Sunday 20 May 2018

Money talks - and takes Irish entrepreneurs mainstream

'More and more of our society's investable income is going into tech firms. To boot, more of it is being invested directly by specialist high-risk venture funds, away from banks or traditional corporate apparatus.' Stock image
'More and more of our society's investable income is going into tech firms. To boot, more of it is being invested directly by specialist high-risk venture funds, away from banks or traditional corporate apparatus.' Stock image
Adrian Weckler

Adrian Weckler

There is a wider story to what is going on behind the huge uptick in tech venture capital here.

The bottom line is this: more and more of our society's investable income is going into tech firms. To boot, more of it is being invested directly by specialist high-risk venture funds, away from banks or traditional corporate apparatus.

The consequences around the effects on young entrepreneurs, or on banks - which still seem to prefer property developers - have yet to fully materialise.

But what seems clear is that there is a huge economy now in tech funding. It also appears that Ireland's native tech ecosystem is maturing into a genuinely self-powered force.

After all, €1bn is quite a haul. It's around the same amount as Sweden, a country with twice Ireland's population and a capital city that's regarded as a hotbed of innovative tech, garners in tech funding each year.

It's almost twice as much as Berlin (€540m VC in 2017), another famed European tech venue with a population the same as Ireland's.

It even tracks respectably against London (€2.9bn), a city with a population nearly three times that of Ireland's and which is supposed to be Europe's tech capital.

The official figures don't even tell the full story, because they don't take into account many smaller deals - €1bn can't be ignored.

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