Networking

My top 10 takeaways (& one regret) from #Fintech20Ireland

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(L-R) Thomas Olszewski of Frontline Ventures, Mary McKenna, Pete Townsend of Norio Ventures, Alan Costello of NDRC

On Thursday I was delighted to participate in #Fintech20Ireland at UCD as a speaker/panel member.  The audience was a mix of experienced fintech and blockchain professionals working across the financial and insurance services spectrum in Ireland and beyond.  Some were startup founders, some were thinking about starting companies, some were well established and experienced practitioners.  Others were financiers, investors & sponsors.  Thank you to Simon Cocking, John Armstrong and the rest of the Irish Tech News team for running the event and for inviting me to speak.

I talked (honestly) about my own experience of angel investing from the angel investor perspective & I also covered the right & wrong ways to go about “bagging” an angel like me from a founder or startup perspective.  I do this talk because I see so many founding teams getting this so wrong.  I’ve written my tips on “How to Catch an Angel” up recently as a blog here.

We’re living in a time when there are so many events happening that it’s more important than ever to make sure that events you run or attend generate value for you so I thought it would be a good exercise for me to summarise the value I derived from participating & being at #Fintech20Ireland.

These were my key takeaways from the day:

  • Networking – this is always going to be top of my list because I believe that having the right network is the solution to most challenges encountered in business. #Fintech20Ireland allowed me to catch up with people I already knew, meet some new people and meet in real life a few people I’ve known for a while online.  If a few quality additions to your existing network is the only benefit you derive from attending a conference or event then in my view that probably justifies the time you’ve spent.
  • Following on from the previous point, I got offered some work by someone in the audience who’d been looking for specialist e-learning expertise – pure happenstance that I’d mentioned my own e-learning background briefly in my intro.  Serendipity is always nice.
  • I got to meet some other early stage investors that I didn’t already know. As I always say angel investing is a team sport so it’s good for me to meet other investors & hear what they’re interested in and more to the point what they’re investing their time and money in.  It’s good for me but it’s also good for my portfolio companies as investment is usually an ongoing process so it’s useful to be on the radar of a lot of different people.
  • Meeting & hearing from the numerous innovative Irish companies who are transforming financial services and who were present on the day. Giles O’Neill from Enterprise Ireland reminded us early in the day exactly what Ireland has going for it in the fintech space – an existing ecosystem, multinationals & startups working side by side, good & improving international links (I noticed 10 new US routes announced by Aer Lingus yesterday & don’t forget you clear US immigration before you even leave Irish soil), coverage of global fintech hot spots by the EI in-country teams, previous huge international success of some Irish fintech companies.  Giles didn’t make this next point but I will.  Brexit clearly offers huge opportunity for Ireland in terms of fintech and indeed financial services.
  • I met Barbara Diehl, Director of UCD Innovation Academy. Barbara used to work at Said Business School Oxford & I’m a member of SBS’s network of experts.  Colleagues at SBS had made an email intro for us some months back but we’d never actually met.  Barbara was also moderating an innovation panel on the day so I got to see her at work before we had our chat.  It’s always useful to see if there’s anyone else from your wider network you can meet who works in the venue where the event you’re attending is taking place – especially if it’s a large university or corporate or government building.
  • My favourite quote of the day came from Charles Dowd, CEO of money messaging app Plynk. The “tips for startups” panel members were asked what success looks like.  Always a great question to ask a startup.  Charles replied “Success equals doing what you love – but with metrics”.  I love it.
  • There was an incredible Gartner quote mentioned on the day. 30% of university accreditation will be done via blockchain by 2020.  It seems a little ambitious to me – not because of any blockchain technology limitations but because of the glacial speed that universities move at.  This merits more investigation so watch this space for a future blog on this topic as it’s one that interests me.
  • I heard some fabulous stories on the day – both from the public stage and a few more scandalous ones that were whispered quietly in the breaks. Stories are the other part of what makes the world go round.
  • I enjoyed the variety of the panel debates but especially the discussions about how to find & retain the right people for your team as you scale (there was a side discussion about ageism in the workplace and the massive missed opportunity this results in. See Greg Canty’s blog on this here if you’re interested in diversity in the workplace).
  • It was very useful to be reminded that most money can be made in fintech by focusing on the boring stuff – regulation, GDPR – and that early money in blockchain will be made addressing points in the ecosystem where trust is costly. I guess that’s why I’ll never be rich.  I can’t bring myself to work on boring stuff but I can see how it’s an opportunity.

My one regret of the day is that I missed Thomas Power‘s future trends talk in the afternoon but it was great to see Thomas in Dublin.

I’ll leave you today with a question one of the delegates asked me in the morning coffee break. I have £10k set aside for a new kitchen…should I spend the money on a new kitchen or invest it in a startup? I’ll leave you to decide what my answer was.

“Business is about people; network every day of your life & learn how to hustle, not hassle”

That was my key message on Saturday at the 2nd annual Ada’s List conference in London.  It was also Ada’s List’s 4th birthday.  If you haven’t come across it yet Ada’s List is a global & supportive community of women in tech.  Currently membership is highest in London (2,800 members) and New York City (500) but there are pockets all over the world & all of them are growing.  If you’re a woman in tech I urge you to sign up & get involved.  The community is run by a group of volunteers and is seeking additional people to volunteer around content creation and community management and like all not for profit groups any financial donations would always be most appreciated.

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My own girl gang representing the 4 proud provinces of Ireland – Sinead Crowley, Mary McKenna, Mary Carty, Denise McQuaid (L-R)

I’ve been a member of Ada’s List since the start but this was my first experience of real life engagement with the community & it was such a positive and joyful day.  It was also an honour and a privilege to be selected to present a short talk to the conference.  My talk was “How to Catch an Angel” – but more about that later in this blog.

