REPORT ON

ENTREPRENEURSHIP PROGRAMME FOR STAFF AND STUDENTS

HELD ON

13-17 MAY 2019

AT

GALWAY-MAYO INSTITUTE OF TECHNOLOGY

(GMIT)

IRISH PARTNERS CO-FACILITATING THE PROGRAMME

FUNDING PARTNERS:

TABLE OF CONTENTS PAGE NUMBERS

1.INTRODUCTION 1

2.SELECTION OF CANDIDATES 2

3.PROGRAMME 2

3.1.DAY 1: 2 A. Welcome 2

B. Course Outline 3

C. Session 1: Introduction of Delegation 4

D. Session 2: Introduction to GMIT iHubs 5

E: Session 3: Tour of Galway iHub 6

3.2.DAY 2 8 A. Session 1: Market research, Marketing and Messaging 8

B. Session 2: Guest speakers from Empower Programme 9

3.3.DAY 3 10 A. Session 1: Ideation, Gap analysis, Value proposition 10 B. Session 2: Guest speakers from New Frontiers Programme 13 C. Session 3: Lean Canvas Methodology and the Business Model 14

3.4.DAY 4

15

A. Student session facilitated by Mr Turlough Rafferty 15

B. Practice Presentations by Students 19

C.Staff session facilitated by Dr Helen McGuirk, Head of the Hincks Centre

for Entrepreneurship Excellence, CIT

20

3.5.DAY 5

21

Dragon’s Den Event – Student Pitches 21

4. CLOSING CEREMONY 22

5. CONCLUSIONS AND RECOMMENDATIONS 22

The following Annexures are attached separately to the Report: Annexure A: Programme Annexure B: Biographies Annexure C: Dr McGruirk Presentation: Staff Session Annexure D: Business Model Canvas Tool Annexure E: Learning by Doing: A Guide to Teaching and Learning Methods Annexure F: Joint Research Centre of the European Commission on ‘Entrepreneurship

Competency Framework Annexure G: Written Assignments: Reflective writing – a basic introduction Annexure H: Module on Entrepreneurship Development Project Annexure I: Module on New Venture Learning Annexure J: Student presentation. Annexure K: Student feedback and testimonials

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1. INTRODUCTION

President Ramaphosa in his State of the Nation address earlier this year called on Universities and colleges to accept shared responsibility to grow a pool of entrepreneurs as a vital sector of the economy. He highlighted the importance of assisting entrepreneurs in growing our economy. In response to this call and that of the Minister of Higher Education and Training, Minister Pandor, the Technology Innovation Agency (TIA), the Irish Embassy and the South African Technology Network (SATN) partnership implemented the South Africa/Ireland Entrepreneurship Programme, to act on the demand for more entrepreneurial-minded graduates who will go on to shape and grow the economy. The objectives of this programme are aligned to the call by both the Minister of Education, Minister Pandor and President Ramaphosa and focused on the following:

• A train the trainer programme of lecturers who will train, guide, mentor and provide university students with all the knowledge required to support their entrepreneurial activities and initiatives.

• To train the first cohort of young entrepreneurs and develop their ideas into implementable start-ups with immediate effect.

• To develop a short course curriculum aligned to NQF (16 credit points) to ensure that all students entering university as well as unemployed youth will have the necessary skills, knowledge and wherewithal to develop their ideas into start-up businesses within a University and QCTO accredited and recognised programme.

The Programme (Annexure A) was developed by the Galway Mayo Institute of Technology (GMIT) and the Cork Institute of Technology (CIT) in consultation with the SATN and its member institutions.

The training took place at the Galway-Mayo Institute of Technology (GMIT), Galway Campus over a five-day period, and was facilitated by representatives affiliated with GMIT and Cork Institute of Technology (CIT). Aspects covered during the training programme centred on entrepreneurship with sessions on ideation, gap analysis, market research, marketing and messaging, the Lean Canvas Methodology, creating value proposition, entrepreneurship ecosystem at Institute level and presentation workshops culminating in students pitching their business ideas to a panel of judges at the Dragon’s Den Event.

This programme will be replicated in South Africa in October 2019 with approximately 70-100 students from the SATN member Institutions. This programme will be co-facilitated by the South African and Irish teams and business and industry partners will be invited to participate, support, invest, etc. in the start-ups that emerge from this programme. It is also envisaged that Government departments and parastatals, such as the Industrial Development Corporation (IDC), Department of Trade and Industry and Economic development will provide additional support to the start-ups. Further, it is envisaged that the Technology Innovation Agency (TIA) Innovation Platforms and University Innovation and Entrepreneurial Hubs will provide support for these early start ups.

This report has been compiled to reflect on and provide a summary of activities that took place during the training programme and to make recommendations going forward.

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2. SELECTION OF CANDIDATES

One (1) student and one (1) staff member from each of the, member institutions were selected to participate in the weeklong programme in Ireland. The biographies are attached (Annexure B). Students were provided the opportunity to refine their entrepreneurial ideas with the staff, meet with potential investors from Ireland to help them maintain their business, grow their network of fellow entrepreneurs and business owners, as well as connect with mentors and advisors who will be able to help them on their entrepreneurial journey.

