AGAINST THE BACKDROP OF the New York Stock Exchange, the Irish government announced a new €500m innovation fund. The plan is for half the money to come from the Irish Exchequer and the other half from venture capital groups. As conversation like at Irish OpenCoffee shows (image from a Cork session at right), lack of finance kills entrepreneurs on the vine. I'm still paying off more than $15,000 of personal debt that arose from my involvement in two Irish start-ups that failed to attract investment. When in New York to announce the Irish fund, Taoiseach Brian Cowen spun positive news out of the Irish recession, claiming it was over. I don't think small businesses in Ireland agree with that conclusion. Nor do I think small start-ups in Ireland would give a rosy appraisal to friendly bank managers who are willing to float a line of credit for young companies. The start-up ecosystem in Ireland remains fragile. An ambitious government programme is welcome, but the fix involves more than just throwing a matching fund together.
Sent mail2blog using my Nokia E90's O2-3G Typepad service from the D Hotel, Drogheda, Ireland after reading on scaling for innovation.
