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7 ways for Irish SMEs to raise funds -without banksThe Sunday Business Post

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The Sunday Business Post offers 7 options for raising capital without the help of a bank manager.

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Doing business in Ireland
Doing business in Ireland - news from Celtar business consultants, business advisers Dublin and Ireland, curated by Billy Linehan
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4 Myths of Entrepreneurship, and Ireland

4 Myths of Entrepreneurship, and Ireland | Doing business in Ireland | Scoop.it

With the advent of the most hyped web summit to date, it  is worth reflecting - based on solid research elsewhere - on the support for entrepreneurs and ‘ordinary’ businesses in Ireland.

 

Probably one of the most intelligent sources of research on entrepreneurship that I have come across in recent years emanates from the Kaufmann Foundation based in Kansas City, USA, says Billy Linehan of Celtar.

 

Dane Stangler of Kaufmann delights in challenging all of us in the enterprise support community – and Enterprise Ireland in our local context – by demolishing commonly held assumptions about

- small business and job creation

- the typical age range of successful entrepreneurs

- why governments and local authorities should stop trying to copy and re-create mini ‘Silicon Valleys’

- and that incubation centres are NOT effective in launching early-stage companies

 

I love this animated sketchbook describing the research findings,

see it at

http://www.kauffman.org/newsroom/2014/09/new-kauffman-sketchbook-debunks–four-persistent-myths-about-entrepreneurship?utm_source=t.co&utm_medium=referral&utm_campaign=social%20media%20stars ;

 

and for my comments on the research click on http://celtar.ie/blog/entrepreneur/4-myths-of-entrepreneurship/

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Here's How to Keep Competitors From Poaching Your Employees - New York Times, the art of running a busines

Here's How to Keep Competitors From Poaching Your Employees - New York Times, the art of running a busines | Doing business in Ireland | Scoop.it

It hurts when a company invests time, money and resources to train new hires, and then sees them walk out the door for a few dollars. It can be a huge and demoralizing loss for the culture and the profits of a company

 

Solution.

Here’s how it worked: We offered talented new hires an ascending salary structure that started low but guaranteed automatic increases each month. These employees started at about 50 percent less than market rate, but by month 12 they were 20 percent ahead of the market. By the end of the second year, they were 40 percent ahead of the market, and by year five they could be as much as 100 percent ahead of the market — and worth every penny.

The idea worked because it attracted people with a long-term mentality and because, if they did choose to leave, they had something to lose. It did take us longer to find people who were willing to sign up for what I called the new deal but once they came on board, their hearts and minds were with us. While I’m sure there are other ways to solve this problem, this one worked for us, and I’m sure it would work for others as well. 

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Limerick brothers sign Twitter deal - Irish Examiner

Limerick brothers sign Twitter deal - Irish Examiner | Doing business in Ireland | Scoop.it
Siliconrepublic.com
Limerick brothers sign Twitter deal
Irish Examiner
Stripe, the Silicon Valley- based company headed by Patrick and John Collison, is one of four platforms with which Twitter has partnered to develop in-tweet purchases.
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Information seminar from @leoDublinCity on funding Fri 12 September Wood Quay @dubcitycouncil -

Information seminar from @leoDublinCity on funding Fri 12 September Wood Quay @dubcitycouncil - | Doing business in Ireland | Scoop.it

The Dublin City LEO is holding a briefing next Friday afternoon on various types of finance that might suit your business.

 

Book at https://www.localenterprise.ie/DublinCity/Training-Events/Online-Bookings/Funding-Your-Business-Development.html# ;

 

Featured speakers will be from

LEO Dublin City

 

Enterprise Ireland

 

HALO Business Angel Partnership

 

Revenue

 

Micro Finance Ireland

 

Linked Finance

 

Bank of Ireland

 

Management Works – Finance 4 Growth, training programme

 

Dept Social Protection - Jobplus & Job Bridge

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Irish start-up beats Google firm to secure €10m deal - Independent.ie

Irish start-up beats Google firm to secure €10m deal - Independent.ie | Doing business in Ireland | Scoop.it
Irish start-up Climote beat Google in a David and Goliath-style battle for a coveted €10m contract.

 

The Dundalk smart metering company was chosen over Nest, the business bought by Google for $3.2bn (€2.4bn) earlier this year, and 25 other companies for a lucrative contract with energy company Scottish Power.

Industry giants Siemens and Honeywell Global also competed.

The deal will see Climote supply its technology to Scottish Power's 5.6 million UK customers.

This will allow the customers to control their heating remotely from anywhere in the world.

Once Scottish Power has installed Climote's device, customers can control their heating via an app for iPhone or Android. For those with older phones, it can be controlled using text messages or a web page.