3. PROGRAMME 3.1 DAY 1 (13 May 2019) Attended by Staff and Students

A. Welcome The SATN delegation was welcomed to the Galway-Mayo Institute of Technology (GMIT) by Ms Cait Noone, Vice President International and Engagement, Mr John-Joe O’Farrell, Director for International Engagement and Mr Turlough Rafferty who is the Acting Manager of the GMIT iHub in Mayo. Dr Anshu Padayachee, the Chief Executive Officer (CEO) of the SATN thanked GMIT as the host institution, as well as TIA for funding the delegation to Ireland. Dr Padayachee further elaborated the goal of the training programme, and the envisaged result of developing curriculum for entrepreneurship. Ms Senisha Moonsamy, on behalf of TIA, gave her thanks to the host institution, and highlighted that entrepreneurship is a key focus area for TIA towards growing the South African economy.

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B. Course Outline: The programme began with Mr Rafferty providing a summary of the course outline for the training/workshops. He further indicated to the delegation what to expect for the student presentations on Day 5 which is based on the Dragons Den/Shark Tank pitch format. He stated that students will be evaluated based on their idea, how they present themselves and their knowledge of their concept area. Given that investors come from different fields, he highlighted that there would be different perspectives that will critique the students’ ideas. In relation to the remainder of the training programme, Mr Rafferty stated that Day 2 will focus on market research, marketing and messaging, and that two entrepreneurs from the GMIT Empower Programme will be guest speakers who will share their experiences as new start-up businesses. The aim of Day 3 was to focus on the Lean Canvas Methodology and the Business Model and creating Value Proposition. Mr Rafferty Spoke on de-risking ideas, and how to get an idea on one-page based on the Lean Canvas methodology. He further added that conventional approaches to start-up businesses has been focused on submitting a full-length business plan, but the new trend in entrepreneurship are now short pitches, highlighting the financials of an idea and conducting a due diligence. With regards to the Value Proposition, Mr Rafferty stated that this would be highly beneficial for the students as it will further refine their presentations. Given that start-up businesses are associated with high risk and responsibilities, Mr Rafferty emphasised that entrepreneurs need a team which includes individuals who are skilful at technology development, sales and articulating the value of the idea. Day 4 was scheduled into two separate sessions, with the one session for the staff to focus on pedagogy skills required to develop and teach entrepreneurship course, and the other session for students to undergo a presentation workshop, practice their pitches and obtain feedback. In closing, Day 5 of the programme included the student pitches, and the closing ceremony.

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C. Session 1: Introduction of Delegation The students introduced themselves and provided a background of their field of study and what they anticipate learning from the programme:

• Mr Sameer Khan (DUT) shared his idea and stated that a key outcome for him was to seek out investors to further develop his product. In this regard, Mr Rafferty indicated that when looking for investors in the early development of an idea, it is crucial to have a valuation of the idea.

• Ms Lady-Peace Gumbi (UniZulu) stated that she seeks to further build on her knowledge of entrepreneurship and learn how to separate emotions from business. She also gave a summary about the student accommodation App she wants to develop linking property owners, higher education institutions, and students. Mr Rafferty stated that as an entrepreneur it is important to focus and have passion on one idea. He suggested that Ms Gumbi must use an existing platform and brand, due to the costs of starting a business on App development.

• Ms Mukonanyi Mudua (CUT) spoke on her idea of utilising El Wire on safety apparel, as well as on clothing as a fashion statement. She elaborated that her idea is still at an early stage, and is currently facing challenges on reducing the size of the power converter.

• Ms Ziyanda Badela (CPUT) shared her idea for creating a face cream product. She indicated that there is limited awareness of the benefits of the main ingredient that is easily available, and needs to register a patent on her product, and difficulty with the pricing of her product. She was cautioned to undertake clinical trials. Mr Rafferty shared his view that incubation centres could be very helpful for her to accelerate her product, citing examples of accelerator programmes in Ireland that provide support and funding. Ms Moonsamy indicated that TIA has platforms where students can get assistance for their start-up ideas.

• Mr Bongani Sechaba (TUT) spoke on his property administration company/service which involves seeking out property owners and assisting them to market and lease their property to students. He added that currently his company does not own any property and that they adopt a strategy where they approach individuals who have bought property through auctions, and facilitate the process of obtaining tenants to lease out the property. Dr Padayachee advised that Mr Sechaba must also consider the costs associated with maintaining the properties, with Mr Rafferty adding that the business could offer a secondary service and approach insurance companies to link the tenants and property owners with insurance policies.

• Mr Pumelele Scott (WSU) stated he wants to register a business advisory company tailored for small, rural, and informal sector businesses. Mr Rafferty questioned whether such a service isn’t already provided by accountants or lawyers, however, further engagement contextualised the high costs, and low levels of literacy that are barriers for small businesses in South Africa, and that Mr Scott’s company seeks to address those barriers to entry. In this regard, Mr Rafferty advised that the company should also consider marketing and public relations as a service rendered as well.

• Mr Mfundo Mpulo (MUT) introduced himself as a social entrepreneur, with his start-up idea focused on developing an App to address financial illiteracy, and debt management amongst students. Mr Rafferty indicated that philanthropic organisations could be a key source of funding for App development, citing an example of Social Entrepreneurs Ireland which assists start-ups aligned with similar ideas.