The day was an upbeat mix of talks, workshops, sharing of personal stories and networking.  I was there with my own “girl gang” – Sinead Crowley, Denise McQuaid & Mary Carty – and we had a great day – listening & chatting (& laughing) in equal measures.

Highlights for me were the two keynotes that bookended the day – Shefali Roy’s about her own career & personal choices and Debbie Wosskow’s about the things in life that she considers important and what drives her.  A couple of nuggets to pass on from Shefali are how despite being a true high flier she’s never worked a weekend in her life.

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Shefali Roy addressing the Ada’s List Conference

Speaking as someone who pretty much works every day I found that astounding and it’s really made me think about how I spend my own time.  She also (hilariously I have to say) conducts an annual cull of her network – online & offline.  Again – something I would never do.  Mine just continues to grow with new additions falling into the many concentric circles of closeness to me.  I’m too scared that one day one of those “weak ties” out in the outer limits of my Saturn’s rings might be THE ONE.  Debbie talked about the 3 Gs she relies upon to keep the wheels on as she powers through life at a terrifying pace and indeed what she looks for in the teams she invests in – graft, grace & grit, and an extra one for good measure – her girl gang.  Every woman in tech or woman in business needs one of those!  Her principles are pretty self explanatory but they can also be interpreted as hard work (I’ve written & talked about this a lot – there’s really no escape from this as an entrepreneur & anyone who tells you anything different is quite simply a liar), being nice (again, karma is something I refer to a lot & it’s unbelievable how far just being nice to other people will take you) and grit or resilience – the quality that makes you keep going no matter what.  If you don’t have grit you’ll never make it as an entrepreneur so be brutally honest with yourself.

The other speakers were great too & covered topics like how to keep your high performance culture when you’re scaling up (trust me this one is easier said than done!), using VR to improve behaviour towards women in the workplace and an interesting talk on how technology is & isn’t fuelling growing intolerance in society – very relevant with hate crime in London up by 29% in the last year & no that isn’t a typo.  Sadly I missed the workshops because I was conducting a couple of confidential entrepreneur 1-2-1 sessions but reports about them were glowing.  So – definitely one for your diaries next year & please do engage with the Ada’s List community in the meantime.

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Yeah I used to be an accountant; anyone can change career if they want to badly enough

Anyway – on to my own talk.  Instead of a personal story I elected to give a brief 15 minute primer on how to practically go about finding suitable angel investors to bring into your fledgling business.  I chose this topic because as a female angel investor I’m often at the receiving end of startups and entrepreneurs who are getting this wrong and that can lead to a lot of frustration and bad feeling on both sides.  Before I start a quick proviso – this is a blog around my own personal experience…other angel investors may well behave differently.  Really the title of this blog tells you all you need to know about this dark art in a nutshell and it’s important when you’re seeking investment to keep in mind that angel investment is usually a team sport.  I’ve angel invested in 6 early stage tech businesses and only once have I gone in solo, with the other 5 I’ve either brought in other investor friends of mine or they’ve brought me along.

What I look for

So, in a startup I look for a female on the founding team, a product or service I can imagine using myself, usually something I can add considerable value to by either introductions to my network or by merit of my own experience, an element of tech for good (or else there’s no point IMHO), authentic & honest founders, deep domain knowledge & understanding of the challenges they are solving and awareness of competitors & where they are in their development, the tech in house or if very early stage an ability to bring the tech in house, honesty about traction, founding team resilient & able to pivot and a founder who can front the business without being arrogant & smartass.  Finally I need to like them.  I assume we’ll be working together for 3-5 years, maybe longer, and life’s too short to do that with people you don’t like.

Stuff that makes me run for the hills

A know-all founder who is uncoachable, unrealistic valuation, founder not authentic or a feeling that they are dishonest, discovery that the founder has more than one focus (in a band, would rather be deep sea diving, is unrealistic about the amount of work that’s going to be required), a founder who a few months into our relationship shows they are unable to respond to change or pressure, a founder who is anxious, needy, deluded, arrogant, ego-driven, greedy, selfish, brattish, indecisive…there’s probably more.  Top of the list is that the idea is simply a bad idea.  There are loads of those about!

What startups/entrepreneurs should do and shouldn’t do when “shopping” for angels

Do your homework and have a strategy.  I’m always amazed when strangers pitch to me without knowing anything about me.  Why bother?  Are they just hoping I will let them practice their pitch?  Check out who is actively investing & who’s interested in your space.  Most important is to get warm intros to the people you want to talk to and that requires that you spend a lot of time building out your network.

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I never get tired of sharing the Elemental story

Don’t settle for people who behave like assholes.  Respect yourself & your business idea & keep looking for more suitable investors.  I promise you that anyone who behaves badly pre investment will be much more badly behaved when they’re one of your shareholders.  Don’t send pitch decks by Twitter DM to people you’ve never even met.  Don’t send pitch decks cold by email or via LinkedIn.  Learn how to hustle nicely.  You must have a warm intro.

Of my 6 investments, two I’d already known the founder for years, one I had a year long mentoring relationship with one of the founders before investing, one I saw at a pitching event but I spent a year getting to know her before I invested, two came through my network.

What I’d like to see more & less of

I’d like to see less badly researched ideas or solutions for non existent problems and less “me too” companies.  I’d like to see more startups with customers & revenue, more real innovation around new tech, more stuff for women that isn’t health/beauty/fashion/lifestyle, more startups tackling big social challenges.

I mentioned in my talk that one of my investee companies, the female founded social prescribing leaders Elemental Software, raised £300k this summer in only 43 days from first pitch to money in the bank – you can read the story of how they did that here.

I hope this blog is useful for anyone considering accessing angel investment.  It’s very much about people & chemistry & personal preference – we aren’t VCs and many of us are motivated by more than money – so keep that in mind when you’re doing that homework I mentioned earlier.  Final word – you can find out more about Ada’s List and join here.  I look forward to your feedback/comments.

3 days in Dubai – jumping in at my new startup’s deep end!

