Image: Jennifer Thornton
Ahead of the Techstar Startup Weekend event, Jennifer Thornton shares her tips on start-up success, the qualities of an effective entrepreneur and how to seek out investment opportunities.
Jennifer Thornton is the founder of Offset Fashion, an Irish fashion start-up focused on making the industry more sustainable through the buying and selling of pre-owned clothing.
Thornton founded the company in 2022 to develop a simpler way for customers to purchase or sell second-hand clothing. Prior to this, she was a business development manager at Staples Professional.
She describes herself as a learner in the start-up environment and has focused on “continuous learning and adapting on the go”, which also involves seizing various learning opportunities to hone her skills.
“My journey includes participation in the NDRC pre-accelerator programme, engaging in impactful Techstars Startup Weekend Women Dublin annual events and currently advancing through New Frontiers phase two,” Thornton said. “This multifaceted experience equips me with a broad skillset and knowledge base in the dynamic world of start-ups.”
In your opinion, which areas of science and technology hold the greatest scope for opportunities?
Sustainability in science and technology presents the greatest scope of opportunities, ranging from resource-efficient innovations and renewable energy solutions to circular economy practices and climate change mitigation technologies.
Advancements in biotechnology, smart cities and digitalisation offer prospects for sustainable agriculture, urban planning and environmental management. Additionally, the collaboration between scientists and technologists across disciplines and global partnerships is crucial for addressing interconnected sustainability challenges.
The integration of education and awareness initiatives further contributes to building a workforce knowledgeable in sustainable practices.
What are the qualities of a good founder? Are good entrepreneurs born or can they be made?
The development of successful entrepreneurs is a process driven by resilience, continuous learning and a commitment to improvement. While certain qualities may contribute to entrepreneurial success, the ability to navigate challenges, setbacks and uncertainties requires a resilient mindset.
Entrepreneurs who thrive embrace failures as opportunities to learn, adapting their strategies and decisions accordingly. Constant learning, whether through formal education, practical experience or mentorship, is a key factor in honing the skills and knowledge necessary for success.
The most accomplished entrepreneurs recognise that improvement is a perpetual journey, and they remain dedicated to refining their capabilities, staying abreast of industry trends and fostering an entrepreneurial mindset that thrives on innovation and adaptability.
What does a successful entrepreneur need to do every day? What tools and resources are a must?
Successful entrepreneurs cultivate a daily routine that combines mindful practices, continuous learning and effective time management. They prioritise SMART goal-setting, staying adaptable and fostering strong networks.
Essential tools include productivity apps, financial management software and online learning platforms. Regular reflection, team engagement and self-care contribute to overall wellbeing. The ability to embrace change, delegate tasks and draw inspiration from various sources are crucial traits.
What is the critical ingredient to start-up success?
The key to start-up success lies in a compelling business idea, effective execution and strong leadership. A unique and marketable concept, understanding the target audience and a scalable business model are fundamental.
Successful execution involves transforming the idea into a viable product, efficient market penetration and resource management. Leadership is pivotal for strategic decision-making and adaptation to changing dynamics. Resilience, adaptability and a customer-centric approach are critical qualities for enduring success in the start-up landscape.
How can founders assemble a good team?
To form a successful team, founders should clearly define roles, seek diverse skillsets and prioritise effective communication. Utilising various recruitment channels, assessing both technical and soft skills, and ensuring passion and commitment to the start-up’s mission are crucial steps.
Reference checks, trial periods or projects can help assess fit. Continuous investment in employee development, creating a positive work environment, and valuing flexibility and adaptability contribute to a cohesive and resilient team.
What advice do you have for founders who are starting to look for investment?
For founders seeking investment, crafting a compelling, concise pitch and understanding your financial metrics are crucial. Identify investors aligned with your industry, build relationships and demonstrate traction to showcase your start-up’s potential.
Prepare a comprehensive business plan, be realistic with valuation and highlight your skilled team. Transparency about challenges builds trust and resilience in the face of rejections is vital. Understand legal and compliance aspects, seeking legal advice to ensure agreements are sound.
Diversify funding sources and remember not to give away too much of your company during negotiations. Patience, adaptability and continuous refinement of your pitch are key to navigating the fundraising process successfully.
What are the biggest mistakes that founders make?
Common mistakes made by founders include overvaluing their company, delivering poor pitches, lacking market understanding, neglecting legal matters and giving away too much equity too soon. Falling in love with a specific solution without addressing the underlying problem, ignoring customer feedback and making hiring missteps are also common pitfalls.
Poor financial management, lack of focus, ineffective networking and resistance to change can hinder a start-up’s success.
What are your views on mentorship and the qualities one should look for in a mentor?
When seeking a mentor, focus on qualities such as expertise and specific knowledge, willingness to challenge, open communication style, demonstrated success, commitment and availability, passion for teaching, alignment of values, network and connections, emotional intelligence, long-term vision, and accessibility and approachability.
These attributes contribute to a productive and beneficial mentorship relationship, fostering personal and professional growth.
A great place to connect with potential mentors is at the Techstars Start-up Weekend Women events. Their 2024 event is happening on 22 March to 24 March. Registration is open for anyone who is interested in venturing into the start-up world.
What’s the number-one piece of advice you have for entrepreneurs?
The number-one piece of advice for entrepreneurs is to fall in love with the problem, not the solution. By deeply understanding and addressing the underlying issues, entrepreneurs can create meaningful and sustainable solutions.
Additionally, it’s crucial to make the most of all opportunities. While it’s important not to rush the launch and get things right, waiting for perfection can hinder progress. Striking a balance between thorough planning and timely execution is key to entrepreneurial success.
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