In preparation for your site visit to the Guinness Enterprise Centre, we will hear the following theme throughout the presentation (which is part of a quote in the article above) – “the power of entrepreneurship and the impact that it can have on the community, which benefits everyone.”  In short, individuals and organizations who are interested in community economic development often focus on supporting small entrepreneurs who are seeking to launch interesting new ventures in certain neighborhoods or in the geographic area of a city like Dublin.  Based on your quick review of the article on the Guinness Enterprise Centre, identify one commercial opportunity and one commercial challenge they are addressing in their efforts to support the development of local entrepreneurs in Dublin.

An opportunity for the GEC is the expansion of their facilities.  The ability to hold more startups is key to the success of the GEC and the cultivation of a business culture across Ireland.  Businesses will have the opportunity to interact with each other, forming partnerships and at the very least, new relations.  A challenge would be securing funding for future endeavors.  As mentioned in the article, the GEC got a 3.2m euro investment from multiple investors.  If the new expansion is not as successful as they hope, it would be difficult for the investors to justify another investment of that magnitude.

Finally, acting as members of consulting teams that might choose to write a group paper about the commercial opportunities and challenges connected to the Guinness Enterprise Centre, what specific questions do you have about the business model for the Guinness Enterprise Centre that relate to our course material (Triple Bottom Line and sustainability, market segmentation, maximization versus shared value, etc.)?  Give us a specific question for tomorrow’s visit.

What is the process that goes into selecting each startup?  What factors do you look for in potential startups?