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Day 1 on the stand, Leeann Monk-Ozgul, Mary McKenna, Jennifer Neff, Dr Ola Aldafrawy of Dubai Health Authority, Alastair Hamilton CEO Invest NI, Swathi Sri Invest NI

I announced a week ago today that I’ve begun the New Year with a bang by formally joining Northern Irish tech for good startup, Elemental Software.  I say “formally” because I’ve been the company’s mentor for the last 10 months via Northern Ireland’s excellent Propel programme.  For anyone else who’s old enough to remember the 1970s it’s been a bit like that old Remington ad with the smooth as silk American entrepreneur Victor Kiam… Joking aside I can thoroughly recommend working in a company as the best possible way to conduct due diligence prior to investment and would be interested to hear from any other angels who’ve done the same.

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The three of us at one of the parties – oops – I mean networking events

Elemental’s co-founders are Leeann Monk-Ozgul & Jennifer Neff & believe it or not they met through their mutual love of diagrams…which in my book is as good a way as any to identify a business partner. Both women have a strong track record in designing and managing community programmes and both have worked for many years in the tricky interface that exists between the private, public and third sectors. Even better, Jennifer and Leeann are both from Derry and it makes me very happy to continue supporting economic growth in the North West of Ireland by backing another local company that is without doubt destined for huge global success.  Indeed, the golden thread that links the three of us is no other than Sir Ken Robinson – yes – he of “schools kill creativity” TED fame.  Jennifer, Leeann and I were all at Sir Ken’s March 2011 talk in Derry but we didn’t know each other at the time.

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Sir Ken Robinson in Derry with his mug on a mug

They saw me taking photos and wondered who I was and they loved his talk so much that they eventually based their company name on Sir Ken’s book “The Element: How Finding Your Passion Changes Everything” – far more sensible than what I did as a result of meeting him which was put his face on a mug (or should I say a cult collectible!).

Elemental provides an early to market digital solution that eases and addresses an escalating set of health related social challenges. Social prescribing is described as a way of linking patients in primary care with sources of support within the community. It’s as simple as that and it gives, for example, GPs a non-medical referral option that will run alongside existing treatments to improve a patient’s health and well-being.

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Jennifer, Leeann & I with Ambassador Pat Hennessy, Irish Ambassador to UAE

This past week Jennifer, Leeann & I have been exhibiting at Arab Health in the World Trade Centre in Dubai.  Thank you to all those people who opened their black books for me and made introductions before our trip out there.  It was my first time visiting the Middle East on business and there was an awful lot to take in in a very short space of time.  Dubai itself is easily accessible from Ireland with 30 direct flights a week from Dublin and only a 4 hour time difference.  The city has the feel of a pioneer town and I can see why so many Irish and British people (young and old) are out there seeking their fortunes.

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Jennifer and Leeann presenting to Nicola Blackwood MP at our stand

Arab Health in itself was an experience and a half.  Vast doesn’t come close with 40 country pavilions and 20,000 visitors a day.  We were lucky in so many ways.  We’d been selected to participate in the Invest Northern Ireland stand and as one of our co-founders, Jennifer Neff, has already been working with potential UAE clients for a couple of years she was able to line up days and days worth of useful meetings in advance.  We weren’t so lucky on the accommodation front.  Booking.com let us down badly by cancelling our booking on the day of our arrival in Dubai and it was incredibly difficult to find somewhere to stay at such short notice.  However, in the spirit of making lemonade from lemons we embraced the opportunity to stay for a few days in a more authentic part of the old town and see some sights we’d have otherwise missed.

Elemental is about to roll out the first social prescribing programme in the United Arab Emirates region, connecting key stakeholders in diabetes prevention and supporting patients most at risk to make better lifestyle choices, enhancing their quality of life and reducing demand on health services.

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Three of us with Dr Mohammad

Being at Arab Health was an amazing chance for me as an investor and part time resource to meet some of our contacts face to face and to hear from them first hand how they love the simplicity of our platform and how they intend to use it.

We were also lucky to be selected as one of the UK companies that MP and Minister for Public Health and Innovation, Nicola Blackwood, requested to meet with when she was at Arab Health earlier this week. It was wonderful to have the opportunity to explain how our social prescribing platform will help improve people’s lives to someone who feels as passionately about social justice as Nicola does.

Around the edges of the conference we networked with our Irish business community friends and colleagues, attending a number of events including that hosted by His Excellency Ambassador Pat Hennessy, Irish Ambassador to UAE (and at which Irish Minister for Employment and Small Business Pat Breen TD and Dr Mohammad Abdulqader Al Redha of Dubai Health Authority spoke so well).

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With Minister Pat Breen TD at the Enterprise Ireland networking event

Dr Mohammad is an alumni of the Royal College of Surgeons Ireland and having spent 8 years in Dublin is truly an honorary Irishman.  It was great to also squeeze in an early morning healthcare focused business breakfast with the Dubai Irish Business Network, to manage to see our good friend Eithne Treanor a number of times over the course of a few days and to meet our friend Barry Lee Cummings who works with his Northern Irish counterpart Wayne Denner on a worthy mission to help young people better manage their online reputations and combat cyberbullying.

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With Irish powerhouse Eithne Treanor at the Dubai IBN breakfast – if you only knew one person in Dubai but it was Eithne you’d be ok!

They say a week is a long time in politics but I can confirm it’s also a long time in a busy startup.  For anyone out there who’s seeking their own angel and wondering why I picked Elemental from all the hundreds of approaches I get these are the reasons I’d have given you if you’d asked me last Friday – awesome female founding team, growing social prescribing market, powerful product that’s also simple to use and understand and the fact that it’s tech for good.  A week later I would add – co-founders that are both great on their feet, deep customer and sector knowledge and a level of commitment and hard work I’ve never seen in another startup.  Keep your fingers crossed for us and watch our progress.  Life in a startup is never easy – even when everyone’s on message, working their butts off and the planets all seem to be aligned. Comments welcome as always.

