Paul Walsh, the Irish Opportunist

This is a talk I’m very much looking forward to, not just because I haven’t been back to Greece since managing a cocktail bar on the party island, that is Ios, but because I’m dying to hear their story. I’m looking forward to hearing what the benefits and hurdles are in Greece for entrepreneurs generally and women in tech specifically. I’ve been asked to talk about ‘my story’ - which means I’ll talk about my career path and highlight the good and bad choices I made. You can read more about the event on the Greek Geek Girl Web site.

So, if you’re in Greece and are reading this, I look forward to meeting you. Please feel free to ask plenty of questions during and after my talk. You can leave questions on this post if you like and I’ll take them with me to answer on the night.

Looking for a COO to launch and run this new StartUp.

Many companies and people court the attention and resources of StartUps.

But who to believe?

• What is the best SEO company?
• Who is a good StartUp lawyer?
• Know any great web designers?
• I think I have some IP, who’s best to help me protect it?

How can I get my first bit of funding?

Some think I’m a trusted source of recommendations and am asked these sorts of questions on a daily basis. The idea is to put the answers to these commonly asked questions in one online repository evolved into the “StartUp Marketplace”.

The portal, will allow start-up businesses to connect directly with hundreds of hard-to-reach early-adopter investors in possession of digital funds that range from £6,000 to £600,000.

Marketplace users will also be able to access proven business-plan templates, which can be filled in online and sent directly to interested parties.

A wealth of professional business advice on subjects such as, obtaining Government grants or how to get start-up businesses up and running, will also be freely available.

A special section for aspiring business mentors will ensure that the Marketplace will work as both a business networking portal and a business providing valuable information and leads.

Off-line activity will include regular meet-ups, mentor breakfasts and other opportunities for users to enhance their business potential.

Unfair advantage

I have amassed the list of the people I know and trust in order that they are happy with being involved. Once this list was assembled it occurred to me that I had, in my opinion, THE best team any start-up could have. It occurred to me that StartUp Marketplace could be a StartUp Business itself.

Industry & market niche

I know the StartUp space. Some think I’m also a trusted name within it. So I’m leveraging this trust for the StartUp Marketplace. It’s my name and reputation at risk if I wasn’t to uphold quality and standard of the recommendations.

Marketing & sales process

Good amounts of focused user traffic will be achieved through group recommendation through social networks and word-of-mouth positive referral.

The Marketplace is also plugging straight in to a number of other trusted social networks - which I’m keeping to myself for now…

Management

Little ole me and CFO to start-ups and entrepreneurs, Rob Carter CA.

If you think you have what it takes to create and launch the StartUp Marketing, please email me paulatsegala.com

Remuneration: Equity!

If you read this blog the chances are, you read TechCrunch too. In the unlikelihood you don’t, this will be news to you. Index closing a new fund is great news as earl-stage funding is the most inaccessible area within the investor community. I have a lot of time for the guys behind the fund too - they’re switched on to the Tech scene.

Full story on TechCrunch.

Hermione Way, Founder of Newspepper.com; an innovative broadcast production company, socially benefiting the media movers and shakers of tomorrow, is a fine example of an entrepreneur who’s likely to be successful as a result of using common sense to get a start-up off the ground. The problem with most people, is that common sense is the least common attribute that they posses.

Here’s what the Spectator Business Web site has to say about Hermione

At its most basic, Newspepper is a broadcast production company. Dig slightly deeper and you’ll find a company with both social and business aims. Founder Hermione Way started the company because she wanted to create a social enterprise which offered media services at affordable prices, while also being a training hub for students to get paid experience as reporters, camera operators, directors and editors. Newspepper’s clients meanwhile get high-quality video production services at a fraction of the price of a corporate production house. Most of Newspepper’s business comes from entrepreneurs, corporate business, established companies and charities who have all made it, but remember what it was like to be starting out.

As a non-executive director of Newspepper, and mentor to Hermione, I’ve got inside information on both the potential of the company and its founder. I can say with a great deal of confidence, that Hermione will find success in anything she puts her hand to. She has the drive, passion, enthusiasm, self-confidence, determination and importantly, aptitude to be naturally agile when necessary, to make it happen with at least one venture.

Keep the vision, but don’t let it hamper you - be agile

Hermione’s vision of Newspepper has never altered. But like any smart entrepreneur, the way in which she executes her vision has evolved with her changing environment. Her vision of Newspepper was/is an online showcase of new and upcoming journalists. However, that business model alone wouldn’t have generated revenue quick enough to sustain her and the business and had she not been smart enough to offer other services by utilizing the same people and tools, she’d have gone out of business within the first few months. As it happens, she is smart enough.

She (almost immediately) started offering video production services to start ups, networking event organizers and anyone else who wanted a camera crew to capture the moment at low cost. This helped to keep the company afloat as her student loan, used to setup the business, started to run out. Newspepper quickly became the first port of call in its space and it’s now inundated with so much work that Hermione had to hire 2 full time staff just to man the events - along with around 60 cameramen, editors and reporters on the books.

