Module 3 - Accelerating stem start up ideas

This programme has been funded with
support from the European Commission
START UP IN STEM
MODULE 3
Accelerating
STEM Start Up Ideas

Proof of ConceptSection 1
Learn and work through a Proof of
Concept Process and Ideas Assessment,
Name & Protect your idea
So you are learning to validate
your STEM start up idea.
Next up is proof of concept
and how, with minimal resources,
you can accelerate your STEM
start up idea and build and
protect your brand.
Section 2
Section 3
Bootstrapping
Bootstrapping what is it and is it right for
you? The importance of MVP, or minimum
viable product, Business Models for Your
Startup
Successful Startup Advice
Interviews, Case Studies, Startup Advice
from Top Entrepreneurs

Women Entrepreneurs in STEM | www.stementrepreneurs.eu
Evaluating Your Innovation or Business
The 7 Step Process
In Module 2, you learnt about the
7 steps to Validate Your Business Idea
and went into Step 1 - Validate your Business in detail.
We remind ourselves of 7 steps, before going through Steps 2 to 5
in this Module:
Step 2 Undertaking the Proof of Concept Process
Step 3 Your Business Model
Step 4 Get External Support and
Step 5 Get a Mentor

1. Is your business idea new? Or a
refined niche idea ?
2. Define & fine tune your idea, its
benefits & feature
3. Macro Test –Gauge Competitors,
Market, Competitive Advantage
4. Micro Test – Get Feedback
5. Define your Target Market
6. Test & Analyse Target Market
Validations
7. Get control of your financial
parameters
8. Evaluate customer acquisition
costs (CAC)
Validate
Your
Business
1. Name & protect your idea
2. What is your MVP (Minimum
Viable Product)
3. Plan & build MVP.
4. Think outside the box on design
5. Pre launch: Involve customers
early, pilot test beta test, market
test. Analyse feedback
6. Refine, amend, tweak
7. Official launch: Field trials
8. Build your Brand
Undertake
a Proof of
Concept
Process
• Your Business Model
• Competitive Advantage
• Laws, Regulations, Constraints
• Intellectual Property Protection
Strategy
• Initial Marketing Strategy
• Financial & Investment
Requirements
• Initial Business Plan
Your
Business
Model
Get in contact with your business
development agency to help you
every step of the way:
• Business Plan
• Business Advice
• Financial Supports & Options
Get
External
Support
1 2 3 4
5 6 7Educate Yourself,
Training and Benefits
of Mentoring
Financing
& Getting
Investor Ready
Collaboration
for Success

STEP 2 - Proof of Concept
Step 2 in the 7 Step Process
Proof of Concept (PoC) is a realization of a certain
method or idea in order to demonstrate its
feasibility, or a demonstration in principle.
The aim is to verify that concept has practical
potential. We introduce you to three key
methodologies:
1. Your Proof of Concept Process (PoC)
2. Proof of Concept (PoC) Bootstrapping
3. Test Your Idea on a Shoestring Budget
Source STEM Skills

Proof of Concept
1. Undertaking the Proof
of Concept Process

1. Undertaking a Proof Concept Process
• By undertaking a proof of concept (POC) process you are gathering
sufficient evidence of the technical viability of your product or
service. Some commercial feasibility assumptions or conclusions
may need to be adjusted as new knowledge of the product
emerges.
• The POC stage generates knowledge about the product’s design,
performance, production requirements, and preliminary production
costs. The end result is a working model known as a prototype.
• Ideas are turned into operational form (not necessarily the final
form). The core functionality of the idea is tested, basic prototypes
may be developed and IP registration can be established. It is
essential that the results of a POC are reproducible, and, if relevant,
the quality expectations of the relevant regulatory community are
satisfied.

Typical Activities that could be
involved in a POC
 Running a new process for the first time and testing
that it performs the desired transformation of
inputs to outputs
 Delivering a service for the first time, testing that
the expected benefits to recipients are realised and
that the delivery method is effective
 Examine the operational requirements of the
product/process
 Identify potential safety and environmental hazards
 Conduct a preliminary production assessment
 Conduct a preliminary manufacturing assessment
 Estimate engineering prototype costs
 Initial production of a new product prototype and
testing that it can actually be used as planned

 Net profit
 Gross profit
 Revenue/ revenue
growth rate
 Number of
customers/clients
/users
 Customer/clients
/users growth rate
 Systems and
processes
 Total amount
invested in business
 Return on investment
Some Proof of Concept Parameters
when Checking for Proof of Concept
The result from the analysis of these parameters says a
lot about the potential of a business idea that has been
set in motion. These parameters can also be used to
see how well a small business/start-up is doing.
Source: Whats Proof of Concept and Why I should Know It

How do I Know My Business
Shows Proof of Concept?
When a business idea shows proof of concept, it
means one or all of the following:-
 Systems and processes within the business are
reproducible on a commercial scale
 The business has been able to capture its own
sizeable audience.
 The business has been able to successfully sell a
product/service and make money (profit) from its
audience.
A business that has not attained a proof of concept is
not necessarily failing. It has most likely not been able
to clearly identify how to make money from an
audience on a commercial scale and needs more
investigation.

As part of Proof of Concept
It's natural to fear that your idea might be stolen.
But you can't turn your vision into reality without
the help of others. Sooner or later, you're going to
want to ask an industry expert to evaluate your
product or service. You're going to need to
collaborate with a manufacturer or distributor.
But patents cost thousands of €€ and take years to
be issued. You can't afford to wait that long to
start bringing your product to market.
Source: Stephen Key Co-Founder of inventRight

There are creative ways to actively protect your idea without applying
for a patent. Here are three affordable strategies that will protect your
business idea from being stolen:
1. Non-disclosure agreement (NDA): Have anyone you work with sign
a non-disclosure agreement that commits them to confidentiality.
An NDA can be a mutual agreement between two parties not to
share information with third parties, or it can go one-way (since
you're sharing information about your idea with them). If the
agreement doesn't have an expiration date, that's powerful.
2. Non-compete agreement: If you hire someone to help you, have
him or her sign a non-compete agreement. A non-compete
agreement prevents an individual or entity from starting a business
that would compete or threaten yours within an established radius.