Interested in learning more about the benefits of social prescribing? Read Dr Marcello Bertotti’s expert opinion piece here

Elemental participated during 2016 in the Propel programme funded by Invest Northern Ireland and driven by the magnificent Diane Roberts. Any startups wishing to join a current and excellent accelerator in Belfast should consider Diane’s new venture, Start Planet NI

Interested in having a conversation with Elemental Software, contact us via Jennifer at jennifer@elementalsoftware.co

25 Takeaways from Northern Ireland’s GovCampConnect

govcamp-timetableThis weekend I’ve been participating in Ireland’s very first Govcamp.  For the uninitiated, govcamps are unconferences for people who work in & (most importantly) around all levels of government.  The govcamp movement in the UK was started in 2008 by Jeremy Gould.  If you’re interested in knowing more about the history, there’s an interesting blog from Stefan Czerniawski here with a lot of relevant links.  Don’t be put off by the title!

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L-R Dave Briggs, Jeremy Gould & Steph Gray – yep – you can tell who the sensible one is!

Regrettably I wasn’t at Jeremy’s first ukgovcamp but I’ve been to many of those that have taken place from 2009 onwards, the year the baton was passed to Steph Gray & Dave Briggs.  I love the informal & interactive format of unconferences – a polar opposite of the somewhat antiseptic TED talks where an “expert” or “personality” lectures us & then disappears without any challenge or interaction.  Yesterday was an inspiring and positive experience from start to finish and a great way to spend part of a weekend.  These are my key observations and positive/negative takeaways in no particular order.

  1. Surely this is the first ever govcamp to take place in a genuine castle; the beautiful and slightly decaying mock gothic Narrow Water Castle near Warrenpoint.
  2. We joined up with our colleagues at Govcamp Cymru via a Skype link for “randomised coffee trials” – a phrase coined by our colleague Esko Reinikainen who is a true one-off in every sense.

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    Dave McKenna on the live videolink with Govcamp Cymru

  3. Govcamp (and any unconference) remains a great opportunity to catch up & interact with a lot of interesting people in a single day and to add a few new people to your network.
  4. It’s an easy way to get up to speed with anything of note that’s happening in government in your own locality; it was especially useful for me as I’ve been away from Northern Ireland for the past 4 years.
  5. All govcamps fall into two main factions as the day progresses – the data geeks and everyone else.

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    The enthusiastic Open Data Institute NI gang – infecting us with their crazy data love – L-R Andrea Thornbury, Bob Harper, Lisa McElherron, Stephen Gray

  6. As usual there was scant senior civil service and local government representation and a complete absence of local politicians or ministers. Why is that?  They all say they want to embrace digital and they even make grandiose statements about using technology to close the divide between the haves & the have nots – but not enough it seems to come to Warrenpoint on a Saturday and engage with a grass roots community keen to help them achieve the practicalities of this.  Frustrating and disappointing.
  7. I learned a new phrase from Bill McCluggage – Steal with pride – I’ll be stealing that one Bill!rules
  8. A reminder of The Rules – surely not just for Govcamp but for all of life itself…see the pic.
  9. The phrase “this is just for within these four walls and is not for Twitter/not to be repeated” preceded a lot of interesting & juicy tales about government shenanigans – I wish we could change this environment in government & in Northern Ireland especially. We’ve come a long way but more honesty & transparency would be very welcome by a lot of citizens.
  10. I am personally bringing some of Northern Ireland’s (sensible) digital disruptors along to the next govcamp – top of my list is Matt Johnston, Roger Warnock & Barry Adams. I would’ve loved to have heard their take on some of what we discussed yesterday.  I’ll transport you all in the Fig if necessary J  That alone will be worth filming.
  11. Yesterday convinced me that the public sector should be forced to stay away from everything to do with smart cities until they have grasped the joined-up nature of what they are trying to achieve. Sad to hear about scores of expensive, over-engineered solutions being pitched to councils and the inevitable reinvention of the wheel that is occurring.  Another attendee whispered to me that in his view the Smart City initiative seems to be an elaborate money laundering scheme.    It isn’t sufficient for the public sector to be “engaged & willing”.  They need to make it their business to be properly informed and able to play their role effectively.
  12. I heard some great stories & attended a couple of really good sessions including Eoin McFadden’s on why failure matters & the difference between good & bad failure.
  13. Refreshing to attend a large event outside of the cities and it was so much fun to visit Warrenpoint.
  14. Despite the spotlight of recent years, public sector procurement is still a complete & utter mess, especially in Northern Ireland with the continuing usage & dominance of Central Procurement Directorate. Why is this allowed?
  15. Dave Briggs once said the day after govcamp is the most depressing day of the year. His rationale was that it’s the day all the changemakers have to go back to real life & face up to the daily frustrations of their job.  The challenge of doing something with all the “stuff” that’s discussed on the day remains.  LinkedIn, Slack etc are all woefully inadequate for continuing conversations.
  16. Money exists, at least right now in Northern Ireland, for small R & D pilots & innovation projects. See SBRI & #ODNI4EDU for starters.
  17. I enjoyed re-hearing some of Northern Ireland’s familiar government war stories – Eoin McFadden’s triumph with the chicken poo challenge is a particular favourite. You can read more here if you’re intrigued.
  18. I was reminded that there’s always a way if you have a network you can go to & discuss things if you’re stuck or struggling or failing – and that’s good to know as a lot of people battle away with projects on their own.
  19. Civil servants should be encouraged to be more open and transparent because the rest of us benefit enormously when they are.
  20. I learned a new word – pretotyping. Fake it before you make it.  More here
  21. The ones on the bus started imbibing at 2pm and that made them happy – well it was Saturday after all.
  22. Northern Ireland needs more people like the very articulate & totally on it Andrew Bolster. I award him my “Person of the Day” prize for his contributions to #gcc16 – thanks Andrew and thanks also for introducing me to Club-Mate … now all I need to know is where I can get more …
  23. Government to the innovator – “Sorry but your idea doesn’t match my programme”. Honestly – and excuse my language here but isn’t it about time we thought about how to change the f***ing programme.  How can this still be acceptable/happening?
  24. I have a lovely warm feeling today after spending 2 evenings and a day with the NI govcamp gang and I wish it could’ve been longer. This weekend has restored my love of the UK & Irish public sector and the people who work in it and yes I did use that phrase “if you cut me open I’d bleed public sector” in my own session.  Why?  Because it’s true & because I care.minecraft-kids
  25. The kids who pitched the last session of the day (a fabulous business case built in Minecraft for a new park in Newry) quite rightly owned the day. We are that awkward generation who aren’t true digital natives and all of this discomfort in government will soon pass.
  26. A bonus point – there are always some moments of complete hilarity on the day. Yesterday’s belly laugh was provided for us courtesy of Bill McCluggage.  It began with an audience member chipping in “As the author of that report…”  Hahaha – you probably had to be there for it!

