An annual conference in Boston is proving to be a crucial event for Irish start-up technology companies seeking significant venture capital funding. The annual Technology Investment and Partnering Opportunities conference takes place in May and is now in its third year.
It offers technology companies from the Republic and Northern Ireland an opportunity to present their wares to around 200 US venture capitalists, investment bankers, and chief executive officers of large technology companies looking for innovations to meet their research and development requirements.
In Dublin this week to promote the event, Irish-American technology entrepreneur, Mr John Cullinane, said that two years ago US investors knew nothing about Irish technology companies, and the big attraction was Israeli companies, who also present at the conference.
"Interest has now soared on the back of success stories such as Iona Technologies," he said. "We also found last year the Irish presentations were very focused and commercial, and not as technology orientated as some of the Israeli presentations tend to be."
The companies with most to gain from the conference are generally in the market for venture capital funding of between $3 million (€2.75 million) and $5 million, and are interested in establishing a US presence.
Last year's event was even attended by Irish venture capital and investment banking companies who wanted to see what the industry had to offer. This resulted in Irish funding for WBT Systems, a rapid growth Internet based software company.
Dublin-based Aimware, which won the Irish Software Association's new company of the year award last year, established its US sales and support operations in Boston following contacts made at the conference. Its US operations manager, sales executive and marketing director were recruited from conference attendees.
However, last year's most significant coup was claimed by Trintech, the credit card transaction software specialist. It received $16.5 million in pre-initial public offering venture capital financing from HarborVest Partners, a leading US venture capital firm.
This year more than 30 of Israel and the Republic's most innovative companies will present at the event, which is sponsored by the University of Massachusetts. Each company is given just six minutes to pitch their product to the conference attendees, and they each pay $295 to do so. The event is non-profit making, with any additional proceeds going to student scholarships at the University of Massachusetts.
This year the conference is offering additional opportunities to students pursuing entrepreneurial projects at university level. There will be an opportunity for six Irish students, from Northern Ireland and the Republic to attend the event and present their projects.
They can apply by submitting their business plans to the conference website (www.umassp.edu/ conference/) for the conference board's review. Selected students will receive an all expenses paid trip to attend the conference.
Mr Cullinane established the Technology Investment and Partnering Opportunities event when he saw the advances being made by Israeli technology companies through partnerships with and funding from US companies. "We decided to combine the two countries because Israel represents a very appropriate role model for Ireland.
"It is similar in size, has invested heavily in education, has an agrarian background and political history similar to Ireland's, yet it had a venture capital investment last year 25 times that of Ireland."
Mr Cullinane now believes the Republic is well positioned to experience the same gains. Out of $7 billion of high technology exports from Israel last year, the venture capital industry was worth $3 billion. "I firmly believe the best high tech companies in Ireland are as good as the best currently operating in Israel."
