A meeting of minds

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Chief executive of the Dún Laoghaire-Rathdown County Enterprise Board Michael Johnson and Damian Young, head of small business, Bank of Ireland Business Banking, were justifiably upbeat at the Business Advice Show on 25 March as they witnessed the thirst for knowledge and support on the day.

In the second year of their collaboration, this event has proven itself to be beneficial to both parties, and this year it has a new element – a unique innovation competition called the Bright Ideas Challenge, which essentially brings the RTÉ series Dragons’ Den to life on stage.

Bank of Ireland’s latest Business Start-up Barometer showed a 21pc decrease in new limited companies being set up in 2008. However, both Young and Johnson feel entrepreneurial activity will not be unduly held back in 2009.

“2008 was a tough year for businesses, particularly in the final quarter of the year, where there was a 27pc decrease in the number of start-ups, compared with the same quarter last year. The outlook for 2009 remains tough, but it’s expected that overall start-up activity will remain at between 14,000 and 15,000 new companies being formed this year,” says Young.

“There will be significant challenges in 2009 for small businesses, but it is imperative that viable businesses remain focused in the months to come. Businesses must have a clear customer focus, be innovative in reaching their customers and maintain robust financial disciplines.”

Johnson feels we have reached a tipping point because people are sick of listening to the doom and gloom and really want to do something about it. “Compared to the recession in the Eighties, we have people being let go who have very strong skills and who want to do something for themselves.”

The Business Advice Show is part of Dún Laoghaire-Rathdown’s Enterprise Week. People who took part in the many events learned from the experience of entrepreneurs such as Brody Sweeney (founder of O’Brien’s Sandwich Bars). A novel part of the week involved secondary-school students making presentations about companies they’ve been operating for the past six months.