Stanford Engineering's European Entrepreneurship and Innovation  Irish Venture Funding John McIntyre, SVP Enterprise Irela...
<ul><li>13 Years Intel, Flash Memory to Intel Capital </li></ul><ul><li>CBT Systems/SmartForce First Irish Tech company on...
Why Ireland?  Innovation Comes Naturally <ul><li>PRO-BUSINESS ENVIRONMENT  </li></ul><ul><ul><li>Ireland placed 11th globa...
We here to help shorten the  runway  to your success with  funding, global reach, business development, sales and marketin...
Asia Beijing Guangzhou Hong Kong Kuala Lumpur New Delhi Seoul Shanghai Singapore Sydney Tokyo Germany, Central and Eastern...
<ul><li>Funding Start-Ups </li></ul><ul><li>Seed & Venture Capital Programme </li></ul><ul><li>Other (Cash) Measures </li>...
High Potential Start-Ups Entrepreneurs starting companies with the ability to compete in  world markets Scaling  Ambitious...
What is a “HPSU” ? <ul><li>The company must be : </li></ul><ul><li>Recently established   (0-4 years from date of first em...
HPSU review 1989 - 2006: Status of EI client companies 69% (440) 20% (127) 11% (70) 100% (637)
Sourcing people with new ideas 1999 – 2007 Looking for more U.S. Entrepreneurs!
1. Funding the Concept (Category One) <ul><ul><ul><li>Mentor, Bus. Accelerator </li></ul></ul></ul><ul><ul><ul><li>Strateg...
Seed & Venture Capital Programme (2007-2012) <ul><li>EI have committed €175M (as Limited Partner). </li></ul><ul><li>Total...
Other Measures (Funds Managed & Administered by EI) <ul><li>Enterprise Stabilisation Fund </li></ul><ul><ul><ul><ul><li>20...
Irish Universities and Institutes of Technology   (Recent Spin Outs) <ul><li>Trinity College Dublin (5) </li></ul><ul><li>...
<ul><li>EI will often follow it's money into a full VC round </li></ul><ul><li>VC 2009 Results through Q3: </li></ul><ul><...
<ul><li>Halo Business Angel Network (HBAN) is an all-island umbrella group for business Angel networks  </li></ul><ul><li>...
Summary <ul><li>Ireland is a great place to start-up  </li></ul><ul><li>On the edge between Europe, US, with reach into As...
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2. Funding the  Business Plan  –  Innovative Funding <ul><ul><ul><li>Evaluation of the Business Plan (which includes Cash ...
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Irish Venture Funding - Ireland's Innovation and Technology Economy - John McIntyre - Enterprise Ireland - Stanford - Jan0410

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Presentation by John McIntyre, SVP, Enterprise Ireland, Palo Alto, about Irish venture funding, and Ireland as an innovation and technology economy, and opportunities for US and Irish technology companies. Stanford Engineering, January 4 2010. Program Director and Course Instructor Dr. Burton Lee. Homepage: http://me421.stanford.edu

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  • Ease of doing business in Ireland (corp. tax, company registration, minimal founding director&apos;s equity, reasonable employment laws, small legislated recurring costs (tax filing, audit, etc.)
  • 397 total or about 50 per year. HPSU’s started by individuals in Indigenous industry still the most important source. MNC’s are very important and need to be mined 3 rd Level source / involvement is increasing. Serial entrepreneurs have declined in past 3 years. Overseas Ex Pats returning are growing in importance, albeit still small – 3 Projects in 2003.
  • Ease of doing business in Ireland (corp. tax, company registration, minimal founding director&apos;s equity, reasonable employment laws, small legislated recurring costs (tax filing, audit, etc.)
