Venture Capital Conference with InterTradeIreland

Marina Gorey says that “there’s nothing more strategic than culture”. As you think about what you’re striving for, ask yourself why you want it to uncover your real motivation. Understand what you will give up to get it and give opportunities 120% after that. You need to solve for today with the foresight of what this means for your longer term objectives. Don’t hire until you’re ready to let go of the dopamine of doing the world and use job specs as a powerful team tool.

The panel discussion with Niamh Sterling, Denise McQuaid, Andrea Sinclair and Naomi McGregor revealed that angels are wondering whether a potential investee’s sector and problem-to-be-solved are something they’re interested in and can help. Investees need to think abut “both angels wings” i.e. their capital and their knowledge capital. If you’re going to raise money in different jurisdictions, you need to have the legals to back it up. Talk to angels early and bring them on the journey with you. You need to be on top of your numbers including pricing, customer acquisition, TAM (total addressable market), users, customers, revenue, costs and cash burn. Go for grants and non-dilutive money first and then when you approaching angels, commit to making it work.

DC Cahalane, Sure Valley Ventures describes AI as the “industrialisation of the knowledge economy”. He says that “living without AI will be like living with out the internet”. If you’re interested in investing in an AI startup, then look for data advantage, real talent and action and agility bias. Cultivate intellectual honesty in your business, use AI to extrapolate future scenarios and founder burnout should be on the risk register.

Jimmy Martin, AMCS Group one of Ireland’s unicorns, stressed the importance of finding high value problems and finding ways to solve them quickly, effectively and efficiently. He has built a discipline of “unit economics” from his US investors. He noted that sales is more of a science than we think and Ireland needs to build its capability in its execution. He sought more specialised investors as the business got bigger. Find a customer to bring you into a new market, he says and rather than focus on the solution the customer wants, ask them about the problem they have first. Keep your focus on the business when you’re raising money as it’s easier when you’ve got a good business to invest in.

A huge thank you to Drew O'Sullivan, Gary Stokes, Jane Watson and all of the team who gave me the opportunity to be part of the experience this year.