Olive O’Connor, Creative Founder of MediStori and Mumtrepreneur of the Year 2015, made her Mayo Ideas Week debut at the ‘Spirit of Entrepreneurship’ event in 2013.  We at Mayo Ideas Week decided to catch up with her this year to ask her for some tips and advice on starting a business.

Who is your inspiration?

I have two inspirations, both of whom have shaped the way I live my life and run my business.

My first inspiration is my mum. From a tiny age she always encouraged me to follow my dreams and not to listen to people who would say “it can’t be done, so why bother”. She had so many challenges in her life and yet she always smiled outwardly; she always put us first; she stayed true to herself and because of this she achieved things so many people told her she would never do. She also taught me to have faith, have balance and to always go with my gut instinct.

My second inspiration is Richard Branson.  Everything he does is sourced from his own baseline vision and he doesn’t worry about the “how to” just the “let’s get started!” He empowers his team to become leaders in their own right and values the importance of their health and wellbeing – he even gives his management team free reign on holidays and time off, with the simple attitude – just get the job done! He thinks like the customer and doesn’t forget what it is his service aims to do – to simply keep them happy.

Tell us about yourself/your work?

Where to start?

Okay, so I am a mum first and an entrepreneur second – making me a part of a very special group of business people called Mumtrepreneurs. We are, as defined by the Oxford dictionary, women who sets up and runs their own business in addition to caring for her young child or children.

So my product is called the MediStori, and it is, put simply, a personal health organiser.

The idea for my product stems [unfortunately] from personal experiences - I have three amazing daughters aged 13, 12 and 9, whom all suffer with complex health issues ranging from juvenile arthritis to heart surgeries to high blood pressures, to name but a few. I myself also have a heart condition and my husband suffered a stroke [TIA] a few years ago, just after I was caring for my dad who was on 22 medications. It was at this time when I realised just how difficult it was to manage medications, appointments and medical history, not just for my family, but also for my dad and my mum on their own trying to manage themselves.

So I created a paper-based health organiser to help us, and it was only when a paramedic saw it in action and told me I should develop it further as it could really help them too, that I saw its potential to help others. 

This all in 2012 and since then, a lot has happened! Initially I pitched to win a place on Enterprise Ireland's prestigious New Frontiers programme [receiving €15,000 in the process]. This really helped me de-risk my business through research and strategic planning, working with a team of mentors and experienced entrepreneurs. Just after this process I learned that it is extremely important to network and because of this I have been endorsed by An Taoiseach on international TV; I have won three national awards [including Mumtrepreneur of the Year with Mums & Tots, Special Merit Sccul Award & JCI National Award in Medical Innovation].  

The key to my businesses success has to be down to two things – a clear vision and a great team (both internally and externally). It are these two elements that keep my business growing from strength to strength – and keeps me on track too!

What advice would you give to start up’s or expanding businesses?

First and foremost, do not let your ego get in the way of constructive feedback. Remember, family and friends will either completely support you or think you’re off the wall – either way, listen to them. If you do research (and do, do research!) step back from it and take everything on board. Of course, this is not the same to listening to people who are just “Negative Nancy’s” – you will find these kind of people in all walks of life – and you just have to ignore them! If your feedback is good – great – but if it is negative – then stop what you’re doing or change your product/service/model to suit their needs. Remember, the worst thing you can do is spend a whole lot of money on something no-one wants.

It is completely okay [and important] to change your business model, product or service over and over again when needs be – actually it is important to leave your business plan stuck up where you can see it – it is not just a document for the banks or investment!

Secondly…ASK! Ask for help; ask for money; ask for advice. Do not be afraid to tell people what you’re doing – just don’t give away trade secrets, and use NDA’s as necessary! Don’t try and do it all yourself, you will get burnt out – and don’t spend time doing something that you can outsource others to do. Ask people to join your advisory board and start growing a team of people who will have your back! Thirdly, create a balance in your life. You will get sick if you don’t and then your business will suffer. Train yourself to shut off from work mode for a few hours and do something you enjoy. Entrepreneurs are known for working long, hard hours (and I’m no different) but burn-out, believe me, is no fun!

