Letterkenny saves its local economy

Letterkenny Chamber created the ShopLK initiative in 2004 to keep people shopping in the town. It has been so successful, other towns should take note. 
ShopLK, ‘Love Shopping Letterkenny’, an initiative to promote local shopping by using gift cards brought €1.5m in sales into the town in just three months. 
“Christmas 2017 sales increased by 16% with over 9,300 cards sold between November and January which led to €1,553,574 going into the local economy.”
ShopLK gift cards are now accepted in over 190 outlets across Letterkenny with more to follow. 

Letterkenny as a retail destination
The ShopLK idea came about to promote Letterkenny as a retail destination, rather than just the commercial hub of the county. The initiative has been able to grow thanks to financial support from Donegal County Council.
Letterkenny Chamber says it makes no money from the sale or redemption of gift cards so every cent brought in through ShopLK is invested back into the promotion of the service. 
“This is by far the most successful town scheme in the country and we are also outstripping shopping centres with similar gift cards,” says Leonard Watson, president of the Letterkenny Chamber. “We are always thankful all the outlets that support us. We know from our customers that they love the variety. The can get grocery shopping, petrol for the family car or spend the money on a treat, the choice is endless.”
“One-third of customers using the card almost always spend more than the value of the card itself.”
“The cards can only be spent in Letterkenny and we know that at least one-third of customers using the card almost always spend more than the value of the card itself. This is a huge amount of money to be circulating in Letterkenny. It not only puts money directly into the hands of local businesses but in turn plays

This post was originally published here - https://www.thinkbusiness.ie/articles/letterkenny-saves-its-local-economy/ on
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The end of online scams may be near

The year was 2016. Conor Lyden, a student, went to buy tickets for a Premier League match. What happened next was the reason he set up his award-winning business. 
 
Why was the company set up?
I set up the company back in the summer of 2016 when I was accepted into the Ignite Graduate Business Innovation Program in UCC. I always had an entrepreneurial side and this business stemmed from my frustration at the lack of options available to me when I wanted to buy tickets to watch Liverpool games in the UK. I had been scammed a couple of times and I felt there were no suitable solutions for people when they’re buying or selling anything online with people they don’t know, not just tickets.
“Payment apps lack buyer and seller protection.”
What need is the Trustap meeting?
Trustap is a transaction platform that acts as a safety net for customers when they want to buy or sell online with strangers. Trustap works like a personal escrow account. In each transaction, the funds are held during the delivery process, and then once the item has been delivered and the buyer is satisfied or the 24-hour complaints period has elapsed, the funds are released to the seller. This process provides value to customers by eliminating the trust aspect that is currently needed for online transactions with strangers and thus eliminates the chances of the users being scammed and suffering any financial losses.
What is the company’s USP?
Current person-to-person payment systems are meant to be personal, which means that you use the apps exclusively to transfer money back and forth with people you know and trust, such as your friends and family members. It isn’t meant to be used to conduct business with people you don’t know, even if you’re just selling your old bike or extra

This post was originally published here - https://www.thinkbusiness.ie/articles/buy-safely-online-with-trustap/ on thinkbusiness

A new age of cattle monitoring

This AgTech firm aims to save farmers money and time. 

AgVis, based in Oranmore, Co. Galway is developing and commercialising a smart connected cattle monitoring solution, for total herd insights, to bring value to the farm on a 24/7 basis. It’s a significant advance in precision livestock monitoring, using diagnostic sensors in an IoT device, allied with embedded artificial intelligence. AgVis founder and engineer, Denis Healy provides some background behind this exciting Agtech startup.
Innovation experience
I have over 15 years of innovation and problem-solving experience with my existing company OSTC. Most of our work is within the medical devices sector, working with some of the leading global brands. We offer a full-service engineering approach with product design, 3D printing, production, quality control equipment and services.
“A typical Irish dairy farm with 100 cows, is incurring associated opportunity losses, in the region of €30,000 per year.”
Why transition from Medtech to Agtech?
As a team we have powerful, hands-on experience and background in livestock farming – as well as real understanding and expertise of the myriad of technologies available today. We also believe that our track-record and domain knowledge will allow us to overcome any challenges that we may face along the way.
What problem are you solving on the farm?
Our focus is to assist livestock farmers within the calf, beef and dairy sub-sectors. The problem to be solved is opportunity loss, which is currently being absorbed by all farms today. In an Irish context, a typical Irish dairy farm with 100 cows, is incurring associated opportunity losses, in the region of €30,000 per year. The improvements we offer enhance animal welfare, food quality, sector sustainability, operational efficiency and profitability for all stakeholders, within the farm to fork value-chain.
The principal behind AgVis is the provision of a miniature multifunctional sensor in one piece, which is unique in