3. Work-for-hire agreement: If you hire someone to help fine-tune
your product, make sure to establish that you own any and all
improvements made to the idea. Anything they come up with,
you own. You will still need to list the person who came up with
improvements as a co-inventor in your patent, but they will
have no rights to your invention.
There are 4 ways to protect intellectual property. To protect your
idea effectively when you launch your product, you need to utilize
one or more of the other three types of intellectual property
before you commence your marketing activities. -

There are 4 ways to protect intellectual property. To protect your idea
effectively when you launch your product, you need to utilize one or
more of the other three types of intellectual property before you
commence your marketing activities.
Trade Secrets
Protects a new invention
e.g. A new formula of Coke
Trademarks
Protects brands e.g. Apple
Copyrights
Protects works of authorship e.g.
drawings, movies, books
Patents
Protects functional or
ornamental features

This table illustrates
each of the four
different types
of intellectual
properties and
what they might
be used to
protect in a
broader sense…
PROTECTS INFRINGEMENT REGISTRATION
PROCESS
TERM COMPARATIVE
COSTS
PATENT Utility
Patent
Functional
Aspects
Make, Use, Offer,
Sale, Import
Yes 20 years
upon filing
Expensive
Design
Patent
Ornamenta
l Features
Make, Use, Offer,
Sale, Import
Yes 15 years
upon filing
Moderate
TRADEMARKS Brands Used in
commerce
Optional Potentially
indefinite,
limited by
use
Inexpensive
COPYRIGHTS Works of
Authorship
Copying, etc. Optional Life Plus 70
Years
Inexpensive
TRADE SECRETS Information Misappropriation No Potentially
indefinite,
limited by
secrecy
Depends

European Research Council
ERC Proof of Concept Grant can be used to
 Establish viability, technical
issues and overall direction
 Clarify intellectual property
rights position and strategy
 Provide feedback for budgeting
and other forms of commercial
discussion
 Provide connections to later
stage funding
 Cover initial expenses for
establishing a company
Proof of Concept Grants are up
to €150 000 for a period of 18
months. More than one Proof of
Concept Grant may be awarded per
ERC funded frontie research project
but only one Proof of Concept
project may be running at any one
time for the same ERC frontier
research project.
Source: ERC Proof of Concept

The ERC is led by an independent governing body, the Scientific Council.
1. Excellence (Innovation potential): Proposals will have to
demonstrate that the proposed Proof of Concept activity could
greatly help move the output of research towards the initial steps
of pre-commercialisation.
2. Impact: The proposed Proof of Concept is expected to generate
economic and/or societal benefits.
3. Quality and efficiency of the implementation (Quality of the
Proof of Concept plan): The proposed Proof of Concept is based
on a sound approach for establishing technical and commercial
feasibility of the project.
European Research Council
ERC Grant is Evaluated on 3 Evaluation Criteria

Choosing a Business Name
A highly important task is to choose a Business Name for your start up.
Many startups now choose a short, branded name - a name that’s
unique and memorable. You may find that key domain names are
taken and other businesses have trademarked your chosen name.
So, do your homework.
The best company names are emotion-driven and memorable. If you’re
struggling to name your company, think about the emotions that you
want your target customer to feel. When choosing your business
name, think about the words that you’re using in everyday life. Certain
sounds inspire positive emotions and result in experiences that are
likely to be liked, remembered, and shared. You should focus on the
words that you associate with specific sensory experiences: lightness,
darkness, strength, weakness, sharpness, and dullness, as examples.

Choosing a Business Name
If you can’t find a word that
perfectly captures the essence
of your brand, invent your own.
Words are ever-changing and
follow evolutionary cycles.
There are new words, slang or
formal, entering the market,
all the time.
A readily apparent example of this
trend is google - a word that arose
from complete obscurity to
eventually earn its place in the
Oxford Dictionary.

Proof of Concept
2: Bootstrapping

Proof of Concept: Bootstrapping
Bootstrapping is the act of starting a business with
no money - or, at least, very little money. It
certainly means starting a business without the
help of venture capital firms or even significant
angel investment.
Bootstrapping a business can be tough but is highly
rewarding; it develops great discipline and
creativity that can bring out the best in a company.
With bootstrapping, almost everything is done
internally to keep costs low.
Source: Bootstrapping Tips on How to Self Fund a Business

Bootstrapping Benefits
You get to retain complete control and ownership of
your business.
 It teaches you to focus on cash flow
 Develops great discipline and creativity that brings
out the best in the company
 It is a consistent way to gain traction which
provides leverage when seeking investment from
investors
 Because you are involved in various aspects of
your business, it gives you the organizational
experience which will be vital in developing the
company
 It helps you realize the talent and capacity you
have so you attract the right people + find the
right partners
Source: Whats Proof of Concept and Why I should Know It

Bootstrapping The Drawbacks
 The revenue, or lack of! If you manage to launch
your company with your own funds, getting access
to the necessary capital for growth may be a
challenge
 Organic development stagnates without money at
your disposal. The lack of cash resources might
prevent you from developing your project on
schedule with the impact you won’t be able to
meet your growth goals on time.
 Lack of credibility. The backing of external
investors that vouch for you as you establish your
business shows they have faith in your idea, its
potential and your future plans. A lack of external
investors can hurt the credibility of your enterprise
early in the game.

