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babba black she wrote: »A lot of what I said is useful.... welcome to china
I think this person's posts bring another point. At all stages of your business there will be snide remarks, sneers and detractors waiting to pounce and destroy your self-confidence and credibility. These are best ignored. As above, base your viability studies on cold hard research.
Trolls don't deserve feeding.
Very informative thread. If I do take the plunge I will find it very helpful.0 -
Regarding the first post. I believe that entrepreneurs should review the marketplace before they decide to enter. They should check out their competitors.
However, I don't think that formal/scientific market research such as focus groups and questionnaires are important particularly for software start ups.
Instead, they should bootstrap a beta or prototype and release it. Get users to tell them how awful the product is then keep improving it.
I also believe that start ups should not waste time writing a business plan. Very few actually read a business plan so valuable time is wasted compiling a document that will only gather dust. Instead a deck of 10-20 PowerPoint slides should be used. This is becoming more and more common in the start up community.
The key is to get traction quickly. Key reference sites and paying users are what really matters in the early stages.0 -
byrne0f56789 wrote: »I also believe that start ups should not waste time writing a business plan.
Inclined to disagree here - I've spent a lot of time writing and re-writing a business plan over the past 6 months and I'm now at the stage where I'm happy that I have a 'live plan' - i.e. a working document that I can and will use to plan and track the business as it takes off. Its a critical point of reference - otherwise how do you know if you're on plan or not? How do you know if you need to adjust or change your activities?0 -
Inclined to disagree here - I've spent a lot of time writing and re-writing a business plan over the past 6 months and I'm now at the stage where I'm happy that I have a 'live plan'
What I meant in my previous post was that the formal writing and formatting of a traditional business plan takes too long given that hardly anyone will actually read it.
Of course start ups should track progress but it doesn't have to be in the form of a formatted business plan. Every business should know and track it's milestones. I just believe that it's better to keep things as simple as possible. That way, you can see how your performance stacks up much more clearly.
However, i do appreciate where your coming from.0 -
The South East has the South East Entrepreneur Platform Programme http://www.seepp.ie
Regards...jmcc0 -
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Good point. There is a hell of a lot of difference between being an entrepreneur and studying entrepreneurship.byrne0f56789 wrote: »Regarding the first post. I believe that entrepreneurs should review the marketplace before they decide to enter. They should check out their competitors.
1. Identify your market.
2. Identify your competitors.
3. Identify how you will make money.
4. Identify how you will take marketshare.
5. Identify how you will keep/grow marketshare.
Formal/scientific market research has its place and it is largely to employ the otherwise unemployable. Identifying your market and your customers and more importantly how to get to your customers is what is important.However, I don't think that formal/scientific market research such as focus groups and questionnaires are important particularly for software start ups.
It is not that simple. That's the Microsoft way. If you release a beta or prototype then how the hell are you going to get paid? If the beta is good then people might start to use it and and not bother paying for the finished product.Instead, they should bootstrap a beta or prototype and release it. Get users to tell them how awful the product is then keep improving it.
A good business plan is just that - a set of objectives to be achieved, when they are to be achieved and what is to be done when those objectives are achieved. A business plan is not some examination document for lecturers who just couldn't hack it in the real world of business. This is about the survival of your business. Unless you learn to think like that, you will fail and you will not even know when or why you have failed.I also believe that start ups should not waste time writing a business plan.
Strangely banks and other sources of funding tend to ask for business plans so it is always handy to have one. However you should have your own business plan that is a single page outlining what you are doing, how you intend to do it and the things that have to be done.Very few actually read a business plan so valuable time is wasted compiling a document that will only gather dust.
Nice for college circlejerks to impress other wannabes but you have got to have a solid plan.Instead a deck of 10-20 PowerPoint slides should be used. This is becoming more and more common in the start up community.
The key is to clearly identify your objectives, targets, customers and most importantly, how to make money.The key is to get traction quickly. Key reference sites and paying users are what really matters in the early stages.