This post was originally published here - https://www.thinkbusiness.ie/articles/a-new-age-of-cattle-monitoring-herd-insights-agvis/ on
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EI invested €31 million in startups in 2017

Enterprise Ireland says it invested €31 million in Irish startups in 2017 and has launched a new regional Competitive Start Fund. 
Last year, 181 highly promising new firms, 55% of which are based outside of Dublin, were supported by Enterprise Ireland’s High Potential StartUp (HSPU) and Competitive Start Funds (CSFs).
At the annual Startup Showcase event in Croke Park, attended by over 600 people, EI announced a new €500,000 Competitive Start Fund for regionally based startups.
“In 2018 we will be putting a spotlight on companies in the MarineTech and DeepTech sectors.”
“Last year, we supported 181 high-quality startups. 55% of these companies are in regions outside of Dublin, in line with our strategic objective of driving growth at a regional level. Over one third were female-led startups,” says Joe Healy, manager, HPSU Division, Enterprise Ireland.
“In 2018 we will be putting a spotlight on companies in the MarineTech and DeepTech sectors. Our Competitive Start Fund for regionally based startups will open for applications on February 27, and I encourage any early-stage businesses and entrepreneurs based outside of Dublin to apply by 13 March,” says Healy.
An action plan
“The Action Plan for Jobs is clear in its focus on regional development and growth, and I am happy to see that more than half of the startups supported by Enterprise Ireland last year are outside of Dublin,” says Minister for Business, Enterprise and Innovation, Heather Humphreys TD.
Startups supported by Enterprise Ireland in 2017 include:

90 new High Potential Startups (HPSU) – startup businesses with the potential to create ten jobs and €1million in sales within three to four years of starting up.
91 new Competitive Start Funds (CSF), which inject critical early-stage funding into new businesses.
67 investments were in female-led startups amounting to 35% of all start-up investments.
Over half (55%) of startups supported during 2017 are based in regions outside

This post was originally published here - https://www.thinkbusiness.ie/articles/enterprise-ireland-invested-e31-million-in-startups-in-2017/ on thinkbusiness

Digital Cork and the global digital economy

Kieran O’Hea, the founder of Digital Cork, says all towns in Ireland need to engage more with the digital economy.
Can you tell us about your background and how Digital Cork came about?
I’m from Cork but spent most of my career elsewhere, working in multimedia, web and digital strategy. I had some great experiences, managing Ireland’s first Apple Mac design agency, co-founding its first DVD authoring studio and being appointed the first chief digital officer of Brisbane.
I returned to Cork two years ago from Brisbane and saw opportunities to create a Cork digital strategy, promote the digital sector and develop the local digital economy. I created Digital Cork to encourage digital engagement at a strategic level both in business and in local government.
“Every region in Ireland needs more people who are driving the digital agenda.”
What are your passions? What drives you?
My passion is to develop Ireland’s digital economy across cities and towns, with Cork as the pacesetter. Digital Cork has given me a platform to voice this passion and is succeeding in building awareness. A suite of projects is ready to implement, once resources become available.
What drives me is the desire to see Cork taking its digital economy more seriously. I’ve invested a lot of my own time into Digital Cork, identifying initiatives like the need for a Cork digital strategy and am driven by the belief that one day these initiatives will be approved and funded.
“More effort is needed to engage SMEs in the digital economy, with as few as 14% currently trading online.”
What would you like to see more of in Cork?
With new developments planned across the city, Cork’s physical landscape will undergo dramatic change, but more emphasis needs to be put on its digital landscape. Vision and planning are needed to secure Cork’s share of the global digital

This post was originally published here - https://www.thinkbusiness.ie/articles/digital-cork-kieran-ohea/ on
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FutureScope 2018

FutureScope 2018 is a conference aimed at promoting collaboration between entrepreneurs and multinationals.
Founders, CEOs and leaders from prominent firms, including Vodafone, Enterprise Ireland, Facebook, IBM, Google, Alltech, Blueface, Circle, Newswhip, Jobbio, Science Foundation Ireland and more, are looking to collaborate and share their views on what they see as the major emerging trends affecting their business.
“The central premise of the event is to create a platform for global multinationals, large innovative Irish companies and successful entrepreneurs to explore business opportunities,” says Michael Culligan, CEO, Dublin BIC.
Martina Larkin, head of Europe and Eurasia, World Economic Forum, is one of the big name speakers confirmed. Other speakers on the day include Jaime Cudden, Smart City programme manager at Dublin City Council and Barry O’ Sullivan, director at Insight Centre, with more to be announced.
Tickets to FutureScope 2018 are limited to 1,200. There will be 120 speakers and more than 40 exhibitors.
Key themes at this year’s event include the Internet of Things, data analytics and AI, the business applications of VR/AR, digital transformation and technologies driving the future world.
The event takes place on May 31, 2018, in The Convention Centre Dublin. For more, go here. 

