Beg and borrow
Finding finance will be a continuous challenge, warns John Teeling.
Beg and borrow
MENTORS
John Teeling
As well as being founder and chairman of Cooley Distillery, John Teeling has been involved in the natural resources sector since he began setting up companies in the early Eighties. His ventures include African Gold, Pan Andean Resources, Alternative Energy Resources and West African Diamonds, which has just completed a reverse takeover of Stellar Diamonds. Teeling is currently chairman of eight companies.
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Beg and borrow
25.02.2010
Finding the money to finance your enterprise will be a continuous challenge in the early stages, warns John Teeling.
“Banks should not give you the money,” he says. “They shouldn’t lend money for high risk ventures.
“What you’re going to have to do is beg and borrow. You may have to rely on family, associates and friends. If you believe strongly in your idea and your business, they will support you.”
Being able to convince the people you know about the viability of your idea is also an important exercise, he says.
Grants and supports
It’s vital also to thoroughly research and to try to get whatever grants and financial supports are available at this stage from the various State agencies, Teeling believes. “I think the State has done a very good job in this area. Maybe it’s a bit complex, but there’s lots of it."
Tax exemption
He thinks the three-year tax exemption for start-ups is a particularly good scheme. “The €5,000 feasibility study grant is also important, because it gives you your first six months to get to your prototype. There’s a huge range of start-up facilities here that you can work on.”
Contributed by
John Teeling
Cooley Distillery
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