I am sure it will be an incredible occasion, and more so for the fact that one of the World’s greatest sporting contests, which is only surpassed by the FIFA World Cup and the Olympics, is taking place in Newport, South Wales.
It has already generated tens of thousands of press articles that have literally placed Wales on the consciousness of hundreds of millions of people and will, despite some cynical voices, reap rewards for both our business and tourist communities for years to come.
Whilst politicians in Wales continue to scramble to claim credit for the event, there is only one person that we should thank for bringing, against all the odds, the Ryder Cup to Wales.
That is, of course, Sir Terry Matthews, the owner of the Celtic Manor and Wales’ greatest entrepreneur.
As we all know by now, the story of hosting the Ryder Cup began twenty years ago when Sir Terry bought the former maternity hospital where he was born, Lydia Beynon. He subsequently spent more than £100 million of his own money to transform it into a world-class resort and, despite being written off by the sporting establishment, brought the World’s biggest golf tournament to the only home nation never to have held an Open Championship.
I am sure whilst Sir Terry is exceptionally proud of his achievements in bringing the Ryder Cup to Newport, it is easy to forget that he is also Wales’ most successful habitual entrepreneur, having created over eighty new companies. These include his first firm, MITEL, which he sold to BT in 1985 and Newbridge Networks, which was bought by Alcatel for £5 billion ten years ago.
However, I believe his real legacy may not be the Ryder Cup or the successful companies he himself has personally built up into successful businesses. In my opinion, his recent idea of a “boot camp” for young technology-based entrepreneurs is what will ensure that his enterprising spirit lives on for decades to come.
This inspirational project was established in Canada four years ago by Sir Terry’s parent company, Wesley Clover, as an initiative that brings together bright graduates with technologies that already have markets in place through Sir Terry’s companies. These young people work in teams of four or five to bring a product to market in less than 18 months. This process helps them to understand new product development, sales channels and company formation, by exposing them to engineers in Sir Terry’s company, his network of customers, potential investors, and mentors. The fledgling entrepreneurs are then given equity shares in their new businesses and become the driving force behind these ventures.
Some may call the potent combination of graduate talent and new technology a high risk strategy but it is one whose outcomes may be more certain thanks to the direct links with Sir Terry’s businesses that are already established in their marketplaces and are able to provide platforms for launching these new businesses.
In fact, the synergy between young entrepreneurial drive and the resources of an established technology-based global business is one that all governments should examine closely as one strategy in revitalising their economies. Certainly, it has the potential to create a new cluster of firms in British Columbia, Canada, where the idea was originated and fully supported by the regional government.
In contrast, and despite considerable patience from Wesley Clover, the Welsh Assembly Government has dragged its heels over developing a similar scheme here in Wales. Certainly, our politicians need to get hold of this project and stop the prevarication, by the civil service, in agreeing support for a programme that has not only been started by Wales’ most successful entrepreneurial son, but is one that could reap enormous economic success at a time when this country needs it the most.
As the eyes of the world turned to this nation’s newest city last week, a correspondent in the Financial Times noted that Wales, over-dependent on public spending, could do with more people like Sir Terry Matthews. As he said, Wales “remains the least prosperous part of the UK in terms of output per head and badly needs more small businesses to grow into big ones. Sir Terry believes timing and persistence are the key to entrepreneurial success. Wales will need a lot of the latter if it is to build a true enterprise culture”.
Whatever happens late tomorrow afternoon in the competition itself, Sir Terry Matthews has succeeded, by holding the Ryder Cup at the Celtic Manor, in putting Wales on the global sporting map. However, the real vision of developing the technology-based entrepreneurs of the future is equally as important and fully deserves the support of both the Welsh Government and the Welsh business community.