This post was originally published here - https://www.thinkbusiness.ie/articles/futurescope-2018-and-the-future-of-tech/ on
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Reduce stress by taking control

Most of us are experiencing increased levels of stress, but it doesn’t have to be this way. Here’s how to take back control. 

One of the great advantages of being self-employed is having the freedom to make all your own decisions. You can shape the direction of your business and control what you do each day.

Despite having most of the control over their daily lives, business owners are feeling more stressed and less in control. Dedication to excellent customer service requires constant contact. Mobile technology requires instant response. As a result, a large part of the day can be spent on unplanned work. And the priority work for our business doesn’t always get done no matter how many plans or to-do lists we create.

“Why is the problem getting more prominent as our technology gets smarter?”

Stress and frustration

‘Doing it all’ can be both frustrating and stressful. And once that stress kicks in it can be hard to think straight. Hard to make the right decisions and hard to be strategic.

Too often we try to reduce the stress by working longer hours. But of course, in the long run, that’s bad for us and bad for our business.

So what is going on? Why are so many professionals feeling this stress? And why is the problem getting more prominent as our technology gets smarter?

The business world has changed

The way we do work has changed radically in recent years. But the problem is that few of us have adjusted the way we approach work to reflect this. Here is a list of some of these changes:

  • A constant stream of requests on multiple devices
  • Instant communication has created an expectation of immediate response
  • Our contactable hours are longer
  • We have decreased downtime to refresh and reset
  • All notifications disrupt us to the same extent
  • Our mobile devices are used in both work and personal lives

We need additional skills to deal with our changed world. And we need to strategically adjust the way we approach the working week.

how to reduce stress

A different approach to work

Most people in business apply good time management skills such as planning, scheduling and creating task lists. But these skills were designed for a more straightforward nine to five working day. There was a time when we left our work behind us and refreshed when we went home. We read books or newspapers on our commute and the only technology in our bedroom was an alarm clock.

Nowadays because of the constant flow of new work and requests throughout the day, we need to be able to: 1) continuously reassess priorities, 2) stay focussed on planned work, and 3) say no to less important work.

“Set weekly goals, so you have ongoing clarity about your priorities.”

1. Decision management

To reassess priorities quickly use a simple question: “If I say yes to this new request what tasks am I saying no to?” In a split second, you clarify what work is not going to get done if you take on an unplanned task.

But to make the correct decisions, you need to do a bit of background thinking and planning about the overall goals for your business. Then set weekly goals, so you have ongoing clarity about your priorities. Then your daily and hourly decisions about what to prioritise will be well informed.

2. Attention management

It can be hard to stay tuned in throughout the day to continually realise what is happening and where your time is going. This is because we often react to new requests without thinking of the time implications or we can spend too long on a planned task.

Who hasn’t done a quick email check and spent an hour or two longer than planned? The work you do might be important, but it may not be the most important thing at that moment in time.

To counteract this frequent use, you should employ checkpoints. Assess your progress as you move from one task to another. Ask yourself:

  • Am I still on track?
  • If not why not?
  • What (or who) distracted me?
  • How can I stop this happening again?

If you are spending too long on tasks, try using a timer to limit yourself and give yourself a chance to move on.

“Mornings are often best for working alone on tasks that require deep-thinking. Energy levels can drop in the afternoon.”

3. Energy management

Recognise the importance of refuelling and refreshing. Take breaks, eat good food, stay hydrated. These factors have an impact on our ability to focus as the day progresses. They also affect our ability to make the right decisions.

Be strategic about your day. Understand the times when you focus best and protect this time for the most critical work. Mornings are often best for working alone on tasks that require deep-thinking. Energy levels can drop in the afternoon so use this time for interaction with others which helps maintain your focus.

Be proactive, take control

In summary – the world we do business in has changed, so we need to change the way we do business. Reduce stress by taking control:

  • Be clear about your priorities
  • Re-evaluate throughout the day
  • Use your most productive time for your most important jobs
  • Say no sometimes (see our top tips on saying no)
  • Manage your attention using checkpoints and timers
  • Manage your energy by taking breaks and refuelling
moira dunne

By making some simple changes, you can take back control of your time. Be proactive, and your work life will be less stressful and more productive.

This guide is by Moira Dunne, BeProductive.ie.

