Last week, I came across what can only be described as pure genius, if Guinness will forgive me for using that phrase.
The Irish Government has recently launched a new Irish Innovation Centre which will be a launchpad for Irish technology companies as the Emerald Isle struggles to come out of recession. And where have they based it?
Is it in Dublin or Cork or Limerick?
No, they have opened it up in San Jose, California, in the heart of Silicon Valley.
As a result, Irish companies can now gain access to venture firms, bankers, customers, suppliers and employees in the World's most innovative and entrepreneurial environment.
The centre also has access to the Irish Technology Leadership Group (ITLG), which provides companies access to a “built in” network of successful Silicon Valley business executives from global technology companies such as Cisco and Intel Logitech.
Irish high-technology firms will now have a bridgehead into the heart of the US innovation community not only through access to office space, but also high level consulting, advisory services and, significantly, access to the network of individuals in industry and academia within Silicon Valley.
Most importantly, with 40 per cent of the $18 billion of US venture capital invested in Silicon Valley, the new innovation centre is also a shop window for Irish technologists looking for potential investors. As the press release for its launch stated, “Young companies who want smart money should be coming here...this is not about real estate – it’s all about access to technology, capital and connections.”
As those behind the new venture have suggested, it is critical that nations like Ireland with a good technology base make better use of their diaspora overseas, in the same way that Israel does so effectively. As one said, “We’re not going to get 30 Googles but if we got one or two we’d be very happy. You know what? That’s fine, that’s what happens in Silicon Valley all the time.”
The Irish Innovation Centre is not the only way in which the Irish are building links with arguably the most innovative region in the World. Later this year, a group of executives from Silicon Valley technology companies are heading to Limerick for the third annual “Silicon Valley Comes to Ireland” event. As part of the event, Irish companies will be given an intensive review by the visiting entrepreneurs and an opportunity to showcase their ideas to leading venture capitalists.
The question is why is Wales not doing the same? Where is the "out of the box" thinking that can begin to make a real difference to our economy?
With Wales’ richest man, Mike Moritz, running Silicon Valley’s most successful venture capital firm, one would have thought that we would have taken advantage of this link by now, especially if we could find a way to highlight the best of Welsh innovation and technology.
Why doesn't the Welsh Assembly Government, working in partnership with the university sector in Wales and some of our leading innovative companies, establish a Welsh Centre to showcase the most innovative technologies emerging from both academia and industry. Better still, why not brand it as our first Global Technium, and thus linking the centre to the network of incubators we have in Wales?
What have we got to lose by doing so?
At least it would show that we are able to take the best of Wales to the World. And imagine if we announced such a project during Ryder Cup week. It would echo around the globe and demonstrate that we are serious about recreating the economic future of this nation.
