Cirdan Imaging Ltd, a digital health pathology diagnostics organisation was launched in 2010, with its headquarters located in Lisburn, Northern Ireland and branch offices in Australia and North America. The company excels in creating and launching sophisticated lab information and medical imaging solutions, aiming to improve the effectiveness and precision of healthcare services.
Included in Cirdan’s portfolio are diagnostic imaging solutions and laboratory information systems that seamlessly enhance workflow for pathologists and radiologists. Hugh Cormican, an alumnus of Queen’s University Belfast with a degree in physics, co-founded the company. Revered for his consistent pursuit of imaging technology expansion, he made significant contributions to Andor Technology in design and production of top-tier digital cameras during his doctoral studies.
Cormican’s entrepreneurial spark was ignited during a visit to a pathology lab. He discovered that the the key instrument for a pathologist was vision, with most tasks implying the examination of tissue samples directly or microscopically. Rather than having visual records, she was dependent on verbal descriptions due to lack of image management means. Recognising this as a hindrance to implementing imaging solutions in pathology diagnostic, Cormican perceived a lucrative market.
The Covid-19 pandemic posed a significant challenge to Cirdan Imaging Ltd. Prior to the pandemic, the company had made substantial investments in research and development while also cultivating delivery capacity. Given the pressing need for testing during Covid-19, their clientele was overwhelmed and the staff had to navigate intricate concerns on a strict schedule. This period exhibited much devotion, yet it was financially unrewarding as new business initiatives were suspended.
Even post-pandemic, it took an extended duration for projects to recommence, causing sales to plummet and leaving the company in a precarious financial state. Survival necessitated acquiring loans, leaning on suppliers’ goodwill, and encouraging existing shareholders to invest more.
The company’s growth was initially supported by funding from the standard sources: founders, personal acquaintances and family. The funding was later bolstered through investments from local venture capital companies like Clarendon and Kernel.
Our company, known for its creative and diverse approach to a novel market paradigm, often faces challenges in securing traditional venture capital. Funders usually gravitate towards uncomplicated, single-purpose ventures or imitation models designed for well-known markets, as they find them easier to understand and exit promptly.
Q. Can you predict the state of your market in three years, and where do you envisage your business to be then?
Our market is undergoing significant expansion. Given our robust commitment to innovation, we are all set to outpace the proliferation of the market, thereby enabling us to secure a greater portion from our rivals. As of now, we hold a minor position in the market, but aim to be in a substantially major role in three years!
Q. What are the major disruptive factors in your sector?
The primary disruptive elements I observe include:
– An increased emphasis on patient participation in clinical progressions;
– Rise in the use of digital health platforms;
– Swift adoption of AI technology;
– Managing cybersecurity.
Q. Do you think AI influences your business and the sector in general?
Indeed, AI is set to affect all industries, probably much sooner than most anticipate. We are of the belief that utilising AI is crucial to bringing about considerable enhancements in efficiency and provision of superior customer service. Over the last five years, we have been devoted to the growth and use of AI, with a focus on its ability to assist our clients’ staff rather than replace them.
Q. How is the prevailing inflationary climate affecting your business and what are your predictions?
Having witnessed numerous cycles over time, the current inflationary climate poses challenges for our company. A surge in expenses is inhibiting our sales and revenue expansion. I have discovered that maintaining a strong focus on innovation, nurturing customer relationships, agility and readiness for more prosperous times is an effective strategy in tough business climates.
Q. What is a common error you observe entrepreneurs committing?
Several entrepreneurs underrate the significance of fiscal planning and managing cash flow, but the gravest mistake I’ve often observed other entrepreneurs committing is exiting prematurely.
Padraic O’Kane, Corporate.ie
Founded in 2002, Corporate.ie has a workforce of 180 full-time professionals across hospitality, event and support roles. Its wide-ranging brand portfolio features the Aer Lingus College Football Series, Fire Steakhouse & Bar, Sole Seafood & Grill, and the Round Room at the Mansion House.
An upcoming Leisure Project, set to open in the fall on South William Street, signifies an expansion of our brand portfolio into the wellness and boutique fitness sphere, bringing with it 25 new employment opportunities.
As for my journey of entrepreneurship, it was a personal ambition to establish my own business before reaching the age of 30 which led me to take the plunge in 2002. Of course, the path has been filled with highs and lows which has been a continued learning experience – the true magic of being an entrepreneur exists within this.
A major challenge I encountered was the unexpected economic crisis of 2009, to which I didn’t react swiftly enough. Almost immediately we moved from being very successful to being wiped out. The rebuilding of our brands and teams was dependant on the economic recovery, given we relied heavily on corporate and consumer disposable income. This took quite a few years. However, these experiences were a valuable learning opportunity, which prepared me well for dealing with the arrival of Covid-19 in February 2020.