This post was originally published here - https://www.thinkbusiness.ie/articles/how-to-reduce-stress-at-work-and-home/ on
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How to attract an Angel investor

World Business Angel Investment Forum chairman and angel investor Baybars Altuntas explains the fundamental principles of angel investing.
Experienced angel investors have a set of principles that they apply to every aspect of their work. If entrepreneurs hope to find an angel who will take their businesses to the next level, it is worth understanding these principles.
More than a simple ‘yes’ or ‘no’
Investors tend to avoid as simple as ‘yes’ or ‘no’ approaches to investment, preferring instead to consider every aspect of the proposal that’s been presented to them. Some elements come into play when concluding, such as an entrepreneur’s personality and background, and how compatible they are with their the investor and their approaches. For this reason, it is important to consider more than just the business itself, and think about how you want to present yourself as a person, a colleague and a business professional. What does your appearance, lifestyle or previous achievements say about you and how you are going to spend the investor’s money?
“While banks and other lenders look solely at the numbers, angel investors invest in passion, strong work ethic and personality.”
Risky business
Securing investment does not necessarily guarantee success in business. In fact, only one in ten scale-up firms that angels invest in go on to be financially successful. Not only should entrepreneurs be realistic about this statistic, but they should also understand how it influences the decisions of a prospective investor. Success is not a given, so you need to ensure your business plans, projections and preparations are thoroughly thought out, realistic and achievable. Investors are always considering their return on investment, so it’s crucial that you demonstrate why your business is worth them taking the risk.
More than just a paycheck
Although there are some angel investors who prefer to remain distanced from any ventures they

This post was originally published here - https://www.thinkbusiness.ie/articles/how-to-attract-an-angel-investor/ on thinkbusiness

A guide to hiking across Ireland

Caroline Allen worked in graphic design, accountancy and business innovation, before changing career to create The Ireland Way after developing a passion for hiking.
What journey did you take to arrive at where you are now?
Walking the Camino de Santiago in 2013 got me interested in hiking and provided the inspiration for The Ireland Way hiking trail, which I have spent the past three years working on. The guidebook, A Guide to Hiking the Ireland Way, was published in June 2017 and is now selling internationally. Currently, I am working on marketing and developing the Ireland Way brand and products.
Why are you doing what you are doing?
The Camino de Santiago was such an amazing experience for me that I thought Ireland should have one. The number of pilgrims walking the Camino de Santiago has increased an average of 11% every year over the past ten years showing a growing interest in long-distance walking trails.

What’s your USP?
The USP of the Ireland Way is that it goes coast-to-coast the length of the island of Ireland. At over 900 kilometres long, it provides a challenge, an adventure and a journey. Moreover, it enables people to experience the heart of Ireland by meandering through towns, villages, farmland and mountains as well as interacting with local people. Walkers and cyclists can explore Ireland’s wonderful myths and legends, castles and ancient megalithic sites which are dotted all along the trail.
“Moreover, it enables people to experience the heart of Ireland by meandering through towns, villages, farmland and mountains as well as interacting with local people.”
How did you finance your journey?
So far I have financed the project myself but will apply for funding in the coming year to reach foreign markets and attract more walkers and cyclists to the trail. The Ireland Way passport launched recently with which walkers and

This post was originally published here - https://www.thinkbusiness.ie/articles/a-guide-to-hiking-across-ireland/ on thinkbusiness

Teaching people to navigate the stock markets

Share Navigator is an Irish Fintech startup that teaches people how to invest in the stock markets and understand the risks.

Stephen Cox is a registered stockbroker with an MBA in finance and is the founder of Share Navigator, based in DCU’s Invent building. His business teaches people how to make their investments “go the extra mile” with real-time ‘practice investing’ in the financial markets.
What was the initial concept of Share Navigator, and what’s the endgame?
Share Navigator was initially set up to teach people how to invest sensibly in equities, and to show them how to use options as a way of managing risk. As the business evolves, we are adding a low-cost online brokerage service.
The kickstart
The big challenge for any startup is finding finance and capital to grow the business, and big marketing budgets are not a reality at this stage.
We have to be smart about how to move forward, so we will continue to build our user base with education, and then add the online brokerage service. We also have other projects that we are working on, which involve insurance policies for investors on their stock positions.
“We’re developing software to remove all the terminology and jargon.”
Before you start, you should understand the risks
Very few people understand what risk looks like when they’re investing.
We see a lot of people come through our doors labelling themselves as a low-risk investor, and when you take a look at their portfolio, they may only have three stocks in it – with half a million in those three stocks. This is typical. People don’t understand the concept of risk management, and this is the kind of behaviour people are reverting to, even after the economic crash. What we say in our training is that diversification works and investing in just one or two stocks

This post was originally published here - https://www.thinkbusiness.ie/articles/how-to-play-the-stock-markets-share-navigator/ on thinkbusiness