Entrepreneurs should start small, protect their ideas and consider franchising, writes John Downes.
Ever since I was three years of age, I've been drawing little pictures which always had my name on a truck: Martin O'Regan and Sons. I always wanted to be in charge of my own destiny, to be my own chief." So says entrepreneur Mr Martin O'Regan (27), whose current venture is a speed-dating service called Chatfest.
Speed-dating events allow people who are single to chat with up to 25 different people for four minutes each. Afterwards, participants are asked to indicate on a sheet of paper whether they would be interested in meeting that person again: if both sides say yes, then the organisers let the participants know later.
But what are the challenges facing young entrepreneurs who, like Martin O'Regan, might have a fresh idea such as speed-dating which has not been tried in Ireland before?
A graduate of Trinity College, Dublin, where he studied Business Economics and Social Studies (BESS), Mr O'Regan found a series of alcohol-free nationwide discos aimed at teens taught him the importance of protecting his ideas. Where a night was a success, many nightclubs involved decided to take over the running of it themselves. But if the night was a failure, he was left to cover the costs.
From this he learned the value starting small and focusing on building up a base before launching nationwide.
From small beginnings at the start of February, Mr O'Regan has seen Chatfest grow significantly. More than 300 people attended an event earlier this month in Dublin. At €20 a head, and with sponsorship from Uncle Ben's sauces, it is not hard to see how the idea has become profitable.
"In the next year I would like to see it in every town in Ireland on a monthly or bi-monthly basis through franchising. I see huge potential there," he says.
Looking into the possibility of franchising, as well as possible product extensions, is a good idea, agrees Mr Pat Maher, executive director in charge of entrepreneurship with Enterprise Ireland. But with a concept like speed-dating, which has relatively low barriers to entry, he says that speed to market is also important, as new ideas can catch on quickly.
"It can be difficult to protect your intellectual property doing something like that \," he says. "You might have a couple of local events and people will copy it and do it better. But if you can do this, it is something that might be franchiseable."
Another home-grown twist on speed-dating is speed-networking. Participants sign up to meet people involved in small to medium enterprises, in the hope that useful contacts for the future might be made.
Ms Louise O'Riordan (29) of R & H Consulting Ltd, a training consultancy that works extensively with entrepreneurs, originated speed-networking in Ireland. A UCD arts graduate she enrolled on the one-year postgraduate course in entrepreneurial studies at the Michael Smurfit Graduate School of Business. She says a lot of her clients would be accomplished, yet subtle entrepreneurs, far from the "Del Boy" stereotypes of the past.
Given the wide range of businesses they would be involved in she was conscious of the need to find a way of getting them to meet one another.
As a result, the speed-networking concept was born. Participants, all from small to medium enterprises, are given five minutes with each other. "Most business people would have an elevator rule anyway - that is if you are in a lift with somebody, you should be able to describe your business to them in the time it takes to get from first to third floor," she says.
"For only €80 plus VAT, speed-networking is an effective way of getting opinions from 30 different people. It also helps to broaden contacts in the industry, as well as allowing people to sell."
The first speed-networking event took place in Dublin in October. Although set-up costs exceeded original estimates, Mr O'Riordan believes the idea will prove profitable.
As for mimics, she is sanguine. "A lot of people we train are very concerned about their idea being stolen, but sometimes you have to get out there and build your business, and grow it to be the best."
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