Vincent Forde won IBYE’s Best New Idea category from LEO South Cork and received €7,000 investment in his company, Gasgon Medical, which is a medical device company that supports medical staff in delivering improved patient care, with better outcomes, through collaboration and innovation. He also walked away with the title of ‘Best Young Entrepreneur’ for the South Cork region. We chatted to Vincent ahead of the IBYE Regional Final about his experience…
Why did you enter IBYE?
It just seemed like the right time to get involved. I’ve been working on my business plan over the last 12 months and I saw this as a really good chance to engage with my Local Enterprise Office, to show them what I was developing and form a relationship. Entering the IBYE just seemed like such a good chance to get to work with the LEOs and take advantage of the mentoring bootcamp that forms part of the first stage. I also saw it as a good way to meet with other entrepreneurs from the Cork area, and maybe nationally, who are on the same journey of developing businesses from seeds of an idea.
My development strategy has been to go after opportunities that add tangible value – it’s very easy to get caught up in the whirlwind of startup life, so picking the right path forward is important. Key to this strategy of scaling rapidly from startup to delivery of product is to build a strong network and, as far as developing the business was concerned, engaging with the IBYE has proven to be a good move. My Local Enterprise Office in South Cork has put me in touch with mentors who have deep knowledge and important industry links that can streamline the path to my goals. The depth of knowledge, support and development opportunities that have opened up already from IBYE are helping to move the business in a more defined direction.
What is the biggest thing you’ve learned from your IBYE experience?
IBYE has done a lot to build my confidence in what I am doing. The most valuable thing that IBYE has brought for me is validation of my business ambitions. The challenge of starting a business can be daunting so it’s good to pitch to experienced judges and know that others share the vision too, find out what works or not, then get better at delivering on that vision. Regardless of whether I progressed through the competition I knew that every interaction with experienced business mentors and judges would help to add value to my plans.
How do you plan to use the investment you won?
In this early stage of the business these funds will be well utilised in prototype development and validation of product concepts, including 3D printing, fabrication, testing and optimising. The investment will help with legal and accounting service costs, as well as development of a website so Gasgon Medical will soon have a home on the web.
Also, in the next 12 months I intend to be traveling a lot to trade shows, to establish links with potential customers and to source suitable manufacturing partners.
Any advice to other young entrepreneurs?
Working alongside entrepreneurs with very different business models, it is clear that similar challenges and rewards are there no matter the opportunity you are chasing. It’s been really helpful to work alongside other start-ups and develop a network – it’s amazing the opportunities that appear when you start talking! Ireland is a small place and you are never more than a few conversations from getting to meet your ideal client or finding a strategic partner, so the most valuable thing you can do is just get talking! Be careful with your information, treat every conversation like a job interview because you never know where it will take you!
The most important thing though is – just go for it! That dream, that idea, you have to believe that you can make it happen, because if you believe then you will find very quickly that the supports are there to help you along the way and you will have a lot of fun making your dreams come true!