The Irish Technology Leadership Group is to create a Global Irish Investor Group that will support scaling-up Irish tech companies with capital, expertise and access to global customers.
The investors have come together to create a Global Irish Investment Pledge Fund to support Ireland’s start-up ecosystem. Participants will be asked to mentor entrepreneurs, serve on boards, facilitate connections and pledge a capital amount for investment.
The participants will have the opportunity to invest in companies they choose through the investor group structure. It is expected that the investors will pledge between US$250,000 and US$1m.
So far, those who have pledged to participate in the fund include Craig Barrett, former chairman and CEO of Intel Corporation and chairman of the ITLG; John Ryan, founder of Macrovision, now Rovi; Rich Moran, CEO, Accretive Solution and Former Venrock VC; John Hartnett, founder, ITLG and SVG Partners; Barry O’Sullivan, SVP, Cisco; Liam Casey, founder and CEO, PCH International; Sean O’Sullivan, SOS Ventures and CEO of Carma.
More investors are expected to join over the coming days and weeks.
ITLG president John Hartnett said start-ups are one of the most significant job creators all over the world and are especially critical in economic downturns.
He said the key to Ireland’s growth and ongoing prosperity is the enhancement of its entrepreneurial culture.
He said many of the right ingredients exist today, with support from education institutions, incubators and funding support from Enterprise Ireland. However, for Ireland to make significant progress, it will require the right blend of “syndicated” smart capital, a connected diaspora network and access to global markets.
Accelerate and grow Irish tech start-ups into global corporations
Hartnett said that given Ireland’s solid base of support and the addition of these essentials, Irish companies will be in a position to accelerate and grow into major public corporations.
“One of Ireland’s great assets is its diaspora. Our ability to harness the global expertise, connections and investment is a practical example of a very positive outcome from the global Irish economic forum,” Hartnett said.
“The combination of these assets represents a great opportunity for young Irish companies to scale globally and drive high-quality employment here in Ireland,” Hartnett added.