What distinguishes your business from competitors?
We have products that none of our competitors have. Our lead product, thermal server, is one such product. It is a boiler that is six times more efficient than any other boiler. We are also obsessed with innovation. We are constantly trying to find new products to bring to market. In the long term, I think that obsession with innovation will set us apart from our rivals.
What's been the biggest challenge you have had to face?
Everything in business is a challenge from raising money to getting customers to growing the business. Getting the right people into management is probably the most difficult challenge I've encountered. I tend to try and do everything myself. A good manager trains people and brings them along steadily. That goes against the grain of an entrepreneur though.
And your major success to date?
Floating our last company, Inspired Gaming, on the London Stock Exchange in 2006. We grew it from eight people to 2,500 people in five years, ultimately selling the business for €300 million.
We also recently won a €64 million contract with Emrill in the Middle East, to deploy smart building technology to some of the tallest buildings in the world from our carbon control centre in Enniskerry.
What's the biggest mistake you've made in business?
Not trusting myself enough. If you trust your gut and your instinct, by and large they are right. In the beginning, we were really slow to grow the business and risk our capital in it. We wanted feedback from the market. In hindsight we could have grown it quicker.
What was the best piece of business advice you've ever received?
My friend Miceal Sammon, who is involved in the construction sector, always tells me not to worry about stuff all day long. Make a decision and move on.
Who do you most admire in business and why?
Any entrepreneur who works hard and succeeds. I admire Denis O'Brien as he works very hard and just gets on with it every day. He supports a lot of people but people don't see that often. I also admire JP McManus as he started off with nothing and achieved a lot.
What piece of advice would you give to the Government to stimulate the economy?
Pay the politicians/themselves more money. We don't pay them enough and thus don't attract the right calibre of person to the job. Someone like me who has had the experience of running three companies would be good except for the fact we cost €3 million a year. I know some really talented people who would have the courage to solve the major issues facing our country but they would need to be paid a lot.
I also think the Government should force everyone who is going to college at the moment to do tech-related stuff. That would create 250,000 jobs. They should also stop messing around when it comes to cost cutting and just cut the costs.
Do you think the banks are open for business at the moment?
I didn't think so up until two months ago but they do seem to be open now. We invest a lot of money in start-ups and, from experience, the banks don't invest if the proposition is unbankable. Usually if we are willing to invest, they are too.
How do you see the short-term future for your business?
Very bright. We operate in a $4 trillion market. There's more demand than supply globally so we are in a very good position.
How much is your business worth and would you sell it?
In theory it's probably worth a lot. It's on course to have revenues of €25-€30 million this year and it's growing at 300 per cent a year. I wouldn't sell it right now but I would sell it down the line.
In conversation with Pamela Newenham
