Bizstartup.ie - NewsMBA graduates to mentor start-ups

The initiative, in association with microfinance non-profit organisation First-Step, will allow companies supported by First-Step to avail of the business experience and expertise of MBA business leaders in a mentoring arrangement.

MBAAI is the representative body for graduates holding the degree of Masters in Business Administration (MBA) living and working in Ireland. Some 80pc of members are MBA graduates of less than 10 years standing; the average age group is 35 - 40 years, and members occupy middle and senior management positions within industry and commerce in Ireland.

The need for general management skills

 “Many start-up companies have expertise in making or selling a product or service but perhaps don’t have general management skills,” said Liam Fennelly, president of the MBA Association of Ireland.

“In that context, the broad suite of business skills MBAs can bring to start-up companies - financial, marketing and operational experience – should be invaluable.”

First-Step was set up in 1991 by Norma Smurfit and a group of like-minded individuals with the objective of providing microfinance loans (ie loans less than €25,000) to start-up or expanding small and medium enterprises for job creation or protection.  

Loans are targeted at people who have difficulty securing finance from traditional banking sources. To date First-Step has assisted 1,500 projects. It is estimated these projects have created in excess of 3,000 employment opportunities.

First-Step’s revolving loan funds are supported by the Social Finance Foundation, Enterprise Ireland through the EU Seed & Venture Capital Fund and Private Sector sponsorship.

Photo: The launch of the MBA initiative