Supporting Innovative Start-ups in the South

East Region

Dr. Eugene Crehan

Director of Programmes - CEDRE - SETU Waterford

Masters Group
Seminar Series
November 8, 2023
South East Technological University
Agenda
• My background
• What is New Frontiers?
• New Frontiers Participant
Journey
• Models & Start-up
recommendations
• Success stories
 Enterprise support experience
New Frontiers – Entrepreneur Development Programme
Growth Hub - Entrepreneurship Awareness & Intent
South East Enterprise Platform Programme (SEEPP)
ArcLabs (Incubation Centre) Advisory Board
Female Entrepreneurs Ireland Wales (FEIW)
Student Enterprise Mentor
Co-founder and Director - Centre for Entrepreneurship
Start-up Gathering - Waterford City Coordinator
(Ministerial appointment)
NCEE / IEEP Fellow
Enterprise Europe Network (Chamber rep)
Kinetic Labs (Steering Group)
Enterprise Start
FI Tourism Network Facilitator
International business development experience

54 countries / 35 currencies / 19 time zones / Diverse cultures / Great people

What Is New Frontiers?

www.setu.ie/newfrontierswd

Note: Applications close November 15th.

NEW FRONTIERS
Irelands largest national
programme for
developing
entrepreneurs funded &
managed through
Enterprise Ireland and
delivered by the
Technological
Universities across 14
Centres
Where Do Entrepreneurs Come From?
Where Do Entrepreneurs Come From?
Industry Experienced Entrepreneurs (Indig. co’s) 29%

Industry Experienced Entrepreneurs (MNCs) 36%

Serial Entrepreneurs 21%

Third Level 6%

Miscellaneous 8%
 TARGET PARTICIPANTS
Potential Entrepreneurs who:
 Typical Characteristics
• Intend establishing manufacturing or internationally traded
services business
• Ambitious promoters with capability and
commitment to lead a sustainable business
• Growth orientated
Planning to achieve
– Sales > €500,000
– Jobs > 5 jobs in 3-5 years
• Build innovation / technology based business
• Show evidence of a commercial demand
PROGRAMME JOURNEY
 New Frontiers Process

Phase 1 Phase 2 Phase 3

Business Business Business
Feasibility Development Commercialisation
High
Risk

Value

Low

Commercialisation Pathway
Investment
 New Frontiers

Participant Journey
PROGRAMME JOURNEY – PHASE 1
 Introduction to skills needed to
establish and run a business
 Part-time across evenings or
week-ends
 Individuals continue to be in
employment
 Focus: Assessing Suitability and
Viability of their business
proposition
 450 participants per year
 PROGRAMME JOURNEY – PHASE 2
 Full time commitment
required across 6 months
 €15,000 tax free financial
support in form of a Stipend –
No equity taken
 Workshops, one-to-one
mentoring & free co-working
space
 FOCUS: Testing, developing
and validating their business
idea.
 160-170 participants per year
Innovation
Vouchers
open doors to
knowledge providers
and give small
companies the financial
support to start them
on the innovation
ladder. Worth €5,000
 PROGRAMME JOURNEY – PHASE 3
 Provides continued support
structure and co-working space for
further 3 months
 Further funding available €7,500*
 Advisory Panel sessions to work
through Strategic Challenges

 FOCUS: Implementing the Business

Plan (Customer Acquisition &
Funding)
 80 – 100 participants each year
 Funding early stage business
My Research

IPO
HIGH
CAPITAL

RISK
NEEDS

Formal Venture
Capital

Business Angels

Friends, Family,
LOW(ER)
Founders RISK

TIME

SEED START-UP EARLY GROWTH SUSTAINED

GROWTH
 • Identify, empower and advance
SETU’s entrepreneurship
• Support entrepreneurs and enterprise
Objectives development
for New • Build a base of high growth knowledge
Frontiers based industry
• Promote greater links between industry
and SETU
• Assist high potential graduate employment
creation
• Develop an entrepreneurial culture
amongst staff and students at SETU
Enterprise Development Framework

