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Wanting to Start New Business (Bare-bones Stage)

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  • 12-06-2019 9:01am
    #1
    TippCashel
    Registered Users Posts: 109 ✭✭


    Hi all

    I'm currently in full-time work, however for the last few months (6 to be precise) I have put together a project proposal for a new business idea.

    I genuinely don't know where to go from here though and really want to somehow get the idea to-market before it's too late because it's potentially something that could be done down-the-line by someone else.

    It's in regards to Sports Data and providing it to high-end-clients such as Google/Apple/Amazon etc and there is definitely potential for a large turnover in revenue (I'm projecting about $200k for the first year and that almost trebled in the third year).

    Capital on my end is honestly minimal, so I was looking for outlets.

    - Venture Capital probably isn't possible as it's not an up-and-running business (all I have is the business name registered)

    - I originally reached out to Enterprise Ireland who directed me to my Local Enterprise Office. They in-turn suggested I send them a Project Proposal (which I have done-so and am awaiting feedback).

    I suppose the main point of the thread is asking for advice in regards to what I can do to potentially get funding for a start-up with large international B2B sales potential.

    Thanks in advance


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    #2
    Chevy RV
    Registered Users Posts: 466 ✭✭Chevy RV


    Hello TippCashel,

    I have read your post with interest. Please don't take what i say as negative feedback and i would love to discuss the matter further with you but here are some real practical considerations :-

    1) An idea on its own per se is almost worthless, its the proper execution of it that counts.
    2) Based on the potential clients you speak of Amazon, Google etc , the revenue of $200k in year 1 to $600 K in year 3 looks totally unrealistic.
    3) If its such a good idea, how come nobody has already twigged it or what research have you done in that area?

    Regards,


    Chevy RV


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    #3
    vintagecosmos
    Registered Users Posts: 851 ✭✭✭vintagecosmos


    Check out new frontiers programme by EI. Sounds ideal for you. It will give you the head space to validate your idea.


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    #4
    TippCashel
    Registered Users Posts: 109 ✭✭TippCashel


    Chevy RV wrote: »
    Hello TippCashel,

    I have read your post with interest. Please don't take what i say as negative feedback and i would love to discuss the matter further with you but here are some real practical considerations :-

    1) An idea on its own per se is almost worthless, its the proper execution of it that counts.
    2) Based on the potential clients you speak of Amazon, Google etc , the revenue of $200k in year 1 to $600 K in year 3 looks totally unrealistic.
    3) If its such a good idea, how come nobody has already twigged it or what research have you done in that area?

    Regards,


    Chevy RV

    In the company I currently work in (Sports Analytics), what the larger clients (some listed above) pay us is into the millions. For the product/offering I have in mind, I have a very realistic target set, and I can easily gauge from what they are paying for the services we currently offer, what they would potentially be willing to pay.

    Thanks for the feedback, but it's unfair for you to say it's unrealistic when you don't know what the product is.

    In regards to why nobody else has had the ideas; the company I'm currently with are leaders in analytics/data; and the ideas I have differ (more so than expand) on what we currently have. It's just more the product team haven't thought of this.
    vintagecosmos wrote: »
    Check out new frontiers programme by EI. Sounds ideal for you. It will give you the head space to validate your idea.

    Thanks vintage - Will check out


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    #5
    Chevy RV
    Registered Users Posts: 466 ✭✭Chevy RV


    Hello TippCashel,


    What i meant was that the turnover figures looked very low for companies that size to be dealing with , that's all. It wasn't meant as a criticism at all.

    Looks like a good business plan is required then to show you have thought the idea through.

    Best of luck with it in any case and if you require any financial planning help, then feel free to contact me.

    Regards,

    Chevy RV


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    #6
    TippCashel
    Registered Users Posts: 109 ✭✭TippCashel


    Thanks Chevy

    For the specific assets that I’d be offering to Google and the likes, that’s what I’d be looking at.

    For example; in the company I’m in right now; Google pay us about $200k for our Cricket data. Amazon pay us about $250k for our NFL data etc. (Those are rough figures)


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    #7
    antoinolachtnai
    Registered Users Posts: 9,773 ✭✭✭antoinolachtnai


    Where is the large sales potential? $600k is just not that much in terms of sales. It is more of a niche. You are going to cover a few salaries, that's about it. How would you give your investors a real return?

    Would you put this proposal to your current employers in some form?

    I am worried that you will just end up competing directly with your existing employers. You really need something that is a significant leap forward on what your employer has.


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    #8
    onedmc
    Registered Users Posts: 454 ✭✭onedmc


    Chevy RV wrote: »
    Hello TippCashel,

    -

    1) An idea on its own per se is almost worthless, its the proper execution of it that counts.


    Chevy RV

    Yip idea's are 10 a penny. What you need is customer that are willing to trust you to provide a product that they can dependent on.

    You need to connect with people that can make the decisioins and you need them them to trust you.

    I pay significantlly more for trust than for good ideas.


