Due to popular demand Siofra Flood will be spending a day with us on the legal aspects and general practice of creating Founders Agreements. It is essential for any start-up to understand this fully and to have a proper understanding of good practice in this regard. I have personally witnessed the difficulties that poor or no agreements cause companies leading to difficulties in attracting investors, strains on relationships, distracting arguments between founders and ultimately company failure. Entering into a business relationship needs to be done with a clear understanding of the commitments of each founder, each founders vision for the company, ways of dealing with disputes, how a founder may exit peacefully etc
If you don’t have an agreement in place and your company is formed it is never too late if all the founders are open to it.
Siofra Flood, biography:
C-‐level executive with significant corporate and legal experience. Held senior legal and finance positions through funding rounds totaling over US$25M and 4 successful exits, including IONA (IPO), Havok (Trade Sale), Valista (Trade Sale) and Kore (Asset Sale). Executed Swrve group restructure to create new US parent company as part of its $10M Series B investment. Previously responsible for global finance, legal, HR and office operations as well as providing key strategic input into pricing, licensing, team-‐building and corporate finance. Overall mentorship to enhance focus and accountability for teams and to guide CEOs through the next phase of growth.
We are now open for applications for the 2017/ 18 New Frontiers Program which we jointly run with AIT. Our newly designed format for 2016/17 was well received by the participants and resulted in 14 investment ready propositions. We support a wide variety of companies as demonstrated by the selection of the companies making up this years graduates;
If you are thinking of starting a business that has export potential we would like to hear from you. The support offered to participants is unrivaled and includes focused mentoring and a grant of 15k euro to support successful clients in their quest to create a successful business.
Interested parties should contact Owen.Laverty@nuim.ie
To kickoff our spring/ summer training schedule the following events are planned with more to come. Please contact Sharon Comerford at firstname.lastname@example.org to book your slot. Places may be available to non clients so please contact us to express your interest.
Raising finance, Full day 21st June
For those of you that did not get a chance to attend Siofra’s eye opening workshop on raising finance you will get a chance to share a day with her explaining how it should be done with lots of practical tips and stories. Siofra has raised significant finance on multiple occasions from VCs working with some of Irelands top technology companies. She has a great ability to demystify the process for the audience. For those of you who managed to make the first workshop this is a great progression on her initial teachings. Subjects include;
Share Basics (recap)
Creating and Managing Cap Tables, Dilution: Effect of Investment & Creating Share Option Schemes, including examples & exercises for participants
Preference Shares (recap)
Enterprise Ireland, CSF and HPSU Investments
Early Stage Valuation
Assessing Angel Investors
Term Sheet Terms
Good, Bad, and Mad Terms at Early Stage
Sales and Channel Development Workshop.
Half day June 15th 2017, Time 09:00- 13:00
Tenego provides international sales execution services (through both Sales Channels and Direct routes) to growing and established software companies. Through Tenego’s Global Network covering many key markets, they provide programmes and hands-on services in Sales Channel Planning and Development, Direct Sales Execution and Sales Channel Execution. They can help companies grow faster, become more scalable and enter new markets across the world through a range of services. If you have had no formal sales channel training I would highly recommend this half day workshop.
Topics to be covered include;
Learning to Grow and Scalability • Strategy: How you are going to Win? • Your Proposition • BullsEye Target Customers • Beating Competition & Alternatives
Right-Sized Marketing and Sales Engagement • Prospect Customer Qualification • Implementation and Support Processes scalability considerations
Partnering and Partner Type Selection • Direct or Partner Evaluation • Your Market Ecosystem – Customers and Partners • Partner Type Evaluation
Partner Recruitment Process & Partner Fit Evaluation
Market Selection and Prioritisation
Go-to-Market Execution Planning; incorporating direct and/or partners Any specific follow-up queries with participants will be addressed also
Workshop on Mindfulness
PR for business
Institute of Directors: Corporate governance. Important for all company directors.
Hydrasure has made it into the list of the top 100 companies to watch out for in the IOT space in an list compiled by Silicon Republic. The company (which graduated from the NUIM/ AIT New Frontiers program in 2015) founded by Emer Cooney as CEO developed a drinking monitor for the equine sector. Understanding that a horses health is significantly impacted by the amount of water that they drink Emer went about modernising the way that this was monitored producing the Hydrasure. The Hydrasure logs the water drunk by an animal, informing the owners when a horses drinking behaviors needs attention. Hydrasure is a significant improvement over the standard bucket counting method that is used in stables today and promises to provide real innovation to the industry.