10 tips that entrepreneurs should consider in 2009:

1. Stay focused on your ultimate goal. Ask yourself, ‘if I only do one thing fantastically well, what would it be?’. How you deliver it can evolve based on money, circumstance and timing etc. - as I explained above.
2. Build a business that has a revenue model. This will seem like an obvious statement to all seasoned entrepreneurs, but too many widget-like companies are being setup on the premise of making money on something sometime in the future. Unless you’re in full time employment, or independently wealthy and not afraid to lose money, don’t start a company on the premise that you’ll come up with a way to generate revenue.
3. Work from home - don’t rent an office unless it’s absolutely necessary. If you have a business-to-consumer play, this will never be necessary unless you have a big team who need to be in the same room. Wubud, my latest venture, has a team spread across 5 countries, 3 languages and 2 timezones. Communication is difficult at times, but it’s a price we have to pay in order to keep costs down. Until recently, I ran the entire operation and secured £160k early-stage funding from home. BTW, I’m sub-letting desks in our office on Greek Street, Soho, London. Get in touch if you’d like to rent one - paulatsegaladot.com
4. Just because you can, doesn’t mean you should - don’t spend money just because you have it in the bank. Treat it as if you’re never going to generate revenue and assume it will be needed to sustain the business ongoing. Also, don’t build a product just because you can - ensure there’s a market for it and you have the ability to sell it. NB. Twitter clones will quickly go out of fashion in 2009, so be careful if you’re considering a business that relies on Twitter.
5. Surround yourself with people who are much smarter than you. Admittedly I don’t find this difficult Hire the best that stock options can get you. Always aim for the best and if you’re ever ‘unsure’ about a candidate, always assume the answer is no. If you have the cash, then pay to hire the best. You’ll only get one opportunity to execute your idea. Again, Wubud has no full time employees, thereby reducing the risk. All but the designer and application developers are on a promise of stock options. The developers didn’t get paid until we raised early-stage funding so again, there was limited risk to the business. This may prove kinda difficult unless you have a proven track record or a stunning product proposition and ability to sell your passion.
6. Collaborate with other entrepreneurs - you’ll be amazed by the number of entrepreneurs who are happy to help out colleagues when starting a new business. Don’t be afraid to ask for a free product or service in return for something. This could include brand building, Web design, build, SEO, hosting, accounting package, legal… don’t expect a freebie for the sake of it and always try to offer stuff before asking. This of course, will be more useful if you like to offer help without expecting anything in return.
7. Cash is king. Monitor absolutely every outgoing line item and forecast for the coming 6 to 12 months based on some of the line items increasing - but try to reduce each one by cutting back until your operation is impacted.
8. Do your own marketing and PR - every founder is responsible for the selling of their products and services. They’re the ones with the passion and vision to articulate how they’re going to change the world. Don’t hire a PR firm until the time is right - and make sure it’s on a project basis and not retainer - do a launch and post-launch plan. Retainers are okay for established companies looking to raise brand awareness only. Ensure the entire team is aware of the company’s goals and that they are able to articulate it to others. Everyone in the company is responsible for marketing.
9. Get connected - attend networking events and enjoy yourself. Business is supposed to be fun - in fact, this is probably the most important tip. If it feels like a job and you’re not having fun, give up and try something else - go pick tulips in Amsterdam or something. Networking events are a great way to let your hair down, whilst meeting interesting people within the same industry. If I’m not hosting events and parties, I’m attending them - I never fail to either strengthen relationship and/or meet new interesting people. When networking, the key is to give - connect people who you think will help each other and offer products and services to those you feel need them most. What goes around, comes around. But don’t give to receive.
10. Aim for, and assume you will achieve mass adoption. Assume you will be the best. Only thinking about the early adopters/tech-savvy folk is certain to keep you in ’start-up purgatory’. So, get the buzz going on your blog and Twitter etc. But, don’t stop there.

What have I missed? What would you recommend? What mistakes have you made?

The Library House 2008 Mediatech 100 supported by Kemp Little and NMA was released in New Media Age today. There are some great companies such as a Moo, Mind Candy and Rummble. But there are companies that in my opinion, although great in their own right, are not startups. Take Volantis for example, a company I admire, it’s 8 years old and is extremely well established within its field. Volantis is not a startup in my opinion and therefore, should not be listed.

By listing companies that don’t belong on the podium, you leave out those that are more deserving. I know from experience that Library House needs to be a little more intelligent. It recently recommended Wubud as a high-growth potential startup. Yet I, nor the team, ever published what it is in any detail. Certainly not enough detail to make such a recommendation. It has been covered in a bunch of nationals and blogs, but it’s all based on speculation.

Come on guys, get out there and network with the entrepreneurs and don’t just go by what investors tell you. It’s not all about companies who have secured funding. Some don’t need it at this stage, yet demonstrate great potential. I’m in the thick of it, so don’t have the time to list companies I think should have made the list. Feel free to do it in the comments on my behalf

So, back to my question, what is a startup in your opinion?