What else do I have to say on this topic.  The format & rules are key & not to be tinkered with.  I remember one excruciating event at a past UK govcamp when a certain much loved & admired civil servant announced to the organisers that he would be appearing to give a keynote speech at a certain point in the afternoon & it was permitted.  Why I don’t know.  I was saddened that the ecosystem that existed at the time meant they didn’t tell him he’d need to turn up at 9am & queue up with the rest of the pitchers.

I’d like to thank the organisers Brian McCleland, Stephen Barry & Jonny McCullagh and we’re all very grateful for the generosity of the sponsors for funding a great day.  You’ve proved once again that a small number of enthusiastic and committed people can make pretty much anything happen.

Special thanks to the people who travelled a long way to be with us yesterday.  Suraj Kika of Jadu, freelance agile coach Mark Dalgarno, Rebekah Menzies of the Carnegie Trust, Deirdre Lee of Derilinx, Vanessa Liston of CiviQ and Brian Marrinan of Journey Partners.  Apologies if I’ve missed anyone.  I hope you made a lasting connection to Northern Ireland and we very much look forward to seeing you all again soon.

My Top 5 Tips for Success for Women (or anyone!) in business

Network Dublin 2I was delighted to join the Network Dublin women in business gathering in June in the Intercontinental Hotel in Dublin’s Ballsbridge.  I was keynoting at their annual awards lunch.  There was a broad mix of women present from startup entrepreneurs and solopreneurs to seasoned small business owners to women from the corporate world.

Spending time with other entrepreneurs and hearing their stories is my favourite pastime – even moreso when it’s other women.  There are so many women out there starting and growing fascinating and profitable businesses that we just don’t hear about – either because they’re bootstrapping and don’t need external investment so the government agencies and venture capital providers aren’t involved or they aren’t large scale exporting or they just aren’t part of this month’s “flavour of the moment” sector.

Network Dublin with Barbara Moynihan

Great to bump into fellow IIBN member Barbara Moynihan of On Your Feet in Dublin – Barbara was up for one of the Network Dublin awards

At the event we had representation from niche childcare related businesses to owners of health & beauty businesses and spas to a dating coach, a number of specialist healthcare providers, the usual sprinkling of corporate marketeers and business development managers, life coaches and even a woman who promised to allow you to enjoy your morning meditation anywhere in the world through the magic of VR.  All had a story…or a number of stories.

You all know the saying – If you want something doing, give it to a busy person.  Well our Network Dublin group was made up of exactly those busy women.  Everyone I chatted with had a couple of jobs, a couple of side projects on the go, a couple of charities or causes they were involved with and a family to keep on track as well.

Before I move onto the advertised blog content, I’d like to give a quick shoutout to our charity partner of the day.  It was Hugh’s House in Dublin.  Wow – what a project.  The founder is Ade Stack.  During her own baby’s hospital treatment, Ade learned that overnight accommodation in Dublin’s Temple Street and Rotunda hospitals for parents and guardians of children receiving care was both sadly lacking and grossly inappropriate so she decided to do something about it.  In the past I’ve joked that Irish comedian Dara O’Briain was a nightmare to follow onto a speaking platform but it was much harder to follow Ade Stack’s 4 minute pitch from the heart.  There wasn’t a dry eye in the room.  It’s a fabulous charity so if you can volunteer or help out in any small way then please do.

The main substance of my talk was 5 Top Tips for Success for women in business written from my own perspective and experience.  It was incredibly hard to get the list down to 5 but without further ado, these were the ones I chose:

1 Take a #GiversGain approach to business and life

There are so many elements to this but it’s a theme fundamental to how I operate and have always operated and it works for me and many other people.  Also called paying it forward, paying it back, karma and a multitude of other titles – but I like the #giversgain label that Camilla Long introduced me to.  The basic premise is to help other people and do so on the basis that you will receive nothing back in return.  The reality is if you give to the world, it gives back.

So – have a mentor but be a mentor too.  When networking, be generous with your introductions or give some of your content away without the expectation of something in return.  Positivity breeds positivity.  Enjoy yourself at work and in business and do the things that feel right to you.  In networking I’ve always just collected interesting people that I get on with and like.  I’ve never targeted people that I think might be able to do something for me – that just doesn’t work and I’d feel uncomfortable doing that anyway.

At the end of the day, people buy from people they like and as all opportunities are attached to a person or a group of people, goodwill will take you a long, long way – be it in procurement or recruitment.

Always help the people that you’re a bit further ahead than and remember Madeleine Albright’s words – “There’s a special place in hell for women who don’t help other women”.