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The Staff Profiles are included in Annexure B. Through engagement with staff members, the key outcomes and expectations were to learn on how to provide better entrepreneurship programmes at their institutions, train graduates to be more oriented in entrepreneurship and gain more knowledge of different models and approaches to help expose students to a broader entrepreneurship programme. In this regard, Mr Rafferty advised the staff members to invite individuals from industry to share their experiences, and link their programmes to specific fields, which includes the establishment of mentorship programmes while students are pursuing their studies. D. Session 2: Introduction to GMIT iHubs GMIT iHub Mr Rafferty began the session with providing a summary of the GMIT iHub which provides entrepreneurs with a supportive environment, assisting them progress their ideas from concept to commercial success. The GMIT iHub support includes office space, a structured start-up programme called New Frontiers, mentoring, networking, introduction to investors, as well as access to research and students. As part of their strategy, the GMIT iHub adopts the Hype Cycle to track what the next business/investor trend will be. Adopting the Hype Cycle has been useful for the GMIT iHubs when speed is a crucial factor for the development of businesses and raising funding. Mr Rafferty used companies that have developed through the iHub as case studies, highlighting companies such as CloudStrong which assists companies migrate their database to cloud system, Allergy Lifestyle that amongst other services train individuals how to use epinephrine auto-injectors which is especially important for teachers when learners have anaphylactic shocks. Other companies that have been developed through the GMIT iHubs include Tax Hug which assist individuals to collect their tax return, and OneTouch Telecare which is a platform and App that allows individuals to keep in touch with and monitor family members who are ill or elderly. Among the key questions raised in this session, members of the SATN delegation queried how to start a business without capital. In response, Mr Rafferty spoke of the 3Fs (friends, family, fools) that is strategy used by entrepreneurs to raise capital, with bootstrapping a suitable strategy to slowly build capital. Other current trends for acquiring capital to start a business is through crowd funding, e.g. Patreon, which is a crowd funding site for social entrepreneurship funding in Ireland. The GMIT iHub also supports student entrepreneurship through projects such as their Sepsis App Pilot Project, which involved developing students’ ideas to create an App for those in clinics to streamline their check lists associated with their duties. Additionally, the GMIT iHub’s network has also resulted in Enterprise Ireland assisting with work-placement for students in top ranked companies. New Frontiers Mr Rafferty spoke about the structured start-up programme that is offered by GMIT, called New Frontiers. The programme is funded by Enterprise Ireland, which is an Irish government entrepreneur development programme. New Frontiers is a 6-10 week entrepreneurship programme that provides training in all areas of business including financial management, market research and validation, business process, patenting, product development, and sales training. The programme is an open competition for a grant of up to €15 000 tax free, to fund entrepreneurs to further develop their idea, build on the strengths of and address weaknesses of the entrepreneur’s idea. Other aspects of the

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programme include training entrepreneurs on presentation skills, and pitches to investors. Through the New Frontiers Programme, 7 out of 10 companies have succeeded as appose to the 1 out of 10 success rate typically observed in industry. At the end of this programme, entrepreneurs have developed their idea and trained to the extent that they are ready to face investors which they have been matched up with by the iHub. Examples of ideas that have been developed through New Frontiers has been the development of a robot that has replaced the need for divers to lay down cables in deep waters, thus drastically reducing the associated dangers of such occupations. To date, this idea has raised €500 000 to develop the prototype. New Frontiers has also assisted an entrepreneur to raise funding to develop a camera system for the agricultural sector, which has assisted farmers in accurately dispensing pesticides on weeds growing amongst their crops. This idea is envisaged to yield benefits for the agricultural sector by reducing the costs spent on pesticides and contribute to reduced quantity of pesticides entering natural ecosystems. Collectively, entrepreneurs have transformed their ideas to commercial products or services and have established companies that are ready to pitch to Enterprise Ireland and apply for a Competitive Start-up Fund (CSF) which is used to raise further funding. The success of the New Frontiers Programme has resulted in Enterprise Ireland placing high value on the credibility of the programme, often using it as part of their strategy to validate the quality of the companies seeking funding. E. Session 3: Tour of Galway iHub The SATN delegation visited the GMIT iHub building located on the Galway campus, with Mr Rafferty facilitating interactions with entrepreneurs who are utilising the facility. The iHub building is used as an office space for entrepreneurs who are involved in the New Frontiers Programme, and with start-ups in the early stages of the business utilising available office space at reduced leasing rates.

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Some of the companies are offered their own private suites given the sensitive nature of their idea, with separate IT services and internet connection. The iHub building also includes a shared canteen area, and boardroom, with construction currently underway to expand the building facilities. The new expansion will have a larger boardroom, include an area where events can be hosted, more units and laboratories designed for companies involved in medical technology development. The building will also have an eHub which will serve as an educational centre for students to develop their ideas through the available infrastructure. Due to the rise in medical technology and IT start-ups in Ireland, the GMIT iHub has strategically chosen to target the development of companies within both these sectors, with GMIT offering highly ranked expertise in research and development in these areas.

In highlighting how the GMIT iHubs have drastically transformed an idea to a fully commercial product, Mr Rafferty shared a story of a company that is currently producing a digital tracking system in the sport of golf. Through the training and support provided at the iHub and its New Frontiers Programme, an entrepreneur pitched their idea of developing a device to track the performance of individuals who participate in golf as a recreational activity. The pitch included the use of a piece of small wood to demonstrate what the final product would look like and function. The entrepreneur initially envisaged their product to be used recreationally by golfers to monitor their own performance, as well as learn from and compare themselves to others utilising the product. As a result of the support and training received through the New Frontiers Programme, this entrepreneur was able to develop his product which is now officially endorsed by the Professional Golfers Association (PGA) and utilised by their professional golfers.