Proof of Concept
3: Test Your Idea on a
Shoestring Budget –Minimal
Viable Product

Startups need to get their products to the market faster than ever in
an increasingly competitive world.
If your idea has support, then consider developing an MVP, or
minimum viable product, to determine if it is a product others would
really use. Build a working prototype, or look to a resource that has
the ability to leverage newer technologies, such as 3D printing.
• If you have a technology idea, such as a smartphone app, look
to crowdsourcing or a Startup Weekend event to find the
assistance you need.
• Talk to people in your market and see if you can
complementary package/add-on to their
product
Source Entrepreneur Europe
Test Your Idea with Simple Steps
on a Shoestring Budget

Test Your Idea with Simple Steps
on a Shoestring Budget - research
1. Make Some. Sell Some. Sales pace and reviews can be valuable market
proof.
2. Freelance Market Researchers. Independent market researchers can
be hired to conduct all or part of your market test. To cut costs down
as low as possible, craft your own questions and have a professional
frame the questions for unbiased results.
3. Market Research Mobile Apps. App-based market research is popular
as a cost-effective and quick data-gathering solution for companies of
all sizes. Apps like Mobile Market Research and Field Agent are easy to
use and have a broad database of your ideal demographic.
4. DIY Market Research. A quick and inexpensive way to find a group
with similar backgrounds to your target demographic. Document your
market research efforts for future marketing needs. Video, audio and
photographs of your methodology can help reinforce the validity of
your results. Source Innovate, Inc.

The MVP is the way to achieve this, but you must be able to provide
the right key features that differentiate and give value to customers
to attract clients and investors before the market moves on. Be
inspired by 17 great examples of MVP
1. Facebook connected students
together via their college or
class
2. Groupon Vouchers launched
with a WordPress site and
emailed PDFs to subscribers
3. Airbnb partners had
difficulties with paying their
rent and came up with a
solution
4. Amazon started off selling
books online
Source: Howwedostartups.com
Minimum Viable Product
17 Examples of Successful MVPs

5. Dropbox pretended they had
their product ready by creating
an explainer video
6. Zynga Developed Farmville by
going live on Facebook.
7. Pebble The coin-sized
smartwatch
8. Zappos went into shoe retailing
with no stock
9. Etzy found an audience that
needed their own MVP to
resonate with.
10. Buffer created a landing page
with different pricing and
features, subscribed to the
waiting list
11. Twitter was an SMS platform
for internal use
12. Foursquare started with
limited functionalities
13. Spotify started as a closed beta
to test the market. Signed
artists once knew people
wanted

14. Uber started off connecting
drivers to iPhone owners
15. iPhone the first version lacked
many basic functionalities
16. AngelList tested their service
idea by doing simple email
intros to investors
17. Product Hunt started with a
tool called Lindydink allowing
members to share
READ - Full Story on each of the 17 MVP’s Here

Business Models for your
STEM Start Up

Business Models for Your STEM Start Up
• The business model is at the core of any successful start-up, a
start-up must have a viable way of making money that is worthy
enough for future investment and to sustain itself.
• The business model you choose needs to tie to the consumer
pain point your start-up is relieving, and work better than your
competition
• There are many different types of models out there, and it’s
important to choose one that is best suited to your business. One
of the worst mistakes a founder can make is trying to reinvent a
business model, or create a new way of generating cash flow that
“has never been done before”.

9 Proven Business Models to Consider for Your Startup
Business Model Examples
1 Become the Middleman Telecommunications: Netflix Retail: Amazon Hotels: Airbnb
2 Become A Marketplace Retail: Raise Travel: Uber Hotels: Airbnb Business: Beast
3 The Subscription Model Telecommunications: Netflix, Spotify Technology Virgin Media
4 Customized Everything Beverages: Coke Entertainment: Lumosity Retail: Zazzle
5 On-Demand Model Travel: Spothero Delivery: Postmates Domestic: Washio
6 Modernized Direct Sales Model Technology: Handybook Retail: Rent the Runway
7 Freemium Model Technology: Dropbox Telecom: Hulu Social: Match.com
8 Reverse Auction
Business: FedBid Travel: Stayful Freelance: Squeezify Services:
MyHammer
9 Virtual Good Model
Gifts: Facebook & Foursquare Virtual Currency: Twitter &
Foursquare

9 Proven Business Models
to Consider for Your Startup
Business Model Examples
1 Become the Middleman Telecommunications: Netflix Retail: Amazon Hotels: Airbnb
2 Become A Marketplace Retail: Raise Travel: Uber Hotels: Airbnb Business: Beast
3 The Subscription Model Telecommunications: Netflix, Spotify Technology Virgin Media
4 Customized Everything Beverages: Coke Entertainment: Lumosity Retail: Zazzle
5 On-Demand Model Travel: Spothero Delivery: Postmates Domestic: Washio
6 Modernized Direct Sales Model Technology: Handybook Retail: Rent the Runway
7 Freemium Model Technology: Dropbox Telecom: Hulu Social: Match.com
8 Reverse Auction
Business: FedBid Travel: Stayful Freelance: Squeezify Services:
MyHammer
9 Virtual Good Model
Gifts: Facebook & Foursquare Virtual Currency: Twitter &
Foursquare

Business Model Why it Works Examples
Become the
Middleman
Full Article:
huffingtonpost
• Highly beneficial when streamlining and
managing so many connectors & components in
the supply chain
• Serious pricing advantage, make money on
every transaction
• No inventory unless it’s a physical product
• Saves consumers money. Control over the
quality of the product or service.
• Gives them immediate feedback from users to
continuously develop a better product
• Better control over contracts and negotiations
with distributors
• Builds stronger relationships with suppliers
Products: Warby Parker
Videos: Netflix
Retail: Amazon
Accommodation: Airbnb
Article: Google, Apple,
Kindle & The Middleman
1. Become the Middleman

