Hugh Cormican, Cirdan Imaging Ltd
Cirdan Imaging Ltd is a digital health pathology diagnostics company. Founded in 2010 and headquartered in Lisburn, Northern Ireland, it has offices in Australia and North America. Cirdan specialises in the development and implementation of advanced laboratory information and medical imaging solutions to enhance the efficiency and accuracy of healthcare services.
The company’s products include diagnostic imaging solutions and integrated laboratory information systems that streamline the workflow for pathologists and radiologists.
Hugh Cormican studied physics at Queen’s University Belfast and developed a passion for pushing the boundaries of imaging technology. During his PhD studies, he was a co-founder of Andor Technology, a pioneering company in the design and manufacture of high-performance digital cameras for scientific research.
Q. What vision/light bulb moment prompted you to start-up in business?
File being prepared for DPP over insider trading
Christmas tech for kids: great gift ideas with safety features for parental peace of mind
MenoPal app offers proactive support to women going through menopause
Ezviz RE4 Plus review: Efficient budget robot cleaner but can suffer from wanderlust under the wrong conditions
During a visit to a pathology lab, I met a pathologist who emphasised that her most important tool was her eyes. Much of her work involved examining tissue samples, either directly or through a microscope. She explained that her job primarily consisted of describing what she saw in words. However, she didn’t take pictures because she lacked a way to manage them.
At that moment, I realised that this was a bottleneck for implementing imaging solutions in pathology diagnostic workflows, presenting a clear market opportunity.
Q. What was your “back-to-the-wall” moment and how did you overcome it?
The Covid-19 pandemic posed a threat to our business. Just before the pandemic, we had invested in research and development and were expanding our delivery capacity. During Covid-19, our clients were extremely busy with testing and our staff worked tirelessly to support them, tackling complex problems on tight deadlines. While this generated a lot of goodwill, it brought in very little revenue and new business projects were put on hold.
Even after Covid-19, there was a long delay before projects restarted. As a result, our sales stalled during and after the pandemic, leaving us financially vulnerable. To survive, we had to borrow funds, rely on the goodwill of our suppliers and persuade our shareholders to invest further.
Q. Describe your growth funding path.
Our initial funding came from the classic sources: founders, friends and family. We subsequently secured investments from local venture capital firms, including Clarendon and Kernel.
Our business, which is centred on an innovative and diversified approach to a new market paradigm, generally finds it difficult to attract traditional venture capital. They tend to prefer straightforward, single-focus ventures or copycat models targeting well-established markets, which are easier for them to comprehend and exit from quickly.
Q. How will your market look in three years and where would you like your business to be?
The market we operate in is experiencing substantial growth. With our strong investment in innovation, we are well-positioned to outpace market expansion, allowing us to capture a larger share from our competitors. We are currently a small player in the market but in three years we look forward to playing senior hurling!
Q. What are the big disruptive forces in your industry?
The big disruptive forces I see are the following:
- A drive for a greater role for patient involvement in clinical pathways;
- Acceleration of digital health tools;
- Faster adoption of AI technology;
- Cybersecurity management.
Q. Is AI impacting your business and industry?
Yes, AI will impact all businesses, likely faster than most people realise. We believe that leveraging AI is essential for achieving significant productivity improvements and delivering outstanding customer service. For over five years, we have been dedicated to AI development, focusing on its role in supporting our clients’ staff rather than replacing them.
Q. How is the current inflationary environment impacting your business? How do you expect things to unfold?
Over the years I have seen many cycles come and go. The current inflationary environment is presenting challenges for our business. Rising costs are limiting sales and revenue growth. I have found in difficult business environments that a clear focus on innovation, customer relationships, being agile and being prepared for better times is a successful strategy.
Q. What is the most common mistake you see entrepreneurs make?
Many entrepreneurs underestimate the importance of financial planning and cash flow management but the biggest mistake I have seen other entrepreneurs make is that they sell out too early.
Padraic O’Kane, Corporate.ie
Established in 2002, Corporate.ie employs 180 full-time hospitality, event and support professionals. The portfolio of brands includes the Aer Lingus College Football Series, Fire Steakhouse & Bar, Sole Seafood & Grill and the Round Room at the Mansion House.
The portfolio of brands will expand into the world of boutique fitness and wellness with an incoming Leisure Project due to open in the autumn on South William Street with the creation of 25 new jobs.
Q. What vision/light bulb moment prompted you to start-up in business?
A personal target to go out on my own before my 30th birthday! I was 29 back in 2002 when I made the jump ... no shortage of highs and lows on the ever-learning journey; that is the magic of entrepreneurship!