A pivotal turning point in the history of our company came in 2005 when Larry Murrin, my long-standing business collaborator in the restaurant business, and I decided to take the risk of accepting a four-year, nine-month lease on public rooms of the Mansion House, a result of winning a public tender. In spite of the heavy investment of both time and money, there was no assurance of lease renewal at the end. However, the stroke of fortune came just before the economic downturn in 2008, when we managed to negotiate a long-term lease with Dublin City Council, marking a significant milestone in our journey. By 2025, Fire Steakhouse & Bar and the Round Room at the Mansion House will be celebrating their 20 years in business.
Looking forward to the next 3 years, I remain optimistic about the future of the hospitality and events sectors. I foresee the industry and our brands adopting sustainable practices and capitalising on technological innovations, as well as catering to the ever-evolving consumer needs for unique experiences, quality, and value.
There are valid fears surrounding the business costs, more so the interest in shifting towards a ‘living wage’, something that might adversely affect customer service. The attention should instead be more on reasonable housing, living expenses, and the insufficiency of trained or committed staff in our sector.
Q. Can you point out some significant disturbances in your industry?
Living expenses, besides business costs, pose a serious indirect challenge in retaining or attracting experts in the industry. The passenger limitation at Dublin Airport will obstruct the industry’s expansion. Tech platforms like customer review websites, if not regulated or addressed, could bear heavily disruptive and perhaps, destructive effects on any hotel industry business.
Q. Can you enlighten us on how the ongoing inflation is affecting your business? What’s the projected future?
We’ve undoubtedly felt the pinch of inflation, especially regarding food, workforce, energy, and state taxes and responsibilities inclusive of the VAT rate, which has skyrocketed post-pandemic. Nonetheless, we are careful not to overload our clients with all these running costs.
We’ve strategically managed our overheads, streamlining operations and adjusting menus without jeopardising customer service. Even though inflation might be tapering in certain sectors, the unpredictable economic surroundings provide no assurance of this becoming a norm. We stay flexible, poised and ready to face whatever is thrown at us.
Q. What is the most frequent error you notice made by entrepreneurs?
Expansion is often too rapid, and there’s inconsistency in keeping their painstakingly built businesses pertinent. The client, though not always, reigns supreme.
Q. Do you have any critical advice that you’d offer entrepreneurs lacking your level of experience?
Ponder over it, and if your stance remains unchanged the next morning, then it’s fine.
John, Ruth and David Mackey, Mbryonics
Mbryonics is a deep tech firm that prides itself on developing space laser systems for extremely high bandwidth satellite communication networks. They are revolutionising satellites into orbital data centres and facilitating satellite optical mesh networks capable of establishing a space-based internet. This internet will enhance terrestrial connectivity and link us to the universe.
In 2014, siblings John, Ruth and David Mackey established Mbryonics. Based in Galway city, they continue to inject funds to expand its manufacturing units located in the western region of Ireland. They plan on generating 150 new jobs within the coming two years.
Q. Can you explain your business model and why your business stands out?
We are in the business of creating, engineering and distributing comprehensive satellite visual communication solutions to foremost satellite system manufacturers. Our uniqueness lies in our proprietary technology that allows for a 1,000-fold enhancement in data transmission rates and bandwidth in comparison to modern leading edge advancements. By exploring and investing in nascent technologies and advanced materials, we have streamlined them and introduced exceptional proprietary manufacturing methodologies.
Q. Could you highlight your most significant business accomplishment so far?
The development of a business space product from ground zero could be considered as our most notable achievement. It was a task that many reputed entities believed could only be managed by conglomerates the size of Airbus or Boeing. However, our ambition advocated otherwise and it remains unshaken till date.
Q. Could you share the best and worst advice you got when starting your venture?
Insights like focusing on our own growth and preparing for our own time were valuable advices handed down by our parents. The road to success is often littered with distractions and discouragements, but by following a carefully planned business strategy, concentrating on delivering and remaining true to the ultimate dream, you can overcome any obstacle and seize your moment.
Q. Where do you envision your market to be in three years, and your business’s position?
By 2023, the worldwide space technology market was estimated at $443.2 billion (€409.6 billion), and is predicted to escalate to nearly $916.85 billion by 2033. This speedy expansion is enticing enormous investment from venture capital firms into space tech startups that will sustain the thriving space economy of the 2030s.
Our market is swiftly transitioning from establishing basic capabilities on limited satellites, to deploying extensive operational systems. An estimated 60,000 satellites are expected to become operational by the close of this decade, and it is anticipated that nearly every one of them would be equipped with space lasers, ideally those engineered and produced in Ireland by Mbryonics.
