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IT’S SOMETHING WE often hear about – taking an idea that was forged in academia, commercialising it, and getting rich.
However, the challenges and pitfalls of the process are considerable, says Cathal McGloin, chief executive of Feedhenry, a company which has its roots in Waterford IT.
Feedhenry is designed to help companies that have multiple apps or mobile websites keep changes consistent across hundreds of digital properties.
Clients include Aer Lingus, PwC and other well known names in Ireland and the UK.
So how has he managed to take an idea from the academic bubble and make a business out of it? And what are the challenges he’s had to overcome?
Changing the mindset
One of the big changes he had to put through was an attitude adjustment. Shortly after spinning the company out of WIT, he realised that the staff weren’t ready for the aggressive and competitive nature of the business world.
“If you’re taking the people as well from a research institute, if they haven’t worked in the industry before there can sometimes be a rude awakening with regards to the pace in industry versus academia.”
We had to instil in them that you’re constantly competing with someone who’s going to take away your lunch. If you’re not paranoid and moving at the speed of innovation you get lost.
He says that entrepreneurs and investors that expect to find finished products waiting for them in the nation’s universities are misguided.
At best, what you have is a starting point or a jump off.
“What you often find is that the research has been in a specific area, but has no commercial outlets…people have been solving problems that have no commercial outlet, so you have to find a way of taking that and finding commercial outlets.”
On top of this, research that could have started three years ago on a topic that was new, interesting and sexy then may have stagnated in the interim.
“The research in colleges might have started three years ago, but the whole thing might have moved on because the innovation cycle moves so quickly.”
Most importantly, McGloin argues, is moulding the service into something that the market will want.
“It would be naive to think you could go into college, pick up a piece of tech and have a product…go and find the market segment, go and make it fit, tweak the product so it fixes a real world problem.”
McGloin’s formula certainly seems to be working, with revenues at Feedhenry doubling and tripling every year, and a large expansion in the US underway. The company now employees 65 people, and is targeting Germany and Scandinavia as well as America.
The most important piece of advice he has to offer?
Look for difficult problems to solve. If it’s easy, everyone would have done it.
I never give any money to charity..alot of charities start with good intentions but are hijacked by people who are out for easy money, either by over paid CEOs or financial wrong doing
@hi from heaven: unfortunately, I have to concur… I used to be a devout contributor to many charities before I ended up on the streets but have never asked for anything. Anecdotally however, so many so called ‘charities’ seem corrupt… helping only the ex convicts and fake single Mums. I wouldn’t even phone them let alone donate another cent.
@hi from heaven: you are missing a valid point here, a lot of charities have a lot of volunteers but most have hired staff – staff that is expected to be paid a market rate for their role. The average pay for a CEO is 130K.
Ah Charity what crimes are committed in thy name. Where was the famous regulator, asleep in the office again?
Houses for Druggies
@James Harrington: how DARE you? And anyway more drugs are consumed in Leinster House than in all PMV properties
Bail out! Is it because if they didn’t bail out there might be more homeless on the books.?
The Con Artist Trust
Sad, they must be fairly stretched with all the additional homeless folks .. times are tough
A joke
Will give you the money in December to March
But tell us what you’re plan is till February
Fecking brilliant country
Some brown envelopes there
Should be no such thing as charities..all should be funded and paid and serviced directly from exchequer / public service..if we need higher taxes to pay for all so be it. Better than paying huge salaries of CEOs of many many charities..plus all the corruption that goes on in the charities..publicly fund decent public services.
I’ve seen hospitals running draws to raise funds for new scanners…what???? Buy them from public funds..give us proper public services..
Why is the picture for this story, portmarnock ?
@Thomas O Connor: Tamagos is were the gang goes Thomas.
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