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10,000 startup cash is it enough?

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  • 19-06-2012 9:44pm
    #1
    newfrontier
    Closed Accounts Posts: 214 ✭✭


    Niall Harbinson from simplyzesty is giving away 10,000 to 2 dublin startups in the next day or so. Is this enough to kick start a business. I must admit interesting gesture and one to watch !!! What do you think ..could you leverage 10,000 to give jobs to 30 or so people. The info is up on lovindublin.com ..if a few more wealthy guys followed his lead we might have an opportunity for new startups.What do you guys think?


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    #2
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    Minimum wage = ~e18,000 per year. So no e10,000 will not cover 30 people.


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    #3
    Chet Zar
    Registered Users Posts: 968 ✭✭✭Chet Zar


    Think it's meant as a kickstarter, not as enough cash to fund 30 salaries ;)


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    #4
    Nuttzz
    Registered Users Posts: 3,776 ✭✭✭Nuttzz


    It depends on what the business is really.

    If its to setup a new high tec datacentre then no, but if its to fund a 1-2 clever guys to develop some sort of clever app it might be enough to cover them for a few months to get the product to market


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    #5
    DoMyBooks
    Registered Users Posts: 355 ✭✭DoMyBooks


    You can start up a business with €50 and some determination. I've seen it done. Investment can take an business owners focus away from what they should be doing: Generating cashfow / making money.


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    #6
    unplayable
    Registered Users Posts: 862 ✭✭✭unplayable


    completely depends. loads for some businesses only a drop in the ocean for anything tech based


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    #7
    newfrontier
    Closed Accounts Posts: 214 ✭✭newfrontier


    Niall just updated the blog to say shortlisting to 10 apps this weekend. He was nominated for entrepreneur of the year and was flown to the states by EandY ..making a 1,000,000 in 3 years in a recession.. has to be admired


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    #8
    Cianos
    Registered Users Posts: 4,850 ✭✭✭Cianos


    DoMyBooks wrote: »
    You can start up a business with €50 and some determination. I've seen it done. Investment can take an business owners focus away from what they should be doing: Generating cashfow / making money.

    I somewhat disagree. A successful business primarily has to provide something people want to use. This isn't always concurrent with generating cashflow, and a necessity or urgency to generate cashflow will only compromise the quality of the product if it's not the optimum thing to do at the time.

    Any investment alleviates some of that pressure, reducing the importance of making money sooner rather than later, allowing the founders to invest more in the product rather than trying to gain (small) returns from it to justify its existence.


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    #9
    TheCostumeShop.ie: Ronan
    Company Representative Posts: 1,740 ✭✭✭TheCostumeShop.ie: Ronan


    I'm in Silicon Valley at the moment and Niall is over with me, was just chatting to him today about this. The 10k is seed capital, to investigate if an idea can become a business. Niall Just sold his company and thought it might be nice to give something back to Ireland so has offered 2 lots of 10k for idea's that might someday become profitable businesses and create jobs. It's not for everyone, he's not handing away the money but asking for a minority stake without normal investor restrictions. For many entrepreneurs this could be the difference between an idea and having the capital to start a business, plus Niall is a very smart guy so would make a great backer.

    Silicon Valley bank are also bringing over 100Million to invest in high potential start ups in September. This should make a real change to people wanting to start up in the tech, pharma and biomed sectors. Great to see this kind of interest and investment in Irish companies.


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