SETU Enterprise Development Framework

NEW FRONTIERS Incubation Innovation Centre

Lifelong Learning Centre

Proof of Working 1st Saleable Viable Product
Principle Prototype Product Range
Spin-In
Embryo Nurture Fledgling Take-off
Research
Mentoring Hand-Holding Support when Networking
Spin-Out asked EU Programmes

Innovation & Technology Transfer Support

HPSU

Innovation Partnerships
Innovation Vouchers €5K
Proof of Concept New frontiers €15K Pre Seed Start Fund

Green = Potential Funding Access

Red = Training, Supports & Infrastructure

 Incubation Centres
Specialised Incubation Facilities
• Office Space
• Business Support
• Access to Expertise & Resources
• Administration
• Unlimited Broadband Carlow
Kilkenny
• Boardroom Waterford
• Canteen Wexford

• Networks / Contacts
• Address
• Entrepreneurial Environment
 New Frontiers Performance
2016 – 2020
1 Investment
88 Jobs
IPO IPO: €6.7M
Created 4 HPSU Private: €2.5M
9 CSF & 22
LEO HPSU: €500K
48 Phase 2 New CSF: €450
Frontiers LEO: €400K
122 New Frontiers DTIF: €9.4M
Phase 1 17 *IV: €85K
232 New Frontiers
Applications Phase 1
513 Enquiries / Contacts
 Customer Acquisition Approaches

Models to understand the customer

10 Start-up recommendations

Words of wisdom from past participants

 Biggest Start-up Mistake
Me, Me, Me First sales: No market
& my product ex-employers, research
I love it ! personal No sales &
contacts marketing plan
Only targeting a
few
customers
Plateau

Go to all
Limited marketing
networking
material. Broad
events
product range /
features
 Managing Customer Acquisition
2. Product
1. Market Research Marketing
Gap in the market? Problem Value Proposition
statement? Target Features? Benefits,
audience? Buyers /
product/market fit,
users / influencers
Competitors, & Price customer trials,
reference sites

3. Marketing
Communications
What’s most (cost) effective
marcom strategy for you?
Build market intelligence
 Lean Principals and Canvas

4 9
1

2
5 6
3

8
7

https://vimeo.com/84423056 Owlet

https://www.youtube.com/watch?v=7o8uYdUaFR4 Ash Maurya

•
 Elevator Pitch
Market Executive
Definition  For(target customer) Summary
 Who (statement of the need
Opportunity or opportunity) Corporate
Need Presentation
 The (product name)
is a (product category)
Value/Compelling
Elevator
reason to buy
Pitch
 That (statement of key benefit
– the compelling reason to
Competitive Web site,
buy)
analysis collateral
 Unlike (primary competitive
advantage)
Differentiated
position
 Our product (statement of Tagline
primary differentiation)
 The Marketing Mix and Differentiation
Products

Physical
Pricing
Evidence

Service Product
The Marketing
Mix
Process Place

People Promotion
 Customer Acquisition

10 Start-up Recommendations
 1. Focus on Customer - not the product
• Avoid over-reliance on Product
– The best product does not always win

• Be wary of :
– Staying in comfort zone of consistently tweaking the product

– Adding unnecessary features instead

of going out to the market
– “We have no competitors”
2. Corporate Look and Feel
• Use a quality, professional
looking business cards
• Correspondence on
professional headed paper
• Business postal address & professional email
• Get a professional logo
• Do not use PowerPoint clipart images
 3. Brand Names & Product Names

• Decide on one company name

– Be comfortable saying and using name

• Do not limit expansion and growth

opportunities through your naming
conventions

• Promote company name or product name ?

 4. Product Testing
Minimum Viable Product is the smallest thing you can build that
delivers customer value (and captures some of that value back)
Conduct comprehensive tests

Discount price for trial / study

Write case study findings /

Quantify benefits / Move on.

‘Proof of concept’ means you

offer at market price.
5. Leverage Networks for Customer Acquisition
• You NEED a systematic prospect pipeline
Leverage relevant networks available

Typical selling pattern starts with friends, contacts,

ex-employers, your region

>>>Talk to influencers, experts, advisors

Create awareness / Dialogue with target consumers

• Consider export market

– Can get to the EU/UK relatively quickly / Plan it!

