Posts Tagged ‘joedrumgoole’

The Grand Plan – Joe Drumgoole

admin 9th of June 2009 by admin

Following on from our piece on Patrick Collison’s IrishTimes piece, we had some great activity in the comments

Joe Drumgoole

Joe Drumgoole outlines his “Grand Plan” in the comments and its very worthwhile to get them published here.

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I’ve answered my own questions below.

1. A dire lack of capital at every level

For startups entry to a incubator with a business plan focused on exports and employment automatically entitles you to a CORD grant, no questions asked.

Once you leave the incubator you get a 50k grant straight away which is focused on completion a delivery of the first production version of your software. No production version, no more money.

Once you have a production version you start into the matching money game. But instead of 50/50 its 2/3 EI cash, 1/3 matching. This grant is capped at 250k from EI. You can raise more from externals but EI will still cap its contribution.

Force VCs that have capital from EI to focus on the year 1-3 startups. Use a reduced carry model to get this kind of deal over the line with the VCs.

Get UK VCs over here en mass to show cases of Irish companies. Never saw a UK VC yet at an EI event here in Dublin.

This should be enough to get all but the most capital intensive enterprises off the ground.

2. A tiny indigenous market which means you have to run (export) before you can walk (sell locally)

EI has a raft of export focused training programs but the dissemination of the the information is abysmal. They need a better website a more structured training plan and a better mentoring network. They are also focused on person to person selling whereas what Irish web companies need is a crash course in global online selling including email campaign management, web analytics, user experience, usability etc. etc.

3. A shrinking skillbase (this is the first year we have seen intake in the sciences rise)

Lots of people working on this, and science graduates are up for the first time . Finally people don’t want to be solicitors or lawyers anymore – hurray!!. We need computer programming and abstract problem solving into the primary and secondary curriculum. DeBono covers these requirements well in his writing. See “Teaching your Child to Think”.

4. Uncompetitive costs at every level

Recession is fixing this, but we need to stamp out “percentage of” pricing in the professional sector (that’s you solicitors).

5. A failure to invest in grass roots startups

Web 2.0 Seed Fund would help here. Better social network integration between the incubators. Proper metrics for success and failure that cover a 10 year period.

Refocusing EI efforts on year 1 to 3 rather than year 3-10.

Teaching startups to focus on customer growth rather than capital growth.

Web2Ireland – what’s going on – week ending June 13th

admin 13th of June 2008 by admin

Folks seem to like these posts – so here’s some bits and bobs from around the Web2Ireland scene…

Web2Ireland branding to improve with new logo – Thanks to all submissions and votesthe Web2Ireland community voted to an entry from Spoiltchild.

Dial2Do announce deal with Jajah

Irish and the iPhone

Zignals launches

Irish connection at Skydeck

Salesforce mashup/developer/platform event in Dublin – Tour De Force – June 30th

Dial2Do and Feedhenry at Launch Silicon Valley 2008Dial2Do win award

Finetuna launches – coverage on Nextweb – another great service from Alan and his team at SpoiltChild

Joe is on a roll – 30million awaiting an Irish YCombinator – and Ireland’s Digital Future

Mike Butcher of Techcrunch coming to Dublin – event on June 26th – signup here

Robin Blandford startup Decisionforheroses taking shape

Best wishes to Tom Raftery and family – as they move to Spain – from all his friends at web2Ireland. Keep in touch Tom.

Irish VC’s to replace Irish banksno widget companies or .com companies need apply

Ticket-Text – interesting Irish company – “ticket text is a new low cost ticketing agent that delivers tickets via text messages (SMS) and print-at-home e-tickets. Simply bring your SMS or print-at-home e-ticket to the venue, scan your ticket and you’re in!”Ryanair is a customer.


Firefox Party reminder – June 19th – in Dublin

Bonus links…
Good article on “Your ad-supported Web 2.0 site is actually a B2B enterprise in disguise”

dont forget – we’re on twitter - http://twitter.com/web2ireland – Target is 500 followers by end of July….

send on any news tips to us at web2ireland.editor AT gmail.com