College set to expand start-up mentoring

A scheme offering dozens of start-up companies the mentoring of experienced entrepreneurs is to be extended at Cork Institute of Technology.

It was the first college to introduce a role of entrepreneur in residence (EIR) when Kieran Moynihan, a telecoms innovator from the city, who took up the position in Jul 2010.

CIT is now seeking up to three more experienced business people to offer their expertise to on-campus companies and to students. There are almost 60 start-up companies based at the Rubicon Centre at CIT’s main campus in Bishopstown, an ‘incubation centre’ working with entrepreneurs and companies at various stages of development. They get access to training, mentors and development agencies such as Enterprise Ireland.

It is proposed that each EIR would be assigned to a limited number of firms, mostly those seeking venture capital or other funding but also others whose management teams need to be boosted.

However, another key role will be to work with CIT staff and students to promote student entrepreneurship, through workshops and participation in CIT’s annual prize for innovation.

“We would like to investigate the availability of other entrepreneurs out there, in addition to Kieran Moynihan. We’re tendering for the roles in the hope of attracting more people across a wide range of disciplines,” said a CIT spokesperson.

Mr Moynihan initially made his services available for free but has been paid by the college more recently. However, CIT did not disclose the amount being paid as the extended EIR service is currently out to tender.

Among the other roles of the EIRs will be a requirement to help assess the commercial viability of technologies developed by CIT’s research community. They will also work with the college’s industry liaison office and technology transfer office.

The initial appointments will be for a year and they may be extended for another year, but they will not be employed by CIT. The tender documents inviting applicants sets out an expectation that up to 120 days a year of support would be provided.

Anybody hoping to be appointed to the panel will be expected to have experience of initiating and expanding a start-up business, as well as a track record working with start-ups and on entrepreneurship initiatives with third level staff and students.

CIT has a reputation for promoting innovation and entrepreneurship, among its own students and in the region.

The highlight of its Innovation Week, which ended last Friday, was the awarding of the CIT Entrepreneur of the Year and a €4,000 cheque to a team of seven students who devised Cool Counter, a cooling device for drinks that can be integrated into a bar top.