Irish-based start-ups are not getting their hands on much-needed equity funding because of a perception that they are seen by venture capitalists to lack ‘investor readiness’, the organisers of a forthcoming equity conference claim.
The total amount invested by venture capital funds in Irish companies fell by 40pc to €124m in 2001, from €208m the previous year. This is also understood to have reflected a dramatic drop of 25pc in companies attracting finance, from 144 in 2000 to 109 in 2001.
These issues will be addressed at the private Equity Conference, which will be held on 27 March at Jurys Hotel in Ballsbridge. Organised by InterTradeIreland, Equity Network is an initiative aimed at promoting business growth through private equity investment.
The forthcoming conference will feature addresses by leading Irish businessmen such as Lochlann Quinn, deputy chairman of Glen Dimplex, and Dr Eddie O’Connor, CEO of Airtricity.
“Private equity is absolutely key to the early development and expansion of new economy businesses and it is therefore vital that we promote and encourage this type of funding,” said Fergal McCann, equity advisor with Equity Network.
By John Kennedy