Summary of Business:Megazyme International Ireland develops, manufactures and supplies innovative diagnostic test kits and reagents for quality management in the cereals, food, wine and biofuels industries. These kits are used worldwide to measure such things as dietary fibre in foods; enzymes in cereals, food and animal feeds; sugars, organic acids and numerous other components in wine; sugars and organic acids in dairy products.
What led you to starting your business?I saw a need for improved analytical methodology in the cereals and related industries.
How did you raise the funds you need for your business?Most raised from consultancy agreements and through providing an analytical service over the first few years.
What is the most significant lesson you have learnt in running your business?Cash is King! It is extremely important to watch cash flow carefully, and to have a reserve of funds to fill immediate requirements
What has been the proudest moment in your business so far?Winning the NSW Small business award in 1993, and the Irish small business award in 2013.
What have been the biggest challenges in your business to date?Saving the independence of the business after a marriage breakdown. In an instant, there is an immediate and significant cash requirement.
What advice would you give aspiring entrepreneurs thinking of starting a business?Move forward with passion; believe in yourself and your ideas; don’t spend money until it is free to spend.
What’s the best business book you’ve ever read?I have only read chapters from different books and taken note of inspiring quotations. I am fortunate that most of my learning came from knowing and talking with business leaders.
Who is the entrepreneur you admire the most?Les Auchincloss, Chairman Marigot Ltd., my initial business mentor. At over 70, he is still as interested in what he does as ever he was.
What’s your website?http://www.megazyme.com
What Social Networking sites does your business use?None
How has the SFA helped you in your business?Over our time in Ireland, we have always turned to SFA for anything to do with business law and in particular, employment law. The staff of SFA are very professional and extremely helpful.
Contact details:Barry McCleary
Megazyme International Ireland
Telephone: 01 2861220
Address: Bray Business Park, Bray, Co Wicklow