And lastly, I would always say – go with your gut instinct. If it feels wrong, it probably is. Try to create a baseline question that you can ask yourself when trying to make a decision, for example, I always use “Is it in the best interest of the patient?” For me, if the answer is no or maybe, then I don’t do it – if it’s yes, then off we go.

What mistakes have you made and what have you learned from these? 

I have made no mistakes. Big statement, I know, but mistakes are only that, when people do not learn from them, and act upon what they learnt. The reason I say this, is because I believe everything happens for a reason. I know my business wouldn’t be what it is only for the ups and downs of the last three years. For every time I went off track or I took ill advice, I learned from it and changed what I was doing and how I reacted to it. This attitude has made me a better business person (and mum!) for it. Every conversation I have ever had has never been wasted – because it has taught me something. And every bit of money I have spent on my business has not been wasted either.

One of my biggest saviours were the conversations with other start-ups in the canteen of our Innovation Hub. All businesses have the same pains; needs and wants, irrelevant of their service or product and when you get talking to other entrepreneurs, you can learn so much from others “mistakes” and they will motivate you to keep going. I always seem to learn more over a cuppa than I do in a full training day! The iHubs gives start-ups great opportunities to network with those in the same boat (and those who have been through it) and help you de-risk your start up by offering ways to do market research; get mentoring; network (check out INC60); link with local enterprise boards, VC’s and Enterprise Ireland to name but a few.

How difficult is it to raise investment? Any advice here?

That’s much like how long is a piece of string, haha.

Okay so it is hard. But it’s not un-achievable. You just have to know who it is your presenting to and what is their “pain”. What I mean by this is, that while you may completely know your market inside and out and know there is a need, the person you’re presenting to just may not “get it”. If you can make your pitch relevant to something they understand i.e. compare to something in the news, then chances are they will understand what it is you’re setting up. My advice is to not give up any opportunity to “pitch”. You never know when someone is listening to you and they could have a few bob to throw your way. This has happened to me and I was sent a cheque by someone who I never met, who was happy for me to pay back the money in a few years’ time! In our centre, I have recently been dubbed as the “giraffe” because I’m never afraid to put my neck out! Remember when you’re going for investment, that projections are only that – projections! It’s important to be realistic and go at a pace that’s reasonable for the business space you’re in – and to get this across in your pitch. One rule of thumb for me is – I never talk money unless I have to – it’s all about two things – the person and the product!

Mayo Ideas Week is a week-long series of idea generation, entrepreneurship and business events hosted by the development and enterprise support agencies and organisations in Co. Mayo.  Admission is free to most events

Please find the full Mayo Ideas Week brochure at http://www.westbic.ie/mayo-ideas/  

Posted by Nichola Cosgrove – Mayo Ideas Lab

As part of Mayo Ideas Week 2015, Horizon will be acting as industry experts at the Jobs of the Future 2015 Showcase.  Jobs of the Future 2015 will be held on the 1^st of October in St Mary’s Hall, GMIT Castlebar.

We at Mayo Ideas Week got the opportunity to have a quick chat with Aiden Corcoran, Managing Director and CEO of Horizon to find out a little bit more about him and to ask what tips and advice he would give to those starting out in business and looking for investment.

Who is your inspiration?

I believe Tony Ryan was a great inspiration, worked hard and focused on delivery, even when chips were down he rose to win.

Tell us about yourself/your work?

Horizon has built a great team and although I’m involved, I don’t work on coal face operations.  I’m working to build the company of the future and bring the company and team to a point they deserve to be.

What advice would you give to start up’s or expanding businesses?

