Ones To Watch: Corporate spin-outs
What is it?
The new service aims to assist Irish innovators to overcome the usual challenges faced by start-up companies which typically are funding, product development and the securing of a first customer. These obstacles can be avoided by spinning out products or services which have been already developed in-house for Irish-based companies who will be the first customers for these new ventures.
This will create new stand alone business
ventures based on technologies and services which have initially been developed
for and within large Irish-based companies for their own use. The idea is that
the venture gets started by initially agreeing a supply agreement with the
original company.
Who's behind it?
Pearse Coyle (pictured right) is one of Ireland's leading corporate spin-out experts. He creates successful corporate spin outs by first assessing the market for their offerings. He develops and executes go to market strategies for Irish technology ventures. This initiative is inspired by Pearse's experience at the software company Exceptis where a technology originally developed for AIB went on to be adopted by 12 banks in eight countries before Exceptis itself was sold for €26m.
Financial situation?
CorporateSpinouts.com is run by Pearse Coyle with support from a number of organisations that are motivated to support this initiative and the resultant ventures.
Coyle is working on a pipeline of spin-outs and is in a position to look at new opportunities and carry out the initial market assessment without charge - this is key for those people still in employment who are thinking of creating a spin-out because there's no state grant mechanism available to them unless they give up their job.
Future plans?
Already two promising spin-out candidates at Irish-based multinational financial services companies have been identified, as well as interesting software opportunities for utility billing.