Regards...jmcc0 -
It is not that simple. That's the Microsoft way. If you release a beta or prototype then how the hell are you going to get paid? If the beta is good then people might start to use it and and not bother paying for the finished product.
It depends on your start up. I am a huge believer in the Release Early Release Often mantra. You get traction, build leads and find out where you are going wrong when you release a beta. It's also is ideal for the freemium business model that works well for Skype, Feedburner, most of the P2P sites. If you don't want to go down the freemium path then you could simply charge for your software when the full version is finished and pull back any free versions. You can also think about selling training and consulting on the back of any beta release.Strangely banks and other sources of funding tend to ask for business plans so it is always handy to have one. However you should have your own business plan that is a single page outlining what you are doing, how you intend to do it and the things that have to be done.
Bank funding is not an option for most start ups. Again the investor deck is enough for investors to get a feel for your company. If they want more information they will ask for it.The key is to clearly identify your objectives, targets, customers and most importantly, how to make money.
I 100% agree, especially with the money part.0 -
what about confidentiality?
these enterprise courses sound great, ie hothouse... but say you´ve a great idea...
does pitching it to one of these organisations make it un patentable?
i´ve been reading up on patents, and if you put your idea into the public domain... you can´t patent it.
can anyone shed some light on this... maybe even someone who´s done one of these courses
cheers.0 -
what about confidentiality?
these enterprise courses sound great, ie hothouse... but say you´ve a great idea...
does pitching it to one of these organisations make it un patentable?
i´ve been reading up on patents, and if you put your idea into the public domain... you can´t patent it.
can anyone shed some light on this... maybe even someone who´s done one of these courses
cheers.
Hard to know. If you think it's patentable maybe try to get the application into the patent office first. Remember though, you're pitching a business concept when going for Hothouse, so you don't have to go into all the details of your product actually works.
And when you're on Hothouse you do sign a confidentiality agreement to say that you wont disclose other companies plans to people outside your group.
A.0 -
Patents are a problem for start ups. They are expensive to get and almost non-enforceable. Can you afford a long legal battle with a multinational?
Smart VCs won't sign non-disclosure agreements, because it means that if they don't fund your business but they fund a similar business they could be open to legal action.
Also, you never know if your patent is worth anything until you get some traction. Would you be better building a business and getting a valuation based on your earnings?
However, if your patent is actually worth what you think it is then it will add huge value above your P/E Ratio. I think it comes down to the entrepreneur to evaluate what to do on a case by case basis.
I think Standford University in the States has over 2,500 patents and less than 10 have made any money. What do you think your chances are?0 -
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When is the next intake of companies?Thanks for intro Vexorg
Yep Hothouse www.hothouse.ie is here to help start up businesses! It is funded by Dept of Education and Science and is run by Dublin Institute of Technology. The main points of note are:
* Free incubation space for 1 year
* Ten sessions with a business mentor
* Workshops on key topics
* Access to funding
The next program is starting in mid Sept. We are currently accepting applications. If you would like a little bit more information please read on…
Hothouse Venture Programme, is a year-long comprehensive support and incubation programme for entrepreneurs with technology based business ideas. The programme offers a number of supports including:
- Incubation space
- Management development training
- Strategic business counselling
- Access to an enterprise and investment network
- Access to funding through Enterprise Ireland CORD grant which could provide you with up to 50% of your previous years salary paid to you on a monthly basis over the course of the Programme The guideline requirements for CORD are...
* Potential to have turnover of e1million and 10 employees within three years
* Have strong export potential.
* Have some new or unique technology
Note you can still come on Hothouse without being eligible for CORD.
The workshops are run once a month for 12 months on a Friday and Saturday 10am – 5pm. They are generally very practical in nature. Lots of collaborative work, case studies and active participation. The cover topics such as Business strategy, Legal, Market research, Finance, Pitching to customers and/or investors, Sales, time management, and HR. So a broad range of the relevant topics in setting up a successful business.
We also organise mentors. These are professional people most often from the industry relevant to your business. They have great experience and often great contacts.