2. Become a Marketplave
Become a
Marketplace
Full Article:
huffingtonpost
• This means you are simply bringing supply and
demand together. AirBNB reigns as one of the
top success stories to implement this business
model well, incorporating the ‘sharing
economy’.
• Zero overheads and no inventory. Run the
company virtually. No manufacturing costs.
• Simply bringing the buyers to the sellers (vice
versa). Customers find exactly what they want
at a discounted price and sellers get a profit and
reach customers. Customers are happy to find
exactly what they want, usually at a discounted
price.
Retail: Raise
Travel: Uber
Accommodation: Airbnb
Unmet Business Needs:
Beast
Article: 4 Questions Every
Marketplace Startup Should
be able to Answer

3. Become The Subscription Model
Become The
Subscription
Model
Full Article:
huffingtonpost
• Mobile payments/subscription based services
are a more simple, hassle-free shopping
experience. Customers receive the same
product, same time every month don’t have to
worry about reorders, know they get a flat rate
within budget.
• Optimal balance of value to both the customer
and start-up. Takes a lot of thinking and redoing
out of the purchasing process.
• Need to be able to predict revenues via
reoccurring sales. Enhances sustainability,
increases attractiveness and potential VCs often
leading to an increased company valuation
Telecommunications:
Netflix, Spotify Technology
Virgin Media, Dollar Shave
Club is one of those simple
subscription services that
made it much easier for men
(and now women) to not
worry about running out of
razors, and save money.

4. Become the Customized Everyting
Become the
Customized
Everything
Full Article:
huffingtonpost
• The customization trend that aligns with
a consumer shift towards more
personalized goods that reflects their
specific tastes.
• Rising percentage of the population is
interested in built to order products
specific to their needs and will spend
25% more.
• Production times and other
customisation configurators are
lowering bringing further potential to
the market.
Entertainment: Lumosity
Retail: Zazzle Nike (design your own
custom sneakers)
3D printers are another example.
Lumosity adopted the concept by
providing customized brain games
tailored to your strengths and
weaknesses.

5. Become the On-Demand Model
Become the On-
Demand Model
Full Article:
huffingtonpost
• Smartphones have driven transformational
shifts in how we consume goods and services,
and many consumers have become
acclimated to purchasing at the press of a
button.
• Much more cost effective, scalable and more
efficient model.
• Allows start-ups to leverage new technology
while utilizing existing infrastructures.
• Another benefit lies in the use of freelance
labour with its obvious advantages in cost
cutting. There has also been an influx of VC
belief and capital in this revenue model.
Travel: Spothero
Delivery: Postmates
Domestic: Washio
On-demand start-ups like Uber
provide contracted work for
consumers who want to
become solo-preneurs

6. Become the Modernized
Direct Sales Model
Become the
Modernized
Direct Sales
Model
Full Article:
huffingtonpost
• Interested sellers or merchandisers create their own
online store to sell and earn a commission utilizing the
start-up technology infrastructure.
• Supplements sellers income and those seeking new
career paths
• Access to more customers via social media where sellers
can reach more people than ever, increasing merchandise
popularity, bringing in higher revenues
• Increases loyalty of its sellers (who are also its
customers). Software available now has dramatically
improved productivity and flow for direct sales reps.
Technology:
Handybook
Retail: Rent the
Runway
Avon and Amway

7. Become the Freemium Model
Become the
Freemium
Model
Full Article:
huffingtonpost
• This combination of “free” and “premium” broken
down, offers a basic service to consumers for free,
while charging for premium services (advanced
features and perks) to paying members.
• Freemium strategy lies in its ability to be a
marketing tool for your service, which helps early
stage start-ups scale by attracting a user base
without costly ad campaigns.
• Freemium models also tend to be more successful
that 30-day free trials. Customers are much more
comfortable with accessing a service for free, and
the no strings attached feeling that comes with
before deciding to make a purchase.
Technology: Dropbox
Telecom: Hulu Social:
Match.com
Linkedin offers a free
version letting users share
professional profiles, while
the premium offerings are
talent solutions with added
features. Each new
member that signs up for
free or premium increases
the value for other
members.

8. Become the Reverse Auction
Become the
Reverse Auction
Full Article:
huffingtonpost
• This type of model is the reverse of Ebay where
the buyers switch roles with the sellers. Buyers
who care about price offer bids for a service to
the sellers and if the seller accepts the bid, the
buyer must agree to all of the seller’s terms and
conditions. Sellers benefit from access to a
marketplace, while the buyers feel like they are
getting a great bargain.
• Price sensitive buyers feel great, because they feel
good about the deal they won, the company also
wins by facilitating the deal with its sellers who
get access to a marketplace and still make a profit
on inventory that might not have sold otherwise.
Business: FedBid Travel:
Stayful Freelance: Squeezify
Services: MyHammer
Priceline where travelers
give up convenience for low
prices on airline tickets,
rentals, and other travel
accommodations. Provides
a win-win marketplace for
it’s B2C marketplace, and
because of that has seen
significant revenue growth.

9. Become the Virtual Good Model
Become the
Virtual Good
Model
Full Article:
huffingtonpost
• One of the greatest advantages of virtual
goods are the high margins, since they cost
only what the bandwidth required to serve
them does.
• The objects sold create real value for
consumers, for example, in a game, buying a
sword adds to the real fun people are
having playing a game.
• Market liquidity continues to increase as
more gamers live in virtual worlds. Virtual
goods are also more increasingly becoming
a way for people to show affection and
meaning as we continue moving more into
an app obsessed world.
Gifts: Facebook & Foursquare
Virtual Currency: Twitter &
Foursquare
Candy Crush understands the
power of the virtual good model,
and made a ton of its revenues
for digital products like extra lives
or features like a “colour bomb”.
Virtual goods are online only
products users pay for normally in
games or apps such as upgrades,
points, gifts, or weapons.

