Dublin Business Innovation Centre Programmes to Promote Entrepreneurship in Young Irish People Debbie Whitney
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, non-bureaucratic way. These activities complement the assistance and services provided by the State agencies and the private sector. Dublin Business Innovation Centre
Range of Services - Overview Dublin Business Innovation Centre
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.
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.
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.
Student Enterprise Awards: introduced in 2002/03 academic year
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
Objective to encourage students to consider becoming entrepreneurs in the future and prepare them for this experience.
National Awards take place on an annual basis
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.
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
The aim of the CCDP was to assist entrepreneurs in the establishment and development of knowledge-intensive and high-tech enterprises.
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.
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.
Increased levels of research being carried out in third level colleges providing a seed bed for new companies to emerge
Most universities have an incubation centre, innovation professional and structured programmes to promote the development of campus companies available
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.
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.
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
Dublin Business Innovation Centre
Sources of Equity Finance Stage of Business Development R&D Start-up Early growth Accelerating growth Sustaining growth Maturity growth Proof of Concept Funding Seed Corn First Round Second Round Development Capital Replacement Capital MBO / MBI Development Capital Founders, family and friends Public Sector Business angels Venture capital funds Corporate venturing Public listing / IPO Source of Funding Type of Funding Stage in Cycle Source: Enterprise Ireland
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.
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
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.
The Dublin Seed Capital Fund has invested in over 30 projects to date
DBIC History with Seed Capital Dublin Business Innovation Centre
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, highly-rewarding career choice
Fear of failure no longer an inhibiting factor
Society recognises risk takers and values their endeavours in both success and failure