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3.2 DAY 2 (14 May 2019) Attended by Staff and Students

A. Session 1: Market research, Marketing and Messaging This session was facilitated by Ms Maria Staunton, Manager of the Empower Programme, GMIT. The Empower Programme is a female entrepreneur programme targeted at female entrepreneurs from Galway, Mayo and Roscommon in Ireland. The scope of the programme is to address specific challenges and barriers experienced by females in developing their ideas into commercially viable and successful businesses, and further provides assistance to fast track female-led businesses. The Empower Programme commenced in October 2017 with 32 females being selected, and is delivered through the GMIT Innovation Hubs. Ms Staunton contextualised the purpose of the session, highlighting that individuals come up with ideas, perceive they know everything about the sector they want to operate within, yet there is a high failure rate of start-up companies. Ms Staunton attributed this failure to the inability of entrepreneurs to accurately and correctly determine the market for their product or service. Thus, this session focused on conducting market research, as well as developing a suitable marketing strategy and messaging campaign. In further engraining the tools and techniques within market research, students from the SATN delegation were divided into two groups and an exercise was conducted with each group identifying a product offering and devised an appropriate persona profile of the market to sell the product to. This exercise was used as an opportunity for the students to demonstrate the knowledge they had acquired from the session. The session also included aspects related to competitor analysis, with tools such as Feature Analysis used to demonstrate to students how they can compare their ideas with competitors. On the SWOT analysis, it was noted that students are not able to identify their own weaknesses. In response, students indicated that they have limited experience in starting a business and thus conducting SWOT analysis in their studies remains abstract and highly theoretical.

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Ms Staunton highlighted that a major challenge in conducting competitor analysis, stems from limited information or due to the constant movement in and around markets. Ms Staunton advised students that entrepreneurs should always ensure quality products or services first. However, she further added that as entrepreneurs, they cannot afford to spend lengthy periods of time in developing their product or service. Ms Staunton suggested that entrepreneurs should conduct a pilot study to test the need and validity of the product, which can generate results and findings to better inform entrepreneurs. She further added that these products do not necessarily need to be new inventions but can be a product that has adapted to new trends. To elaborate her point, Ms Staunton used the current Nokia cell-phone models which are reminiscent of older models Nokia once produced. These models currently offered by Nokia have been developed as a result of market research which indicates that individuals are preferring to use smart phones that offer less push notifications, and for those who prefer less complicated operating systems on their cell-phones. B. Session 2 : Guest speakers from Empower Programme Rachel Dubber: Ms Dubber completed the Empower Programme and was able to develop her idea of selling affordable and eco-friendly kitchen and homeware products. She has since expanded her product range to include re-usable carry bags, and mugs. Her marketing strategy, messaging and sales platform begun on social media, and word-of-mouth through friends and relatives. She expanded her reach by approaching local retailers and now has 19 retailers where her product is being sold and has also developed a website which is managed by herself. In her experience, Ms Dubber shared that as much as it is time consuming for her to manage the website, it is still important to be part of it so that she can ensure the appropriate and suitable direction of her marketing strategy. To manage this online marketing strategy through social media, she suggested that entrepreneurs use online tools such as Buffer and Hootsuite as these allow different social media platforms such as Facebook and Instagram to be managed under one platform. She also stressed the importance of balancing finance, managing marginal costs, and further noted that entrepreneurs cannot address the needs of everyone. Thus, she advised that when developing a product, entrepreneurs should not dwell on those who don’t want their product.

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Ms Dubber indicated that entrepreneurs should take advantage of distributing their products to retailers, as they are important for brand recognition which will contribute to legitimising a product to consumers. Ms Cepta Mahon: Ms Mahon is the owner of a business called Cookalicious, which offers customised sessions in the workplace or at home. Through word-of-mouth she established a niche market of individuals who were frequent clients, and as a result of her participation and training in the Empower Programme she was able to expand her service to offering sessions to teach or improve cooking skills for clients. The Empower programme gave her further insight on how to conduct market research and made her aware of opportunities that her business could capitalise on. She further advised that when offering a service, it is critical to be honest of what can be offered.

3.3 DAY 3 (15 May 2019) Attended by Staff and Students

A. Session 1: Ideation, Gap analysis, Value proposition In the first session of day three of the training, Mr Tony O’Kelly who is the Programme Manager of the GMIT New Frontiers Programme facilitated the workshop which focused on ideation and gap analysis. Mr O’Kelly shared a video which highlighted successful candidates who have started their business because of the training received in the New Frontier Programme. It was highlighted that statistically, 90% of businesses fail not because of the quality of the idea, but rather, these businesses fail because of the entrepreneur. According to Mr O’Kelly, this failure is a result of entrepreneurs using the incorrect methodology, tools and strategies required for success. Through discussions with the SATN delegation, Mr O’Kelly unpacked steps that can be followed for transforming an idea to a valuable and viable business. The first step is to identify a problem, which assists an entrepreneur to identify whether that problem translates into a market. The second step is