Business is constantly evolving and organically changing, it’s easy to get distracted and when fighting to stay alive you get wound up in the day-to-day.  Be flexible and move, change as needed but keep an eye on the goal.  Goals (at least ours) are not achieved in straight lines.  As Eisenhower said, ‘planning is everything, but the plan is nothing’.

What mistakes have you made and what have you learned from these?

I think if I went into this in detail, it wouldn’t be a blog but more of a novel/series publication.  However, accept you will make mistakes, it’s a CEO and entrepreneurs job.  If you’re not making them, are you pushing your business far enough?  It’s counter intuitive but that’s what makes the better business as I see it.

How difficult is it to raise investment? Any advice here?

Investment is there and we have been lucky enough to be mostly self-funding, barring the excellent support from Enterprise Ireland we get on some projects, which allows us to hire more people in the region.  Money is available to projects that will return, and ultimately I try to put myself in their shoes.  Would I back me with this team, on this plan?  I try to remember that they probably don’t have the passion for the business that I have (and they shouldn’t) and so, they will want, naturally, to make money and ensure that it is low risk.

Where to now for Horizon?

Horizon is now five years old and we are going into the new phase.  The mature team must now achieve the goals we set and, I guess, react to the changes that will inevitably come.  We are going to enter a new field now where we join with other teams and partners to achieve our goals, both from stakeholders and M&A positions.  The goal is for this Mayo Company to be the number four Engineering Services consultant company in Pharma/Biopharma in Ireland in eighteen months, and to have a significant base in the US and our current European operation.

Horizon was formed in 2010 by a group of Engineers with a background in High Tech Volume Manufacturing.  Beginning at a small scale and operating for a single client, Allergan Pharmaceuticals in County Mayo.  Horizon is now operating primarily across Ireland, with clients in the UK, US, Benelux, France and Switzerland.

Mayo Ideas Week is a week-long series of idea generation, entrepreneurship and business events hosted by the development and enterprise support agencies and organisations in Co. Mayo.  Admission is free to most events

Please find the full Mayo Ideas Week brochure at http://www.westbic.ie/mayo-ideas/  

Posted by Nichola Cosgrove – Mayo Ideas Lab

As part of Mayo Ideas Week 2015, Network Ireland are hosting their National Conference and Awards ‘Harnessing Opportunity in Changing Times’ on Friday the 25^th of September at Knockranny House Hotel, Westport.

In the run up to this exciting event, we at Mayo Ideas Week caught up with Olwen Dawe, owner of Irish Business Intelligence and President of Network Ireland to find out a little bit more about her and to ask what advice and tips she would give to those starting out in business.

Who is your inspiration?

I’ve been very fortunate to grow up around inspiring people, my parents are pretty extraordinary!  I find inspiration in my friends and colleagues also…   Network Ireland’s membership is populated by inspiring women, all forging their own paths in business, the arts and professional roles.  I can say without question that I wouldn’t have had the courage to start my own business had I not had the role models I did early in life, but also the encouragement of my Network colleagues, they are all absolute believers that you can do anything you put your mind to.

Tell us about yourself/your work?

I’ve actually just passed my business’s five-year birthday! I set up Irish Business Intelligence in 2010, it was at that stage focused entirely on aiding start-ups, so mentoring mainly - and providing the kind of advice I’d developed working in small businesses and start-ups, so how to get funding, develop a business plan etc.  Since about 2012, I’ve moved a little more into developing and / or delivering the programmes offered to start-ups, so enterprise development supports.   These include networks, support / development programmes etc.  More and more now though, I project manage and advise for the agencies involved - and this spans a wider area, so is quite varied, from policy implementation to arts projects, but I do still enjoy getting my hands on a new business concept and putting a good development strategy in place! Apart from that, well, I’m a Galwegian by birth, live in beautiful Westport and am becoming a part-time student in the autumn when I start an MSc. in Policy.  From one challenge to another!

What advice would you give to start up’s or expanding businesses?