Q. What are the significant transformative forces in your industry?
The cost-effective deployment of space-based infrastructure due to the rocket launch sector has been a game-changer for our industry. SpaceX is all set to revolutionize it yet again with their latest rocket, Starship, which holds the title for being the largest and most potent rocket globally.
Direct-to-device technology in communication is evolving, with connections soon being made from personal mobile devices directly to orbital cell networks in space. The future of connectivity is shaping up, with space having a crucial role in that evolution.
Q: Has AI influenced your business and industry?
AI is being utilised to enhance efficiency in space systems. One exemplary application is Earth observation, where AI helps in detecting wildfires, deforestation, and filtering only the pertinent data to be transferred back to Earth. Furthermore, AI is utilised for improving the orchestration of satellite networks and enhancing the automation and efficiency of manufacturing.
Q: What impact is the current inflationary climate having on your business? How do you foresee things progressing?
Ongoing are the challenges in supply chain management and financial planning. However, we have managed to withstand these challenges effectively and the situation is expected to progress in a positive manner soon.
Q: Could you share a valuable piece of advice for relatively inexperienced entrepreneurs?
Establishing a potent network early on consisting of individuals well-aligned with your vision to succeed is crucial. The entrepreneurial journey can be isolating, hence having the appropriate advice at the appropriate time is fundamental. Be extremely selective in hiring your initial team members. Exercise a similar level of caution in accepting investments. Pursue your unique path.
Sean Moran, from the Home Project Centre
The Home Project Centre group, a privately-owned Irish enterprise, supplies building materials for the construction and DIY sector. The business, trading under the names of T J O’Mahony and PH Ross, specializes in diverse areas, including heating, plumbing, insulation, paving, and decking.
In 2012, Sean Moran founded Home Project Centre Limited, consequently finalising the restructuring and management buyout of the Moritz Group’s trading business. Initially, the business operated from six branches with a staff of 170 personnel and a turnover of €26 million. Presently, the HPC Group maintains 19 branches, employs 430 staff members and aims at achieving a turnover of €150 million by 2024.
Q: What was the impetus that encouraged you to kickstart your own venture?
I was convinced that the enterprise I was part of had what it took to thrive in the building materials/DIY market. My confidence in my abilities, leadership skill set, and a clear understanding of the requirements for excellence in the industry sector was the ignition.
Can you elucidate on your business strategy and what sets your business apart?
The concept of our business is pretty straightforward. We act as a central hub for all do-it-yourself and home renovation needs of our customers, furnishing them with all the necessary materials for constructing or refurbishing their abode.
Could you share your supreme business accomplishment till date?
In my view, the most significant achievement has been steering the business successfully through the economic downturn, finalising the restructuring and management buyout while ensuring complete payment to staff, suppliers, and Revenue. This was indeed a massive accomplishment given the commercial environment and circumstances of that period.
Could you elaborate on a challenging phase for your business and how you overcame it?
During the management buyout phase, our company was on the brink of being closed down by the Companies Registration Office as we were unable to file accounts until all “going concern” issues had been addressed. I managed to secure an extension to the notice twice and eventually accomplished the management buyout just a couple of days prior to the company’s scheduled termination, which, if happened, would have led to its liquidation.
Could you specify an instance or deal which acted as a turning point for your company?
To tackle what I perceived as potential growth barriers for our business, I embarked on a major reorganisation of our management team and framework in the latter part of 2020 and early 2021. This restructuring has positively influenced the business, evidenced by nearly a twofold increase in turnover during the subsequent period, placing the business on a promising path for expansion.
Would you describe the way you arrange funding for business growth?
Until now, I have never banked on or pursued third party equity. We have resorted to common funding mechanisms like term loans and invoice discounting facilities to finance our working capital. Bank of Ireland has provided substantial support to our business in this regard. Moreover, no dividends have been distributed and all profits earned to date have been ploughed back into the business for facilitating growth.
What steps are you taking to disrupt, innovate, and enhance the products or services you deliver?
Innovation lies at the core of our business operations. We have developed our own proprietary software system, which is supervised and improved by our in-house IT team and is exclusive to us. We are continuously scouting for novel products and product sources to make available to our customers, focusing particularly on insulation, heating and plumbing, and more eco-friendly building products.
The persistent increase of the cost of goods and services is greatly affecting our business. The impact is felt most significantly in our operating expenses, especially with labour. The escalating cost of living has perpetually driven wage rates upwards. As this year advances, we anticipate a degree of stability, with inflation gradually being reeled in and a decline in interest rates.
When observing entrepreneurs, a common error seems to be the absence of a comprehensive, well-considered, and consolidated strategy. Some individuals get overly absorbed in the business concept and pay excessive attention to their competitors. Consequently, they often neglect to construct and execute their own individual plans, which I believe is a regular mistake.