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to then provide a solution for the problem and market that has been identified in step 1. The third step is to establish a team that can deliver the solution. In this regard, Mr O’Kelly stated that 90% of entrepreneurs are problem solvers, while 10% are individuals from fields related to sales and marketing. As such, despite that a solution may be a technology centred product, it is crucial to include individuals with sales and marketing background to generate profits from the idea. The fourth and final step is to then determine the business model for the company. While elaborating on the importance of ideation and identifying a gap for a product or service, Mr O’Kelly indicated that there is a need to change the order in which entrepreneur take steps in developing their idea. He added, that the typical approach of developing a solution without determining a market results in a business that is not financially viable. To emphasise his assertion, Mr O’Kelly provided a case study of a mechanic who started a business to offer his services in performing routine maintenance checks and reports for individuals who could not afford the fee charged at dealerships. Although the business was providing a desired solution, the entrepreneur could not develop a large enough and frequent client base. As such, the inability to correctly identify a market resulted in the entrepreneur offering a solution that was not financially viable in the long-term. Mr O’Kelly also cautioned against developing a product that is too unfamiliar in an existing market, as there would be a need to educate the market on using the product instead of conventional products. He suggested that costs for carrying out a marketing strategy to educate a market would be too expensive, and the entrepreneur would not receive a noticeable return on investment. The session further addressed the approach an entrepreneur can utilise to determine if the identified problem is worth solving. To determine this, Mr O’Kelly indicated that an entrepreneur should ask themselves ‘What is the customer pain’. The entrepreneur should then further determine the level of this pain, and that this pain needs to be measured correctly, and modelled appropriately. In addition, Mr O’Kelly used an analogy that entrepreneurs need to determine whether their solution to the customer pain is a vitamin or a painkiller. In further unpacking this analogy, a solution is characterised as a vitamin when it fulfils wants and desires. This type of solution, much like a vitamin, can’t guarantee results, but is instead based on previous experiences by others that can then inform how to offer a solution. Alternatively, a solution characterised as a painkiller fulfils a need and addresses a specific problem. These type of solutions are measurable and predictable, as well as deliver guaranteed results, which can then be modelled and repeatable. One of the points raised from this discussion by the SATN delegation was whether an entrepreneur should ask themselves if someone else hasn’t already come up with a similar idea or solution. In response, Mr O’Kelly asked ‘What have they done about it?’ .He stated that an entrepreneur should not be discouraged from developing an idea that they perceive has potentially being developed by another individual. Instead, he suggested that if there is a perception that the idea has been developed by someone else, this is encouraging as it indicates that there is a market for the idea. Additionally, by following through on the idea, an entrepreneur can determine how to package their solution differently from the ideas already in the market.

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An important question also raised in the session was how to translate academic research into a business idea. During this discussion, it was highlighted that researchers and universities need to assign and identify the commercial value of the idea prior to funding the research study. Additionally, commercial interest needs to be incorporated in the funding process, by inviting industry stakeholders and customers, who will be the target market, during the conceptualisation of the research study. More importantly, universities need to establish structures and mechanisms to incentivise the commercialisation of research studies. This will further require a change in approach by universities from conducting research for libraries, towards research for idea banks. In closing out the session, and synthesising key points emanating from discussions, Mr O’Kelly provided a simplified process that entrepreneurs should following during their stages of ideation:

• Stage 1 (Idea/Problem): This stage is where the entrepreneur conceives their idea, based on the problem that they have identified.

• Stage 2 (Competitor/Market): At this stage, an entrepreneur must conduct research to identify and segment the market for the problem they have identified, as well as determine who their competitors are within that market.

• Stage 3 (Concept): The third stage of ideation in developing the concept. This is informed by the findings from the two previous stages, which results in an entrepreneur developing an appropriate solution that is translated to a concept.

• Stage 4 (Minimum Viable Product): During this stage, the entrepreneurs now translates their concept into a Minimum Viable Product (MVP). This product should be a prototype that is meant to give an insight to how the product functions. The product doesn’t not need to be the final functioning product, but is rather used to give a demonstration of what customers can expect from the product. Additionally, at this stage, the entrepreneur refines the product that has been developed.

• Stage 5 (Market): Once an entrepreneur has produced an MVP, they now need to test their product buy offering it to a sample of the market that was identified in Stage 2. During this stage, the entrepreneur must observe how their product functions and is received by their market. Furthermore, based on how the MVP is received in the sample market, the

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entrepreneur can revert back to Stage 4 and make necessary adjustments to their product. The entrepreneur may also use this period to rethink the decisions made in Stage 2, and further segment their market and identify their competitive advantage.

• Stage 6 (Full product sales): Once an entrepreneur has gone through the first five stages of ideation, their product is ready for full product sales, based on their lessons learned.

B. Session 2: Guest speakers from New Frontiers Programme Mr Kieran Barry, Managing Director of SealSpear Technologies Ltd, a participant in the GMIT New Frontiers Programme who has a business focused on developing clean technologies within the marine transportation sector. Through the training and support provided by New Frontiers, Mr Barry shared his experiences of applying the principles of ideation, gap analysis and value proportion. He identified a problem and a market in maritime transportation and has developed a product as a solution for promoting carbon free energy consumption, and efficiency in technologies used by cruise ships which produces a layer of micro-bubbles that reduces friction through the process of Modular Air Lubrication. This technology thus reduces friction, fuel spend and emissions, offering a ‘painkiller’ in the marine transportation sector.

