10 Things We Learned the Hard Way in Our 10 Years in Business

10 years ago this week, we first took the leap and incorporated EquiRatings as a business. It was a big step and confirmation to ourselves that we were going to try to build something (we didn't know what) beyond the two of us chatting about Moneyball. We have learned a lot - primarily that building a business isn’t easy, and our journey has been filled with challenges, missteps, and hard-earned lessons. Here are the 10 things we’ve learned the hard way over the past decade

By Diarm Byrne / @diarmbyrne

January 1, 2025

Roads with many paths

With the support of Carlow Local Enterprise Office, we won some early awards which gave us the momentum to build and to take ourselves seriously.

1. You need luck, but more than that, you need guidance

In our early days, we had no idea what we were doing. Fortunately, the local enterprise office in Carlow led by Kieran Comerford pointed us toward advisors and showcase competitions that helped us focus on building a small business. The guiding hands of people who gave their time—without ever seeking a return—pushed us forward when we needed it most. A stand out person we met was Alan Costello who always kept an eye on us and pushed us forward when we were thinking too small. If we were doing it again, we would double down on all of the advice and access to great people we had.

Sam came home with a silver medal from the World Games in 2018. His father John brought his World Games medals, also won in the US, 40 years previously, to meet him at the airport.

2. Support systems are key, you have to mind them.

We gave up a lot without realizing it. The exuberance of youth played a big part, but so did the unwavering support of our families. We didn't appreciate how necessary it was. They didn’t question us when we turned down more obvious career paths in law and finance, and that foundation of trust allowed us to take risks. I think they are pleased for us now - that we have managed to build a business. John Watson used to wander into the office a lot in those early days.

3. You Have to Take Risks

When we began, we counted every penny and spent a lot of time poring over the financial impact of every (and I mean every decision. This taught us how to run a good small business, but it didn’t help us grow. Over the years, we learned that taking action and embracing calculated risks—even imperfectly—is key. Now, we reinvest everything in hiring great people and launching new ideas each year. Without a bit of risk, its impossible to build something with bigger impact. We could have gone for it a bit sooner - but treating every penny with respect was also a valuable mindset.

The launch of our own own risk management number was something which required federations to take a risk and break from the old way of thinking. Georgia Stubington and Alison Packman in Ireland, Chris Farr in the UK, Rob Burk at USEA and Catrin Norinder at the FEI were the first people to trust us and to introduce a performance-based approach to risk-management in the sport.

In 2017, we launched a risk metric for the sport called ERQI which tracked poor performance. It remains one of our most impactful numbers ever and is used to this day around the world to support decision makers.

4. Action Beats Perfection Every Time

We spent years trying to perfect every product and months preparing every presentation. What we didn’t realize was that action creates clarity. Moving forward, even without all the answers, allowed us to learn, iterate, and improve far faster than waiting for perfection ever could. It’s a lesson that transformed how we approach everything from product development to client pitches. We are not there yet, but hiring people like Ruairí Geoghegan has introduced more speed and confidence into our general approach. We would talk less and launch more if we were going again.

The loyalty of the core team and early joiners has played a key role in our success. Sean White (far right) was our first ever employee, Georgia (right) joined in 2017, and Maria joined us, moving her life from the US to Ireland, in 2020.

5. Hire People, Not Just Skills

Within our first four years, we hired four key team members who are still with us today. Only one of them arrived with the day-to-day skills they currently use. Over the years, everyone has grown and adapted, finding new areas of expertise. We’ve learned that hiring for character, potential, and values—rather than just skills—creates a stronger, more resilient team. Nicole Brown didn't know much about podcasts when she launched our first one in 2017. Today, she leads that side of our business with thousands of episodes and millions of downloads.

'Sleeping Sam' was a key feature in our first five years. We were on the road a lot and he slept a lot.

6. Friendship Is the Glue

Through every twist and turn, from championships to growing families, myself and Sam Watson have remained best friends. This friendship has brought joy to the everyday and kept us grounded. It’s a reminder that who you build a business with is as important as what you build. There were times along the way when we were busy that we didn't think much about it - not quite taking it for granted - but without it, it would have been a much harder journey.

Sap Award Winners

7. Key Relationships Can Change Everything

In 2017, we nervously walked into a meeting with SAP, fully aware that we would be a small partner to their global presence. What we found were some of the kindest, most supportive people imaginable. When live sport shut down in April 2020, SAP called us and asked, "What do you need to stay alive?". Without that phone call, it would have been hard to make it through the Covid years.

With their help, we developed a form of simulated sport entertainment in 2020 that went on to win a global innovation award in 2021. That partnership not only supported us in a critical moment but also unlocked a new level of creativity and resilience in our team. We owe a lot to Henrike Paetz and Thomas Esser who trusted us and backed us.

8. You Have to Ask

Over the years, we missed out on potential contracts because we didn’t know how to sell. We’re still not experts, but we’ve learned that telling people what we do and hoping they’ll connect the dots isn’t enough. You have to ask. If you can’t sell, find someone who can—or at least someone who encourages you to be braver in asking for the business.

One of our childhood friends joined the business in 2017 and within a few weeks of this picture, died tragically. We work hard, but we know that there are important things in life.

9. Perspective Shapes Culture

It’s hard work running a business, but it’s not as hard as some things in life. Like everyone, we have have had valuable lessons from the universe to keep everything in perspective. In 2017, one of our childhood friends joined the business and we had no real appreciation for the mental health struggles he was dealing with outside of work. He died tragically this week seven years ago. Along with some others, it was an experience that shaped our culture—we care about each other and what’s happening in everyone’s life. There’s a good degree of humility in recognising the bigger picture and leading with kindness. You never know what people are dealing with outside of their working hours.

10. The Hard Days Make the Journey Worthwhile

There were moments we thought we wouldn’t make it—tight deadlines, financial pressures, and endless obstacles. I remember one night in the early years, after winning a big award and coming home to put a mattress back down on the office floor - having rented out the apartment to stay afloat. Looking back, those tough times are what shaped us. They made the success sweeter and the journey worthwhile.

Looking Ahead

The next decade promises new challenges and opportunities, and we’re ready to face them head-on. To everyone who’s been part of our story—clients, partners, fans, and our incredible team—thank you. Here’s to the lessons we’ve yet to learn and the milestones still to come. We are always looking to reinvest in the team and move forward, if you every want to get in touch about joining us, get in touch.

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