Q. What was your “back-to-the-wall” moment and how did you overcome it?
I didn’t see the economic crisis of 2009 coming and didn’t react quickly enough. We went from hero to zero almost overnight. We had to rebuild both our brands and our people. As our brands heavily relied on corporate and consumer disposable spending, we could only rebuild as the economy grew, which took several years.
Moving on 10 odd years, when Covid arrived in February 2020, I knew exactly what to do; an entrepreneur learns from all types of experiences, including, most importantly, the tough days at the office.
Q. What moment/deal would you cite as the “game changer” or turning point for the company?
In 2005, my now long-term business partner in the restaurants, Larry Murrin, and I took the calculated risk to accept a four-year, nine-month lease on the public rooms of the Mansion House after winning a public tender. We would have to invest heavily in time and money with no guarantee that we would renew at the end of the lease. The “game changer” happened in late 2008 – just in time for the economic crash – when we successfully negotiated a long-term lease with Dublin City Council and the rest in history. In 2025, Fire Steakhouse & Bar and the Round Room at the Mansion House will celebrate 20 years in business.
Q. How will your market look in three years and where would you like your business to be?
I am optimistic about the hospitality and events markets in three years’ time and beyond. Our industry and brands must embrace sustainable practices, technological advancements and evolving consumer demands for value, quality and bespoke experiences.
Genuine concerns about the cost of doing business caution this optimism, particularly my deep concerns about the focus on moving towards a “living wage”, which will not be easy without impacting customer experiences. A greater focus should be placed on affordable accommodation, the cost of living and the lack of trained or dedicated staff entering our industry.
Q. What are the big disruptive forces in your industry?
Outside of the cost of doing business, living costs create a serious knock-on problem for attracting or keeping industry professionals. The passenger cap at Dublin Airport will prevent industry growth. If not managed or called out, technologies such as customer review sites can potentially be extremely disruptive and cause fatal damage to a hospitality business.
Q. How is the current inflationary environment impacting your business? How do you expect things to unfold?
We’ve felt inflation’s impact, especially on food, labour, energy and government taxes and burdens, including the VAT rate, which has surged post-Covid. However, we’re mindful not to burden our customers with all these costs.
We’ve strategically managed expenses, adjusting operations and re-engineering menus without compromising the customer experience. While inflation may be easing in some areas, the volatile economic climate offers no guarantee this will be sustained. We remain adaptable, ready to navigate whatever comes our way.
Q. What is the most common mistake you see entrepreneurs make?
Expanding too fast and not keeping their hard-built businesses relevant and consistent. The customer, not always mind you, is king.
Q. What is the single most important piece of advice you would offer to a less experienced entrepreneur?
Sleep on it; if you have the same opinion or viewpoint in the morning, that’s okay.
John, Ruth and David Mackey, Mbryonics
Mbryonics is a deep technology company specialising in space laser systems for extremely high bandwidth satellite communication networks. Its optical technologies are transforming satellites into orbital data centres and enabling satellite optical mesh networks to create a space-based internet that will enhance connectivity on Earth and connect us to the cosmos.
Founded in 2014 by siblings John, Ruth and David Mackey and headquartered in Galway city, Mbryonics continues to invest in scaling its manufacturing facilities in the west of Ireland with plans to create 150 new jobs in the next two years.
Q. Describe your business model and what makes your business unique.
We design, engineer, manufacture and sell end-to-end satellite optical communications systems to tier 1 large satellite system integrators. What makes us unique is that our technologies enable 1,000x increase in data rates and bandwidth versus today’s state of the art. We have achieved such performance by pioneering embryonic technologies and advanced materials and have industrialised them through developing groundbreaking proprietary advanced manufacturing processes.
Q. What is your greatest business achievement to date?
Successfully developing a commercial space product from scratch. We were told by numerous respected organisations that only companies as large as Airbus or Boeing could achieve what we were setting out to do. We were nothing if not ambitious and this hasn’t changed.
Q. What were the best and the worst pieces of advice you received when starting out?
Run your own race and being ready for your time were great pieces of advice that came from our parents early on. It is so easy to get distracted or put off what you set out to achieve by looking at the competition or listening to too many voices.
If you set out a robust business plan and develop a technology roadmap and focus on execution and believe in the ultimate vision, then nothing can stop you and you will be ready for your time.
Q. How will your market look in three years and where would you like your business to be?
The global space technology market size was valued at $443.2 billion (€409.6 billion) in 2023 and is anticipated to reach around $916.85 billion by 2033. This rapid growth is attracting huge investment from venture capital funds into space start-ups that will underpin a booming space economy in the 2030s.