His sales strategy is to sell directly to, and install the product on cruise ships, thus demonstrating that his company understood the ‘pain’ of the customer, identified a market that can afford the technology, developed an appropriate and financially viable solution, and has formed a team necessary to carry the key functions of the business. Mr Barry noted that other key factors for success is pitching to the right investors to translate his solution to a product that generates sales. Moreover, he stressed the importance of a company having relevant stakeholders as mentors and advisors to the team, as this allows the company to expand its network reach, and legitimise the product they are offering. In closing, Mr Barry advised that when developing an idea, an entrepreneur should take full advantage of government funding, as this funding is typically offered without the entrepreneur having to give away an equity share of their company.

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Mr Alan Preims, Founder of Sonic Hooks, is a software product that can be used by game developers and videographers to match and determine suitable sounds and audio for their game or video. Sonic Hooks has been formed to maximise on the opportunity of the rise of Android based game developing, as more gaming products are being offered on smart phones in comparison to console based gaming. Through his market research, Mr Preims has identified his target market in Germany and the United Kingdom, which has 2849 game development studios. Mr Preims is an example of a New Frontiers candidate who is seeking investors for advancing his product, rather than focusing on developing a product that will be ready to sell to customers. While sharing his experiences in developing his idea, Mr Preims stressed the importance of having a team with diverse skillsets to further the progress of the idea. His product will require gamers and videographers to register on his platform, providing information on the specific type of project they are working on, and will receive a refined track list tailored for their needs. As such, Sonic Hooks provides an alternative solution to the current market where game developers and videographers purchase stock music that is not unique to their project.

C. Session 3: Lean Canvas Methodology and the Business Model In this session, Mr Tony O’Kelly unpacked the Lean Canvas methodology which is a useful tool to shaping the business model for an entrepreneur. Given the high levels of uncertainty associated with business start-ups, he suggested that an entrepreneur should consider the Lean Canvas methodology which assists in developing a concise business model. He stated that the emerging trend amongst venture capitalist is no longer focused on complex business plans. Instead, venture capitalists are now investing in ideas where the entrepreneur pitches their ideas based on a concise manner. A one-page blueprint used to communicate the vision, strategy and progress of a business idea based on the Lean Canvas methodology was shared with the group. The key aspects discussed in this methodology included the following:

• Problem: The entrepreneur needs to identify the top three problems to inform their idea.

• Customer segments: This involves identifying the target customers for the product, as well as the early adopters of the product.

• Unique value proposition: An entrepreneur must provide a single and clear message to the customer that indicates how the product is different from competitors, and why customer should purchase the product.

• Solution: At this point, the entrepreneur establishes the top 3 features of the solution they are providing as a service or product.

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• Channels: The entrepreneur needs to determine the path and platform to reach their customer.

• Revenue: Key aspects include developing a revenue model, and gross margin.

• Cost structure: The entrepreneur must consider amongst other things, the customer acquisition and distribution costs.

• Key metrics: This process involves evaluating which core business functions and activities that need to be measured and monitored.

• Unfair advantage: The entrepreneur should now be able to establish that their idea can’t be easily copied or bought.

3.4 DAY 4 (15 May 2019) Separate Sessions for Staff and Students

A. Student session facilitated by Mr Turlough Rafferty This session focused on the final preparation for the Dragon’s Den presentation. To facilitate the learning experience, the following guideline was reviewed:

Slide Content

Title page The first slide of the presentation should be clearly visible, and should reflect who you are, what will be the focal discussion point, and provide the logo (if applicable) and contact details.

Overview In this slide, the entrepreneur should liken this to an ‘elevator pitch’, providing compelling and concise statements of their idea, and the uniqueness and novelty of the solution they are providing. This slide must relay the opportunity for investors to commit capital to the idea. The aim is not to describe the idea, but is instead supposed to sell the idea.

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Problem/Opportunity The entrepreneur needs to clearly state the problem that they are addressing/solving. This slide is considered one of the top 3 aspects that can influence whether the idea will peak the interests of investors. Although an entrepreneur can use this opportunity to reveal their solution, this should only be done to provide context. An entrepreneur should also indicate whether the problem they are addressing is current or emerging.

Market The entrepreneur must identify who the target market is, and indicate the size, opportunity, rate of growth, and the different segments of the market. The aim is to indicate why the market is appealing and interesting, and relay to investors the drivers of change in this market, and how the idea fits in the current market. It is also important to clearly state why the specific market segment has been chosen, and further support the idea that it is large enough of a market opportunity. Most important, the entrepreneur must demonstrate their understanding of the market, which will later justify the financial projections in their presentation.

Business model The purpose of this slide is to specifically communicate how, where and from whom revenues will be generated. This slide should ideally indicate a bottom up approach of how the business has or will build a customer base. The most important message that needs to come across at this point is how investors will receive an attractive return on their investment.

Competition & ‘Secret Sauce’

It is important here for the entrepreneur to indicate how customers’ needs or the problem is currently addressed in the market, and by who. This slide must also mention how the idea will be received by competitors, and the advantages and disadvantages of the competitor offerings. The entrepreneur needs to further indicate how they differ from their competitors and how they will compete for the market. It is necessary to state what the unfair advantage of the proposed idea is. The entrepreneur must show that their idea can’t be easily copied or bought. Entrepreneurs are advised against stating that there is no competition, despite the novelty of their idea.

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Investors need to be informed of competitors as this validates that a market does exist for the idea. It is up to the entrepreneur to demonstrate why they have an advantage over their competitors.