2 Work Hard – I’m sorry but there are no shortcuts

At least none that I’ve ever found.  Whether you’re scrabbling your way up the corporate ladder or starting a business, putting in the hard yards in terms of time and commitment is critical, especially in your startup’s early days when you’re the main resource or in the early part of your career when you don’t have much of a track record.  I can remember sitting next to a young entrepreneur at dinner one evening and I asked him how he would cope when his only option was less sleep & he said to me – that won’t happen because I’m capping my working week at 60 hours.  He was really annoyed when I replied – Your startup will fail.

Obviously it isn’t about working 100 hours every week but you must accept that success requires work and work takes time.

There are plenty of people out there who will sell you books or courses telling you something other than this but in my experience there is no substitute and those shortcut peddlers are either lying or much smarter than me.

My own worst example of this, and one that I’m not proud of in retrospect, is joining a 1 hour sales Skype call on my wedding morning in 2014.  However, I made a call at the time that it was necessary to be in the conversation and the government agency we were pitching to refused point blank to move the date.  Worse still, we didn’t win the work.  You will know your own reasonable limits and these are different for us all.

 

Final word on this point – you do need to stretch yourself.

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Muhammad Ali – Dancing in the Lights

Cruising along in a well worn and comfortable spot will not bring you the success you’re capable of.  Remember the late Muhammad Ali’s words when someone asked him what it was like being in the ring.  He replied “Out here I’m just dancing in the lights; the real work is done in the back room”.  Enjoy your moments in the limelight but don’t neglect the grafting that needs done.

3 Celebrate All Your Wins – big and small

At the end of every working day, write your greatest achievement of the day in red pen at the top of your paper diary.

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My nephew Gene on one of his birthdays

Some days it might be a big win such as hearing you’ve successfully secured that promotion or received the £50k sales order you’ve been chasing and other days it might be something small such as getting to the end of the day without giving up or clearing those admin tasks that’ve been bothering you for weeks.  As the weeks and months go by, you have a visible and tangible record of your achievements and if you’re ever feeling a bit low or in need of some encouragement, you can flick back through your diary, see how far you’ve come & relive some of the glory of your past successes.  I pinched great idea this from my friend and IIBN colleague Susan Hayes, The Savvy Economist.  In her TEDx talk (5 Key Ways to Define Yourself & Turbo Boost Your Career) Susan describes how she used to do this in the very early days of starting her own business, but it works for many different scenarios and it’s both effective and very easy.

In the early days of your startup, make sure you work towards and measure some milestones, however small.  Ensure everyone in your small team shares and knows this week or this month’s goals and when you get there, take a short break to recognise and mark your collective achievement.   If it’s a Friday evening, take everyone out for a quick drink or a bite to eat and celebrate what’s gone well that week and what you’ve achieved.  Take the time.  It matters and you’re worth it.

4 Don’t Procrastinate and always move things along at pace

Procrastination is a savage thief of time and so much more.  I read a really good (long read) blog about this topic recently and I recommend a read here if this is something you know you’re prone to.  If it is, this blog will scare the life out of you.  I’m not too bad.  Life in an early stage startup improves the speed with which you make decisions and reduces the amount of information you require before a decision can be made.

For years now I’ve managed my own working life using the Eisenhower matrix (the Important/Urgency grid) but the trick you mustn’t miss is to remember the Important/Not Urgent box as this is the one that drives your long term career or business strategy.

The bigger the organisation is that you operate within, the more need there is to spend time formalising and streamlining your decision making processes.  The glacial pace of decision making was what drove me out of the public sector years ago.

Keeping things moving along on a daily, weekly, monthly & yearly basis according to a plan in your head or on your wall or shelf is a real skill but one that’s definitely worth perfecting if you can.  Teach your newbie team members how to make swift and good decisions and you’ll have a much happier and productive workplace.  Everyone likes to see and feel progress.

5 Have a Plan

I like the Sheryl Sandberg quote “Option A is not available so let’s kick the s*** out of Option B”.  Sheryl Sandberg used to annoy the hell out of me with her Lean In preaching but I feel better disposed to her after the way she has subsequently revised some of her earlier recommendations for women in business since her own sad personal tragedy happened.

It’s good to have a plan, but it shouldn’t be fixed in stone.  You need to incorporate an element of flex and you also need at least a Plan B – but probably a less fleshed out Plan C & Plan D as well.  We live in uncertain times and technology has introduced a pace of change into many occupations that would previously have been difficult to imagine.  My Network Dublin talk happened on the day that the reality of the Brexit referendum outcome began to emerge.  Prime Minister David Cameron had literally just resigned and my audience & I mused over what his Plans B & C or D might have been as he went to his bed the night before.  Indeed – we wondered if he had any!

I hope you’ve enjoyed this blog & please do send us your own Top 5 Tips in the comments below.

What’s In A Day?

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In just under 6 weeks time we move back home to Northern Ireland after spending the last 4 years slap bang in the centre of London.  I’m a little panicked by the thought of everything I still have to do in my remaining 42 days…or is it now 41…or maybe even 40.  The last time I glanced at the list in my book there are some 50 or so people I’m hoping to catch up with for a coffee before I go and I have another list on the go of places & restaurants I want to visit.  All of this got me thinking about how we choose to spend each of our days.  UK life expectancy is currently 81.5 years and that equates to just shy of 30,000 days on earth.  Seems like a lot doesn’t it?  Indeed, one of the most chilling questions I’ve heard posed recently was at TedXBrixton a couple of years back when Peter Cochrane, futurologist, asked the audience what quartile of their lives they considered themselves to be in.  (I’m hoping & praying I’m in my 3rd & not 4th).

So – how do you spend each of your days?  This is what I did with mine yesterday:

6.30-8.30am Woke up, listened to R4 Today programme (even though it makes me angry & I do sometimes end up shouting at the radio – any credible alternatives gratefully received) & read online – news, articles, email, Twitter.  My favourite piece on the radio yesterday was hearing John Caudwell (founder of Phones 4U & famous for being the UK’s biggest ever tax payer) preaching about tax avoidance in the midst of the #PanamaPapers row.  I don’t agree with John’s politics or his stance on Europe but I do believe that everyone should pay their fair taxes.

