Bizstartup.ie - NewsBeg and borrow

“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.”