Budget 2016
Naughty or nice? – Budget 2016
Joan Mulvihill’s response to Budget 2016.
40 Pre-Budget Submissions, one meeting. The ROI of time spent lobbying government is questionable when you are left asking yourself if they didn’t understand the problem much less the proposed solution.
The budget comes around like Christmas every year and this was like a not-so-secret Santa Christmas. Everyone knew what they were getting and what they were getting was socks. It was a great budget for those who needed socks. It was a pretty okay budget for those who didn’t need socks but believe that you can never have too many pairs. But for the rest it was disappointing. The innovating entrepreneurs got socks but that were so ill-fitting we wonder if they’d bother to check for size. Did they really just give us the FDI pattern socks in the traditional entrepreneur’s size with a stretchy fabric in the hope we wouldn’t notice?
I deliberately use the term ‘innovating entrepreneurs’ to reflect the parlance of the Department of Finance. In their own recognition of the difference between traditional business entrepreneurs and those developing disruptive, innovative businesses and business models we’d hoped they’d understood our different needs.
Our socks are just too small! A reduction in CGT from 33% to 20% falls short on two counts. Firstly, it only applies to a maximum of €1million over a lifetime and secondly it’s still nowhere near the 10% in the UK.
Our socks have holes in them! The government’s failure to address the shortcomings of the longwinded and overly complex EIIS scheme makes us less attractive as a place to start a business. The government have not addressed the very specific request for support in access to early stage investment. Budget 2016 allows you to raise €5million in a year instead of €2.5million. Big deal! The problem is the Small Deal! For early stage funding they could have provided better income relief for people willing to invest small amounts and furthermore they should have simplified the process. The uptake of the scheme in its current form is pitifully low. This budget will not change that. This hole in our socks is going to lead to leakage of more and more start-ups to set up in the UK where they can access the finance they need.
Our socks keep falling down! Innovating entrepreneurs need people to work for them. They need employees who are willing to forgo better paid jobs in FDI companies, who are willing to risk their own financial security to work in a start-up and with that risk should come some reward. Where are their share option schemes that recognise employee’s roles in supporting an innovative entrepreneurial economy? Certainly nowhere in Budget 2016. This government talks the talk on a global war for talent but when it comes to walking the walk they should try these socks for size and tell me that they’d do it!
I’ve run out of sock analogies! At a stretch I’d say that if the Emperor’s New Clothes included a pair of socks they would be presented to him in a Knowledge Box. That is to say, it’s hard to tell what’s real and what’s not. The Knowledge Box will offer the opportunity to further reduce your corporation tax from a generous 12.5% to 6.25% for profits directly derived from ‘qualifying R&D’ carried out in this jurisdiction. It’s yet unclear as to what is going to qualify as ‘qualifying R&D’. And until they sort out the R&D tax credits timing issues it will all be too little too late for the start-up.
This is painful for me to write. I had such high hopes. We wrote our list and posted it to the North Pole, Kildare Street back in July. Ministers have come out for every Web Summit sleigh ride, Start-Up Gathering grotto and Awards night turkey dinner. But behind their jolly smiles and ho ho hos they were just the fake Santa’s you see on every street and at every party. Let’s hope we have enough spirit left to try again next year. “I do believe, I do believe”….
Uncategorized, events, IIA Dot Ie Net Visionary Awards 2014, IIA Dot ie Net Visionary Awards 2015
Colm Lyon announced as overall 2015 Net Visionary Award by the Irish Internet Association
Dublin 9th October 2015; Colm Lyon, Realex Payments’ founder was honoured with the Irish Internet Association’s (IIA) 2015 Overall Net Visionary Winner at the IIA Dot ie Net Visionary Awards.
In addition 17 other winners in other categories were announced following a stringent process involving judges and a public vote. The awards now in their 17th year took place in the RDS’s main Concert Hall with over 300 attendees comprised of a wide variety or sectors from technology to Agriculture.
The awards are possible with the support of the IEDR, who have been the headline sponsors for the past five years and will host the ICANN 2015 Global Conference being held in Dublin on the week of October 19th.
“The IIA membership represents over 40,000 people working in technology nationwide. It is the largest, non-profit and independent voice with the singular focus of technology in Ireland. As a non-profit, the proceeds from these awards all go back to the community to provide these supports. The categories are reviewed each year by the IIA and reflect a real understanding for the changing nature of the technology industry and the innovation it has brought to Education, Healthcare, Finance, Agriculture and Food,” said Joan Mulvihill, CEO IIA. “We wanted to show the pace and breadth of innovation across Irish industry and to show how technology is the catalyst for this. Technology is not just an industry vertical. It is for all industries, all sectors. We predict we will see the next generation of Net Visionaries come from sectors completely unrelated to the traditechnology in the coming years.”
Inaugural IIA Hall of Fame
At the awards ceremony, the IIA also launched its Hall of Fame to recognise their long history and internet visionaries whose contribution to the Irish technology community over the last two decades enabled Ireland to establish its global reputation. Every year, new names will be inducted into the Hall of Fame that the judging panel believes reflects the vision and contribution ethos of these first 10 Net Visionaries.
