Welcome
Economic Update
Safeguard your company's future with succession planning
Ease the pressure with new working capital
Focus on farming: staying on track through tough times
In person with
Anne Mette O'Connor, female entrepreneur of the year
Dragons' Den sponsored by Bank of Ireland goes live
Win support for your business idea with the Bright Ideas Challenge
Useful links
www.boi.ie/business
 
Business Bulletin February 2009
In person with JP Monahan

Are you a start-up business with innovative ideas and high growth potential? If so, the Bank of Ireland Bright Ideas Challenge is an opportunity you cannot afford to miss.

Launched in 2008 and soon to be seeking entrants for 2009, the competition offers entrepreneurs across the country the chance to compete for an attractive prize that includes equity investment, loan finance and business supports.

The winner of last year's inaugural challenge was JP Monahan, founder of Waterford-based Cheval Equi. His company designs, manufactures and distributes solutions for the equine and animal feed industry, and has already brought its first product - a programmable horse feeder - to market. We caught up with Monahan to see why he thinks he was chosen as the winner and the positive effects winning has had on his business.

Why do you think you were chosen as the winner?

I think we won because we had an actual product that people could see working, and we had already sold 50 units into the market with a basic model. We knew there was a market for it, and we had refined the product based on customer feedback before we got to the Bright Ideas presentation.

What did the prize involve?

"The best thing you can do is talk to your customers. You could have the greatest product in the world in the back room but you need to take it to market and gauge the response as early as possible." - JP Monahan, winner, Bright Ideas Challenge 2008
The prize was €50,000 worth of equity; €50,000 in incubation space, mentoring and marketing; and an offer of a €25,000 Bank of Ireland business loan. We took the loan, and we're using it mostly for marketing. As well as the home market, we're also targeting customers in France, Germany, Sweden and England in a large field trial. We can hone our products based on feedback from those markets.

Who would you advise to enter this competition?

Start-ups who think they have a good product. I'm a big fan of the competition - the great thing about it is it hones your selling skills. You have to stand up in front of a crowd of 200 people and, Dragon's Den style, sell your product. You have to be inhibition-free while you're doing the pitch. I wouldn't be afraid of facing a bank manager after doing that!

What one piece of advice would you give start-up businesses?

The best thing you can do is talk to your customers. Get out early [in the development process] and talk to people on the ground. Our initial product was rough but simple. You could have the greatest product in the world in the back room but you need to take it to market and gauge the response as early as possible. See is there a market for it, see what customers want, and react accordingly.

What key elements do you need, as a start-up, for a chance of success?

You need sound finances, and the will to just go for it - act on your gut feeling. Get out there, commit 100 percent to it. And you need to be able to survive the first year even if times are tough. Also, you need to define your market: you need to target the right audience.

Look out for details of the next Bank of Ireland Bright Ideas Challenge here.

 
Bank of Ireland is regulated by the Financial Regulator

Bank of Ireland Business Bulletin - February 2009

This e-mail newsletter is hosted by
www.customerminds.com