Firmly focused on developing smart connected start-ups, the Nexus Innovation Centre at University of Limerick is rapidly creating methods that challenge traditional notions of new business, based on the concept of leveraging knowledge and expertise through smart connections and enabling continuous learning. Nexus, drawn from the Latin (nectere) means a connection or series of connections, and inspires the strong, highly interconnected community of entrepreneurs at Nexus. The Nexus Innovation Centre is the latest Enterprise Ireland campus incubation centre and was founded to support the formation and growth of 35 new high-tech start-up companies between 2011 and 2016, which is expected to generate over 115 new high-value jobs.

Andrea Deverell, the Nexus Manager explains: “What we do is build smart connections between start-ups and our extended entrepreneurial ecosystem, challenging our community of start-ups to get out fast and learn as much as possible. We believe it is necessary to question existing wisdom on start-ups by pioneering new thinking and fresh approaches driven by entrepreneurs.”

Traditionally, entrepreneurs are encouraged to view their knowledge as proprietary, and close themselves from external influence, predicting a future demand through numbers and analysis, and working directly towards a product launch date. The customer or end user plays a limited role in the product development cycle until the final roll out of the product or service. At Nexus, entrepreneurs are encouraged to strike the balance between the protection and sharing of their idea. They are highly collaborative, engaging with experts both internally and externally. They embed the customer or end user into their iterative development cycle, getting their ideas out fast. Collaboration is fundamental at Nexus with students, peers, academics and entrepreneurs actively engaging on design and development processes. The focus is on learning agility, the ability to find creative solutions. “Innovation also involves elements of spontaneity and fun, so we incorporate these into everything we do,” says Andrea. “Currently, teams of six students from the Kemmy Business School are working with our newest startups to test their understanding of customer value and provide a bridge between value propositions, business identity and marketing strategy.” Shared Knowledge Nexus encourages startups to move past conventional business development and to become highly connected, acting within a community of vibrant young business people who support, advice and share their knowledge and experience.

“We launch before prototype, to build minimum viable product, and we learn fast, operating a kind of mindful trial and error. We call it ‘validated learning’ or just doing it!” Andrea continues. “By co-creating with your potential buyers or end users, you create a market for your product; one your customers really want and need; and define a realistic value for all concerned.” Benefits are considerable. Firstly, for cash strapped startups, costs are much-reduced meaning less waste, a real advantage in today’s business environment. Secondly, by continuously and iteratively testing the product or service, there is less risk. A proven result and demand can be achieved with real customers. Thirdly, leveraging the University of Limerick’s knowledge base means Nexus can facilitate accelerated development of startups with global reach. The University also benefits from the commercialisation of academic research, which ultimately results in new businesses and jobs, fourthly, following this new form of rigorous due diligence gives entrepreneurs real clarity and confidence when inviting investors. It’s at this stage that the business plan becomes a powerful tool, not a necessary evil. 

Nexus is a purpose built contemporary building, offering start-ups a quality environment to pursue their ambitions, with plenty of natural light, and designed to maximise the collaborative atmosphere. It offers individual offices, shared desk space, collaborative workspaces, small intimate meeting rooms, an impressive boardroom, high specification bio-labs and a reconfigurable lobby/exhibition space. Currently available are two state-of the-art labs, offering a real opportunity for companies requiring bio-lab facilities. Businesses must be committed and contribute to the Nexus ethos of open innovation, connection and collaboration.
 
Nexus Innovation Centre • Tierney Building • University of Limerick • Limerick • www.nexusinnovation.ie • 061-202737