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 A leading technology entrepreneur has said that that the high value of FDI we are now attracting into Ireland, sets the country on a new level not seen since the 1990s. Speaking at the InterTradeIreland, tenth annual Venture Capital Conference 2011, Paul Kerley, former CEO of Norkom Technologies stated that the spin offs created from current companies attracted into Ireland is likely to give us a greater competitive edge for the future in terms of indigenous companies that can be created and scaled at a global level.
 The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD opened the InterTradeIreland Venture Capital Conference, which was held at the Institute of Chartered Accountants in Dublin on the 7th April 2011. Held in association with Kernel Capital, the event brings together 270 attendees from across business with investors who have access to over €250 million available for new ventures.
Speaking at the conference Minister Bruton said, “Employment in venture capital backed businesses has grown at a phenomenal 18% per year since 2003 and countries with a strong VC sector have been slower to enter and quicker to exit recession than others. While the sector in Ireland is strong and Government supports are working well, there is no room for complacency and my Department is developing plans to ensure all supports are properly targeted so that the sector can flourish and maximise jobs and growth.”
A poll undertaken at the conference indicates that the majority of Venture Capitalists (VCs) believe that the new administration should consider tax incentives for high net worth individuals and create Government backed co-investment fund to stimulate further investment. Three quarters of VCs surveyed forecast that the companies to benefit from VC funding over the next year will be in the digital, social media and ICT space. VCs also believe that we must create incentives to retain skills and talent to in Ireland in order to realise our vision as a country of becoming an innovation hub.
Former CEO of Norkom Technologies, Paul Kerley added, “I am optimistic about future prospects for companies emanating out of Ireland and about the investment by companies such as Google and LinkedIn in building local talent and capacity that create a strong base for future indigenous growth. We are a country with a wealth of knowledge and new ideas. We are seeing agile management teams, with an entrepreneurial spirit who will evolve to develop and form the new eco-system in this country.”
Dr David Dobbin, Chairman of InterTradeIreland added, “Despite the current economic challenges faced by both economies on the island, we are continuing to see a strong level of high calibre new start ups in InterTradeIreland. Indeed, these recessionary times can spawn some of the best enterprises and we are hopeful that some of these businesses will emerge from today’s event. Our continued focus is to create the environment
for these high potential, innovative firms to be successful – increasing exports and creating quality jobs. In doing so, they will contribute to economic growth and recovery.”
InterTradeIreland offers a range of supports to early stage companies to ensure that they are better prepared as they seek to raise equity and that they are ‘investor ready’. This ranges from advisory services, education programmes, business angel finance and the All-Island Seedcorn Business Competition.
Kernel Capital, which sponsored the event, has €196million in active venture capital funds under management from Bank of Ireland, Enterprise Ireland, the UL Foundation & NUIG. The company recently launched a €10million Medtech venture capita l fund.
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