There was standing room only at the recent Spin-out roadshow hosted by UCC in partnership with CIT, Atlantic Bridge and Bank of Ireland which saw entrepreneurs and researchers gather to hear about the funding supports available to Irish startup companies.
On Thursday 29 November, UCC hosted a spin-out roadshow in partnership with CIT, Atlantic Bridge and Bank of Ireland which saw over 60 entrepreneurs and researchers gather to hear about the funding supports available to Irish startup companies.
The event, held in GatewayUCC, centred around a panel discussion from CEO’s of UCC and CIT start-up companies, who shared candid advice and insights from their own startup journies. Guests were welcomed by Dr. Anita Maguire, Vice-President, Research & Innovation, UCC and Dr. Rich Ferrie, Director, Office of Tech Transfer, UCC.
The panel, introduced by Myriam Cronin, Manager, UCC Gateway, included Dr Alan Holland, CEO, Keelvar Systems, Declan O’Mahony, ex-CEO, Heartsine and Entrepreneur in Residence, Tyndall, UCC , Pat O’Connor, CEO, OrthoXel and Dr. Ray Alcorn, CEO, Exceedence . The panel discussion was facilitated by Stephen Moran, Head of Innovation & Research at Bank of Ireland
Each of the companies spoke about the various funding tools and supports they engaged with all their growth trajectory. Some of the insights and advice about fundraising by generating solid cash flow, venture capital, funds, crowdfunding and Enterprise Ireland are captured below:
It takes 10 years to grow a business; not all funds can support you through that time frame
Cashflow is King; there is no better form of raising funds than through cash flow.
Get business validation early
Incubate for as long as possible; make sure you incubate the tech for as long as possible
Typically, will always give away 30% equity no matter what way you are fundraising
Don’t forget about the soft supports such as the accessibility and supports available through Enterprise Ireland’s global network.
VC’s bring credibility to the business, especially when you’re operating internationally
Investors bring governance to your business
VC’s aren’t looking to solve your business problems; they are looking for an opportunity to capitalise on and to help you to commercialise.
Crowdfunding is essentially a digital marketing campaign. About 60% of the work is done before you go live.