Newslines enters the Entrepreneurial Spark business accelerator program in the Glasgow “hatchery”.
Duffy talks about the partnership between Entrepreneurial Spark and Viridian, to launch hatcheries in India.
We are launching a brand-new 18-month program in ten cities, where entrepreneurs can come, get enabled, have access to mentors, get taught about finance, what it’s like to be an entrepreneur…We’re going to be launching in August. The vision is to create over 10,000 jobs, 60 entrepreneurs in ten centers. Make them all investable. Create a brand-new network of entrepreneurs, that grow together. That have confidence that they can pitch, but have great humility. They understand grassroots and giving back. They understand the value they bring to the communities that they serve and the cities they live in.
Duffy appears on BBC News to talk about Entrepreneurial Spark.
We de-risk startups. We have three Hatcheries in Scotland, and we are about to open ten with NatWest and KPMG in the UK. We bring them into a space. There’s no cost for the space, so the entrepreneur keeps all that equity. We look at the mindsets and behaviours. We look at how they build teams. Their emotional intelligence and leadership. And through that 18-month program we make them investable, and it doesn’t cost them a thing…[We don’t provide funding] They have to have [their own] money to get started. But every entrepreneur thinks they need money, but what they actually need is customers, and a better validated idea.
The Fife Business Journal asks Duffy questions about Entrepreneurial Spark. On why he started the program.
I realised that the support services available to start-ups in Scotland weren’t very joined up and that other countries which were fostering start-up businesses for the first 12 to 18 months helped them achieve traction more quickly. If you look at the likes of the ecosystems in Boston and New York, for example, they have great entrepreneurial hubs in which businesses really look after each other. I saw that similarities could be applied over here in Scotland but you can’t just take a US model and plonk it in this country and expect it to work. I had to look at the business psyche in Scotland and assess the mindsets and perceptions of its entrepreneurs. It seemed to take a lot more over here to make people ‘oven ready’. I had initially planned to launch E-Spark as a private, limited company but I did nine months of research beforehand and went out to Babson College in Boston. When I told them I’d raised a quarter-of-a-million to help fund it, they said ‘don’t do it; go home and start it as a social enterprise instead’. Everything seemed to pick up right away and, before long, Sir Tom Hunter became involved.
Duffy answers questions about The Nest on ESpark TV.
The Nest is a new 12-month program. It’s a space in three areas in the Central Belt of Scotland, and it’s also has an executive education module…It is based in Edinburgh, Glasgow and Ayrshire. We’re doubling the space in our facilities to create the Nest spaces…You get a full time executive enabler, who will work closely with you on your business. He or she will review your business every month. You will also get an executive education programme wrapped around you. Every month you’re all going to get together as an elite bunch of professional people, and we’ll dig down really deep in your business proposition, your team, leadership and finance.
Duffy appears on BBC2’s The Entrepreneurs, a two-part show that follows him and some of the Entrepreneurial Spark companies.
We are creating a new culture. A new way of doing things. Nowhere in Britain is giving entrepreneurs an opportunity like they are in Glasgow and Ayrshire right now. It’s disruptive. It’s creative. It’s all-consuming just now. Ideas are easy. People say entrepreneurs have got ideas, they take risks and they lose money. But the real entrepreneurs go for an idea and they bang it through right to the end. What I’m getting out of it is between age of 45 and 48, if I don’t drop dead of a massive heart attack, is a Wow Experience, what a journey.
Duffy reports for ESpark TV on the launch of the Edinburgh hatchery.
We have Sir Tom Hunter, Willie Haughey and Ann Gloag OBE, so a great cast.
ESpark’s opens its third hatchery, following the opening of hatcheries in Glasgow and Ayrshire. The hatchery is being delivered in partnership with Edinburgh Napier University and the City of Edinburgh Council. Edinburgh Entrepreneur-in-chief Gloag:
In these challenging economic times, it is important we encourage would-be entrepreneurs to make a success of their fledgling businesses and the hatchery provides the right kind of environment to achieve this.
Duffy introduces Entrepreneurial Spark.
We want to develop entrepreneurial mindsets and behaviours. The vision between Entrepreneurial Spark is a brand new group of people in Scotland, thinking differently, acting differently, doing different things in a different way, but collaborating with each other. Sharing ideas, sharing information, being more open, thinking global, looking at trends abroad. That’s what we want to do over the next three to five years.
In an interview withe the Evening Times, Duffy talks about Entrepreneurial Spark.
It’s not an accelerator or an incubator, it’s an incu- accelerator, where the chicklets are hot-housed. I love getting involved with the entrepreneurs and all their different business models, maybe it’s the teacher in me. They know they can come in here and they’ve got someone to talk to, someone who’ll support them and challenge them…We want to increase our bank of mentors and get the investment community wrapped around us. Sometimes I feel like the luckiest guy in Scotland, this is the best job in the world.
Duffy invites mentors to join Entrepreneurial Spark.
We’ve set up Entrepreneurial Spark in Glasgow. We’ve set it up in Scotland. We feel Scotland needs it. It will be good for Scotland. It will boost Scotland. It will collaborate with other businesses. But we can’t do it all ourselves. We’ve had fantastic support from Willie Haughey. Fantastic support from Sir Tom Hunter. And what we’re really looking for is — we want other businesses, other people who feel they could be ambassadors, other people who feel they could be supporters, other people who feel they could be brand advocates. Or simply a mentor. Someone to come forward and help. We’re reaching out to you to help us crystalize what we’ve started here.
Duffy talks to Glasgow Caledonian University about his career, how he started Entrepreneurial Spark, and the project’s aims.
It’s absolutely unique. We call them ‘Chicklets’ because Entrepreneurial Spark is the Hatchery. The Hatchery is the “hard” part. Within that we give free desks, free space, free printing, free computers, software, free cleaning, bins emptied, wireless broadband, printing, stationery, meeting rooms, ideation space, enablement. So it doesn’t get any better for a business to start up. That particular space has been provided, and paid for, by Willie Haughey OBE, a successful Glasgow businessman. I wouldn’t be sitting here talking to you, if he hadn’t put his hand in his pocket. He was the first to do that after we got a donation from Tom Hunter. He’s opened up his business. He’s put us on his executive floor level. And these Chicklets can benefit from all that. The whole idea is the fail fast, they fail smart, and fail cheap…if they fail.
Duffy launches Entrepreneurial Spark in Glasgow with office space supplied by Haughey, who gives over an entire floor of his City Refrigeration headquarters in the Gorbals, for the project. Duffy:
The whole ethos of the Entrepreneurial Spark is helping start-ups to get to their first and second birthday. We have wrapped around a whole lot of business professionals – we call them ambassadors – legals, accountants, PR firms. The whole idea was that these people would come on board, give free stuff, support Entrepreneurial Spark and then support the start-up chicklets, as we call them, that want to go through our hatchery…A fair number of young companies die very early unfortunately and what we are trying to do here is take away barriers such as cost. Some of these young businesses pay for expensive business plans and for start-up advice and it’s not really what they need…When someone walks in the door, you can tell if they are the real deal, or you can tell if someone has the potential to be that. They will be sparky, they will have an idea, they are willing to collaborate – that’s a big one in Scotland.
A fair number of young companies die very early unfortunately and what we are trying to do here is take away barriers such as cost. Over the years we are probably going to put £1m into this project, but if we get one, two or three decent companies out of here that create 20, 30 or 40 jobs, then it will be money well spent.