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Monday 24 October 2016

5 Top Tips for Starting a Tech Company

Published 27/04/2016 | 11:50

On this week’s Ready Business podcast, Eamonn Carey gives his top tips on going from idea to MVP and validation, plus he explains why Ireland and Dublin is falling behind places like London when it comes to start-up supports.

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Can you start a tech company without tech expertise or finance?  Yes, says Eamonn Carey, mentor-in-residence at one of the world’s most prestigious accelerators, TechStars.

For all budding entrepreneurs listening, he recommends the following:

  1. Validate and research your idea – “And don’t ask family or friends who will support it no matter what,” says Carey.  “You have to go out and see if the solution you’re providing is actually needed or wanted.”
  2. Build a prototype – “Fake it until you make it.  You can get a mock-up of your idea designed cheaply and quickly.”
  3. Pitch your product – “Get your idea out there, prove the interest in it.”
  4. Build your team – “Investors will run away from one-man start-ups, build a team around you with necessary skill-sets for the area you’re trying to develop in.”
  5. Give it 3-6 months – “Why keep flogging a dead horse if the idea isn’t going anywhere?  You can’t expect different results from doing the same thing over and over.”

Each week on the Ready Business podcast we’re answering your start-up and SME questions giving practical advice on how best to run your business and on this week’s Twitter poll, we asked  about the biggest difficulties when starting a tech company and an overwhelming 67% said it was funding.

Brian Purcell and Eamonn Carey
Brian Purcell and Eamonn Carey

“However, be mindful,” cautioned Carey. “That investors want to see you put some of your own time, effort and money into developing the idea, to prove that it’s your passion and that you want to make it work no matter what.”

We’ll be running our Twitter poll every Friday on @independent_ie using the hashtag #readybusinessadvice so don’t forget to let us know the key business issues that you would like us to address.

The Ready Business show, in association with Vodafone, is available every Thursday via iTunes, SoundCloud, Stitcher and Or subscribe to the RSS feed of the Ready Business Podcast using your favourite podcatcher.

You can check out the full Ready Business Podcast series here.

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