Busy today folks, but in reply to a perceptive email asking: where are the Irish world beaters were, I wrote:
Lots of Irish firms are world leaders--four come straight to mind that aren't ryanair. First is Powervation, these guys have gotten more VC funding than any Irish firm ever, and have revolutionised an industry, and second is Stokes Bio . These guys have changed the way gene testing is done, and have again changed an industry. FDI didn't come into these stories in a big way, and they are UL-spin offs to boot. There there are innovative web-based projects like dbtwang. Finally, there's maxroam.com, anyone with a mobile phone should know who these guys are. Totally new ideas, all Irish firms, big individual risk takers in all of them.
I think the culture of Irish entrepreneurship is changing, just not as quickly as we'd like. We'll certainly see more startups out of Dell's collapse than Digital, for example.
I'd like anyone's thoughts (and links) to other firms like this--can we get a list of Irish arse-kickers going?
"We’ll certainly see more startups out of Dell’s collapse than Digital, for example."
Why?
The Digital workforce in Galway and Clonmel were by my understanding significantly more skilled than those in Dell and were given better redundancy packages which I presume would be a factor.
Its a fair time since Digital went bust in Galway, but I have a hazy recollection of a fair number of tech companies being set up in the aftermath - mainly in specialised hardware development. The only name I can think of off hand are Toucan, but I don't think they were the only ones.
Hi John,
Thanks for asking me to clarify this point. I think we'll see more new startups for two main reasons, of course there will be others.
First, the Dell Workers group have access (albeit indirectly) to a fund for new business creation, with institutional support, however inefficient and cack-handed, and that, plus redundancy monies, will spur on new business formation.
Second, exactly because they lack the mobility of other classes of workers because of their debt commitments, family situations, and skill levels, in the context of a depressed labour market internationally, the only viable option is to start up new businesses.
I'd really like to see more coverage of the Dell workers attempts to get businesses up and moving in the current climate. Of course lots of businesses set up by former Dell workers are going to fail--that's the nature of business. It will be important, I think, to support them in trying, and also to support them (and reduce the corresponding social stigma) when they fail.
Stephen,
I think that we are seeing a change in Entrepreneurship, more out of necessity than anything else.
By the way another UL Spin-off which has won the Seedcorn is Cauwill technologies. See this link :
http://www.siliconrepublic.com/news/article/14539/business/limerick-firm-scoops-100-000-at-seedcorn-finals
Also, I am a survivor of Dell redundancy, here are the slides I delivered at Bizcamp Limerick:
http://www.consultmark.ie/blog/2009/03/24/life-after-dell-me-bizcamp-limerick/
Also, here is a lecture I delivered to 2nd year MBA students at the university of Limerick in relation as part of their Innovation and Entrepreneurship module:
http://www.consultmark.ie/blog/2010/02/05/lecture-give-to-second-year-mba-students-at-the-university-of-limerick/
John,
You are right about Digital in Galway and the number of companies set-up afterwards. The same happened with Motorola in Cork.
We do however need to keep Dell workers in the "spotlight" and ensure that they get the support and structure in order to facilitate new companies.
Mark.
Stephen,
I think that we are seeing a change in Entrepreneurship, more out of necessity than anything else.
By the way another UL Spin-off which has won the Seedcorn is Cauwill technologies. See this link :
http://www.siliconrepublic.com/news/article/14539/business/limerick-firm-scoops-100-000-at-seedcorn-finals
Also, I am a survivor of Dell redundancy, here are the slides I delivered at Bizcamp Limerick:
http://www.consultmark.ie/blog/2009/03/24/life-after-dell-me-bizcamp-limerick/
Also, here is a lecture I delivered to 2nd year MBA students at the university of Limerick in relation as part of their Innovation and Entrepreneurship module:
http://www.consultmark.ie/blog/2010/02/05/lecture-give-to-second-year-mba-students-at-the-university-of-limerick/
John,
You are right about the companies that were formed after Digital in Galway. The same happened with Motorola in Cork.
We need to keep Dell Redundancy workers in the spotlight as ensure that the support and structure is there to ensure successful companies are formed.
Mark.
Mark, thanks for these links, you're right about the spotlight, but what about increasing the type of metrics we apply to spin outs (and new firms coming from) large FDI collapses like Dell? What kinds of metrics (eg. New Jobs/Subsidy) would you think about using? And what kinds of accountability would you require?
Hi Stephen,
I agree with you on the Dell, over in Limerick's Enterprise Acceleration Centre (EAC) there are few ex-dell people here and I believe more on the way with LEAP 2010 starting in May.
Just on the spin-out numbers, UL hasn't been the most productive in terms of spin-outs, but I believe you will see more from UL in the future. There is definitely a shift in focus regarding how research is viewed in the University and I personally welcome this. Researchers are becoming aware of different options and directions their careers can take. The University is becoming aware that (eu/state) funded research which simply ends up in conferences & journals is no longer defensible.
We (Cauwill) went through the process last year of spinning out and hopefully the process will become easier for companies that do the same. I'll be honest - It was tough with quite a few roadblocks along the way. But since we spun out last July it's been a tremendous year for Cauwill; securing customers, winning the InterTradeIreland Best Emerging Company 2009 and now looking to take on it's first set of employees.
If you are looking for more great companies with huge global potential then have a chat with a few of the folks in the EAC http://www.eac.ie/ (CoClarity, ResourceKraft, ManageCo2, Averian to name but a few)
Ronan.
Hi Ronan,
This is brilliant information, thanks! I've been in contact with Ger from CoClarity and others, and our own Enterprise/Incubation centre should be up and running soon, too. Please do keep in touch--we'll be looking at putting together another conference which you might be interested in contributing to.
I could be wrong on this but I'm sure I remember reading somewhere that there are much more people now employed by companies which were setup by those left go at Digital in Galway than Digital itself ever employed.
I am delighted to see the positive comment about the Enterprise Acceleration Centre and our clients. I think we have plenty of examples of companies offering very innovative solutions. Only this week I was delighted to see LEAP 2007/08 (our first programme) participant, Macdara Butler launch DOCTOT with his new team.
http://www.limerickpost.ie/index.php?option=com_content&view=article&id=1542:limerick-based-iphone-app-to-assist-industry-&catid=32:business&Itemid=32
We are always open to talking with budding entrepreneurs and their supporters to see how we can help.
Donncha