Silicon Valley executives bring positive message

SILICON VALLEY executives brought an “oasis of positivity” to Limerick yesterday as they met Irish technology firms at a conference organised by the Irish Technology Leadership Group (ITLG).

As well as addressing trends in technology and company financing, a panel of Irish and Irish American businesspeople discussed how the relationship between Silicon Valley and Ireland could be used to benefit the Irish economy.

Former Intel chief executive Craig Barrett, who is chairman of the ITLG, said his group was willing to bring “the innovation expertise, mentoring expertise and Silicon Valley expertise” to Ireland which would “plant the seeds” of successful new companies in Ireland.

Tom McEnery, former mayor of Dublin’s sister city San José and a partner in the Irish Innovation Centre in that city, said the “relationship has to be harnessed in a significant way. In a crisis that we are engaged with – and which as they say has hit Ireland in spades – we have to take the feeling that people on this panel can create something concrete.”

The ITLG is campaigning for a direct flight link between Dublin and Silicon Valley after Aer Lingus cut its San Francisco route.

However, Dr Barrett suggested this was the wrong issue to focus on. Israel has an enviable technology sector with strong links to the US, he said, despite the difficulties associated with travelling to the country.

Tom Farrell, director of services sales and delivery with Nokia, said he thought there was too much focus on Ireland trying to emulate Finland.

“We have to go back to what we are good at,” said Mr Farrell.

“We are not Finns – we are Irish.”

He said there was often too much focus on analytical thinking in Irish business and we should tap into our creative sides. “I would love to ask Seamus Heaney what he thinks about all this technology,” said Mr Farrell.

Twelve Irish firms also met venture capital investors who travelled as part of the Silicon Valley Comes to Ireland delegation.

Tim Danford, a partner with Storm Ventures, said some of the business plans were the equal of anything pitched to him in the US.

“If I wasn’t looking at the wind and rain out the window, I would have thought I was in Silicon Valley listening to an entrepreneur there.”

ITLG announced at the event that it was creating a mentorship programme in association with Silicon Valley Bank and with financial support from the Department of Foreign Affairs, which will provide work experience for Irish college graduates in US technology and venture capital firms.

ITLG chief executive John Hartnett said the programme would give young business and technology executives a chance to experience Silicon Valley first hand.

Mr Hartnett said the leadership group was creating a “super angel” fund backed by wealthy Irish individuals around the world, which will make early stage investments in Irish technology companies.

He said details of the fund would be announced by the end of the year.

The ITLG recently joined forces with Enterprise Equity and is trying to raise a $100 million venture capital fund.

Mr Hartnett said the Irish Technology Capital fund would be complementary to the angel fund as they would invest at different stages in company’s development.