EXERCISE* Build Your Own MVP
Read this article to find out the Do’s and Don’t of an MVP
Create your own MVP considering it must deliver minimum yet a
valuable product that:
 Serve at least one specific audience
 Address at least one key problem
 Have a well-designed user experience
 Be easy to build and launch quickly
Source: Get Smarter Building Startups

EXERCISE* Build Your Own MVP
Follow and complete each of the 4 tasks below in the article so you
can build an MVP
1. Before you must understand and identify your success criteria
2. To build the right MVP map outline your user’s journey
3. Have the story-map ready before you build an MVP
4. Use the product roadmap to prioritze the features before you
build an MVP
Source: Get Smarter Building Startups

Competitive Advantage
To create a competitive advantage, you've got to be clear about three
elements:-
1. Benefit. What is the real benefit your product provides? It must be
something that your customers need and that offers real value.
You must know not only your product's features, but also its
advantages how they benefit your customers. That means being
constantly aware of new trends that affect your product,
especially new technology.
2. Target market. Who are your customers? What are their needs?
You've got to know exactly who buys from you, and how you can
make their life better. That’s how you create demand, the driver of
all economic growth.
3. Competition. Have you identified your real competitors? That's
more than just similar companies or products. It includes anything
else your customer could do to meet the need you can fulfil.

You Need a Business Plan
It is the Blueprint for your Business
Here are 5 reasons you need to start your business
plan today to:
1. Test the feasibility of your business idea
2. To Give Your New Business the Best Possible
Chance of Success
3. To Secure Funding, Such as Bank Loans
4. To Make Business Planning Manageable and
Effective
5. To Attract Investors

EXERCISE* Start Your Business Plan
TASK* Complete Your Business Plan
Download, edit, print out and fill this blank
business plan template to help you start up your
own business
Business Plan Template from Enterprise Ireland

Get External Support
Get in contact with your local enterprise development
agency to help you develop your idea, test its feasibility
and secure funding to bring it to a reality. In addition to
providing grants, they are a powerful source of business
advise, networks and business development programmes.

Existing Supports for Female Entrepreneurs
Northern Ireland UK
1. Loan Funds
Enterprise Northern Ireland Loan Fund http://www.eniloans.com/
Start Up Loans through ENI have an interest rate of 6% fixed (6.2%)
APR. Individuals applying for a loan are required to satisfy a set of
eligibility criteria before being selected – such as submitting a
business plan to prove that the business has the means to pay the
loan back. Businesses must be less than 24 months, be based in
Northern Ireland and applicants must be over 18 years old.
Northern Ireland Small Business Loan fund http://www.nisblf.com

Women In Business: Yes You Can - £20K Pitching Competition
This Pitching Competition is part of a new 3-year Female Enterprise
Programme, Yes You Can, which is a collaboration between the 11
Local Councils in Northern Ireland, Invest NI and Women in Business.
Pitching guidelines
https://www.womeninbusinessni.com/getattachment/4bd75ec5-472e-4b0b-
80d8-693a9291b2fe/Pitching-Compettiton-Guidelines-2019.pdf.aspx?lang=en-GB
Invest NI Innovation Voucher
An Innovation Voucher provides funding to small and medium sized
businesses to work with an expert Knowledge Provider from a
University, College or other Public Sector Research Body bringing
new knowledge to help businesses innovate, develop and grow.
https://www.investni.com/support-for-business/innovation-vouchers.html
Northern Ireland UK

Northern Ireland UK
2. Training
Exploring Enterprise Programme is a free programme which
provides an insight into starting a business or allows you to take
the first steps to gaining employment.
https://www.enterpriseni.com/exploring-enterprise-eep
Grit & Grace
A 3-day leadership programme for ambitious and dynamic female
leaders. Over the course of the programme you will have the
opportunity to discover your own unique leadership style, network
with your peers and build your confidence to succeed. This is a
highly interactive programme – specifically designed to deliver
immediate and sustainable impact.
https://www.womeninbusinessni.com/Programmes/Grit-Grace.aspx

2. Training
Women in Business (WIB) Your Voice
A bespoke 2-day training course, helping participants develop
excellent presentation and communication skills. Designed
especially for Women in Business members, The course aims to
develop exceptional presentation and communication skills and
improve the performance of leaders, executives, business
owners & managers through a combination of learning and
practical application. The purpose is simple: to build knowledge,
skills & confidence in order in order to influence & create impact
through exceptional communication and presentation.
https://www.womeninbusinessni.com/Programmes/Your-Voice.aspx
Northern Ireland UK

Northern Ireland UK
3. Mentoring
Women in Business (WIB) (Power of 4 programme)
Offers local women a chance to be part of a six month programme
that provides training, mentoring, role model support and builds a
peer network.
Women in Business (The Mentoring Programme)
The mentoring programme offers places on the programme four
times per annum, matching 30 Mentors with 30 Mentees for a 12-
month programme of mentoring support. As a result, we are
continually recruiting experienced and accomplished women, who
are willing to gift their knowledge and expertise to other women at
an earlier stage in their careers.

3. Mentoring
Women in Business (The Mentoring Programme)
Induction sessions include:
• How your values, goals and motivation contribute to your
success as a mentee or mentor
• Exploring how to maximise your time on the Mentoring
Programme
• Q & A session with WIB and Advance Coaching. Opportunity to
network with mentees and mentors
https://www.womeninbusinessni.com/Programmes/The-Mentoring-
Programme.aspx
Northern Ireland UK

Ireland - Local Enterprise Offices, Enterprise Ireland
1. Funding Competitive Startup Funds provides investment of
€50,000 for female led businesses
2. Training Exxcel STEM Programme is tailor made, has one to one
intensive mentoring, learning, networking
3. Mentoring Going for Growth is designed to support women who
are serious about growing their business
4. Female High Fliers Program is an accelerator programme for
female led startups specifically addressing challenges
5. NDRC Female Founders provides female business owners with the
tools to figure out if your tech-based startup idea has the potential
to be something big
6. More support initiatives for ambitious women to grow scalable
businesses in Ireland here.

