Tony McEnroe, Managing Director, SiriusXT Ltd
I am a serial entrepreneur with a passion for leveraging leading-edge technology to develop easy-to-use solutions for complex customer problems. I have managed four VC-led start-ups, returning, in one case, a 700% ROI in less than two years. I was the inaugural Enterprise Ireland HPSU' Founder of the Year' for 2017, and I was a finalist in the Ernst & Young sponsored International Entrepreneur of the year in 2005.
I am an experienced Managing Director with an exceptional record of generating profitable growth in a range of hi-tech companies, including an FTSE 100 company. I have extensive business development experience, including M&A, joint venture formation, technology licensing and due diligence.
I hold a B.E. degree in electrical engineering, an M.Eng.Sc. degree in electronic engineering and a master in business administration. I am currently an Adjunct Professor of Physics at the College of Science in University College Dublin.
“I’m inspired by the entrepreneurs who, despite many setbacks, have the resilience to stay focused on their vision and ultimately succeed.”
Tony McEnroe
Tony McEnroe, LinkedIn, Twitter, Website and SiriusXT Twitter
What is your favourite social media platform, and why?
LinkedIn. It's my in-vivo Rolodex, allowing me to keep track of existing business contacts as well as to seek out new contacts.
Tell us about you and your current role or area of interest.
I'm the co-founder and managing director of SiriusXT Ltd, a start-up company that is taking on the mammoth task of developing a 3D imaging microscope for biological cells. This five-year product development journey is reaching its final phase as we launch a cell imaging service at the end of 2021 and a first commercial product in 2022.
While the journey to date has been hugely interesting and challenging, involving a multidisciplinary team of mechanical, electronic, software and control systems engineers, as well as physicists and bio-physicists, the next phase of the journey will be even more interesting and exciting.
This will involve an even deeper engagement with target customers in disease research and drug discovery than we have had to date and will demand a deep understanding of the problems these customers want to solve – a steep learning curve in biology and biochemistry!
What do you like about your career or area of focus?
I have worked in a diverse range of technology businesses throughout my almost forty-year career, and I have really loved the continuous learning that has been required throughout. I believe that I am learning more now in my current role than at any other stage of my career, not just in technology but also in areas such as people management, leadership skills, marketing and business development.
As I approach the end of my full-time working career, I also like that I am involved in medical technology and that I am contributing in some small way to the development of therapies and cures for diseases such as cancer and dementia. That is such a burden not just on the general economy but also on people who are directly and indirectly impacted by these diseases.
What is the best advice you have ever received?
I have been fortunate to have worked with many great business leaders throughout my career, who have influenced me more by their own behaviour and management style than by the advice they gave. However, a few one-liners come to mind.
Don't be afraid to make decisions, but make sure you get at least half of them right.
Never sell a room in your house (i.e. never sell a part of your business that devalues the rest of your business).
The customer is not always right but is never wrong.
If you are going to fail, fail as early as possible.
Listen to your gut - The best time to raise funding is when you don't yet need to.
You don't know what you don't know.
What inspires you, motivates you, or helps you to move forward?
The fear of failure keeps me focused.
I'm motivated by the goal of selling products to customers that solve their problems. With many complex technology products, especially those that are used in highly regulated industries, it can take many years to progress from the start of product development to a first customer installation. Through that bumpy journey, the vision of the first satisfied customer is a great motivator.
I'm inspired by the entrepreneurs who, despite many setbacks, have the resilience to stay focused on their vision and ultimately succeed.
What are you proud of in your life so far?
In business, I'm proud that I have been involved in start-up companies where I have directly contributed to the whole journey from the initial product concept to selling and commissioning the first product.
I'm proud that I have recognised and hired young talent and, in some small way, contributed to their career growth.
I'm proud as an Irish person of the support that the Irish Government, through Enterprise Ireland, provides to high-tech start-ups to help them grow and prosper in international markets. From living and working in countries across Europe, in the U.S. and in Asia, this level of support is second to none.
What is your preferred way to meet new people/network?
Undoubtedly, by meeting face-to-face, either at privately-arranged meetings or at social occasions. That said, I think the enforced use of video-conferencing tools during the Covid-19 pandemic has done a lot to help make online networking more personal and effective.
What skills or qualities do you feel have helped you?
Logical thinker: Working as a design engineer for many years has helped me think logically about problems and try and identify the root cause before addressing the symptoms.
Empathy: I consider it important in all aspects of my life to try and stand in the shoes of the person I am dealing with before I form an opinion and decide on issues that affect them.
Resilience: I think there is a need for a balance between being overly dogged or narrow-minded in pursuing a goal. And the benefit of pulling the plug early if the goal proves unachievable. I try to approach goals by identifying the major risks to failure and focusing on eliminating these risks as the first priority.
What do you wish you had known when you started out?
That life is short and should not be wasted on doing things you don't enjoy.
Who do you most admire in business, academic or creative circles and why?
I have huge admiration for what Elon Musk has achieved in his business life. I admire his energy, the clearness of his vision and his bravery in saying things as he sees them.
Outside of your professional/work area, what hobbies or interests do you have or what other areas of your life are of real importance to you?
My wife, Martina, says that I support any sport with a ball in it, and that is true, but rugby and football are at the top of the list. I have a keen interest in history and travelling, and my dream for when I retire from a full-time career is to do a tour of world cultures. I'm keenly interested in the careers of our two sons, both of whom are pursuing a similar work journey to their dad and who listen the odd time to some advice.
Has the pandemic had a positive or a negative effect on you and/or your business, and how have you managed it?
Thankfully, the pandemic has not had a significant negative effect on business. I think the staff and management have done a very good job at minimising any risk to the business, and no member of staff has, at least until now, contracted the virus.
Do you have a mentor, or have you ever mentored anyone?
I never had a formal mentor, but I have worked for very good leaders who have informally mentored me throughout my career. I consider mentoring important and have done training as a mentor with a previous employer. I'm always happy to give advice, especially to start-ups, where I believe I can add value.
What advice would you have for someone looking to get into the same area of work or interests?
My advice, in general, is to pursue a career that interests you and you'll never have to work a day in your life! For anyone interested in founding a high-tech start-up, I advise that start-ups are risky and be sure that you should be passionate enough to take on the risk. That said, the best time to take on risk is when you have the least to lose and, for this reason, I encourage entrepreneurs to take the plunge early in life!
What do you feel is the most common reason for people failing or giving up?
Not having been passionate enough, in the first instance, about the vision for the business.
Not having thought through the risk vs reward of starting a business.
Starting a business can be a very lonely job, and it's often sensible to have a co-founder that is a good personality balance for the other.
Is there a phrase, quote or a saying that you really like?
"Today is the first day of the rest of my life!"
What companies, brands, or institutions do you like or do you think are getting it right?
In my opinion, Tesla, Apple and Audi are doing great.
How do you define success, and what lessons have you learned so far that you could share with our audience/readership?
Success is when you have stretched yourself, outside your comfort zone, to successfully achieve a goal. I have learned that it is important to define what 'success' is for yourself when setting goals. In addition, it is important to acknowledge and celebrate the 'successful' achievement of a goal and to not let the success metrics be dictated by someone not involved in the goal.