We were very lucky to be able to spend the day with Siofra Flood who shared her knowledge on how to understand the complex issues around raising finance and particularly the the different structures, share types and options that may be offered to investors. Too many times we hear stories where the founders have been the ones to benefit least from their sweat. As we know a principle purpose for getting into business is to make a return on your efforts. Not engineering the right deal with investors can often leave founders disappointed when there is an exit. Siofra shared her considerable experience (raised funds on ten occasions from VC’s working with companies such as Iona Technologies, Drop, Swrve and Havoc to name a few) with us to better prepare our client companies for the eventual conversations. As this is a critical element of supporting the startup community in MaynoothWorks we look forward to having Siofra back!
A start-up technology company at Maynooth University’s new business incubator, MaynoothWorks, has come up with a product that is helping schools to track individual students’ progress in key skills development, assessment performance and learning outcomes. It has a particular relevance for the junior cycle, with its new approaches to teaching and learning and assessment.
SchoolWise is an online platform that is credited with cutting the amount of time teachers spend on administration, while also making it easy for them to map out their subjects and ensure that each student reaches their clearly delineated targets.
According to Schoolwise founder, Leslie Turner, one of the benefits is that it helps teachers to identify positive and negative trends as they emerge, which allows for early and correct intervention, leading to better overall outcomes for students.
During the design phase, SchoolWise received input from the National Council for Curriculum and Assessment and Junior Cycle for Teachers.
Sally Roynane, ICT Coordinator at Presentation De La Salle, Carlow, one of the first schools to use it, said staff were now spending much more time teaching and helping students, and the impact was “clearly evident in the outcomes of our students.”
Pictured L to R: Conor Sheehan (ESA team in Enterprise Ireland), Stephanie Keogh (CEO IGeotech), Niels Elderling (ESA), Owen Laverty (Director MaynoothWorks), Lluc Diaz (ESA), David Gibbons (ESA Space Solutions Centre Manager).
We are delighted to announce that MaynoothWorks is a co-host of the European Space Agency Space Solutions Centre Ireland.
The centre, launched on 7th September is a partnership with Athlone Institute of Technology, Tyndall Institute, and Irish Maritime and Energy Research Cluster
Funded by the European Space Agency and Enterprise Ireland, it aims to support the application of technologies developed for space to solve challenges on Earth and beyond. The centre is one of fourteen ESA BICs (ESA Business Incubation Centre) in Europe, which work to inspire entrepreneurs to turn space-connected business ideas into commercial companies.
The centre has two strands, providing enticing opportunities for both new and established companies. Each of the 25 start-ups that successfully apply will receive €50,000 in seed funding, along with expert technical assistance and opportunities to access other funding mechanisms. The centre will also offer ten rounds of €40,000 funding to support technology transfer for established companies that want to develop demonstrators for new products and services using space technology. Companies can work from any of the four host institutions.
The opportunities provided by this opportunity for companies to tap into the ESA brand and European network present a significant opportunity for companies which we hope they will avail of.
Last Friday we spent a day introducing our community to the concept of mindfulness courtesy of Grattan Donnelly of the Potential Project. It took a while to convince busy entrepreneurs that they should take a day out of their schedule to invest in themselves so they could be more mindful. However come they did and were delighted with their investment. When you think about the concept of work as an activity it becomes apparent that we have never been thought how to work effectively. In high level sport all aspects are considered to improve performance and get that last %. Athletes are trained to focus and be efficient in their efforts, so why do we not invest in the same way in our work to deliver better results, lower levels of stress and a more efficient organisation?
In MaynoothWorks we are striving to create a community that can deliver better results in less time and expect that the practice of mindfulness will be a important part of this.
Our second client to feature in the Huffington Post is Verifly who have launched their new insurance on demand and per flight drone service in the US. Maynooth University has played a key role in providing the expertise to train Verifly’s engineering team to build these databases as well as the various geospatial systems that deliver these information services. This was central to Verilfy’s decision to setup part of its Geospatial R&D operation in MaynoothWorks, Ireland