- See more at: http://www.independent.ie/business/technology/news/irish-startup-beats-google-firm-to-secure-10m-deal-30556778.html?__scoop_post=5f0a6a70-34c4-11e4-abdc-842b2b775358&__scoop_topic=546124#__scoop_post=5f0a6a70-34c4-11e4-abdc-842b2b775358&__scoop_topic=546124

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Business advice for free? If you want a quality service you have to pay for it? DRAFT

Mentoring for businesses in Ireland

 

There has been a growth of free mentoring in Ireland over the last few years. Banks, semi-state companies and venture capitalists have seen involvement in that service as a low cost opportunity for several reasons.

And there is no lack of new mentors. I know many early stage business owners who wish to share their experience with others. However their businesses are not well established, their experience is very limited yet they have a strong desire to communicate their (unattained) success.

 

 

Banks

It is odd that Irish banks now offer business advice when it is internationally recognised that Irish banks were the worst managed anywhere and a cause of the recession here.

For their investment what they get is  low cost PR - an association with the startup scene, and the idea that they are "assisting" growing companies. FACT there are high refusal rates for loans, check out the ISME website.

 

Semi-state companies

Why Irish state owned companies intervene in the free market I don't understand. Bord Gais having sponsored a theatre with tax payers and customers money already, and now offer free business advice.

 

Venture capitalists 

to complete

 

 

Results of 'mentoring are even better with professional business mentors, people with years of experience of advising business owners to grow their companies. These business mentors often have a' longterm relationship with their clients, and their strength is their combination of business experience, their training and the ability gained over time to offer different perspectives and solutions.
Many of them are in the LEO business mentor network or are members of the IMCA (Institute of Management Consultants and Advisers, see www.imca.ie ). There are many business consultants who offer business mentoring and business advice to their clients on a regular basis.
Government here has misunderstanding that mentoring can be a free service - business mentoring like any quality service should be paid for, "if you want a quality service you have to pay for it" many would acknowledge.
Comments welcome!

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Intel's 1968 one page business plan - Tweet from @Iarfhlaith

Intel's 1968 one page business plan - Tweet from @Iarfhlaith | Doing business in Ireland | Scoop.it
Intel's 1968 one page business plan. They raised $2.5m with this. Typos and all. pic.twitter.com/1WVgA3k8rv
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Dublin-London is now second 
busiest air route in the world - Independent.ie

Dublin-London is now second 
busiest air route in the world - Independent.ie | Doing business in Ireland | Scoop.it
THE Dublin-London air route is the second busiest international corridor in the world as 3.6 million passengers jetted between the capital cities last year.
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Pricing experiments you might not know, but can learn from - conversionaXL.com

Pricing experiments you might not know, but can learn from - conversionaXL.com | Doing business in Ireland | Scoop.it
Lots of entrepreneurs struggle with pricing. How much to charge? It's clear that the right price can make all the difference - too low and you lose profits..
CELTAR Adviser's insight:

Very useful review of pricing strategies.

My favourite blog on pricing is the US based Wiglaf Journal, see www.WiglafJournal.com  

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The tech business week: Microsoft to build huge Dublin HQ, Eircom shifts ... - Siliconrepublic.com

The tech business week: Microsoft to build huge Dublin HQ, Eircom shifts ... - Siliconrepublic.com | Doing business in Ireland | Scoop.it
Siliconrepublic.com The tech business week: Microsoft to build huge Dublin HQ, Eircom shifts ...
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How Apps could improve the Business performance for your SME

How Apps could improve the Business performance for your SME | Doing business in Ireland | Scoop.it
Tech experts and entrepreneurs tell Sabuhi Gard about the mobile apps that can help to streamline your business

Via TechinBiz
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Figures show highest number of Irish start-ups in July since pre-recession

Figures show highest number of Irish start-ups in July since pre-recession | Doing business in Ireland | Scoop.it
The number of start-up companies in Ireland reached its highest level in July since before the recession in 2007, new figures from credit and business risk analysis company Vision-net.ie suggest.
CELTAR Adviser's insight:

With all the focus on tech startups in Ireland, I wonder how many of these  are tech and non-tech?

Defining a tech business now is difficult as all businesses are tech enabled to some extent

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West Cork Garlic - Ireland's only specialist garlic grower

West Cork Garlic - Ireland's only specialist garlic grower | Doing business in Ireland | Scoop.it
Welcome to West Cork Garlic!

West Cork Garlic - your source of the widest variety of fresh and dried garlic - all carefully grown in West Cork, Ireland

 

Since the start of the business in 2011, West Cork Garlic has been grown on land near Ballynacarriga, Enniskeane which has proven to produce great tasting garlic. This is the combination of the rich fertile soil near to the Bandon river along with planting premium quality Irish grown seed as well as reputable imported seed.

