European News

17, May 2012.

IN DUBLIN’S Google-heartland, established businesses were yesterday given a warning: young entrepreneurs are coming for you.

“Watch out. This generation of entrepreneurs is coming to eat your lunch, and they haven’t had one in a couple of days,” said Eoghan Jennings, managing director of Startupbootcamp.

“They have spent the better part of four months in a freezing cold warehouse . . . they’re out to disrupt the markets they’re entering.”

Yesterday, that warehouse was buzzing as each of the 10 startups in the accelerator programme pitched their ideas to an audience of more than 100 professional investors to the Factory – a one-time music venue which has been Startupbootcamp’s home for the past few months.

The invited list included everything from angels to venture capitalists, prime targets for the fledgling firms who are hoping to move on to bigger things.

The pitch was the culmination of three months’ hard work for the entrepreneurs, and almost two years of planning for the programme.

Startupbootcamp has already had success in Copenhagen and Amsterdam, and it seems like Dublin is next on the list. The Factory has been transformed into a hub for entrepreneurs, with a presentation space, meeting areas and hubs for the fledgling firms as they get on their feet.

The programme attracted interest globally, but four of the final 10 are Irish, a testament to the quality of entrepreneurs involved.

The 10 successful firms have been given €12,000 in funding in return for an 8 per cent stake in their ventures. The deal comes with six months of office space, and access to a team of mentors to give advice and guidance.

IBM Venture Capital’s Martin Kelly, who has also been closely involved with the project, described the atmosphere among the entrepreneurs as “infectious”. “They’re solving real problems,” he said.

The companies include everything from Ireland’s CleverMiles, which provides a road safety solution that allows users to monitor and analyse driver behaviour in an attempt to cut down on road crashes, to Brazilian startup Opara, which provides a traceability system for fruit and vegetables.

Outline, meanwhile concentrates on trying to help you make sense of your email inbox, and US-China project Pombai offers merchants payment-processing and ticket-inventory software that allows travellers to make bookings even if they don’t know the local language.

The ultimate goal is to create a space that will be an international hub for startups, Mr Kelly said.

“My view is that it’s not really country versus country; it’s city versus city. Why Dublin? All the major multinationals are here. It’s really well positioned between the US, Europe and Asia. It’s easy to connect with people here; it’s big enough to be interesting yet small enough to move around.”

Silicon Valley Bank was set up about 30 years ago by entrepreneurs, for entrepreneurs, and is eager to lend to startups with potential. Gerald Brady, head of the bank’s entrepreneur services group said the quality of entrepreneurs and ambition on display was similar to Silicon Valley, with plenty of what he described as “core ingredients” here.

The one thing that was missing, he said, seemed to be available credit, which is where SVB and other investors were willing to step in.

“Talent begets talent. Great entrepreneurs find a way.”

The Startupbootcamp is one of two initiatives hoping to attract investor support this week. Also on the lookout for backers are projects in NDRC’s LiftOff event, which takes place today.

As part of the event, the 15 firms involved in NDRC’s LaunchPad programme will also compete for a €50,000 fund.