Sales and Marketing In simple and concise statements, the entrepreneur must describe the marketing and sales strategy they will be using. The different types of customers must be identified, with the entrepreneur providing insight on how they will maintain customer relationships. If applicable, the entrepreneur needs to indicate if they have already established customer relationships and the cost of maintain such relationships. Investors need to be provided with an insight of the targeted customers, and that the business can build traction and gain more customers as the business grows.

Who’s on the Team The entrepreneur at this stage needs to introduce the team that will be working on idea being pitched. The message should focus on why this is the right team for the idea, that they have the necessary and relevant skills and experiences. An entrepreneur should have a team that consists of individuals known in the industry. An added advantage is to indicate that the team includes mentors or advisors who will be assisting in the development of the idea. These mentors or advisors don’t need to be employed by the entrepreneur, but are instead relied upon for assuring investors that there are experienced individuals who can guide the team and help grow the network of the company. It must be noted that at the early stages, investors back the people, and not necessarily the idea on its own.

Financial projections In this slide, the entrepreneur needs to provide figures on current and future costs, how much capital they will use, and how much progress will be made if they receive funding. The entrepreneur also needs to provide current and future revenue, and how this will change overtime. A key aspect is to show the rate/pace at which the business will approach its cash-flow breakeven point. This slide needs to model how the business can make money if people buy the product.

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Although the figures provided are projections based on assumptions, the entrepreneur must always be able to explain how and why they reached these assumptions.

Status & Timeline funding ‘ask’

Having conveyed the problem, opportunity, market, and financial projections, at this point the entrepreneur must precisely indicate what their funding requirements are. The entrepreneur must then indicate what they intend to do with the requested funding, the period of time in which funding will be used, and the value the funding will create. If possible, the entrepreneur can also indicate what they could do with either less or more funding than initially requested. An added advantage, if applicable, is to demonstrate what has been achieved with funding received prior to the pitch.

Summary The aim of this part of the pitch is to provide the investors with 3 or 4 main aspects of the idea that they should remember about the idea.

Final slide The final slide of the presentation should convey a word of thanks for the investors hearing out the pitch. The entrepreneur should again display their contact information and logo of their business.

Sources This slide should indicate the sources of secondary data that the entrepreneur used within their presentation i.e. statistics used to validate market segments.

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Upon completion of reviewing the guidelines on presentation skills, Mr Rafferty gave a presentation of one of his previous ideas to demonstrate how the above information is delivered during a pitch. Thereafter, students were given forty-five minutes to refine their presentations and incorporate aspects learnt from the session. B. Practice Presentations by Students The students were given eight minutes to deliver their pitch, followed by advice and critique to strengthen the presentations. Upon completion of all presentations, a summary of the feedback provided to students by Mr Rafferty is listed below:

• Students were advised to always sell their business ideas and take opportunities to pitch their business to relevant audiences.

• Investors have money and want to see that the entrepreneur understands the business and is passionate about their idea and solution they are offering.

• When the opportunity arises to pitch an idea, investors have two key questions: How much do you want and when will I get my money back?

• Every slide should ideally communicate one point/punchline.

• Avoid using black and white presentation.

• Limit the overview to one or two lines.

• In relation to identifying the Problem/Opportunity, investors want to know what makes the entrepreneur’s solution better than everyone else. Additionally, an entrepreneur must consider the frequency of use of a product or service as it will reflect how many sales they will make.

• When reflecting on the market, an entrepreneur must demonstrate that they know all behaviours of their target market. How big is the market? Is it expanding or contracting? In instances where the markets may be small and niche, the entrepreneur must motivate that they can offer high returns.

• Although financial projection are based on assumptions, the entrepreneur must be able to validate those assumptions.

• In terms of the business model, entrepreneurs need to make it simple enough for the investor to digest the idea.

• When discussing the competition and ‘secret sauce’ of the business, the entrepreneur must clearly identify what gives them an unfair advantage. There is always competition and entrepreneurs must not state that their product is the only one in the market. Rather, they must focus on highlighting how they will get ahead of their competitors.

• In unpacking the sales and marketing aspect of the presentation, the entrepreneur must ensure their market is segmented and profiled accordingly to determine the size of the target consumers. It is vital for the entrepreneur to show the numbers. Of outmost importance, the entrepreneur must conduct market research before they consider selling their product.

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• Despite the entrepreneur being the individual who pitches the idea to investors, it is necessary to identify who’s on the team. The entrepreneur must also motivate how these team members will add value to the business. Ideally, the team must consist of individuals with diverse skills and expertise to cover the gaps when executing the idea.

• In relation to the financial projections, it’s better to be conservative with the numbers. The entrepreneurs needs to demonstrate how successful they can be with limited resources.

• When making the ‘ask’, it doesn’t necessarily have to be a financial request. Entrepreneurs can state that they simply require mentorship or be introduced to a network that the entrepreneur can collaborate with.