After the success of selling through local Farmers/Country Markets, supermarkets and wholefood shops the name “The Garlic People!” was soon an adopted title ! 

CELTAR Adviser's insight:

Like this website, I do.

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The Process for SWOT Analysis | Entrepreneur Support

The Process for SWOT Analysis | Entrepreneur Support | Doing business in Ireland | Scoop.it
A SWOT Analysis is a simple, but effective tool when strategic planning. Many individuals, groups and organizations use the SWOT Analysis to evaluate Strengths, Weaknesses, Opportunities and Threats w
CELTAR Adviser's insight:

Yes the SWOT analysis is a very useful tool for planning - we often use this tool with clients - and help them learn its value.

 

Part of the Celtar toolbox for growing a business.

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Diageo opens new €168 million Dublin brewery for Guinness

Diageo opens new €168 million Dublin brewery for Guinness | Doing business in Ireland | Scoop.it
New plant located at historic St James’s Gate site will consolidate all brewing operations in Ireland

 

Guinness producer Diageo is to open a new €168 million brewery St James’s Gate in Dublin.

The new brewery, which was one of the largest construction projects to take place in Dublin in recent years, will consolidate all brewing by Diageo in Ireland at Victoria Quay, St James’s Gate.

The creation of the technologically advanced brewery was first announced in 2012 when Diageo said it would close its breweries in Kilkenny and Dundalk, 

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Dublin’s first Commissioner for tech Startups is entrepreneur Niamh Bushnell

Dublin’s first Commissioner for tech Startups is entrepreneur Niamh Bushnell | Doing business in Ireland | Scoop.it

Niamh Bushnell has been named Dublin’s first Commissioner for Start-ups. 

Bushnell believes Dublin has the potential to be one of the great start-up capitals of the world.

“It’s been so exciting to see the Dublin tech scene rise up over the last few years.  We have the opportunity to build on the success to date and become one of the great start-up capitals of the world and I’m looking forward to helping us get there and stay there.”

Bushnell co-founded her first company, Pan Research, in Dublin in 1996.

An expert on doing business in the US and in particular New York’s thriving start-up scene, Bushnell was instrumental in the creation of an Enterprise Ireland-backed online resource to help Irish companies planning to enter markets in the US.

CELTAR Adviser's insight:

Congratulations to Niamh on her appointment.

 

Interesting to see that NYC based Niamh does not share the view that Silicon Valley is the home of all things tech.

.

"Bushnell has been a strong exponent of the idea that the US tech scene, while dominated by Silicon Valley, is much more varied and diverse and that cities like New York, in particular, cannot be overlooked by European start-ups hoping to expand in North America".

 

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New interest rates for Irish #MicroFinance loans

New interest rates for Irish #MicroFinance loans | Doing business in Ireland | Scoop.it

Microfinance Ireland and the network of Local Enterprise Offices are offering a new type of loan with a reduced rate of interest, aimed at small businesses.

The LEO/Microfinance loan will be for amounts between €2,000 and €25,000 and will have an interest rate of 7.5 per cent, below the standard loan rate of 8.5 per cent.

Sole traders, partnerships and limited companies with fewer than 10 employees and an annual turnover of less than €2 million are eligible to apply for the loans, which can be used for working capital as well as items like equipment, hiring new employees and marketing campaigns.

The standard loan agreement is between three and five years with flexible repayment terms.

CELTAR Adviser's insight:

This is a welcome reduction in the interest rate charged by MF Ireland from a near 9% to 7.5%.

Micro Finance loans have always had some attractive features

- no requirement for personal guarantees

- no real need for a bank refusal letter (easily attainable anyway)

- loans based on business case

 

However no business advice was offered to business owners for assistance with the applications and business plans.

Writing a good business plan is a very difficult task for many business owners. Perhaps with the LEOs involved some aid will be offered?

Mind you the MF loans still are unattractive compared to the loans on offer from LEOs  (Local Enterprise Offices).

 

 

 

Celtar offers professional assistance with loan applications and business plans

 

 

 

 

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Show me the money: (some of) the reality of investment in Irish tech

Show me the money: (some of) the reality of investment in Irish tech | Doing business in Ireland | Scoop.it
Investment in indigenous tech companies has rallied during the recession – but what’s driving it?

What's driving it is that government has forced the banks to invest in seed funds.

Also - though not mentioned in the article - Enterprise Ireland has invested millions of tax payers money in early stage predominantly technology based businesses.

 

Regina Breheny of the IVCA and John Phelan interviewed.

 

Unique character?

The Irish tech and start-up scene has developed a unique character, separate from more mature markets like America. Breheny says that it’s an atmosphere which is less impatient, and more willing to accommodate a slower pace of growth.

