Transcript Dublin Business Innovation Centre

Dublin Business Innovation Centre
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Programmes to Promote
Entrepreneurship in
Young Irish People
Debbie Whitney
Dublin Business Innovation Centre
Mission Statement
The Dublin Business Innovation Centre was
established in 1987 with private, public,
educational and EU support.
It assists and
provides advice to new business projects and
access to seed capital to selected enterprises.
Dublin BIC plays a particular role by acting as a
facilitator to the entrepreneur in finding practical
solutions to problems in a responsive, nonbureaucratic way. These activities complement
the assistance and services provided by the State
agencies and the private sector.
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Dublin Business Innovation Centre
Range of Services - Overview
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Dublin Business Innovation Centre
Entrepreneurship Statistics
• Ireland is the most entrepreneurially active country in the EU
• One in every 14 adults in Ireland is an entrepreneur
• Profile: Male, 35-44 years, high level of education
• Percentage of Entrepreneurs with growth aspirations in Ireland
is 15% (Europe 5.9%)
• Stong and supportive culture of entrepreneurship was
identified as an important factor in the overall environment for
entrepreneurship in Ireland
• Favourable economic environment has been conducive
• Approximately 77 measures and schemes are available to
innovators in Ireland
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Dublin Business Innovation Centre
First Level Education
• Bí Gnóthach Programme: cross-curricular
programme designed for 10-12 year-old children
in Irish primary schools.
• The programme includes a video and resource
pack with teacher’s notes and stimulating activity
sheets.
• Bí Gnothach gives children the opportunity to
shape and enhance their own skills and
imaginations through the medium of enterprise.
It also encourages partnership between school,
home, and local businesses.
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Second Level Education
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Young Entrepreneurs Scheme (YES): The objective is to stimulate
enterprise and innovative activity amongst students by encouraging and
assist the organisation of Young Entrepreneurs Schemes within schools.
It is open to all second-level students in Ireland.
•
Through YES, students, either individually or in groups of five or fewer
students, create and operate their own real mini-businesses. These
businesses sell products or services to students, or to consumers
outside the school, for two-three months within the period September
2003 to December 2003, or beyond if they so wish
•
YES has been running for thirteen years and has evoked extremely
positive responses from school principals, teachers, parents and
students. To date, over sixty thousand students have participated in
YES.
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YES is run at county level by City & County Enterprise Boards.These
Boards have been set up by the Irish Government to assist the
development of enterprise and mini-businesses. They provide one-stop
shops to local entrepreneurs.
•
Programme has now ceased operating
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Dublin Business Innovation Centre
Second Level Education
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Student Enterprise Awards: introduced in 2002/03 academic year
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Offers students the opportunity to take a business from the idea stage,
through market research to production, selling, record keeping,
management and finally writing a comprehensive report on their
activities
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Objective to encourage students to consider becoming entrepreneurs in
the future and prepare them for this experience.
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National Awards take place on an annual basis
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IBEC Business links programme – objective of bridging the gap between
business and schools in the most practical way – by building
partnerships at local level. Defines enterprise skills as a priority area.
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Dublin Business Innovation Centre
Third Level Education
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Campus Company Development Programme
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In 1995, Dublin BIC initiated (in conjunction with UCD, TCD and DCU),
developed and put significant resources into a dedicated Campus Company
Development Programme with the aim of assisting campus-based
entrepreneurs to establish and develop knowledge-intensive, high-tech
enterprises
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The aim of the CCDP was to assist entrepreneurs in the establishment and
development of knowledge-intensive and high-tech enterprises.
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The Programme provided a mix of practical training and consultancy support
to assist participants in converting commercial ideas for products and
services from proof of principle to working prototype and in managing the
successful implementation of their business plans.
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The programme ran from 1996 to 2000 during the months of September to
June, during this time there were 96 participants and 46 start-up companies
emerged from the programme.
