Simon Clark has come to Belfast with his "cheque book" he says – and when Clark is brandishing his cheque book it means he may be getting ready to spend some serious money.
The managing partner of Fidelity Growth Partners, he oversees a major institutional investor that has put €150 million into some of Europe's fastest-growing technology companies.
There are currently no local companies in his portfolio but that may be about to change as Northern Ireland begins to encourage new expressions of interest from a growing number of organisations like Fidelity.
Clark says he personally believes there are “lots of opportunities” here. His particular interest lies in software, healthcare IT and data services start ups – and the North ticks all these boxes.
He is encouraged by what he sees, especially in Belfast. “My impression is that Belfast in particular, and Northern Ireland generally, is an area producing really competent technologists.
"From companies such as Aepona [which was acquired by Intel last year] to [listed financial software group] First Derivatives, it is obvious there is really good talent here."
Technology cluster
Clark, who is also the chairman of the British Venture Capital Association, says he is keen to find out if Northern Ireland can develop a really successful technology cluster.
“This is what really matters because it is about growing the kind of companies and the kind of jobs that will benefit the wider community. Research shows that for every tech job created, five other jobs that did not previously exist will also be generated.”
In his experience, it is also crucially important to create the “right environment” for a tech cluster to flourish in.
“It has got to be a place that people want to stay in, invest in and that investors will feel confident about. Creating a successful tech cluster isn’t a case of throwing massive government funding at it – because massive government funding can kill a cluster – rather it is about nurturing clusters,” he advises.
Clark believes Enterprise Ireland is a good example to follow and that it has done a "really good job" of it in the Republic.
He is paying close attention to possible new ventures that might emerge south of the Border.
During a trip to Belfast last week to take part in Inter- TradeIreland’s 13th annual Venture Capital Conference, he shared exactly what would persuade him to sign that cheque in Northern Ireland.
“There are no overnight successes – overnight successes take a decade so I am not looking for that,” he states.
“I am looking to find out what Northern Ireland is really good at. I am looking for the usual things that we always look for – a good core team, evidence that they have solved a problem that matters, that the economies make sense, that they potentially have a great market and of course that we can all work together, because that is just as important.”
Pipeline of talent
He says all the evidence points to the fact that the North has good universities and a pipeline of talent and its proximity to the Border, which encourages a spillover of talent and resources, is also helpful.
He believes there is one big issue for the local economy which is a pretty powerful influencer. “Do people want to live here? Do they want to come and study here and then stay?
“The whole pull of quality of life really matters. If you look back through history, factories went where the raw materials were. Well today, the economy goes where the ideas are.”
It was clear from the hundreds of people gathered at the Titanic quarter during InterTradeIreland’s latest venture capital conference that there is no shortage of enthusiasm or ideas. All Belfast and Northern Ireland needs to do now is convince people like Simon Clark that it is a place worth investing in.
