A High, Then a Crushing Low': Life as a Start-up Founder Trying to Get off the Ground - The Irish Times

A High, Then a Crushing Low’: Life as a Start-up Founder Trying to Get off the Ground – The Irish Times

by

Irish early-stage companies gathered in Lisbon this week facing a tighter domestic venture capital market, even as delegation sizes reached record highs.

The Irish Times reported that 115 Irish start-ups exhibited at Web Summit, up sharply from just two companies in 2017.

The Bottom Line:

  • Venture capital funding for small and medium-sized enterprises in Ireland dropped by 10 per cent in the first half of the year, according to data from the Irish Venture Capital Association.
  • Foreign investment accounted for 82 per cent of all SME venture funds during that same six-month window.
  • Collectively, 18 participating Irish companies at the conference are currently seeking nearly €30 million in fresh investment to scale operations.

Venture Capital Over-Reliance Triggers Warnings

Domestic funding levels are flashing warning signals across the Irish financial sector. Richard Watson said that these concentration metrics represent some of the highest on record and emphasize a dangerous over-exposure to overseas backers.

“These levels are flashing red warning signals as they represent some of the highest on record and emphasise our over-exposure to overseas investors,” Richard Watson, IVCA’s chairman, told the Irish Venture Capital Association.

Founders Pivot to Global Markets

Despite domestic funding headwinds, founders on the ground are pressing forward with product rollouts. Eoin Everard spent a quarter of a million euros developing the BackAware Belt, a wearable sports technology product that delivers instant feedback on back posture.

“You can be in the trenches as well, developing the technology, securing the patent, getting everything correct. So, when you bring it out to the world and show it to people, there’s an excitement there,” Everard told The Irish Times.

Other founders are navigating regulatory hurdles while scaling their platforms. Jenni Dowley launched the Building Bones digital health platform app across Ireland and Britain, operating as a solo founder while carefully evaluating the integration of artificial intelligence against strict European Union General Data Protection Regulation requirements.

“To date, I’m a solo founder and solo employee – so I’ve done this on my own, so there’s real highs. You get all this traction and you’re doing amazing and then one thing happens that’s completely outside your control and it sets you back so many steps,” Dowley told The Irish Times.

Anna-Marie Turley emphasized the broader international strategy underpinning these international exhibitions.

“The Irish start-ups exhibiting at Web Summit demonstrate the depth of innovation and international ambition from our early-stage company portfolio,” Anna-Marie Turley, the head of enterprise solutions at Enterprise Ireland, told The Irish Times.

Turley added that Enterprise Ireland remains committed to supporting these ambitious companies as they scale into global markets and connect with international investors.

Disclaimer: The information provided in this article is for educational and market analysis purposes only and does not constitute financial, investment, or legal advice. Always consult with a certified financial professional before making investment decisions.

Keep reading

Read next