Very big venture
VENTURE CAPITAL could create 21,000 jobs directly over the coming decade, if Ireland continues to build on its advantages in the medtech, technology and financial services sectors, the Irish Venture Capital Association chairman said last night.
Manus Rogan said the level of venture capital investment activity in Ireland now compares favourably with our international peers.
“We have evolved from generalist to specialised funds and, in recent years, have increased emphasis on supporting life-science, ICT and cleantech companies,” he told the annual dinner of the industry association in Dublin, noting also that there was increasingly a high level of syndication with international VC funds in deals involving the Irish VC industry.
A report on the economic impact of venture capital in Ireland said that research and development by VC-backed companies amounted to €148 million in 2009 - the most recent year for which figures are available. That represented 28 per cent of all business expenditure on RD in the State, the report states, and 49 per cent of RD by the small and medium-enterprise sector where VCs generally operate.
Dr Rogan said that the industry group had presented a report to Government stating that VC investment could deliver 21,000 direct jobs and more than 21,000 indirect jobs over the next 10 years.