1. Her career https://www.her-career.com/en/
Supports women exactly where they stand, no matter if it is starting their
careers, advancing their careers, re-entering their careers or founding a
company.
Her Career was an excellent assistance to Veronika Riederle: Founder of
Demodesk GmbH (software company) https://demodesk.com/
WATCH https://www.youtube.com/watch?v=rEi8sX6noRw
2. frauen-u-unternehmen (Women u (U) companies e. V.) WATCH
https://frauen-u-unternehmen.de/ is a network for female entrepreneurs
and female executives. Founded in 1999 by five female entrepreneurs in
cooperation with the IHK Nord Westfalen, It has more than 220 members,
making women entrepreneurs in the region visible and providing for the
exchange and networking of women in the economy.
Germany

3. Business and Professional Women (BPW) –Club Münster e.V.
http://www.bpw-muenster.de/
One of the oldest and most influential international professional networks
for women with global reach. Offers working women from all positions,
sectors and occupational fields a forum for constructive exchange of ideas,
mutual support and further education.
4. She Works! Weblink
SHE works! Is a network for women entrepreneurs in North Rhine-
Westphalia. It provide mentoring for female founders in finance, marketing,
digitalisation, accounting department, self-marketing, acquisition,
personnel management, work management.
Germany

5. Verband deutscher Unternehmerinnen (Association of German
Businesswomen) https://www.vdu.de/landesverbaende/westfalen.html
Empowers women entrepreneurship, promote women in leadership
positions, encourage women to become self-employed, and work to better
reconcile work and family life. WATCH
6. EXIST – University-Based Business Start-Ups
https://www.exist.de/EN/Home/home_node.html
This programme aims at improving the entrepreneurial environment at
universities and research institutes. It also aims at increasing the number
and success of technology and knowledge based business start-ups. It
supports university graduates, scientists as well as students in preparing
their technology and knowledge based start-ups.
Germany

7. Frauen & Beruf – Münster e.V. (Women & Occupation in Münster)
https://www.frauen-und-beruf-muenster.de/
Support via consulting women by re-entering the job market, founders,
unemployed women and all those who want to embark on a new career.
8. WWU – Münster
https://www.uni-muenster.de/AFO/en/entrepeneur/index.html
Promotes cooperation between science, society and industry. In addition, it
provides entrepreneurship support and lectures and seminars specifically for
female students to support and promote their entrepreneurial activities.
Germany

9. Gründer Geist Münster https://www.gruendergeist-muensterland.de
At the center of the project is the development of additional and higher
qualified start-up potentials. With innovative measures, target groups
such as students / graduates, technicians have the opportunity to
develop innovative ideas in interdisciplinary and heterogeneous teams
with professional support, working on a concrete business concept.
Germany

Norway
1. Norwegian Role Model Databank & Scheme
https://www.rollemodell.no
The databank presents role models in STEM areas in general and also
STEM entrepreneurs in specific relevance to young people. It is
searchable per region / county and the students can connect with role
models, invite them to their schools and vice versa: businesses can
connect with schools and young people and present their workplaces.
The support is primarily in finding a role model, but also – if
requested - in mentoring and coaching.
The role model scheme (databank) was established in 2011 by the
Ministry of Education and the National Center for STEM Recruitment
as one of several measures to increase the interest of young people in
general and girls in specific, in STEM. Since 2018, the center
(Realfagsrekryttering) functions as the Norwegian National STEM
platform.

Norway
2. Female Tech Founder of the Year Award in Norway
An initiative of the Innovation Council of Norway, there is a package of
solutions are available for the winners including Mentoring, Coaching,
Financial support for scaling up the project, opportunity for joining
the best training programs available globally.
The focus is on women's tech entrepreneurship with the award
criteria linked to the UN Sustainability Goals. The winner gets 0.5 M
NOK and is given a great opportunity to market her business in Silicon
Valley & the US.
In 2018 the winner was Grete Sønsteby, Founder and CEO of N2 Agri.
In 2017 the winner was Nuria Espallarges, Founder and CEO of
Seram Coatings.
In 2016 the winner was Karen Dolva, Founder and CEO of No Isolation.

Norway
3. Norway´s best 50 IT entrepreneurs https://www.abelia.no
An initiative started in 2015 by ABELIA, the leading association for
2100+ IT companies in Norway. The founders and entrepreneurs are
selected annually and the number of nominations is increasing
exponentially. ABELIA runs the initiative together with ODA-Nettverk
– the leading network for girls and women in the tech sector and TU.
4. VDTR6000 Digital Transformation & Leadership www.oslomet.no
The training program includes: - day symposium related to
digitization and digital transformation - 2 modules of 2 days with
research-based teaching and exchange of experience - 3 hour
discussion meetings with 7-8 participants related to their own
challenges - guidance and development of own digital change project
- access to digital knowledge platform

European Centre for Women and Technology
https://www.ecwt.eu
ECWT was founded in 2008, with the goal to measurably and
significantly increasing the number of girls and women in the Digital
Economy. Today this is the leading European Network and the partner
of the Commission for safeguarding the gender dimension of the
Digital Agenda
It offers training programmes( e.g. on crowdfunding), e-leadership
courses, a European and global network for outreach, access to
mentoring and e-mentoring, EU and international project
management support.