6. Decide on your positioning

Do Gap Analysis…..
 Gap Analysis
Mercedes

Price
Ford

Skoda
Unmet
customer
needs
Features
 7. People
• Not just about product / service

• People buy from people

• Build up a strong company profile:

Brand personality
Awards / Your professional experience /
academic achievements / Early customers
Identify your ‘management team’

• Close any gaps in your company’s skillsets

• Who are your advisors?

 8: Develop Messaging
• Develop good company profile and Customer Value Proposition

– Explain how you deliver customer value

time/money/reputation).
• Help customers choose you - Think Credibility and
Reliability
• Ensure your messaging is not solely product focused (People /
Service Benefits, Awards)
• Don’t be afraid to differentiate from competitors /market leaders
Messaging: Client Testimonials & Reference Sites

• List your clients

– If very few, “clients include”
– Develop number of client testimonials
– Focus each on different angles e.g. produce excellence,
service, speed of response, value etc. Update regularly.
– Build up proof of excellence in every possible area of
your company
– Case studies / Video testimonials on your web-site?
 9. Address Purchase Barriers
• Don’t ignore potential barriers, always address/clarify

them to maximise sales opportunities

E.g. Nestor Freight “we may be more expensive than competitors, but in ten years

we have never encountered theft of lost any products we carry.

• Appropriate ‘Tone of Voice’

“Set up 18 years ago in a bedroom by husband & wife team, X strives to…” Vs.

“A leading employer in the southeast, X is the only licensed manufacturer of Y in

Ireland. Customers include A, B and C. We are ISO 9000 certified…”

 10. Marketing Communications
• B2B vs B2C - marketing communications
• Marcom does not have to be glossy, sexy or expensive
Approach: what are my customers comfortable with ?
– Where are their eyeballs looking?

• Look professional
– Little and often - Consider frequency of “touching the customer”

– Marketing meetings, systems, secret is to pay it attention on an

ongoing basis, Always test messaging

 1. Keep building a strong business plan/deck
2. Cash is king
3. Deal with problems early
Past Participants 4. Seek help when needed
Top 10 5. Manage stress and your time
Recommendatio 6. Learn from mistakes
ns 7. Learn from others
8. Be realistic – know your limitations
9. Be aware of the wall – stay focused
10. Enjoy it
New Frontiers

Success Stories
 Past participants

N AT U R A L LY
CORDIAL
 Thank you!

Questions?

Eugene Crehan
@NewFrontiersSE @eugenecrehan

www.setu.ie/newfrontierswd
 New Frontiers 2023 – Value Proposition Builder
Business Name: Date:

What do you do?

Simple 1 line statement about what you do

Competitive Alternatives
How are your customers solving the problem you address today?

Target Customer
For B2B: segment, company, decision makers
For B2C: describe target customer

Key Differentiated Value Points & Proof:

For target customer- what unique value do you offer and how can you prove it

One line Value Proposition for target customers

<Your Business> is for <sector> like <customer> who <problem>. We offer them <your solution> which is better than
<existing alternatives> because <differentiator>.

One line Value Proposition for all

Your value proposition for everyone
 New Frontiers 2023 - Elevator Pitch Builder

Business Name: Your name: Date:

For
Target customers

Who
Experience a specific
problem
The
Your product / service
name
Is a
Briefly describe what
product category it is in.

That
Say what it does, the
benefits for the user
Unlike
What your competitors
do or don’t do
Our product
Say what’s unique about
your product
New Frontiers 2022 – Customer Empathy Map
Highlights from www.NewFrontiers.ie

https://www.newfrontiers.ie/blog/startup-in-waterford-dr-eugene-crehan

https://www.newfrontiers.ie/blog/new-frontiers-10-years-of-supporting-innovative-ir
ish-startups

https://www.newfrontiers.ie/blog/overcome-fear-networking-make-real-connections

https://www.newfrontiers.ie/blog/dermot-o-shea-taoglas-building-a-e100-million-bu
siness
https://www.newfrontiers.ie/blog/financial-advice-every-entrepreneur-needs-to-hear

https://www.newfrontiers.ie/blog/new-frontiers-startup-immersive-vr-education-list
s-on-irish-stock-exchange