suitable and appropriate supports based on the information you input such as locations, sector, start-up stage etc. The is no doubt the Irish Start-up supports ecosystem can be difficult to navigate especially for new entrepreneurs — this free tool aims to combat this problem.

Raquel Noboa, founder and CEO of Fifty Shades Greener also promotes the importance of accepting support, she advises to “rely on others, setting up a business can be a lonely place of long hours by yourself, dig from your family, friends and network.” Liam Lynam, the founder and CEO of Oat in the City, affirms that “being a start-up is exciting but can also be a lonely place with highs and lows. Having a support like WestBIC to guide you through is very important.”

Anthony Cahill, founder & CEO of Kyzentree, finalises the value in using the available supports by stating “seek advice and support from the many supports out there such as WestBIC, LEO and Enterprise Ireland. Also, take a leap of faith and check out your local New Frontiers program as that will open doors that are difficult to open alone” Ultimately, Michael Furey, Founder & CEO of Ronspot says “strong support from family and friends is never to be underestimated.”

2. Network with Intent

Did you know that 80% of professionals find networking essential to their career success? Additionally, the close rate for in-person meetings is 40%, meaning that in-person meanings end in a sale or deal almost half of the time (Apollo Technical).

Alison McGonagle, Marketing and Project Executive at WestBIC referred to the famous quote “your network is your net worth” in a recent Enterprising Podcast with Byowave. Brandon Blacoe and Eibhlin O’Riardan, the cofounders of Byowave confirmed that “we need to be networking with key partners, there is no way of doing it otherwise and that’s why the entrepreneurial ecosystem in Ireland is becoming more open.” Byowave also advises entrepreneurs to “be as open minded as possible and get insights from as diverse a network as you can, don’t be cautious in using all of the knowledge sources in your network to quickly figure out the biggest problems in your proposal and experiment with your business plan to find solutions as quickly as possible.”

Fidelma McQuirk, founder and CEO of Payslip agrees that “the most important part at the outset is getting out there and talking to as many people as possible in the market”. Fergal O’Connor, CEO of BuyMedia shares this opinion, advising entrepreneurs to “build a strong network; team, investors, stakeholders and mentors.” BiaSol also tells budding entrepreneurs “don’t be afraid to reach out and talk to as many people as possible. You never know where a conversation might lead to. The biggest issue we faced is building awareness so take every opportunity you can to promote yourselves.”

3. Validate the Market

42% of startups fail because of a lack in market demand (CB Insights, 2022)

Brian O Rourke, CEO of City Swift states “it’s key to speak to prospective clients early, to test your ideas, validate assumptions and eliminate wasted time and resources by building the incorrect product or service. You will always need to iterate and fine-tune but the quicker you can do this, the quicker you get to build a good foundation for scale.” Patrick McDermott, CEO Digitally also backs market validation “Validate your product as quickly as possible, have a very strong and clear understanding of your target market and the route to market. Make sure you’re very clear on the value that you are going to provide.” Fergal O Connor, Buymedia concurs “don’t run out of cash, validate your ideas with customers, and get to revenue as soon as possible.”

Anthony Cahill shares the perspective that the key is to “listen to what your (potential) customers are saying; if they don’t see the value in what you are doing, review your messaging and more importantly review the approach that you are taking to solving the problem for them. Take the time to really understand the problem that you are trying to solve.” Michael Furey also advises to “test market and customer sentiment in a real way as soon as possible.”

4. Trust your Instinct

Startup figures in Ireland mark a 13% increase on pre-pandemic levels (2021 v 2019), demonstrating strong signs of economic recovery. 2022 is a promising time to kickstart an entrepreneurial journey, with Enterprise Ireland investing over €48m in Irish start-ups in 2021 — the highest level of funding that the State agency has awarded to early stage companies. This investment included 80 HPSUs and 45 Competitive Start Funds.

Michael Furey tells entrepreneurs to “listen to those who have experience and knowledge in the start-up environment. But ultimately trust yourself and your own conclusions. Nobody is as close to the detail of your business and the market as yourself. Stay rational and dispassionate about the decisions that impact the business.” Raquel Noboa supports this opinion stating “Follow your instinct when making big decisions, even when the results are not what you expected” in the Female Founders Episode of the Enterprising Podcast. Suzanne Moloney similarly notes “don’t be afraid to take a chance on yourself.”

5. Work Hard

As Nelson Mandela famously said, “It always seems impossible until it’s done.” Now who could argue with that?

Byowave acknowledges that “it takes an extraordinary amount of sacrifice to make a start-up work.” Michael Furey confirms “Be prepared to work hard.” This advice also comes from Anthony Cahill, “Be ready to put in a few years of hard effort and sacrifice before you start to see proper traction. It’s a relentless journey but very rewarding if you stay the course.”

Raquel Noboa advises budding entrepreneurs to “always keep learning, don’t ever feel you know everything, there is so much to be learnt in this world”. The founder of the a leading environmental education company goes on to advise everyone to “dream big and set high goals and high standards for yourself, even when it seems impossible, if you work towards an ambitious vision, even getting half way there is a win.” Fidelma McQuirk encouragingly advises entrepreneurs that “courage is key, you have to be brave.” In a recent sustainability episode of Enterprising Podcast Episode . The founders of BiaSol, said they were told “It’s not a no, it’s just a not now” and this motivated the team to ride the start-up roller coaster, which has led them to scale their business.

If you are looking for more tailored advice for your business, please contact us at info@westbic.ie