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Dublin Business Innovation Centre
Third Level Education
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Increased levels of research being carried out in third level colleges
providing a seed bed for new companies to emerge
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Most universities have an incubation centre, innovation professional and
structured programmes to promote the development of campus companies
available
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Tánaiste and Minister for Enterprise, Trade and Employment, Ms. Mary
Harney T.D. launched Ireland’s first National Code of Practice for
Managing Intellectual Property from Publicly Funded Research,
which was developed by the Irish Council for Science Technology and
Innovation (ICSTI) on 7 April 2004.
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The Code addresses each aspect of the management and transfer of
research and development results from universities, institutes of technology
and public research institutions to the commercial market place. In
particular, it stresses the need for a real commitment from public research
organisations and funders to the timely exploitation of research and to
ensuring that the necessary resources and expertise are provided for
commercialisation.
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Funding Benefits
• BES & Seed Fund Schemes
• Banks Enterprise Support Units
• Local County Enterprise Boards and
Enterprise Ireland (Very early stage start-ups –
’milestone funding’ )
• Venture Capital industry in Ireland has
developed significantly in recent years
• Irish Venture Capital Assocation
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Source: Enterprise Ireland
Sources of Equity Finance
Stage of Business Development
Stage in
Cycle
Type of
Funding
R&D
Start-up
Proof of
Concept
Funding
Seed
Corn
Early
growth
First
Round
Accelerating
growth
Second
Round
Sustaining
growth
Maturity
growth
Development
Capital
Replacement
Capital
MBO / MBI
Development
Capital
Public Sector
Founders, family and friends
Source of
Funding
Business angels
Venture capital funds
Corporate venturing
Public listing / IPO
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DBIC History with Seed Capital
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From the time of its formation in 1988 Dublin BIC has been conscious
of the vital need for young entrepreneurs to be able to access seed
and start-up capital in order to undertake product development,
prepare business plans, commence trading etc.
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Following extensive preparatory work by Dublin BIC, the Irish
Business Innovation Fund, the first Irish seed capital fund, was
launched in 1991 with EU and local private/public sector support.
Dublin BIC was an investor on behalf of the Irish BICs in the Business
Innovation Fund
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In 1997, Dublin BIC was authorised by the Irish Financial Services
Regulatory Authority under Section 10 of the Investment
Intermediaries Act, 1995. Dublin BIC is a member of the Irish Venture
Capital Association and European Venture Capital Association.
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The Dublin Seed Capital Fund has invested in over 30 projects to date
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Training
• Entrepreneurship programmes in Universities
• Dublin BIC Start Your Own Business Workshop
• Dublin BIC Small Business Support Programme
• Mentoring programmes
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Awards
• David Manley Award - SwifTXT
• Shell LiveWire Awards
• Bolton Trust Award
• Ernst & Young Entrepreneur of the Year
• IBEC National Small Business Award
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Challenges
• Level of entrepreneurship among women relatively low
• Low levels in informal business investment/business
angels
• Levels of entreprenership still low compared to US,
Australia and New Zealand
• Harness resources of the education and training sector
• Exploit and develop research and development
• Cost of starting a new business – insurance, transport,
telecoms etc
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Conclusions
• Difficult (impossible?) to teach as academic subject
• Educating a mindset – enterprise as an alternative to salaried employment
• Lack of quantifiable statistics on results of entrepreneurial education – difficult
to measure
• Not enough to understand theory, theory needs to be overlaid with action
learning from real life experiences of actively preparing a robust business plan
and implementing the business plan in the marketplace.
• When to start stimulating entrepreneurial development? No right or wrong
answer – dependent on personal attributes and stage of personal development
• Entrepreneurship is regarded by young Irish people as a high-status, highlyrewarding career choice
• Fear of failure no longer an inhibiting factor
• Society recognises risk takers and values their endeavours in both success and
failure
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Sources of Information
• Global Entrepreneurship Monitor 2003
• Entrepreneurship on the Island of Ireland
published by InterTradeIreland 2004
• Irish Venture Capital Association
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Thank You
Debbie Whitney
Dublin Business Innovation Centre
Tel: + 353 1 671 3111
Email: [email protected]
Web: www.dbic.ie