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The State of Startups in Ireland. A Q&A with Joe Drumgoole

Joe Drumgoole is the VP of Product Management at mobile app development company, FeedHenry. We talked with him about the state of startup culture in Ireland.

What are you most opinionated about when it comes to startups?

There are no supports in Ireland for what happens when a startup fails. We know that 80% of startups fail, and so there’s this huge opportunity for startup salvage.

What do you do for your founders? How do you get them back on the horse? Right now, everything explodes and goes away, but I think this is where Enterprise Ireland can help.

You could take some of the initial money and escrow it, as an insurance fund that can help in the case of liquidation. It would help people over the hump. Liquidating a company with shareholders costs at least 2,000, and you’re in the worst place to pay those kinds of fees. Involuntary liquidation can leave a founder bankrupt, or with a bad taste, and they might not be willing to try again.

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Posted on August 14th, 2012 by Jenny