C. Staff session facilitated by Dr Helen McGuirk, Head of the Hincks Centre for Entrepreneurship

Excellence, School of Business, Cork Institute of Technology (CIT)

Session theme: Entrepreneurship ecosystem at Institute Level The staff introduced themselves and their roles at their institutions. Dr McGuirk outlined the days proceedings in her slide presentations attached in Annexure C. She outlined the role of the Hincks Centre for Entrepreneurship, which she heads. The importance of the Centre is to support entrepreneurship in all its forms and is part of the strong entrepreneurship eco-system across Cork Institute of Technology. A mapping of the entrepreneurial eco-system was presented and elicited a lengthy debate on the CIT Business Model around values, barriers, processes and the first steps. A brief outline on the programme and modules with an entrepreneurial/innovation focus at undergraduate and postgraduate level was provided and which led to discussions on the teaching styles and delivery at CIT. It was noted that there is not a full qualification on entrepreneurship at CIT in comparison with universities in South Africa. Dr McGuirk recommended that the purchase of book called ‘Teaching Entrepreneurship – A Practice Based Approach’ – authors Heidi M Neck, Patricia G Greene and Candida G Brush. It was acknowledged that the module design with focus on content and value is key to the delivery and assessment of entrepreneurial training. In terms of delivery, the Business Model Canvas Tool (Annexure D) was discussed. It is a framework to help plan a business model while addressing the needs of all the customer segments. This is used mainly for students in their advanced level of study. The participants engaged in the Marshmallow Challenge (in groups) which is a problem based mode of delivery and highlights key issues such as teamwork, leadership, conflict management, time management which an important non-renewable resource. The diagram by Gibbs, G (1988) on Learning by Doing: A Guide to Teaching and Learning Methods was used in the reflection and discussion of the team challenge (Annexure E). Dr McGuirk provided further information on:

• Research done by the Joint Research Centre of the European Commission on the ‘Entrepreneurship Competency Framework’ known as EntreComp (Annexure F) to improve the entrepreneurial capacity of European citizens and organisations and aims to build consensus around a common understanding of entrepreneurship competence by defining three competence areas, a list of fifteen competences, learning outcomes and proficiency levels.

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• Written Assignments: Reflective writing – a basic introduction (Annexure G)

• Module on Entrepreneurship Development Project of 5 credits which enables students to form teams and explore a business opportunity or idea, pitch their idea to a panel in a local start-up incubator and complete some fundamental market research and analysis to assess its viability for further business development (Annexure H).

• Module on New Venture Learning of 5 credits which is tailored to the distinctive needs of the enterprising student with a viable business idea. The need to equip the student with enterprise and commercialisation skills to meet the challenges of developing their business idea to prestart up and or start-up stage. The module will support students with the help of academic/industry mentors advance their entrepreneurship projects (Annexure I).

3.5 DAY 5 (15 May 2019) Attended by Staff and Students

Dragon’s Den Event – Student Pitches The final day of the training programme centred on students incorporating all the knowledge they had acquired during the week, and pitch their ideas to a panel of judges. Students were provided 10mins to pitch their ideas, followed by 3-4mins of questions and answer based on the judging panel feedback. The judging panel included the following individuals:

• Dr Helen McGuirk - Head of Hincks Centre for Excellence in Entrepreneurship.

• Mr Kevin McDonagh - School of Business Discipline Experts and Lecturers, GMIT.

• Sorcha O’Grady – Director: Sales & Marketing, Truckscience.

• Ms Senisha Moonsamy - Head: Innovation Skills Development, Technology Innovation Agency (TIA), South Africa.

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Upon completion of the student presentations, the judging panel provided feedback. Mr Bongani Sechabae (TUT) was awarded the Best Presentation, Ms Ziyanda Badela (CPUT) was awarded Most Innovative Idea, and Mr Pumelela Scott (WSU) won the award for Most Progressed. All presentations attached as Annexure J. Additionally, students were requested to provide feedback and testimonials on the training they had received. These responses were captured anonymously, and can be found in Annexure K. 4. CLOSING CEREMONY

In closing the training programme, the SATN delegation was joined by the facilitators and key stakeholders from GMIT and CIT. The ceremony included the presentation of certificates to all participants by the guest of honour, Her Excellency, Ambassador Maya, the South African Ambassador to Ireland. Other esteemed guests included Mr Willem Geerlings (Counsellor Political, Embassy of South African in Ireland), Mr James Kilcourse (Department of Foreign Affairs, Irish Government) and Dr Michael Hannon (Deputising President GMIT). Photos can be seen on this link: https://www.dropbox.com/sh/30vd5t8pl8myd0o/AACrHVlmbjmKNBJBmtjEaNhya?dl=0

5. CONCLUSIONS AND RECOMMENDATIONS

Whilst the students expressed their appreciation for this programme and indicated that they believe they are able to commence with their respective start-ups based on the feedback they received from the Dragons Den session, they agreed that they would have commenced with their businesses earlier had they had the Knowledge and skills provided in this hands on workshop. In light of the above, it is recommended that this programme be offered by universities at the Annual Student Orientation programme of new students so that they have the necessary skills required to commence their businesses prior to commencing their programmes and are encouraged to become job creators. This programme is designed as an integrated toolbox to provide guidance in a difficult, and often terrifying and confusing process of developing a business idea into a start-up business. This programme may also be offered to the community of unemployed youth as part of the universities community engagement programmes and also to entrepreneurs in the community who need guidance and networks to ensure their businesses are sustainable. Universities are vitally important cogs in developing an ecosystem of entrepreneurship. The outcomes for Universities will be:

• Employed and successful graduates,

• Third stream income for universities offering courses to up and coming entrepreneurs,

• Assisting the unemployed and those involved in the informal economy in the community to develop their respective enterprises,

• Contribution to the economy of the country through Enterprise and SMME development. The curriculum for the 5 Day short course is in the process of being finalised and will be circulated separately to all respective partners.