Get a Mentor
Mentoring is designed to match up the knowledge,
skills, insights and entrepreneurial capability of
experienced business practitioners with small
business owner/ managers who need practical and
strategic advice and guidance. The mentor
contributes independent, informed observation and
advice to aid decision making

Still in a Maze of Decisions?
Mentorship means something different to nearly
everyone you ask. At its core, however, it is a
unique type of bond based on growth, shared
knowledge, compassion, and -often- raw and real
honesty.

Mentorship can Help you get through the Chaos!
Interview with Dr Erika Ebbel Angle
Dr. Erika Ebbel Angle currently the CEO at Ixcela,
Inc. (a biotech company focused on specialized gut
health treatment). She is also the Founder and
Executive Director of the non-profit Science from
Scientists, focused on getting students grades 4-8
excited about STEM education
Dr. Angle shares how mentorship played a key role
in helping her become the successful business
leader she is today.

A few years ago, I went through my hardest – and most beneficial –
mentoring experience. I had been pouring my “blood, sweat, and
tears” into GoHero – a project I am zealously passionate about.
Having successfully built many companies before, he could see
what I was doing wrong. My mentor told me -bluntly- that my
desire to control everything was holding the project down, and that
if I continued down that path it was 100% certain that I would fail. I
made radical changes to my mindset, approach, and behavior. I
started to let people in, sharing aspects of GoHero that were better
handled by those with the right skills. The effect was evident
almost immediately. Pieces started falling into place, and the new
energy brought in the right people at the right time.
Full article The Best Advice for Women in Startups and STEM

”
“I think mentorship is
everything. It is the
fundamental foundation
of everything
DR. ERIKA EBBEL ANGLE
CEO at Ixcela, Inc

She advises women to go out and find people who are more
talented than you are to help in areas that you don’t have a
strong skill set. In her experience, and I agree, as long you are
motivated and willing to work hard, skills can be taught.
All throughout her life, Dr. Angle has surrounded herself with
people who have been willing to mentor her. Their advice,
guidance, and openly candid feedback was vital as she worked to
build her companies.

The Role of Mentor
• Listen and understand your business
• Advise and provide direction
• Help the promoter identify problems
and suggest areas for improvement
• Discuss solutions and innovative
ways of improving business activity
• Help with the decision making
process
• Share experience and knowledge
• Provide structure and context for
discussion
• Offer assistance in compiling a
business plan
The Role & Involvement of a Mentor
The Areas of Involvement
• Business Strategy
• Financial Planning
• Market Research
• Marketing & Promotion
• Production Planning
• Distribution
• Corporate Organisation
• Website Planning &
Design

Successful Entrepreneurs Startup Advice
S3.1 Interview:
Grainne Kelly, CEO & Inventor of Bubblebum
S3.2 Case Studies:
How 6 Women Transformed a Simple Idea
into a Massive Success
S3.3 60 Entrepreneurs Share their Startup Advice

Interview with multi-award
winning entrepreneur
• Interview with multi-award winning entrepreneur, Grainne
Kelly , the CEO and inventor of Bubblebum UK Ltd, manufacturer
of the world’s first inflatable car booster seat.
• Founded in 2009, Bubblebum now exports to 27 countries
globally and is stocked by major retailers such as Walmart,
Amazon, Halfords, John Lewis and Target.
• BubbleBum was invented to meet a
personal need; frequent travel between
her native Ireland and England left her
transporting bulky fixed booster seats
back and forth on the plane. Grainne took
her idea from concept to shelf in just 9
months.

Grainne Kelly, CEO
& Inventor of BubbleBum
Any advice for women looking to
start their own business?
“Don’t over think it. Take calculated risks.
You don’t have to ask for permission to
succeed. It is not a rocket science, don’t be
blinded by technical jargon don’t be afraid
just ask plenty of stupid questions! ”
Source: BubbleBum

Grainne Kelly, CEO
& Inventor of BubbleBum
Is it a frightening prospect when everything
hinges on you as designer, fundraiser and
business owner?
“Sometimes it is overwhelming that other
peoples livelihood depend on my ability and
performance. But, if you do the right thing
for the right reasons only the right thing can
happen. As long as I know that I am acting in
the best interest of the company and
maintaining integrity then the rest is out of
my control.”
Source: BubbleBum

Grainne Kelly, CEO & Inventor of BubbleBum
Other Questions Asked
• What is your business background?
• Where you always keen to be an entrepreneur?
• How did the idea of BubbleBum first come about?
• Was it a challenge to start up your business?
• When did you first begin trading with BubbleBum?
• How did the process develop from idea to the production line?
• Tell us a little about the product and what makes it so unique.
• Is it difficult to separate business from your personal life when
you own your own company?
• What is next for Bubble Bum?

Grainne Kelly Interviews
Interview 1:
Grainne talks about her journey as a
female entrepreneur and inventor
starting off from a place in rural
Ireland. After only 17 months she was
trading in 17 countries worldwide
and 13 global e-commerce platforms.
In her first year she sold 60,000 units
in Europe.
CLICK TO
VIEW

Grainne Kelly Interviews
Interview 2:
Grainne talks she was going live in the
US in 2 weeks time
CLICK TO
VIEW

”
“ Its an expectation
from people that a woman
will ask stupid questions so
I can get away with it and
I don’t care and that’s exactly
how I got the answers
that I needed
GRAINNE KELLY
CEO & Inventor of BubbleBum

How Women Transformed a
Simple Idea into a Massive Success
From www.foundr.com we share how
6 women came up with their business
ideas and put them in motion, so you
can learn from their experiences.
Each entrepreneur answered these
two questions:
1. How did you come up with the idea
for your ecommerce business?
2. What advice would you give to
someone who is trying to come up
with their own business idea?

