Think really hard before starting a business, Nueda founder Brendan Monaghan told the Belfast Start-up Night this week.
Monaghan started Nueda, an IT consultancy, training and software development company 10 years ago, and it now has two divisions and 200 staff in Belfast and Latvia.
In 2005, Monaghan said, he could see the recession coming and, rather than trading in Northern Ireland, built a customer base in Dublin, the United States, Singapore, London and other locations.
He advised fledgling entrepreneurs to “get a mentor” because it is important to “run ideas past people, fine tune them and get feedback”. Monaghan also talked about risk-taking.
“You have to take small risks. There’s no point risking your house on something. Don’t over stress yourself because it will have a negative impact on your organisation.”
Guest speaker Philip Bain of ShredBank, the on-site document shredding company, dispelled a few myths about entrepreneurship, including that a business can be set up at any time.
“You have to set up when the market is right. Timing is everything,” he said.
Bane said another myth was that niche products are the ones that sell. He said that what really sells is “a solution to a problem”.
“I don’t care how nice your reception is or how tasty your cupcakes are. What problem does your business solve?
“Does the problem exist in sufficient numbers to be viable? Can the solution be provided at a price less than enduring the problem?”
Three start-ups gave five-minute “elevator pitches” to show aspiring entrepreneurs and early-stage start-ups how a pitch is done.
Lee-Anne Daly pitched her premium children's swimwear company, Orby Swim. Daly said the company would sell its first batch of swimsuits early next year.
Laura Nagamine pitched Pretty in Petite, the company she founded after struggling to find clothes that fit her short frame. Originally from Hawaii, Nagamine moved to Belfast to study at Queen's University and could not find anything to wear to a networking event.
She founded the online boutique so petite women could find well-fitting, stylish clothing without having to tailor every item.
Rachel Gawley pitched App Attic, an online gaming platform that collects health information, including from wearable technology, to promote health and wellbeing.
Belfast-based entrepreneur Sarah Patterson said she attended the event to network with potential customers for Little Pink Kitchen, her catering and pop-up restaurant company.
“I came here tonight because I’m not very good at getting myself out there, and the kinds of people I can do outside catering for are the kinds of people running businesses like ShredBank. I came to hear the motivational stuff as well,” she said.
Niall McDermott, whose entertainment app Date Idea launches this week in Belfast and in Dublin early next year, said: “I wanted to come and listen to the talks and see what mentoring is available. I listened to good advice from people who have been here before.”
The event was part of a nationwide tour leading up to the second AIB Start-up Academy, which is open for applications.
The AIB Start-up Academy is a joint venture between The Irish Times and AIB to help start-ups by providing them with information and networking opportunities.
The next and final event will take place at Dublin on November 26th.
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