What do innovation driven start-ups need to succeed?

Being an entrepreneur is empowering, rewarding, and hard work! For some it comes naturally, for others, working out how to turn that brilliant idea into a scalable, successful business is a minefield.

Entrepreneurs are crucial to our economy, in particular those that are focused on creating new, scalable and often disruptive solutions. But they often need support, mentorship and resources to turn their ideas into a sustainable business that can grow and scale in global markets.

In this article, Mary Gormley, Head of Entrepreneurship at Invest NI, explores what entrepreneurs need to look for to help ensure an idea can be turned into a successful business. 

It’s believed that 42% of start-ups fail because there is an insufficient need for the product or service in the market. Research and customer discovery planning is essential to identify potential customers and growth opportunities, to start on-boarding customers and generate recurring revenue.

Doing this research early can avoid investing time and energy into developing an idea for a product or service that no one wants. There are different ways to do this – desk research, getting specialist advice, by visiting potential markets and speaking to potential customers. It’s hard work, but an essential step for any entrepreneur.

Good mentorship is crucial for every IDSU. A mentor can provide practical advice, insights and actionable feedback. And their critical eye, if sought early, can help you avoid the many pitfalls of getting a business started, and see ‘the wood from the trees’ at the idea stage of a business.  

Finding mentors from within and outside your specific sector can bring different benefits. Those with knowledge of your sector will of course be able to give very specific advice to help shape your idea, however, having a mentor from a completely different sector can also bring benefits. They might bring a different challenge function, see things from a different perspective, and help you shape a more rounded and robust business.

Being an entrepreneur can sometimes feel very lonely so getting out and meeting like-minded people is really important.  

Building strong networks with other technology-based start-ups and support providers within the local and international ecosystem can help you in many ways.  

Northern Ireland has a strong and supportive community network with shared workspaces which provide an opportunity for entrepreneurs to find a base where they can meet others in a similar position, share ideas and make contacts.

Attending events and meet-ups is another great way to make connections. OrmeauLabs, for example, organises networking events with great guest speakers that are open to all entrepreneurs. These are a great way to build those important relationships and networks, as well as gain useful insights and knowledge to help turn a business idea into reality.

Finding how to access all this help can seem daunting in itself, so we developed a programme that brings it altogether.  

It's called Founder Labs and it provides a full wraparound package of support, including tailored 1:1 mentoring, networks and contacts, workshops, access to funds and international markets.

It is a six-month accelerator programme specifically for innovation driven start-ups, delivered by Ormeau Labs in partnership with The AMP in Derry~Londonderry, Dogpatch Labs in Dublin and QUBIS, Queen’s University Belfast.

Founder Labs provides founders with a £25k Enabler Grant to enable them to work full-time on the business; direct exposure to active investors through regular Investor Days and fundraising events; tailored workshops covering key areas essential to building their start-up; and advice from world-class experts to help provide a practical roadmap for growing and scaling rapidly.

Visit investni.com to find out more about FounderLabs, which will be recruiting again in early 2026, and other support we might be able to offer get your business off the ground.