IN A COLD warehouse in Dublin’s docklands, a bunch of casually dressed techies are milling around upturned oil barrels on which laptops and other tech paraphernalia sit. The room is dimly lit but the stage lights dotted around the room give a nod to the space’s previous incarnation as a rehearsal studio that once played host to a secret gig by David Bowie.
Each upturned barrel displays the efforts of a nascent firm that has spent the last eight weeks in a hot-house environment refining its ideas with the help of experienced web entrepreneurs and by getting out and talking to customers.
Welcome to Startupbootcamp, the three-month accelerator programme for start-ups which, after successful runs in Copenhagen and Amsterdam, is now taking place in Dublin, right down the street from Google’s offices.
The premise is relatively simple. Companies accepted on to the programme received €12,000 in funding and gave up 8 per cent of the equity in their company. In addition to the cash, which allows them to focus full-time on developing their idea, they get office space for six months, access to advice from a team of all-star mentors in the city in which they locate as well as 300-plus mentors in the European network. At the end of the process, they get the opportunity to pitch to a room full of professional investors.
The idea for locating something like Startupbootcamp in Dublin came in the midst of the economic crisis. Martin Kelly, a locally based partner with IBM Venture Capital, convened a meeting of venture capitalists, entrepreneurs and advisers to discuss how Ireland’s reputation as a technology hub could be maintained and enhanced.
Eoghan Jennings, an experienced technology executive and investor, put his hand up and suggested a start-up accelerator like the successful TechStars in the US was needed in Dublin. Just over two years later, Jennings is managing director of Startupbootcamp with the first intake of 10 companies busy honing their pitches for an investor day next month.
“In the midst of the crisis, we weren’t even sure Ireland would stay on the map for technology firms,” remembers Jennings. “We had to do something that would be outward looking, which is why I thought of TechStars. The idea is to ensure Dublin becomes one of the key hubs around the world where innovation happens. That’s a big draw for multinational companies that want to tap into that energy.”
The geographic spread of participants suggests the strategy is working so far. They have come from Brazil, the United States, China, Israel, Poland, Lithuania and Romania, to join the four Irish start-ups that were chosen. All-in-all more than 200 companies applied to take part.
Jennings admits he’s faced queries about why the programme is not focused entirely on Irish start-ups. “If we did that, we’d be selling ourselves short,” says Jennings, as we take a whistle-stop tour of the warehouse space Startupbootcamp has commandeered. “Dublin can be a stage for global companies – that way everyone gets better.”
Jennings, with his shoulder length hair and jeans, looks more like the roadies and musicians more usually associated with The Factory than the former chief financial officer of Xing, the German business network which successfully went public in 2006. But his enthusiasm for start-ups and technology certainly isn’t in doubt.
He is delighted with everything from the desks for the competitors – cheap fire doors sitting on top of wooden trestles – to the speed with which the warehouse space has been turned into a home for the start-ups.
“I really want people to realise that you don’t need millions to get an idea out there,” says Jennings. “I’ve been telling the companies to find good customers by getting out to speak to real people.”
Gustavo Monteiro and Felipe Gabardo, the co-founders of Opara, a web-based system for managing the production, distribution and traceability of fruit from growers in Brazil to shops in the US and Europe, have taken that advice on board.
“We’ve been put in touch with key players here like Fyffes and Superquinn,” says Monteiro. “It’s easy for us to reach those guys through the mentors who are world class.”
The Opara founders, who have relocated from Brazil and established an Irish registered company, have no doubts about the advantages of being in Dublin, despite the inclement weather.
“In the same area, you have Google, Facebook, Dogpatch Labs and Orchestra,” says Monteiro. “It really is the Silicon Valley of Europe.”
There are less than 30 days to go until the start-ups have to pitch to an invited audience of more than 100 professional investors – from angels to venture capitalists – in what is the culmination of the three-month incubation period. Rehearsals for those pitches are in full swing when The Irish Times visits, with each of the entrepreneurs taking to the stage to deliver their five-minute presentation. The approaches are as varied as the ideas the companies are touting.
Patricia Lopez, the founder of NotesFirst, goes for the jugular. “Eight out of 10 of you can’t see a doctor right now because they are busy doing paperwork,” she announces before outlining the virtues of her secure tablet computer for busy doctors.
Oliver Mooney, a former game developer who is now working on Getbulb, a system for turning complex data into arresting graphics, has a more understated delivery but clearly knows his potential market.
Tim Duggan, founder of Skynet Labs, grabs attention by telling us that if an oil or gas rig has downtime, it can cost up to $3 million a day. His suite of apps and cloud-based storage ensures engineers have the formulas they need to help prevent production problems.
After their five minutes on stage, the mentors in attendance pick holes in their plans and presentations, but Jennings is adamant this is not another Dragons Den-style funding plea.
“We are keeping them away from investors, because the risk we are working on is the risk of validation,” says Jennings. “None of the investors want to, or can do, this kind of work.”
Bootcamp businesses: the ten fledgling firms
ADFACES (Israel & Poland)
Adfaces is creating an online marketplace that allows small and medium businesses to buy outdoor advertising space as easily as they can buy online advertising. Think Google AdWords for billboards.
CLEVERMILES (Ireland)
CleverMiles is developing a “black box” which plugs into the cars of young drivers to monitor if they are driving safely. The system, which includes smartphone apps, incentivises safe driving through “scores, achievements and rewards”.
EASYPROVE (Lithuania)
Easyprove is replacing spreadsheets in key processes such as purchase orders and invoice approvals for companies with multiple divisions. The first version of the web-based system focuses on “quick, traceable and accountable” purchase management.
GETBULB (Ireland)
Turning raw data into meaningful graphics is usually a labour- and cost-intensive task. Getbulb transforms complex data into clear pictures, without the limitations of pre-defined styles of a typical spreadsheet.
MAVEN HUT (Romania)
Maven Hut is developing a platform for developers of casual, skill-based computer games to make money out of their titles through one-on-one wagers and tournament play.
NOTESFIRST (USA)
NoteFirst wants to free up the time that doctors spend on paperwork so that they can treat more patients. It has developed a secure tablet computer and software for doctors to capture and recall patient data on-the-go.
OPARA (Brazil)
Opara has developed a web-based system which increases traceability of perishable produce across the entire chain of fruit production and distribution from the grower to the consumer.
OUTLINE (Ireland)
Outline finds the tasks, appointments and relationships in your email inbox and groups them so you know what you should be working on. Managers also get visibility of what their team is working on.
POMBAI (USA China)
Pombai provides a marketplace to buy or sell tickets for regional passenger transport in countries off the beaten track. Launching in China it helps independent travellers make their bookings for trains, buses, boats, shuttles, and camels without knowing the local language.
SKYNET (Ireland)
If an oil rig has downtime it can cost $3 million a day. Skynet provides a cloud-based service which allows drilling engineers access important data from a range of mobile apps.
