VI is operated by entrepreneurs for entrepreneurs. We fully hope that our ‘graduates’ will remain as part of the advisory group within VI and help new startups avoid their mistakes and benefit from their experience. While VI needs help, it’s much more important that our tenants, the startups and entrepreneurs get help.
Time
We need help to do this. We need people to help put up and paint stud walls, carry desks, clear the floor, assemble and lay out furniture and help create a place for startups to live. The material costs of this will be borne by our initial sponsors: NoMoreArt, Mac-Sys Ltd and David Kirk. The time costs will, in the short term be provided by Marty from NoMoreArt and Matt Johnston. We’d like others to contribute in-kind.
We will also need companies to give their time to startups to get them going. The ‘tenants’ of VI will need donations of time in order to realise their potential. They’ll need to speak to lawyers on matters of IP and contracts, accountants for income and export taxation, marketing experts, business mentors and advisors (public or private). The opportunity is to build relationships with emerging startups.
Money
VI is being sponsored by NoMoreArt, MacSysLtd and David Kirk in order to start something in Northern Ireland. If it is to continue, it may need additional sponsorship from other companies and individuals who see the value in the process. We’re going to put up a Sponsor Wall. Space for us to identify and thank the companies which have contributed to the success of VI.
There is little or no seed capital in Northern Ireland. This means that emergent startups are immediately at as a disadvantage as they cannot afford high rents for premises as well as living expenses. VI is therefore looking for potential investors in tenant businesses. If you’re interested and you want to meet local entrepreneurs and their companies, then please get in touch. We’re just looking to start the process.
Comment below if you would like to donate or pledge time or money to VI or the tenants.
Hi! Just wondering how you get on the list to be one of the potential six?
Hi Katrina,
We have a set of criteria for companies to be in the first six. The main one is global vision and potential.
At the moment, however, we’re concentrating on the important details – like working on getting heating, lighting, paint on the walls, stud walls complete and desks and chairs installed.
“Little or no seed captial in Northern Ireland” ??
Then go to where the funds are, surely? If you have the right business idea with the right team, then you can attract investment from outside of Belfast. Where in a global economy right?
What about Halo and E-Synergy, and InvestNI?
I admire these kind of efforts to create a buzz
Hi Alan,
but to answer the question, we’ve got 25 individuals heading out to the West Coast USA in two weeks. And we have others going out to other areas with InvestNI support every quarter.
“go to where the funds are”
For some reason, we like living here
And we do look at Halo as being an excellent organisation to help our startups. I can’t comment about InvestNI and E-Synergy because they have web sites which comment about them specifically.
Well I didn’t mean you had to pick up your business and head to where the funds are. But you can seek funds from anywhere. (but some US commentators will tell you to locate yourself within 1 hour drive of the VCs)
From what you said, you’re happy to endorse Halo, but not INI and ESynergy? Where did they go wrong?
Two comments in response:
1. The vast majority of US VC’s believe that the “value” in “value investing” can only be delivered if their portfolio companies “executive presence” is within 20 mins drive – studies have shown that exit success rate is higher. Having said that there are VC that will invest in Northern Ireland from the US, but they invariably have a local presence (usually in Dublin).
2. The problem with the VC industry in Northern Ireland is that its not run by VC’s. I did a casual survey about a year ago, and will be doing so again, but with one, possibly two exceptions, everyone in any of the “VC organizations” are Chartered Accountants – good if you want to count numbers, not so great if you want to make them. Possibly two have had any business operations experience and only one comes close to being qualified to be a VC. Couple that with many things in NI that are “backward” (e.g. InvestNI establish money and then go looking for fund managers; funding isn’t actually funding, its “matching” so you only get funded if you don’t really need it; public money in funds are more concerned with creating jobs – as public servants should – but not necessarily creating wealth or wins).
/d
Hi Alan,
The Irish Innovation Center exists to ‘HQ’ Irish tech businesses in San Jose so they have a presence over there while still having their bodyquarters over here. We’re visiting it on the 8th when we’re over.
HALO is private funds and can fund a seed startup with nothing but an idea. INI and E-Synergy both require you to have funds up front. So hooking up with HALO before going to INI/E-Synergy makes a lot of sense.
Don’t take my lack of comment as negative. I can’t comment on INI because they’ve asked me not to.
This is a full on negative perspective toward Invest NI. E-Synergy do not require that you have up front for two of their funding support programmes. INI provide a wealth of support for businesses in NI.
Invest NI are not going make your business = YOU ARE.
Go to Silicon Valley and see what government funds and support entrepreneurs get there. NONE. Nothing. Zilch. Zero.
Halo investors are individuals, they can fund what ever they like. Halo are not the investors, just the faciltator. Ideas are seldom invested in. Good solid business ideas, with a solid team, a plan and traction in the market are more likely to be invested in.
Hi Alan,
E-Synergy have three funding programmes. the first two (Proof of Concept Funds) do require you to spend the money up front. You have to have the money and spend it before you can vouch for the programme.
The third programme (Invest Growth) is a matchmaking programme between managed public-private VC funds and private funds (which can defer to HALO). And E-Synergy said they will help with the private fund matching.
HALO refers to the Business Angel Network. Without the angels it’s nothing. Can we agree not to chase semantics here?
And no, this is not negative towards InvestNI. I cannot comment on them at all, at their request. You brought InvestNI up, I have said nothing negative about them.
Public funds exist because of market failure. There are funds in other regions which support entrepreneurs but they may not exist in the Valley because there is no market failure. Obviously.
A company fortunate enough to obtain the E-Synergy PoC funds should be able to raise some funds to cashflow itself, and/or, with a grant of that nature it can seek a lending facility.
Public funds exist because there is a market failure? Well you could deduct that the market probably is rarely wrong. Long term political policy and legislation are the key drivers here. The UK has an interventionist approach to economic development.
Higher levels of angel/seed investment are likely to be present in the US due to a number of factors, driven largely by tax regimes, a higher number of high net worth individuals.
So whats the solution for NI?
I get it
No answer
This is clearly a very dead clan
Sorry Alan, you’re commenting on a 4 month old post.
The problem with the PoC fund is that it is in arrears. With a population that earns on average 20% less than the rest of the UK, it’s my belief that individuals simply do not have the capital to pay out the readies in order to claim them back under PoC. As PoC also does not apply to salary support, it is limited to third party support, it is not suitable for many founder/owners.
Public funds exist because of market failure. This is a fact. The market is not always right ( any more than any mob can be called correct). The market can decide certain things but just like any selecting ecosystem, we can change the parameters and not necessarily accept the hand that the market has dealt. I would prefer a reduced intervention approach but without it there will be no change and my interest is in the improvement of the situation here in Northern Ireland.
It’s obvious that seed capital will be in larger amounts in the US – that’s blindingly obvious. The solution for northern Ireland is to put in place measures which deal wit the inherent disadvantages we have, for example, recovering from a 30 year civil war, holding failures (Titanic, Best) in such high regard, small population, lack of economic vision in government.
I’d be interested in hearing your opinions here on what is needed to ‘fix’ Northern Ireland – none of us think we have all the answers and the outside perspective is always welcome.