Venture capital investment is crucial to economic growth

Venture capital backed companies can make a substantial contribution to the development of a successful knowledge-based economy.

That was the message from Economy Minister Nigel Dodds to hundreds of delegates at InterTradeIreland’s Seventh Private Equity Conference in Belfast today.

Speaking at the conference the Minister said: “The global economic environment is becoming increasingly competitive and Northern Ireland’s future prosperity depends on our ability to develop a high value-added, internationally competitive, export-led economy.

“Stimulating entrepreneurship remains an important challenge for Government in Northern Ireland and we recognise the significant part private equity finance can play in helping to create an entrepreneurial society.

“I am particularly glad to see Northern Ireland companies such as HeartSine, Aepona and BiancaMed benefiting from the £107million investment reported to the Irish Venture Capital Association by its members.”

Invest NI and InterTradeIreland have embarked on a joint venture, Halo Business Angel Partnership, which has a £10million investment pot available for high growth businesses. To date it has provided £1million to early stage businesses, which in turn has leveraged an additional £3million in investment.

Mr Dodds continued: “Today’s entrepreneurs and new business start-ups enjoy access to an unprecedented level and range of investment funding, including initiatives like Halo Business Angel Partnership.

“Invest NI is currently creating a new seed capital fund linked to Queen’s University Belfast and the University of Ulster. The new fund, which will become operational next month, will play a crucial role in developing technology-based start-up companies.”

In conclusion the Minister said: “InterTradeIreland, through its EquityNetwork initiative, plays an important role in preparing businesses to successfully attract private equity. Companies, through the Seedcorn Competition, which mimics the investment process, have to date, subsequently raised over £42million in private equity; £5million of which was for Northern Ireland companies.”

EquityNetwork provides an advisory service, which offers a combination of education Master Classes and a one-to-one advisory service where early stage companies can avail of professional advice and help in perfecting their business plan before formally approaching an investor.

The conference theme - ‘Optimising Returns for Entrepreneurs and Investors Alike’ – was opened by InterTradeIreland’s new chairman, Dr David Dobbin, and Chief Executive Liam Nellis.

Keynote speakers included Liam Casey, the 2007 Ernst & Young Entrepreneur of the Year in Ireland and CEO of PCH International, the supply chain management company based in China; Stephen Moore, Investment Manager for Motorola Ventures of London; Stuart Harvey, co-founder of Harco Technology; and David O’Meara, MD of Irish software company Havok.

Notes to Editors:

• Full details of InterTradeIreland’s Private Equity Conference can be found at their website.
• Further information: Dara Cosgrove, InterTradeIreland, tel: (028) 3083 4114 or Janet Devlin, DCP PR, tel: 078 281 86745
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