The prize of €10,000 for Best Investment Proposal went to Kinesense last Thursday. Another great start up from Ireland that plans to go globally.

While judges were thinking about whom should they award, I asked few people on their opinion. And most of them replied that Kinesense is the best choice. Both of the other projects were quite interesting and good so why such decision?

Here is few tips for your start-up if you plan to attract investors with your presentation:

1) Get clients. Before you even start developing something or planning, get someone who is ready to pay for it. This is basic step where most of the start-ups fail. Even if you have the best idea in the world and you have plan how to implement it. If there is nobody to buy it, investors won’t be intrested.

2) Good presentation. Sometimes good presentation, flashy facts win awards just because they give investors good insight on company. Who cares about your product specifics and technical details? Investor always asks the same question - what is in it for me? Be prepared to present - try it out with your family, closest friends before going to investors.

3) Good team. Very rarely you see investments that goes to one-person company. It is important for any start up to have good team that consists of different specialists. Investors actually want to see that if you get sick and can’t continue, somebody else will be able to do it.

4) Financial Projections. They are important. When will you start to get revenue? How quick your company will grow? And watch out for both - worst case and best case scenarios. If they aren’t realistic then nobody gonna believe you. Don’t forget to tell investors how much money you need exactly.

5) Milestones. Put realistic milestones in your plans. What will be achieved this year? What is achieved next year? Tell how you have been doing for last year and what you have achieved.

Kinesense were able to show that there is somebody ready to pay and somebody is using it already. It is somehow unfair that you won’t get money until you won’t start selling. But its the main rule in investment world.

**Note: Good news - I had enough time to update my IT & Business event page for March and bit of April. This month is really busy so don’t miss interesting events around.

I’m really interested in seeing results of this. Our company is same as others and we are affected by recession. Maybe not so bad as others, but still.

Here is link to survey. Don’t forget to fill it in

What will happen with your loans, debts and credit cards after you die or get serious illness? What will happen to your company shares? Do you have the best pension deal or you are loosing money? Do you want to invest, but don’t know where?

I met Joe O’Regan, owner of Oregan Financial, today and was really impressed. We went through my private and my companies finances and came up with ideas how to improve things (e.g. get life insurance). Consultation itself is for free, so I advise it to anyone wandering about their finances. It’s great way to think where you can save money. Oregan doesn’t try to sell right away and gives you a really good advice. They are using BestAdvice.ie site for latest insurance, pension etc. deals. I found it really great website, but you have to have membership to access information.

So what should you do next? You should go to Oregan Financial website and get a free consultation about your finances.

While I was ignoring the fact that there are some economic problems in Ireland, it’s getting harder not to notice it. DLREB are providing at least one great seminar per month. Usually they are free and early in the morning. I went to the one on Wednesday and they talked on mostly how to get debts back, how to insure your business and how to ensure that you have steady income. So some points that I wanted to note from it

• Economic crisis will continue for next 1-2 years
• Companies should manage risks and profitability regulary
• Credit Unions might be more open for business loans then banks at the moment
• Companies should build good relationship with bank relationship manager (for loans, credits and other difficulties)
• It is important to get mentors from enterprise boards. They have big experience and might help a lot.
• Evaluation of companies are going down. Even angel investors might not invest so much any more.

I also heard for the first time term of Escrow. Might be good thing if we want to trade aboard.