Our market is rapidly going from demonstrating core capabilities on a few satellites to deploying large operational systems. There are over 60,000 satellites forecast to be deployed by the end of the decade and almost every one of those satellites will have space lasers on board – hopefully Mbryonics lasers, designed and manufactured in Ireland.
Q. What are the big disruptive forces in your industry?
The rocket launch sector has been transformative for the industry, reducing the cost of deploying space-based infrastructure. SpaceX is about to do it again with their latest rocket, Starship, which is the world’s largest and most powerful rocket.
On the communications side, direct-to-device technology is advancing, where your smartphone will soon be directly connected to orbital cell towers in space. The future of connectivity is going to evolve and space is going to have an important role to play.
Q. Is AI impacting your business and industry?
AI is being deployed in space systems to make them more efficient. Earth observation is a good example of this where AI is being used to identify deforestation, wildfires and also to only send relevant data back down to Earth. We will be using AI for enhancing satellite network orchestration, and our manufacturing to improve efficiencies and automation.
Q. How is the current inflationary environment impacting your business? How do you expect things to unfold?
Supply chain management and financial planning continues to be challenging. We have weathered it well and it looks like things are to gradually improve on this front.
Q. What is the single most important piece of advice you would offer to a less experienced entrepreneur?
Build a strong network early on of the right type of people you need to succeed. It is a lonely journey and you need the right words at the right time.
Be incredibly picky about who you hire early on. Be incredibly picky about who you take investment from. Run your own race.
Sean Moran, Home Project Centre
Home Project Centre group is a privately-owned Irish business and a provider of building materials to the construction and DIY trade. Operating under established trading names, T J O’Mahony and PH Ross, the business stocks building materials and DIY products and also has a number of specialist divisions including heating, plumbing, insulation, paving and decking.
In 2012, Sean Moran set up Home Project Centre Limited to complete the restructuring and MBO of the trading business of the Moritz Group. At that time, it was trading from six branches, had a turnover of €26 million and employed 170 people. Today, HPC Group has 19 branches, employs 430 people and is on target for a turnover of €150 million in 2024.
Q. What vision/light bulb moment prompted you to start-up in business?
I believed the business I was involved in could be a successful player in the building materials/DIY space. I was always confident in my own ability and leadership skill set and instinctively knew what was required to make the business the best in its industry sector.
Q. Describe your business model and what makes your business unique.
Our business model is simple. We are the one-stop shop for all customer home improvement and DIY needs. We supply all the materials required to build or renovate a home.
Q. What is your greatest business achievement to date?
I would consider my greatest achievement to be the successful navigation of the business through the recession, completing the restructuring and management buyout and ensuring, in the process, that all parties were paid in full – staff, suppliers and Revenue. This was an enormous achievement given the trading background and climate at the time.
Q. What was your “back-to-the-wall” moment and how did you overcome it?
During the management buyout, the company was listed for strike off by Companies Registration Office as we couldn’t file accounts until all “going concern” issues were addressed. I got an extension to the notice on two occasions and I finally completed the management buyout two days before the company was due to be struck off, which would have resulted in it being liquidated.
Q. What moment/deal would you cite as the “game changer” or turning point for the company?
In order to address what I saw as potential constraints on our business growth, I undertook a fundamental restructuring of our management team and structure in late 2020/early 2021. The changes implemented have had a positive impact on the business, with turnover almost doubling in the intervening period and the business well placed for future growth.
Q. Describe your growth funding path.
To date I have never relied on or sought third party equity. We have used standard funding sources such as term loans and invoice discounting facilities to fund working capital. Bank of Ireland is a very big supporter of the business in this regard. In addition, no dividends have been paid and all profits to date have been reinvested to help fund growth.
Q. What are you doing to disrupt, innovate and improve the products or services you offer?
Innovation is at the heart of our business. We have developed our own operating software system, which is managed and developed by our in-house IT team and unique to us. We are constantly looking for new products and sources of product to offer to our customers, particularly in the areas of insulation, heating and plumbing and more sustainable building products.
Q. How is the current inflationary environment impacting your business? How do you expect things to unfold?
Inflation has remained stubbornly high for a protracted period now and is not only impacting on product pricing but, more significantly, on our operating costs, particularly labour. Wage rates are constantly under upward pressure as a result of the rising cost of living. We do expect things to stabilise somewhat as the year progresses, inflation continues to be brought under control and interest rates fall.
Q. What is the most common mistake you see entrepreneurs make?
The lack of a clear, well thought out and documented plan is probably one area which is neglected by some entrepreneurs. Getting caught up in the business idea, focusing too much on what others in the industry are doing and not plotting and implementing their own plan is, in my opinion, a mistake regularly made.
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