Well, you won’t be surprised… but I’m a big advocate of strategy, the right mind-set and not being afraid to change.  Eric Ries advocates ‘The Lean Canvas’, a tool I know Maria Staunton and the team at the GMIT Innovation Hub use… it’s a really super way to truly test an idea, see how close you are to the right approach, what needs to be done next and avoiding ‘analysis paralysis’.  Often businesses and their owners become so caught up in the day-to-day, they lose sight of what’s really happening - you need to take yourself OUT of your business sometimes, and really take time to see what’s going on.  I don’t do so much mentoring these days, but I’d always recommend a business takes time out with their Board or an external advisor, a half day, once every few months just to see what’s actually happening  - measuring goals, adjusting the sails [to reach the right sales, often!] and being candid about concerns or issues.  That’s the path to success.

Are there any mistakes that you have made?  And what have you learned from these?

Everyone makes mistakes.  It’s how you respond that’s most important.  What can I learn? If something went wrong, there’s a reason why - so don’t ignore it.  Learn from it, adapt, and move on.

If there was one piece of advice you could give to a budding entrepreneur, what would it be?

Much like your earlier question, I think it’s all about being focused - and actually, building a network is also important.  Join one, create one - but don’t be isolated.  Often businesses are set up by one-person founders, and they can sometimes stay as sole traders for a time.  Being disconnected from the outside world is not a good thing… so do connect and enlist colleagues to just have a coffee with regularly, or give honest feedback.  You can’t beat that!

What advice would you give to women in business/economic development sector?

Again - I think most people starting out just need a bit of encouragement, support, advice and a lot of that comes from supports like those on offer during Mayo Ideas Week, from the LEO, Mayo Ideas Lab, the GMIT Innovation Hub and other agencies - or the networks involved, like ourselves in Network Ireland / Mayo, BNI, the Chambers etc.  It really is so important to interact, learn and develop on the entrepreneurial journey - don’t end up stagnating like a dinosaur, you know what happened to them!

If you could have given yourself a piece of knowledge or advice when you first started, what would it be?

I’d say, I probably underestimated the rollercoaster [aka the emotional cycle of change!] that comes with being a business-owner, soaring highs and crushing lows.  You get used to it though! And they become less severe over time.  It’s just a case of being aware of it, understanding what’s going on, taking it on board but not being bogged down when things don’t go according to plan.  I suppose, that’s probably something I wish I’d known a bit more about - but then, you can only learn that from experience!

How do you conquer those moments of self-doubt that so often stifle entrepreneurs with fantastic ideas?  What pushes you through?

I think that all entrepreneurs / business-people suffer from the fear of the unknown - some more than others.  I think failure accounts for much of that fear.  But as the much-quoted Samuel Beckett said, “Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better”.  You never know what’s around the corner, so just enjoy the journey!

Olwen Dawe is an experienced communicator, project manager and advisor. Through her business Irish Business Intelligence, Olwen offers key services to SMEs, economic and enterprise development projects and organisations, and the media. Olwen is an advocate of female entrepreneurship and is currently President of Network Ireland.

Network Mayo is a networking organisation for women in business, the professions and the arts.  The aim of Network Ireland is to provide a forum where women can exchange ideas and increase their business contacts; encourage women to achieve more satisfying careers; promote women as worthy contributors to the Irish economy and decision-making bodies.

Mayo Ideas Week is a week-long series of idea generation, entrepreneurship and business events hosted by the development and enterprise support agencies and organisations in Co. Mayo.  Admission is free to most events.

Posted by Nichola Cosgrove  - Mayo Ideas Lab

New this year - Mayo Ideas Week guest blogs

Here's something new from Mayo Ideas Week - guest blogs from business experts.

Have you got something you'd like to share with our audience? Contact us and let us know what you'd like to tell them about. We're hoping to cover a wide selection of relevant business topics on our new blog.