Propel Founder Q&A — Cormac Quinn, loyalBe

Cormac Quinn is a founder on the Propel Pre-Accelerator 2018 with his company loyalBe.

Describe what loyalBe do:

At loyalBe we’re creating a digital loyalty/marketing platform that helps independent retailers engage with, retain and delight their customers.

Consumers can collect loyalty rewards just by paying with their bank card — which means there is no change of behaviour, or hassle at the Point of Sale, especially with paper loyalty cards!

What are your thoughts on your Ignite experience in general?

I’ve absolutely loved the experience — it’s amazing that there’s even a programme like this in Belfast with the support and backing from Ignite. The structured programme approach helped me to get started with my idea — we wouldn’t be where we are now if we hadn’t joined the programme.

What were the best and worst parts of the programme?

Best thing was probably the cohort of teams on the programme… getting to go on this journey with them was immensely useful. I always tell people that it feels like we are all one big team — if anyone has an issue there is usually several people offering help from anything from a coding problem to finding an accountant.

Another great thing was the mentoring from experienced entrepreneurs — something I would never get the chance to have otherwise.

Worst… The open office space can be distracting at times, but I’ve found a good pair of headphones helps with that!

What was the biggest shift in thinking that you had over the six months?

It’s not so much a shift in thinking, but joining the programme has reaffirmed my belief that having a good network and surrounding yourself with intelligent people is extremely important for success.

Anything is achievable if you put your mind to it.

What has been your biggest breakthrough?

Winning the £60k Danske Bank Open Banking Challenge was a huge turning point mid-way through the programme. Suddenly loyalBe became more than just an idea — it became a startup. The funding let me get sorely needed design and engineering help while I could focus on speaking to potential customers to refine our offering.

From there we went on to be named one of Belfast’s Top 10 high growth companies by Belfast City Council, we were accepted onto the Bridge to MassChallenge programme in Boston and just this week were accepted onto the Y Combinator Startup School advisor track. It’s been mad!

Where did the programme help you the most?

It gave me the confidence to leave my job as a Software Engineer along with the financial support to do so. Also - I know I’ve slightly bashed open office working - but having a place to work every day other than home was very useful.

I believe you get out of these programmes what you put in, if you’re not willing to make an effort and take initiative it’s unlikely you will succeed. I would say that some of the sessions were for companies who were a little further on than ours, but what I learnt will stand by me when we do get to those stages.

How do you rate being a start-up in Belfast?

It’s a great time to be a start-up in Belfast; it’s very accommodating and accessible for early stage start ups. We could certainly do with more engineering talent but we have a lot going for us here, including great spaces, great programmes and access to financial support — Ignite coming to Belfast depicts that.

Where do you see loyalBe in 6 months?

I expect us to still be learning new things every day, from both our customers and users — so that we can continuously improve our offering.

We have ambitious plans which include becoming the leader in the digital loyalty space, but if we have some traction with happy customers and regular users of our product in six months, I consider that a win.

What would you say to a new founder considering the programme?

Just go for it. I’m very happy I decided to apply and have no regrets joining the programme — it was a risk leaving my job, but what I’ve learnt over the past several months will stand by me in future and I’m sure the same would be true for most.

Sum up your Ignite experience in three words:

Challenging. Enjoyable. Motivational.