Kylie Camps, Founder, The Sleep Mama
CLICK FOR
FULL
INTERVIEW
Full foundr Interview: with Husskie

Lyia Liu, Founder of Luxe Fitness
CLICK FOR
FULL
INTERVIEW
Full foundr Interview: How I Learned From My Mistakes

Brooke Findley, Founder The Organic Place
CLICK FOR
FULL
INTERVIEW
Full foundr Interview: Self Start Up Mum

Lana Hopkins, CEO & Founder Mon Purse
Full foundr Interview: Targeting women who want to be their own brand
CLICK FOR
FULL
INTERVIEW

Erin Houston, Co-Founder & CEO wearwell
Full Interview: foundr Shares her Biggest Surprises & Challenges as an Entrepreneur
CLICK FOR
FULL
INTERVIEW

Taryn Gilbert, Founder Sitting Pretty Halo Hair
Full Interview: foundr Interview
CLICK FOR
FULL
INTERVIEW

60 Top Entrepreneurs
Share their Start Up Advice!
Arianna is a co-founder of The Huffington
Post, author of a recent New York Times best-seller
Business ideas alone are worth very little. If you
want to start a business and become successful with
it, you need to solve meaningful problems.
Execution is everything in business. Becoming
successful in business is more about your
mentality, psychology and determination than it is
about finding little tips, tricks, hacks and
exploitations in the marketplace
CLICK TO
READ FULL
ARTICLE
(NO. 2)

Robert Herjavec is an entrepreneur and investor who's
built & sold several companies to major brands like
AT&T (Telecommunications)
Start today. The only true way to learn is by doing and
you can’t afford to sit around waiting for funding,
hoping someone else will come along to help
you execute on your idea or complain that you don’t
have the time.
Launch before you feel ready. If you wait until your
product or service feels perfect, someone else will
already be doing a better job. Validate your business
idea by launching fast, bringing on a small group of
paying customers and adapting to make your solution
great for them over time.
CLICK TO
READ FULL
ARTICLE
(NO. 4)

Tara Gentile Author, speaker, and the founder
of Quiet Power Strategy® featured in Fast Company
Forbes for the work she has done.
How you choose to manage your time and decide
which opportunities to pursue will greatly impact
your success when starting a business. Outsource
everything you can, so that you can focus on doing
what only you can do in your business.
Do everything in your power to avoid spending
money when you start a business. Build a lean
solution that provides value to your customers and
only spend money on the absolute essentials when
you need them. Look at MVP examples earlier in this
Module
CLICK TO
READ FULL
ARTICLE
(NO. 11)

Vanessa Van Edwards ground breaking work
at Science of People has been featured on NPR, the
Wall Street Journal, the Today Show and USA Today.
Never stop building meaningful relationships with
customers and other people in your industry.
Choosing to view competitors as potential partners
and collaborators can positively impact your business
in a big way.
Focus on setting & achieving small incremental
goals rather than trying to start a business and
instantly build your vision of what the company
should be in the years to come. Setting realistic goals
and milestones is a major component of her
course, The Launch Formula.
CLICK TO
READ FULL
ARTICLE
(NO. 15)

Lauren Flanagan, BELLE Capital
• Interview Video IV Billionaire Club for Women.
This truly inspiring woman tells how having 3
near death experience and her leg amputated
changed her life and lead her to being the
entrepreneur she is today.
• Interview Article ‘How Belle Capital invests in
Women Run Tech Startups’
• Who is Lauren Flanagan?
• At WebWare's raised approx $20m in equity
capital. Co-founded four technology companies
and consulted for high technology leaders
• BusinessWeek Top 25 Angels in Tech in 2010
• Serves on Dell’s EIR advisory board
• Active Member on Angel List

Lauren Flanagan, BELLE Capital
“Woman are starting to realize that we are the
solution to our own problem,”
“Women control half the wealth in the U.S., but
we do very little investing. If we can invest, that’s
game changing because it brings more money to
the early-stage landscape.”
“Women-owned companies perform the same as
their male-led counterparts but they do it with a
third less capital. Also, there are fewer failures.”
“Women in leadership," Flannagan says, "is a
significant asset to an investor.”
Image: Huffingtonpost Source: The Next Chapter: Women Entrepreneurs Making History Today

Practical Steps: Learning How To Build A Startup
1. Communicate with peers who have ‘been there and done that’
ask them the hard questions ‘What did you learn?’, ‘What were
your biggest challenges?’, ‘What would you do differently’
2. Research current success stories and role models The Internet is
better than any resource, changes daily to keep up with
reality and is interactive. Reserve some time each day for your
favorite blogs and influencers, follow up with social
networking and expand your personal contacts offline
3. Find a business mentor, as well as a friend. A mentor is
someone who will tell you what you need to hear, while a friend
might tell you what you want to hear. All entrepreneurs benefit
from bouncing their ideas off someone else, and unique
perspectives can add real value.
Source: Practical Steps to Learning How to Build a Startup

What I Have Learned?
• I understand how to undertake a Proof of Concept (PofC)
Process and practically apply it to my business e.g. naming and
protecting my idea, grants available and their evaluation criteria.
I also understand POC bootstrapping and how to test my idea on
a Shoestring Budget
• By learning successful demonstrated use of Minimum Viable
Product’s (MVP’s) I know how to get my products to the market
faster. I also know how to build my own MVP
• I know the difference between different proven business models,
how they each work and which model(s) would potentially best
suit my start-up
• I know how to evaluate my innovation or business

What I Have Learned?
• I am aware of the different supports for female entrepreneurs
such as; funding, training, mentoring, networks and programs
• I know mentoring can help me through what may seem like chaos
at first!
• After reading different case studies, listening to advice and
interviews from other successful female STEM entrepreneurs I am
now armed with a lot of useful, practical, realistic information

Stementrepreneurs
www.stementrepreneurs.eu
Next Up…
Module 4
http://stementrepreneurs.eu/contact
Get Investor Ready

Module 3 - Accelerating stem start up ideas

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Module 3 - Accelerating stem start up ideas