8.30am-midday I spent this time making a number of connections for entrepreneurs I’ve met with this week & last.  One of the most important parts of networking is not attending events & collecting business cards for yourself; it’s making useful connections for others & bringing people together for the greater good of the group.  All the best networkers I know – Oli Barrett, Marc Ventresca, Denise McQuaid, Tom Holmes, Sinead Crowley – all operate along the same lines – in order to get it back, first you have to give it away.  This month for me is all about blockchain (I’m looking at potential applications of blockchain for the wider public sector & have a few interesting meetings coming up so watch this space) and social prescribing so this morning I had a great Skype call with the guys at Bitnet Technologies in Belfast & another Skype call with a couple of Irish entrepreneurs who’ve got an interesting community driven social prescription model & solution.  I also answered a large number of emails – my least favourite part of yesterday – and I noticed that the UFI Trust have this week announced their VocLearnTech Fund 2016 so I had a quick Skype with Sarah Axon to find out a bit more about it before promoting it out to my networks.  It’s open until 12 May & you can find more info here if you’re interested in applying.

Midday-1.30 Time for a swim.  I try to swim a mile every day if I can.  I’m lucky in that there’s a 20m pool in the basement of the apartment block we’re renting in.  I treat it like meditation – no phones, no emails – just your own head & your own thoughts.

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The 50m outdoor pool at Laugardalslaug in Reykjavik

It’s an incredible way to settle your head & solve problems or challenges you’re struggling with.  I had the pool to myself yesterday which is always a bonus.  I’m a slow swimmer but that’s ok.  When I started back in the pool on 29 December my time for a mile was 1 hour.  Yesterday it was 49 minutes.  I like visible improvement, even if it’s gradual.  My best swim this year so far was in the outdoor 50m pool at Laugardalslaug in Reykjavik.  It was January and in the middle of a fierce snowstorm – but the water in the pool is geothermally heated to the temperature of a warm bath and it was amazing to feel the icy snowflakes landing on your shoulders and back.  Swimming is a real pleasure these days as it was something that I had to give up when I was in a startup – I just couldn’t spare the time.

1.30-4pm Phone calls with associates, new people in my network, a couple of people that I’m working with, a chat with my Mum (very important to make that call every day), a nice call with the team from the Centre for Entrepreneurship at the University of Oxford that I’m hoping to work with this year.

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Nice to run into my friend & fellow Northern Irish lass Maxine Mawhinney last night

I believe it’s important to chat with people on the phone or via Skype.  You don’t build meaningful relationships with anyone via email.  A couple of interesting emails dropped into my inbox yesterday afternoon – one unsolicited from a high end recruiter asking me if I’d like to apply to become a trustee of a charity that I’m already well known to.  It did make me wonder why they’re paying good money to recruiters to bring them people that they could just lift the phone & call but hey-ho.  That’s a discussion for another day.

4-6pm Wrote this blog, got ready for a dinner at the Irish Embassy & caught the bus down to Belgravia.  An evening in the Embassy is always one of my favourite nights out in London.

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Liz Shanahan, IIBN Global Chair, welcoming last night’s dinner guests

I see lots of people that I already know but also meet interesting new people as there’s no shortage of them passing through our Embassy.  This is largely down to our Ambassador – Dan Mulhall – who is a remarkable mix of diplomat, historian and story teller & who along with his extremely interesting Australian wife Greta hosts the most welcoming & eclectic of gatherings.  Last night was no exception.  I sit on the London board of the Irish International Business Network and, like any organisation that cares about succession planning, we run a Future Leaders programme.  Last night’s dinner was to celebrate the success of our latest cohort and 4 of our young people stood up & shared their stories.

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London Irish rugby player & former international, Ulster & Grand Slammer Tom Court, now an edtech entrepreneur

It was incredibly moving to listen to them – one is a rugby star turned tech entrepreneur, one is a former social innovator turned healthy food producer, one is a lawyer and one has left his City career behind & is starting a property portfolio – and we have 50 more like them.  As the Ambassador said at the end of the evening – “We can all relax – our future is in safe hands”.  The Irish diaspora is an amazing thing – I often wonder how people who aren’t Irish manage.

10.45 I left the Embassy with a head buzzing with ideas from the conversations I’d had, caught the bus home & went straight to bed, thanking my lucky stars that I’m part of such a wonderful set of networks.

I’m fortunate in that all my days are different from each other & these days I have a lot of freedom in how I choose to spend my time.  It’s a great gift, although there’s no doubt it took many years of hard work to unlock it.

Make each one of your days count.  None of us really know how many of them we have left…

How Networking & Collaboration can ease your Key Startup Challenges

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L-R Mary McKenna, Clare McGee, Connor Doherty, Gemma Milne

This week I’ve spent a couple of days in Northern Ireland with Clare McGee of NORIBIC, Connor Doherty of CultureTech & Gemma Milne of Ogilvy Labs (@ClareNORIBIC @Culturetechfest @GKMilne1).  We’ve hosted a couple of events in Belfast & Derry & invited all our creative & digital industry colleagues to join us in order to discuss whether there’s any appetite in NI to create an industry led independent body to represent our sector & as part of that facilitate networking & collaboration.  The hashtag in case you want to look back at the Twitter conversation is #CACHE

In this blog I’m going to outline some ideas around how networking & collaboration can help especially digital & creative industry startups get around the key challenges identified in the recent Tech Nation 2016 report (collated & produced by Tech City & NESTA).  NI respondents identified 2 key and common challenges to scaling up their startups here in Northern Ireland & those are access to finance/investment and working within a limited talent pool (in my experience of growing a tech business in Northern Ireland, tech & sales people are especially difficult to recruit when you’re in startup mode).

