In 2017, I attended Phase 1 of the New Frontiers Programme which is run by Enterprise Ireland. The programme ran two nights a week over six weeks. There was no fee to attend. I would highly recommend this programme to anyone starting a new enterprise, whether your idea is just an idea or is a semi-developed product. What follows is a post which gives an outline of night 9 of the course. When fully published, there will be 11 posts documenting all nights of Phase 1. To see a list of published posts, click here.
Tonight’s talk was split into two sections. The first part was once again led by Alan Costello. Alan spoke in general terms about The Lean Canvas that each member of the group had now submitted to him. He spoke about general improvements and things to be aware of and focus on when doing our second and third etc iterations of it. He then talked about a Customer Value Proposition (seen on slide 7 of this slideshow) and how different customer segments can be targeted with different versions of The Lean Canvas.
Alan then spoke about the different types of growth that startups can experience and referenced the hockey stick graph versus a straight line growth graph. After a further group exercise around The Lean Canvas, some useful and informative interaction occurred between Alan and the group. Some takeaways from this were:
- A business should have as many streams of revenue as possible but it is only ever realistic and productive to focus on one or two revenue streams at a time.
- As a team grows and scales, it is important to hire people better than you at the job you are hiring them for. So in my case, it would not be difficult to hire a better salesperson. However, it would make no sense to hire a developer that is not as experienced or skilled as I am.
Some other useful action items came out of tonight as a result of conversations with other participants.
Completing Phase 1 Of The New Frontiers Programme
The second part of tonight’s talk was led by Claire MacNamee and focused on what was required from us to formally complete Phase 1 of the New Frontiers programme. Namely, a 4-minute pitch followed by a 1 minute Q&A as well as the submission of a Business Case Document. Claire explained that the completion of Phase 1 is separate to the application for Phase 2 and answered some general questions around the presentation and Business Case Document.
Overall, another worthwhile night of a programme that is flying by.
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Hi, my name is Niall Smith and I am the Founder and CEO of BookingHawk.com. I am an experienced software engineer and have worked with companies like AOL, Guidewire, Deloitte and SAP. I am a graduate of The New Frontiers entrepreneur development programme. I live in Galway, Ireland with my wife. I love to meet other founders and learn from as many people as possible.