You can apply by emailing info@pdc.ie with a description of your business, what stage your service/product (e.g. proto type, trial customers, trading etc). Also any market demand feedback. A copy of your CV is also useful. More details on the Hothouse brochure www.pdc.ie/pdf/Hothouse.pdf
So we are looking forward to hearing from all you intrepid entrepreneurs...
Brendan0 -
Hi
We are currently accepting applications for the next Hothouse programme. Interviews will take place in February and programme will kick off in March.
So if you have a knowledge based idea with export potential send us a 4-5 page business plan info[@]pdc.ie See posts above for more info. http://www.boards.ie/vbulletin/showpost.php?p=56863904&postcount=7
Or this page of our website http://www.pdc.ie/development/startup/outline.asp
Good luck
Brendan0 -
do parties sign a non disclosure agreement0
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Hi Benner, Thanks a million for getting back on this, I am updating the business plan this week and will be applying. (sorry for delay in replying was on hols.)0
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Hi There,
I am starting a small retail business and would like to know is there any websites with Footfall info?
I think the companies who do it, sell it, all the market research firms get instructions from retail chains who are looking at potential markets. After a certain period they can sell the info on, but it's expensive and possibly out of date by then. If you're serious about retailing it might be worth doing it yourself, you'llearn something new in the process.0 -
Dear All,
I am now recruiting for our upcoming Entrepreneur support programme. If anyone would like further information please feel free to contact me on claire.quigley@itb.ie
Kind regards,
Claire
M50 Enterprise Platform Programme 2009 – 2010
Now Recruiting for April 2009 Programme
What is the M50 EPP?
The M50 Enterprise Platform Programme is a one-year training programme which supports business start-ups in knowledge-based business to develop and accelerate their business concept. Businesses taken onto the programme should be innovative, high technology products or services that have the potential to become high-potential start-ups. The programme is provided in partnership by four higher education institutions located in the M50 economic corridor.
What does the programme entail?
The programme provides a range of supports including workshops, one to one business counselling, management skills training, personal development and guidance, development of practical skills, introduction to mentors and support agencies such as Enterprise Ireland and the County Enterprise Boards. During the course of the programme participants hone the skills required to commercialise their business idea.
Workshops are practical and inter-active. Areas covered during the course of the programme include
Idea Generation
Feasibility Analysis
Market Analysis
Market Research
Financial Planning
Market Entry Strategy
Draft Business Plan
Operations Planning
The workshops will also prepare the participants for approaching funding bodies and agencies and also private funding proposals. Each workshop is followed up by a deliverable that the participant submits in both written and presentation format. Upon completion of the programme the participants will have been brought through the entire product/service development cycle from concept to production of a feasible investment ready business plan. On completion of the programme with participants will have honed the necessary business skills and acumen to attempt commercialisation of their idea.
Participants are assigned a personal mentor under Enterprise Irelands Mentor Programme. The mentor provides support to the entrepreneur and advises and guides them.
What doe the participants actually do?
Submit "deliverables" on an agreed timetable - exercises selected for their insight into the participant's state of progress. These include market research findings, results of market testing through pilots or initial sales attempts, development of a sales pipeline, development of viable financial plans, marketing and sales plans, business plans, monthly progress reports, etc.
Attend regular skills based training sessions to learn and develop the skills essential to developing a successful business. Typical sessions include Sales Techniques, Project Management, Intellectual Property, Corporate Governance, Performance Monitoring, Raising Finance, Corporate Image, HR and Legal Issues.
Meet with expert advisors at "clinics" on an agreed timetable to discuss the deliverables and their progress to date. This allows intervention to be made in a timely fashion to "push" sluggish or to "coach" confused individuals, resulting in businesses making maximum progress whilst participating on the Programme. It also offers a regular and scheduled opportunity for participants to raise issues of concern to them on a timely basis, to talk through alternative strategies/tactics, to share successes and to receive encouragement for their achievements to date.
Are formally reviewed quarterly by the Programme Management Group and others knowledgeable in business to cast a fresh and unfamiliar eye over the project proposition, progress, and proposed path forward, ensuring independent assessment and feedback.[/FONT][/B]
How is the programme funded?