  • Irish Venture Funding - Ireland's Innovation and Technology Economy - John McIntyre - Enterprise Ireland - Stanford - Jan0410

    1. 1. Stanford Engineering's European Entrepreneurship and Innovation Irish Venture Funding John McIntyre, SVP Enterprise Ireland Silicon Valley [email_address] Tel : +1-650-329-0404
    2. 2. <ul><li>13 Years Intel, Flash Memory to Intel Capital </li></ul><ul><li>CBT Systems/SmartForce First Irish Tech company on NASDAQ </li></ul><ul><li>Co-Founded InnerWorkings 2003 </li></ul><ul><li>Enterprise Ireland 2008 </li></ul>John McIntyre History
    3. 3. Why Ireland? Innovation Comes Naturally <ul><li>PRO-BUSINESS ENVIRONMENT </li></ul><ul><ul><li>Ireland placed 11th globally </li></ul></ul><ul><ul><li>Ease of doing business: Corp tax, company registration, employment law, small legislated reoccurring cost. </li></ul></ul><ul><li>YOUNG, TALENTED WORKFORCE </li></ul><ul><li>MANAGEMENT TALENT </li></ul><ul><ul><li>Excellence in education </li></ul></ul><ul><ul><li>MNC operations and experience </li></ul></ul><ul><li>PUBLIC/PRIVATE SECTOR TEAM WORK </li></ul><ul><li>FUNDING </li></ul>www.ida.ie If you want to start-up in Ireland talk to me!
    4. 4. We here to help shorten the runway to your success with funding, global reach, business development, sales and marketing programs. Enterprise Ireland Mission
    5. 5. Asia Beijing Guangzhou Hong Kong Kuala Lumpur New Delhi Seoul Shanghai Singapore Sydney Tokyo Germany, Central and Eastern Europe, Russia and CIS Budapest Dusseldorf Moscow Prague Warsaw Southern Europe, Middle East and Africa Dubai Madrid Milan Riyadh Northern Europe Amsterdam Brussels Glasgow London Paris Stockholm The Americas Boston Mexico New York Sao Paulo Silicon Valley Toronto Enterprise Ireland – Global Network <ul><li>Over 30 offices and 150 people to assist globally </li></ul>
    6. 6. <ul><li>Funding Start-Ups </li></ul><ul><li>Seed & Venture Capital Programme </li></ul><ul><li>Other (Cash) Measures </li></ul>The Climate has been better ! E.I. Response
    7. 7. High Potential Start-Ups Entrepreneurs starting companies with the ability to compete in world markets Scaling Ambitious companies with the ability to grow to scale and achieve significant global success E.I. Client Base <ul><li>Total client base </li></ul><ul><li>~ 3,500 companies </li></ul><ul><li>145,758 employees </li></ul><ul><li>Total Exports in 2008 €14.3BN </li></ul>Manufacturing and international-traded services companies employing ten or more Established SMEs
    8. 8. What is a “HPSU” ? <ul><li>The company must be : </li></ul><ul><li>Recently established (0-4 years from date of first employee) </li></ul><ul><li>Innovative (operating in a growth sector) </li></ul><ul><li>Capable of generating at least Annual revenues of €1.25M - by end of year 3 </li></ul><ul><li>Export focused </li></ul><ul><li>~ 1,200 start-up enquiries received p.a. </li></ul><ul><li>Of those ~ 400 can be classified as eligible as E.I. clients </li></ul><ul><li>E.I. approves first round funding packages for ~70 HPSU’s p.a. (Average €250K) </li></ul>
    9. 9. HPSU review 1989 - 2006: Status of EI client companies 69% (440) 20% (127) 11% (70) 100% (637)
    10. 10. Sourcing people with new ideas 1999 – 2007 Looking for more U.S. Entrepreneurs!
