8th October 2009

LIT’s 3rd Annual Mid-West Entrepreneur Showcase

Mid-West entrepreneurs told Start-Up Business sector

In a hard hitting message to Mid-West business start-up promoters, Will McKee, one of Northern Ireland’s foremost entrepreneurs, has warned that the world has changed and that Ireland’s business leaders need to improve their management performance if their businesses are to survive and prosper. 

“The seriousness of the negative economic environment on business must be acknowledged by enlightened business leaders. Leading a company is difficult enough in good times. Competition, the constant need for change and innovation, people problems, cash flow and the threat of operational surprises will keep the best of leaders on their toes. Ireland’s business community must make renewed efforts to grow their businesses in international markets. Key to success in global markets is management capability and decision making. And the key to leveraging the capability of your management team is inspiring and empowering them to higher performance.”

Mr. McKee added that Ireland cannot just passively wait for economic recovery, that action and lots of hard work will be required.

“Already some economists and commentators are talking about ‘green shoots’ and the upturn. That may work on the basis of their modelling assumptions but for us who work and struggle to survive in the private sector it is way too early to look for a return of the good times. Business now needs to invest in strategies, processes and personnel which will win the Sales required for profitability and long term success.”

Pictured at the 3rd Annual Mid-West Entrepreneur Showcase held in Thomond Park are (l-r): Jerry Moloney, Enterprise Ireland; Will McKee, Linkubator; Catherine McGeachy, Vision Consultants; Eoin O'Driscoll, Forfas; and Graham Royce, Limerick Institute of Technology.

The 3rd Annual Mid-West Entrepreneur Showcase was hosted by LIT’s LEAP Programme as part of Mid-West Regional Business Week. The theme of the half day networking seminar was ‘Leadership for Competitive Edge’. Keynote speaker, Eoin O’Driscoll, Chairman of Forfás told over 150 attendees that Ireland must deliver products and services that provide value in international markets in order to get back to growth. Speaking on the topic, ‘The Enterprise Strategy Group Ahead of the Curve – five years on’, Mr O’Driscoll stated:

“As an open economy, export led growth will depend on our ability to understand market and customer needs and to satisfy these needs in a differentiated way. Critical management functions include the application of ideas and technology from our investment in science, technology and innovation to provide that differentiation and so avoid a race to the bottom in a highly globalised world.”

Reiterating the importance of personal development in all aspects of education, work and life, Catherine McGeachy, Vision Consultants stated that all sectors of society must actively build a positive mental attitude and develop right brain skills if we are to get our economy back on track. “A positive attitude is the individual’s key weapon against the massive, negative pressure in a recession and is vital to stimulate entrepreneurial activity and create the environment in which Research and Development thrives. Right Brain skills are vital to creativity, entrepreneurship, diversity, team work, and pre-empting the problems around the corner and preparing for them.”

Mr. John Barron, Managing Director of Reagecon Diagnostics, an Irish company with headquarters in Shannon employing over 100 people across plants in the UK, Ireland and the US declared that Ireland has businesses which are role models for the future.

“While vision may be seen as a woolly concept, it is extremely powerful in driving business performance. Irish business can and must set targets which stretch their management teams. More companies must strive to scale their businesses internationally, aim for turnover in excess of €100 million so that Ireland is not so reliant on foreign direct investment for future employment and export performance. The challenge to start-up entrepreneurs is to be ambitious, to plan big and set the groundwork of your company to dominate international niches where you have competitive edge.”

The Showcase’s 2nd case study speaker, Peter Smyth, Managing Director, RedMere emphasised the importance of always aiming high in every aspect of the business. “We have to continuously push against the status quo and challenge ourselves to evolve and do better. “When someone asks ‘Why…’, the best answer really is ‘Why not?’. In a downturn there may be less opportunity, but the scale of opportunity is still huge for those who take aim and go for it.”

See www.leap.ie for speaker presentations.