There is currently no charge to the participants of the programme. The M50 Enterprise Platform Programme is run in conjunction with the institutes of technology and is co-funded by the department of Education and Science and Enterprise Ireland.
If a participant is leaving full-time employment and have a business concept that is eligible for the programme, they are eligible to apply for funding from Enterprise Ireland.
Subject to Enterprise Ireland's approval applicants can receive funding in the form of a total package of 50% of your verifiable (P60/P45) salary up to a maximum €38,000 for one year
Please note that acceptance onto the M50EPP does not guarantee awarding of CORD funding from Enterprise Ireland
About the programme:
The programme is based at The LINC at the Institute of Technology in Blanchardstown. The programme has 10 spaces annually which are filled through our application and interview process. Only one person per business can participate in the programme.
Who is eligible to apply?
Participants must have a knowledge-based, innovative business concept. Whilst a third level education is not a pre-requisite it would be advantageous. We recommend that participants have a minimum of five years professional experience gained from working in a relevant environment.
Applicants must able be able to commit full-time to the programme and the development of their business idea through training workshops, events and report submissions.
Incubation Facilities
Business Incubation Facilities are available to rent at the LINC at the Institute of Technology Campus in Blanchardstown. Facilities available include desk space, ITB Network and high speed internet access, meeting and presentation facilities, access to printing and photocopying facilities, dining facilities, free onsite parking and an entrepreneurial environment. Participants who wish to work from home or from their own premises can avail of hot desks on an occasional basis. For further information about Incubation Facilities please contact Claire Quigley on Claire.quigley@itb.ie
Next Programme
The next programme will commence in April 2009. Recruitment will commence in February 2009. In order to apply applicants should fill out the M50EPP 2009 Application Form AND the EI CORD Application form and return with a copy of their CV to
Claire Quigley
Programme Manager
LINC
Institute of Technology Blanchardstown
Blanchardstown Road North0 -
Why don't you get in touch with eircomlabs@eircom.net or visit http://labs.eircom.net to get you started. You just submit your entry and they do the rest in conjunction with TSSG www.tssg.org (silicon valley of Ireland)
Invitation from eircom below:
eircom would like to continue stimulate innovation in the online sector by announcing the second Web Innovation Competition. eircom launched it’s second Annual Web Innovation Fund worth €100,000 to promote, mentor and sponsor innovative web applications in the Irish Internet industry. This year the competition has seven categories:
1. Content (e.g. video, short films, animations, UGC)
2. Movies and TV (e.g. programme recommendations, listings application, information aggregation, content search, fan communities, recommender systems)
3. Games (e.g. Flash games, game communities, platforms, multiplayer games, persistent worlds, avatar-based social networks, game creation tools, ratings, reviews, gambling)
4. News (e.g. personalised news gathering, news aggregation, news submission tools, communities of interest, domain-specific news services)
5. Music (e.g. Internet radio, streaming / OD services, search / recommendations / personalisation, community tools)
6. Sport (e.g. communities, results aggregation, results prediction, betting, games)
7. Widgets (e.g. any widget(s) based on the above or additional categories)
In order to file in the proposals applicants are asked to go to http://labs.eircom.net/, download the application and forward the completed application to eircomlabs@eircom.net.
Four winners will be selected and each winning applicants will get prize worth €25,000 along with additional consultancy, development, training and support from Telecommunications Software & Systems Group (TSSG) www.tssg.ie. These finalists will also be invited to the Golden Spider Awards http://www.goldenspiders.ie/ sponsored by eircom.