    11. 11. 1. Funding the Concept (Category One) <ul><ul><ul><li>Mentor, Bus. Accelerator </li></ul></ul></ul><ul><ul><ul><li>Strategic Consultancy </li></ul></ul></ul><ul><ul><ul><li>Feasibility/CORD </li></ul></ul></ul><ul><ul><ul><li>Recruiting Key Person </li></ul></ul></ul>Max E.I. Funding is € 60K (over 2 years) Based on 50% grant <ul><li>Innovation Vouchers ( max. €5,000 ) </li></ul>Overall Objective : Move the project toward a full Business Plan
    12. 12. Seed & Venture Capital Programme (2007-2012) <ul><li>EI have committed €175M (as Limited Partner). </li></ul><ul><li>Total active Seed & VC Funds - €525.1M </li></ul><ul><ul><li>Seed Funds : </li></ul></ul><ul><ul><li>AIB Seed BOI Seed </li></ul></ul><ul><ul><li>VC (Growth) Funds : </li></ul></ul><ul><ul><li>Atlantic Bridge Venture Fund 1 </li></ul></ul><ul><ul><li>BOI Kernel Capital Fund 2 Delta Fund III Fountain Healthcare Fund 1 Seroba/Kernel Fund Ulster Bank Diageo Fund </li></ul></ul><ul><li>Further €150M (2 Funds) awaiting final sign off. </li></ul>€ 79M € 446.1M
    13. 13. Other Measures (Funds Managed & Administered by EI) <ul><li>Enterprise Stabilisation Fund </li></ul><ul><ul><ul><ul><li>2009 €50M </li></ul></ul></ul></ul><ul><ul><ul><ul><li>2010 €50M </li></ul></ul></ul></ul><ul><li>Employment Subsidy Scheme </li></ul><ul><ul><ul><ul><li>2009 €70M </li></ul></ul></ul></ul><ul><ul><ul><ul><li>2010 €65M </li></ul></ul></ul></ul>
    14. 14. Irish Universities and Institutes of Technology (Recent Spin Outs) <ul><li>Trinity College Dublin (5) </li></ul><ul><li>University College Dublin (2) </li></ul><ul><li>University College Cork (1) </li></ul><ul><li>University of Galway (1) </li></ul><ul><li>University of Limerick (1) </li></ul><ul><li>Dublin City University (1) </li></ul><ul><li>Royal College of Surgeons </li></ul><ul><li>National University of Ireland Maynooth (1) </li></ul><ul><li>Dublin Institute of Technology (1) </li></ul><ul><li>Galway and Mayo Institute of Technology </li></ul><ul><li>Waterford Institute of Technology (1) </li></ul><ul><li>Cork Institute of Technology </li></ul><ul><li>Sligo Institute of Technology </li></ul>
    15. 15. <ul><li>EI will often follow it's money into a full VC round </li></ul><ul><li>VC 2009 Results through Q3: </li></ul><ul><li>€ 220m Invested over 60 deals or €3.6m average </li></ul><ul><li>All Technology Sectors: </li></ul><ul><ul><li>Health SW, Telecom SW, Electronic Components, Pharma/Bio, Financial Services, Bus/Consumer SW, Engineering, Environmental Technology, Consumer Products </li></ul></ul><ul><li>Over 35 International VC’s invest in EI clients (1/3 US) </li></ul>Irish Venture Capital Association www.ivca.ie
    16. 16. <ul><li>Halo Business Angel Network (HBAN) is an all-island umbrella group for business Angel networks </li></ul><ul><li>HBAN is focusing on investments of €50,000 to €250,000. </li></ul><ul><li>HBAN is a joint initiative of InterTradeIreland and Enterprise Ireland. </li></ul><ul><li>                                 </li></ul>Halo Business Angel Network www.hban.org
    17. 17. Summary <ul><li>Ireland is a great place to start-up </li></ul><ul><li>On the edge between Europe, US, with reach into Asia </li></ul><ul><li>Great pubs and Rugby Teams </li></ul><ul><li>Funding Available </li></ul>
    18. 18. Backup
    19. 19. 2. Funding the Business Plan – Innovative Funding <ul><ul><ul><li>Evaluation of the Business Plan (which includes Cash Flows). </li></ul></ul></ul><ul><ul><ul><li>E.I. will invest by way of Equity (usually Cumulative Convertible Redeemable Pref. Shares). </li></ul></ul></ul><ul><ul><ul><li>E.I. will invest based on identified cash need per the Business Plan. </li></ul></ul></ul><ul><ul><ul><li>Typical first investment is ~ €300,000 with additional sums based on achieving agreed milestones. </li></ul></ul></ul><ul><ul><ul><li>E.I. will always look for co-investors (BES, VC’s, Promoters) </li></ul></ul></ul>

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