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Our Belfast guests at The MAC

Let’s start with networking.  I was quite pleased when I asked the room last night “who enjoys networking?” and quite a few hands went up.  Usually people pull faces & shuffle a bit when they think about entering a room full of 200 strangers & starting conversations with them.  Then again, we Northern Irish folk are famed for our friendliness.  The other common barrier is that startups think they are far too busy to network.  I know that because that’s how I used to think too when I was working 7 days a week early doors in my own startup.  But here’s the thing.  It’s nigh on impossible as a startup to persuade good people to leave their comfortable, steady, well-paid jobs & join you if they don’t know you and they’ve never heard of your company.  As for raising finance, don’t even bother trying to do this cold.  You are wasting your time.

Cache2As an aside, in the 2 weeks following the publication of this year’s Maserati 100 List in the Sunday Times newspaper last month, my inbox & LinkedIn quickly filled up with messages from entrepreneurs and startups cold pitching me.  After some consideration I’ve sent them back a version of the following note.  “If you don’t have enough of a network to get introduced to me, then I’m not going to read your cold pitch because you aren’t going to make it.  One of the key elements of startup success is an ability to nicely hustle”.  Harsh?  Maybe.  More about this later.

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Derry guests in the Playhouse

Remember that all opportunities in business are attached to a person or people – and if you aren’t on that person or team’s radar, your chances of accessing or winning that opportunity are lessened.  Even in the strictest public sector procurement exercise you have a better chance of success if you are known to the procurer.

So – having accepted that networking is a good idea – how is it best to get started?  Here’s my quick primer:

  1. Think about who you already know, especially if you are raising early stage finance. Most of that comes from friends & family (& if you really want to finish the sentence – fools!).
  2. Join some networking organisations – formal & informal. There are loads & loads of these.  Ask around to find out which will be best for you.
  3. Use LinkedIn & Twitter effectively & if you don’t know how, then learn.
  4. Maybe consider joining an accelerator – access to networks is by far the greatest benefit. There are 3 in Belfast & a brand new one within the Northern Ireland Science Park in Derry called Growing Startups.  Hundreds more in London & many specialist ones emerging across Europe & the US that more & more Irish startups are accessing.
  5. Research industry notables local to you & work out how you can have a useful interaction with them. No stalking please.  Try & see what’s in it for them as well as you – not everyone in this life is pure & good although many are.
  6. Recruit already networked people into your small team. I’d take connections over experience any day of the week.  Remember the famous Sun Microsystems quote – “No matter who you are, most of the smartest people work for someone else” – let’s face it – especially true if you only have 3 people in your team!
  7. Build out your own personal brand. This will help your startup when it’s small.  You can figure out later on how to shift the spotlight away from yourself & that’s a nice problem to have.  There are loads of ways to do this.  Publishing content on your own blog or LinkedIn & accepting all public speaking opportunities are a good start.
  8. Simplest of all – do a bit of homework before you bowl up to conferences & events. Find out who else is going.  Contact people beforehand & arrange to meet for a focused chat about something mutually beneficial.  Ask one of the speakers if you can interview them for your blog.
  9. If you’re in NI or Ireland, don’t forget there’s another island next door & less than an hour on the plane that has 10x the population of the island of Ireland & it’s a lot less hassle to operate in than trying to do business in the US.

You all know the rules of networking but briefly:

Be brave and approach strangers – what’s the worst that can happen; be friendly and pleasant; have a 30 second elevator pitch and be ready to trot it out; related to the last point recognise the part played by serendipity & always be watchful for connection opportunities without being overly pushy, be ambitious in who you reach out to – especially online – hardly anyone ever says No (I can only think of one single person who’s refused to help me with something in the last 10 years – DM me if you want to know who it is!); remember this is a two-way street & karma plays a part – pay it forward & pay it back – no matter how little you have there’s always someone else who is worse off.

Onto collaboration.  This is nothing new.  Members of the City of London guilds have been collaborating for over a thousand years.  I found a great Bill Gates quote on this:

“Creativity is less of an individual characteristic than it is an emergent property that surfaces when people convene around a problem”.

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Me with the totally bonkers Gibson Girls of Red Earth Designs – fresh, innovative, fun!

I love that.  Our events this week attracted film makers, artists, actors, publishers and journalists, software & game creators, photographers, ceramicists, artisan food producers, musicians, digital generalists, chocolate makers, people from the fashion industry, STEMettes, all sorts of fabulous creative & digital companies & entrepreneurs.  Jim Murray of Troll games summed up creative collaboration beautifully last night in Derry as he described people with different skill sets & end games working together in a shared space, brainstorming ideas & dipping in & out of different projects in different parts of the industry.  We’d simply like to facilitate this happening for our creatives & digital people on a much bigger scale.

Competition is old hat.  It makes me think of gung ho alpha salesmen in shiny suits driving Ford Mondeos.  Ugh.

Going back to a startup’s ability to recruit for a moment, by 2020 Millennials will make up 50% of the workforce & 88% of them say they prefer to work in a collaborative environment not a competitive one – and you have to make your workplaces Millennial friendly if you’re going to attract the best of the best.

Northern Ireland is populated by thousands of micro businesses.  Collaborating with each other helps you go further & bid bigger – if that’s what you want.  So – if you like the sound of this, complete the NORIBIC survey here and have your say.

We’re launching the Northern Ireland branch of London’s Irish International Business Network at the Digital DNA conference in Belfast on 7 & 8 June.  I’m going to be driving this in Northern Ireland when I return home mid May.  But the good news is you don’t have to wait until then to join IIBN, you can join now & get your international networking kicked off pronto.

Last word – if you’re cold pitching to the people who accept cold pitches, Gemma Milne’s excellent advice is to keep your cover note to the length of two tweets max, don’t include pitch decks and business plans, maybe include a really short explainer video, don’t send generic – think about how what you have is of interest to who you’re sending it to.  Oh & whatever you do, don’t send them to me 😉

I’d love to know everyone’s thoughts around this topic so please do include them in the comments section.