Timing of the eircom’s Web Innovation Competition:
Submission starts - 20 February 2009
Submission Deadline - 30th April 2009
Finalist announcement - 29th May 2009
Winners’ services launched on eirocm.net - November 2008
Programme Manager
eircomlabs@eircom.net0 -
Hi I was hoping you could help me, not sure if this is the right thread but here it goes...I'm in the middle of a business plan for an online store, I was wondering if or what kind of insurance is needed if you are only selling online from home? Also I'm the only person who will be working on it and I will have around €10k worth of stock. Also if you had an estimate of what the insurance would cost that would be great. Thanks.0
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Hi I was hoping you could help me, not sure if this is the right thread but here it goes...I'm in the middle of a business plan for an online store, I was wondering if or what kind of insurance is needed if you are only selling online from home? Also I'm the only person who will be working on it and I will have around €10k worth of stock. Also if you had an estimate of what the insurance would cost that would be great. Thanks.
Many Household insurance companies will cover home offices I am not sure on the stock. I know Marsh used to do it but not sure if still do. Do let me know how you get on.0 -
hi all iv been reading down through this thread and taken notes of web sites that can help us. we are setting upa business at the moment retail we have done our research and have alot of contacts and people on board who have helped us push this forward it is looking very promising. we are at that point now where we need investment and have a person interested . it looks like they are very interested however they are looking for 0ne third of the business which would leave us with one third and our other business partner, it just seems like alot to give away when the idea and work has been mostly ours.but without it we won't go anywhere.anyone any advice on how to approach this and look for a little less as a share for them?
thanks.0 -
Hi CH81
I believe the way to look at this is project forward your profits 3 to 5 years using a multiple to value your company eg Profits €1m times multiple of 3.5 value of company €3.5m (this is a made up figure as I don't know the multiple for retail -look at other retail companies and divide the company value by the profit- or ask investor what he is applying and where he got it from). This gives a value of your company in 3 to 5 years time. If he/she has a 1/3 of the company then look back at the invested amount and see what his/her return is.
In general venture capitalist and Private investors say an investor will require 3 to 5 times return on Capital in 3/5 years. Clearly this varies for different investments but this would be for start ups. This is a return upwards of 30% pa. The banks if you can get finance want 12 to 15%.
Hope this helps. Personally I didn't want to give up a large stake in my business so used some bank finance and bootstrapping growth is slower but I own it all- trade off!!
Good luck with your venture.0 -
hi thanx for that info good for u for being able to do it alone no one grants/banks or otherwise seems to have money so an investor is our only option but we will do our homework and see what we can do.0
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We've recently added an article on some tips for record keeping. Its more aimed at freelancers with few transactions. Keeping proper records is one of the best ways to reduce your accounting and bookkeeping costs.
Available here:
http://www.soi.ie/Articles/keeping-proper-records.htm
There’s a share button to at the top, if you know anyone else who might benefit from it feel free to pass it on. Any feedback welcome0 -
patftrears wrote: »
closing date tomorrow, but they are not very strict as long as you have a good excuse for being late, but competition is very intense lately, so on time is always a plus.0 -
Hi guys,
The Winners of eircom web innovation fund was announced today.
Eircom's Innovation Fund, at €100,000, will be split amongst the four winners to help them develop their technology concepts into fully-fledged, commercially viable businesses
The names and more info of the winners are on http://labs.eircom.net
Thanks0 -
If you have an idea for a business and are willing to work hard to get it off the ground then we would like to meet you.
We are currently recruiting for our Synergy Enterprise Launch Programme. The programme runs on Friday nights and Saturday evenings for six weeks, starting on Friday 4th Sept 2009 and gives you the opportunity to investigate the viability of your business concept.
The programme targets high growth potential companies with an international market and so includes information from expereienced entrepreneurs and consultants on intellectual property management, branding for growth, financial planning, business planning, sustaining a competitive advantage, funding etc. The programme culminates in a pitch to a panel including Enterprise Ireland, South Dublin County Enterprise Board and Bank of Ireland. See attached programme compendium for more detail.
The programme is heavily subsidised by Synergy Centre costing just €300 per participant. This includes a six month virtual tenancy at Synergy Centre worth €250. For more info see www.synergycentre.ie and to tap into the Synergy Community visit http://synergycntr.blogspot.com.0 -
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Hi. Not related in any way to them but I know that Keaney Insurance Brokers specialise in insurance for technology related start-ups so might be worth contacting them.0
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