The First Ten Inductees To The IIA Hall Of Fame: | |
Colm Lyon – founder of Realex Payments – founder of Fire Financial Services. Winner of IIA Overall Net Visionary 2015. Colm is a role model entrepreneur for non-venture backed scaled international businesses, a voice for the industry and outstanding chair of the IIA for many years. | Colm Grealy – Adforce – one of the founders of the IIA, the founder of iol.ie, online.ie, irishabroad.com. He is currently the CEO of Adforce which he has expanded to the US and works with over 800 neswpapers across the state of New York. |
Ray Nolan – Entrepreneur, Investor, winner of Overall Net Visionary award 2006 with HostelWorld. Following the sale of HostelWorld, Ray has invested in many other Irish tech start-ups including most recently of note, Storyful, as well as continuing to build web-based brands, launching XSellco and Ultimate Rugby. | Michele Neylon – founder of Blacknight, Ireland’s largest domain registrar and hosting provider. Winner of the 2013 Overall Net Visionary Award for his outstanding contribution to the industry in Ireland but also his international presence as the Chair of the ICANN Registrar Stakeholder Group and the Eurid Registrar Advisor Board. |
Pat Phelan – Entrepreneur, winner of Overall Net Visionary in 2008 with Maxroam and ‘One to Watch’ start-up category winner with Trustev in 2013. Pat is a serial entrepreneur and mentor to many, international tech companies. He is a well-known advocate for technology start-ups and a mentor for many national and international start-up programmes. | Ann O’Dea and Darren McAuliffe – Founders of Silicon Republic – reporting on technology in Ireland since the start and amongst the greatest champions of Irish Tech success. Founders of InspireFest that attracted 1300 delegates in June 2015, a conference boasting 75% remarkable woman speakers, turning the tables on international tech events. |
Jerry Kennelly – Entrepreneur, founder and CEO of Tweak, revolutionising access to high quality design for SMBs. Winner of Overall Net Visionary Award in 2011, Jerry was previously founder of Stockbyte which he sold to Getty Images. He is also founder of Junior Entrepreneur Programme and Young Entrepreneur Programme for primary and secondary schoolkids, with over 20,000 combined alumni. | Fergal O’Byrne – former IIA CEO –Fergal transformed a voluntary organisation into a viable, sustainable trade association, grew the membership and created a platform for the industry to have a voice. He was an early investor in Sonru and subsequent CEO. He serves on the board of the IEDR as well as having served on IGOpeope, WINC, giftsdirect.ie and CCD. |
Eamon Leonard – founder, angel investor and community organiser. Winner of the Overall Net Visionary Award in 2012, founder of Orchestra which he subsequently sold to EngineYard. Although now working on his new start-up, Cohort, Eamon continues to support the sector as a community organiser and voice for the industry. | Brian Caulfield – Entrepreneur and Venture Capitalist Partner at Draper Esprit – a key spokesman for the industry with government on key entrepreneur/investment related issues. He is the founder of a number of successful technology businesses, Exceptis Technologies and Similarity Systems. He sits on a number of boards (Movidius, DataHug) and is currently the Chariman of the Irish Venture Capital Association. |
“David Curtin, CEO of IE Domain Registry Limited commented: “The IE Domain Registry is delighted to be the headline sponsor for this year’s Dot ie Net Visionary Awards. Now in its 17th year, the standard of the shortlisted businesses for the Awards continues to increase annually. The level of innovation, originality and creativity bodes well for the future of the Irish technology community. For the winners, it is a wonderful accolade to be recognised by their peers in the Internet community, as being the ‘best of the best.”
Mulvihill concluded, “How delighted we are to be able to honour Colm Lyon in this way. Notwithstanding his incredible success as an entrepreneur, his contribution as the chair of the IIA for many years is immeasurable. Its people like Colm, like those inducted to the Hall of Fame that make you see what it means to have a real community. It’s the support and generosity of these 10 that makes Ireland such a great place to be and we are very proud of the fact that the IIA has been part of the journey for so many of them.”
THE WINNERS
- Best Website – joyous to look at and splendid to use – Sponsored by Blacknight WINNER – IDEA – Bloom in the Park
- Best Web Development Agency – Sponsored by Microsoft – WINNER –CKSK
- Best Cloud Service for SMEs – Sponsored by PSG Plus – WINNER – Magnet Networks
- Best Mobile Application – indispensable to its user – Sponsored by Register 365 WINNER – Qstream Ltd
- Best International Scaling Irish Business – Sponsored by Silicon Valley Bank – WINNER – Meetingsbooker.com
- Best Start-Up – the one to watch for 2016 – Sponsored by Arekibo – WINNER – Webdoctor
- Best Ecommerce Execution by a Retailer – Sponsored by AIB Merchant Services – WINNER – Life Style Sports
- Best International Newcomer–“Welcome to the neighbourhood” Sponsored by The Digital Hub – WINNER – Udemy.com
- Best Social Media Campaign – Sponsored by Eir – Yes Equality: The Campaign for Civil Marriage Equality
- Best Brand Marketing – Sponsored by Irish Times Training – WINNER – CKSK For Coors Light Great Rocky Mountain gaming app
- Best Use of Video for Digital Marketing – Sponsored by Magnet – WINNER – Javelin for Aviva / Focus Ireland – Cub Reporter campaign
- Best Use of Technology for Social Good – Sponsored by Electric Ireland – WINNER – Turn2me.org
- Best Innovation for Financial Service – Sponsored by Telecity – WINNER – Juggle
- Best Innovation for Health – Sponsored by BDO – WINNER – Restored Hearing
- Best Innovation for Agri/Food Sector – Sponsored by Dimension Data / Alcaltel Lucent – WINNER – Herdwatch
- Best Innovation for Education Services – Sponsored by PWC – WINNER – PIXELSOUP
- Best in Universal Design – Supported by the National Disability Authority – WINNER – Arekibo For Electric Ireland