#FollowKonree
Margaret Rae, originally from Co. Kerry and now based in Athenry, Co. Galway, is the brilliant mind behind Konree Innovation Ltd. With a background in scientific research and a passion for problem-solving, Margaret is tackling one of the aquaculture industry's toughest challenges: controlling sea lice in salmon farming. Through her innovation, she aims to support salmon producers and protect wild salmon stocks, all while pushing the boundaries of sustainability in aquaculture.
Margaret's entrepreneurial journey began during the COVID lockdown, where she reflected on her career and reignited her desire to solve the sea lice issue and has since grown Konree into a company with a solid team, innovative technology, and international potential. Margaret is a true testament to the power of persistence and community, and a wonderful AwakenHubber.
To get us started, how would you describe yourself in six words or less?
Bright, optimist, persistent, and always curious.
Tell us about your business and what inspired you to start it:
Konree is dedicated to solving the issue of sea lice in salmon aquaculture by effectively managing and controlling sea lice within salmon pens. This keeps lice numbers below regulatory limits, providing peace of mind for salmon producers while also protecting wild salmon stocks.
During my research career, I came across these fascinating but awful little creatures called sea lice, which are like head lice but for fish! These tiny crustaceans parasitize salmon and thrive in aquaculture environments where fish are in close proximity. For the health and welfare of the fish, farmers need to manage sea lice infestations to protect both the farmed and wild salmon populations. When my research grant ended, I moved on, but I couldn't shake the thought that there must be a better solution. I told myself that if the problem remained unsolved in five years, I’d revisit it – and that's exactly what I did.
Tell us a little bit more about you.
I live in Athenry, a charming medieval town near Galway City, made famous by the song "The Fields of Athenry". I’m originally from Co. Kerry, from the mainland side of the Dingle Peninsula. Athenry has been home for nearly 20 years, where I live with my husband and our two children.
My parents owned a pub and hotel, which ingrained in us the values of good service, hard work, and determination. I’ve always had a drive to improve things around me, whether it’s a business or simply a service I encounter. "How can I make this better?" is a constant thought I have.
I’m from a generation where jobs were scarce, and emigration was common. My curiosity led me to study Science at UCD. I eventually emigrated to Scotland, where I worked for the Scottish Environmental Protection Agency. After a few other roles, I moved to Portugal to pursue my PhD, studying newly discovered compounds. Along the way, I picked up Portuguese – and a husband! I’ve always aimed to expand my knowledge and skillset, considering myself a ‘generalist’, or as someone once told me, a "Jack of Trades, Master of a Few".
I’ve been fortunate in my career, traveling and working in various countries and industries. Yet, I always had an itch to start something of my own. During the COVID lockdown, I took the time to reflect on my career and decided to revisit the sea lice problem. That’s when I started Konree Innovation. I’m grateful for my husband's belief in me, as he now financially supports the family while I focus on building the business.
Fill us in on your female founder journey.
My journey as a founder is constantly evolving – sometimes at a slow pace, but then things come together almost overnight.
I’ve been fortunate to qualify for support from Enterprise Ireland, and I joined the competitive New Frontiers program, which provided excellent market research, a solid business plan, and a clear path forward. I later raised €100,000 from Enterprise Ireland’s Pre-Seed Start Fund.
I also participated in BIM’s Innovation Studio, which gave me a great overview of aquaculture and invaluable insights into the world of venture capital. Additionally, I joined the EmpowerStart program, which was a great way to structure ideas and gain encouragement. These programs have been instrumental in pushing me forward, even when the journey felt lonely at times.
I’ve since taken part in the Female Founder Masterclasses and the Starting Strong Program, both of which have been inspiring. Seeing so many women excelling in various industries post-COVID was incredibly motivating.
Local Enterprise Offices in Galway, AwakenHub, and programs like Accelerate Green have all played significant roles in Konree's growth. We now have a strong team, a wonderful advisory board, and a clear vision for the future.
How has being part of the AwakenHub community helped your business?
I was introduced to Mary McKenna of AwakenHub by Karen McCormick, whom I met through EmpowerStart. Mary's encouragement helped me reapply for New Frontiers after being initially rejected, and I eventually got in. AwakenHub has been a fantastic support network, with women like Mary Ann Pierce, Clare McGee, Sinéad Crowley, Mary Carty, and Denise McQuaid offering advice, support, and reassurance. My cofounder and first employees even came through my network, thanks to tips from the AwakenHub community.
You attended SheVenturse, how did you find this?
Wow wow wow - simply sparkling! That's the standard that retreats will be judged by. Unbelievable location, amazing company, insightful talks & fireside chats and more. Next time round I'll not commute and make it into a long weekend.
What are your non-negotiables as a founder?
My parents always said, "You never truly know someone until you’ve had money dealings with them," and that has stayed with me. Also, never let anyone put you down; use each disappointment as motivation to rise above and succeed.
Where do you see yourself in 12 months and 5 years?
In 12 months, I see Konree’s patent granted, extended to all salmon-producing regions, and the technology proving itself. I also envision securing investment and grants.
In five years, I see Konree as the world-leading solution for sea lice management in salmon aquaculture, helping salmon producers achieve peace of mind and environmental sustainability.
What are your top three tips for other women founders?
Surround yourself with great programs that offer structure and camaraderie. Take advantage of free resources, and be cautious about accelerators wanting equity.
Look beyond Ireland. Programs like WomenTechEU and SBIR in the US offer funding without equity, which can be game-changing.
Read! I recommend Brad Feld & Jason Mendelson's Venture Deals and Carlos Espinal's The Fundraising Field Guide.
To finish up, what are six words to live by?
Be true to you and yours.
https://www.linkedin.com/in/margaret-rae-74304736/
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