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    #9
    lastusername
    Registered Users Posts: 338 ✭✭lastusername


    This is a bit like saying "I work for Coca Cola and there are some product ranges they aren't exploring so I think I'm going to go out as a one man band and target that gap...".

    Not saying you can't but there's a bit more to it than that! OP hasn't come back so no doubt he's rethinking it anyway.


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    #10
    TippCashel
    Registered Users Posts: 109 ✭✭TippCashel


    Thanks for the feedback on this.

    It’s not just as simple as seeing something my employers were missing. It’s a different market opp altogether.

    If it’s worth much, I’m after getting some very good feedback from a Local Enterprise Office so will move forward with this and will see how things go.

    Might come back here with updates in the near future if I think of it


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    #11
    Chevy RV
    Registered Users Posts: 466 ✭✭Chevy RV


    Hello TippCashel ,


    Again - please don't take this thew wrong way as i am a great admirer of ideas and love helping people to roadtest them.

    Most people like to think that their idea is unique in some particular way - if not, what's the point?

    Don't forget that the LEO's are in the business of encouraging new business ideas almost regardless of how viable or otherwise the idea may well be. They will however use the phrase that " I am not a subject matter expert" to caveat against over zealous proposers. The last time i spoke with them a number of years back, they proposed a voucher style scheme to help assess the feasibility of the idea. It wasn't really practical at the time so I did not pursue the idea further.

    I guess lots of the proposers/dreamers get weeded out at this stage.


    As i said earlier, the idea is the 1% inspiration ; the 99% is the perspiration involved in executing the idea properly.

    You may as well get your idea shot to pieces here for free rather than let yourself be thinking that you have just created the next Collison Brothers or Mark Zuccherberg by broadly outlining what the idea is and they running off with it which is highly unlikely.


    Regards,


    Chevy RV


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    #12
    lastusername
    Registered Users Posts: 338 ✭✭lastusername


    TippCashel wrote: »
    Thanks for the feedback on this.

    It’s not just as simple as seeing something my employers were missing. It’s a different market opp altogether.

    If it’s worth much, I’m after getting some very good feedback from a Local Enterprise Office so will move forward with this and will see how things go.

    Might come back here with updates in the near future if I think of it

    That's fine OP but sounds like you're going to make the classic mistake of keeping the idea to yourself instead of getting feedback that might save you a huge amount of time (and money possibly).

    Maybe not but be sure to get critical, constructive feedback on the idea from somewhere.


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    #13
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Some very naïve comments/responses there Tipp Cashel. Nobody has mentioned (a) anti-compete clauses, which would be included in an employment contract with a company smart enough to be a Google supplier; (b) no large entity is going to order the majority of a product they purchase with a start-up and will be very slow to initiate business; (c) it should be realised that LEOs always are positive about ideas, that’s their job. Same as EI, they encourage you to grow/export but it is up to you to organise finance and ensure you get paid!


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    #14
    TippCashel
    Registered Users Posts: 109 ✭✭TippCashel


    pedroeibar1 wrote: »
    Some very naïve comments/responses there Tipp Cashel. Nobody has mentioned (a) anti-compete clauses, which would be included in an employment contract with a company smart enough to be a Google supplier; (b) no large entity is going to order the majority of a product they purchase with a start-up and will be very slow to initiate business; (c) it should be realised that LEOs always are positive about ideas, that’s their job. Same as EI, they encourage you to grow/export but it is up to you to organise finance and ensure you get paid!

    No anti-compete clause in my contract.


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    #15
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    TippCashel wrote: »
    No anti-compete clause in my contract.


    That does not get you over the hurdle of 'non-solicitation' - but seeing as you have yet to get funding it's far down the line.


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    #16
    Be well and win
    Registered Users Posts: 329 ✭✭Be well and win


    Go and talk to your LEO office in the first instance. They do provide some grant aid for feasaiblity studies and a mentor as well. In the past I've seen great ideas fail where the business was not structured properly and not set up properly, not because of the idea itself so you need to start with some basics.

    You mention you work in the industry you are targeting which is great. You need however to seriously consider what your USP is and what will differentiate you from what you and your current employers sell. Why should Google etc buy your data. Without knowing what the idea is I can't answer that but it is something to seriously consider

    Can you run this as a part time business initially to derisk the big break of going it alone. Also check your employment contract to see that you are not in breech with your current employers if you go out on your own and that you are not running any risk of being perceived as stealing their IP


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    #17
    sderiis
    Registered Users Posts: 9 ✭sderiis


    Check out new frontiers programme by EI. Sounds ideal for you. It will give you the head space to validate your idea.


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    #18
    MarioLuigi
    Closed Accounts Posts: 54 ✭✭MarioLuigi


    Without getting into too much detail, what are you going to offer that your current employers don't? And how easy or quickly would it be for them (or their competitors) to offer the same or better service once yours catches on for a potentially cheaper cost with vastly bigger resources, scalability and reputation? Can you patent/trademark your ideas or get any protection?

    These are questions you need to ask yourself. I hope you succeed btw, but nobody created a successful business without asking themselves the hard questions.


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