“We’re not like America where the VC cuts the leg off a company early if it’s not performing. They tend to support companies longer – they don’t go to the wall…it’s a different style. The failure rate is a lot smaller here.”

The different way of doing business has also marked Irish start-ups out on the radar angel investors, who are becoming increasingly wary of over-hyped valuations on the other side of the Atlantic, according to Phelan.

“We’ve a number of US investors, and the reason they’re coming to Ireland is because the valuations on the east coast are just off the scale, and they’re seeing much better value here.”

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Competitive Start Fund - ICT and Industrial Sectors - Enterprise Ireland

A call for applications for those active in the Manufacturing & Internationally Traded Services sectors including the following subsectors: Internet, Games, Apps, Mobile, SaaS, Cloud Computing, Enterprise Software, Lifesciences, Food, Cleantech and Industrial Products opens on Wednesday 27th August, 2014 and closes at 3pm on Wednesday 10th September 2014.

Late applications will not be accepted.

This fund is open to applications from early stage companies who meet the eligibility criteria outlined below. All applications to the fund must be made via the Enterprise Ireland Online Application System.

 
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Tennis4Kids, bringing the fun of tennis to primary school children in Dublin

Tennis4Kids, bringing the fun of tennis to primary school children in Dublin | Doing business in Ireland | Scoop.it

Tennis4kids® is an inspiring mini tennis programme for children aged between 5 and 12. Easy and fun for young children. Tennis classes in Dublin, Louth and Meath.

 

Schools programmes & after-schools programmes available

 

Enquiries from elsewhere in Leinster are welcome.

Contact

info@tennis4kids.ie

telephone  +353 1 8334 335

www.tennis4kids.ie

 

CELTAR Adviser's insight:

Tennis 4kids is an inspiring mini tennis programme for children aged between 5 and 12. It’s been specially designed by former Irish international tennis player and professional coach Annette Smith to bring quality tennis to children of all abilities, through primary school tennis programmes, after school clubs and tennis camps.

 

Tennis4kids is the ideal introduction to sport where every child experiences success at their own level and it’s great fun.

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Fitch upgrades Irish credit rating to A-

Fitch upgrades Irish credit rating to A- | Doing business in Ireland | Scoop.it
Agency cites improved trends in the economy

Rating agency Fitch has restored an A- ratings agency to Irish sovereign debt, citing an improved trend in the economy.

In a significant pre-Budget boost to the Government, the agency this evening raised Ireland’s credit rating by one notch to an A- from BBB+. Fitch said the Republic had retained “many of its structural strengths” throughout the economic crisis.

“It is a wealthy, flexible economy,” Fitch said, also noting that “vulnerabilities” in the banking sector had declined.

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Innovation Vouchers - Enterprise Ireland

Innovation Vouchers worth €5,000 are available to assist a company or companies to explore a business opportunity or problem with a registered knowledge provider.
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Diane Mulcahy of the Kauffman Foundation- the six myths of Venture Capital

Diane Mulcahy of the Kauffman Foundation-  the six myths of Venture Capital | Doing business in Ireland | Scoop.it

:Venture capital is exception as funding source for tech startups


Myth 1: Venture Capital is the Primary Source of Startup Funding
VC financing is the exception, not the norm, for startups. Historically, less than 1 percent of U.S. companies have raised capital from VCs, and the VC industry is contracting. But less venture capital does not mean less startup capital since non-VC sources of funding, such as angel funding.



CELTAR Adviser's insight:

The Six Myths of Venture Capital as described by Diane Mulcahy of the Kauffman Foundation.

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Battle for competitiveness being lost - Isme - Small Business - Small ...

Battle for competitiveness being lost - Isme - Small Business - Small ... | Doing business in Ireland | Scoop.it
The July inflation figure was -0.2pc, with annual inflation at 0.3pc, according to the latest CSO figures, however Isme said this does not accurately show the steadily increasing business costs being borne by SMEs, as they are masked in the overall...
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Free Companies House data to boost UK economy - available to Irish Co's too?

Free Companies House data to boost UK economy - available to Irish Co's too? | Doing business in Ireland | Scoop.it

UK's Companies House is to make all of its digital data available free of charge by June 2015.

 

Companies House is to make all of its digital data available free of charge. This will make the UK the first country to establish a truly open register of business information.

 

As a result, it will be easier for businesses and members of the public to research and scrutinise the activities and ownership of companies and connected individuals. Last year (2013/14), customers searching the Companies House website spent £8.7 million accessing company information on the register.

 

This is a considerable step forward in improving corporate transparency; a key strand of the G8 declaration at the Lough Erne summit in 2013.

 

It will also open up opportunities for entrepreneurs to come up with innovative ways of using the information.

This change will come into effect from the second quarter of 2015 (April – June) 

 

 

CELTAR Adviser's insight:

Great idea for CRO to follow

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