What do you get when you bring more than 80 Irish entrepreneurs together on a week-long retreat? Some great learning experiences, plenty of networking opportunities, a good bit of deal-making and of course an obligatory singsong after a few pints.
When that singsong is led by no less a man than James Murphy,a businessman who recently sold his Viviscal hair restoration brand for an estimated € 150 million, then you know you’re in good company. The venue is a secret underground bar in downtown San Francisco and Murphy, the founder of beauty products group Lifes2Good and a member of the popular Galway Tenors, is leading the entrepreneurs in a rousing version of ‘The Fields of Athenry’.
While Murphy himself is, as you’d expect, note perfect, the same can’t be said for the “choir” singing lustily along with him. The entrepreneurs, collectively worth more than a few billion euro, may not be able to hold a tune, but they are all singing off the same hymn sheet when asked about the value of the trip they are on.
The EY Entrepreneur of the Year awards are now in their 20th year but less well-known is the accompanying CEO Retreat. Current and previous finalists gather together in a foreign destination for a week where they get the opportunity to attend masterclasses at universities such as Harvard and hear from some of the world’s most successful businessmen and women.
There is, of course, lots of networking too, with more than a few deals having been struck at past events. Perhaps just as importantly, the retreat enables participants to simply hang out with other people who are in leadership roles.
Being an entrepreneur might mean you can make an awful lot of money while steering your own course, but it can be a lonely experience, entailing a lot of responsibility and pressure, with few people with whom to share that load.
“The retreats are a fabulous opportunity to be with like-minded people who know what it is like to experience both the highs and lows of running your own business,” says Jim Barry, managing director of the Mallow-headquartered wholesale distribution company Barry Group.
His views are echoed by Michael Dawson, chief executive of The Gift Voucher Shop, which is behind the popular One4All card scheme.
“You get people from completely different industries on these trips, but it’s amazing how much they all have in common and how much they want to help each other out. It’s more than a community of business people. It’s a group of friends who are there for each other,” he says.
Some of the most well-known names in Irish business including Anne Heraty of CPL Resources, Sean O’Sullivan of SOSV, Ramona Nicholas of Cara Pharmacy and former presidential candidate and Clyde Real Estate chief executive Sean Gallagher, gathered for the most recent trip to Silicon Valley in late May.
It is a big ask to expect busy entrepreneurs to take a week away from work but the attendees say it’s worth it. As well as educational classes at Stanford and Singularity universities, the trip also included site visits to Airbnb’s headquarters and seminars and start-up pitch sessions at Sean O’Sullivan’s SOSV base and PCH International’s Highway One facility.
“For me personally, the retreat gave me the opportunity to extract myself from the company and our pharma R&D focus to get a broader sense of the global opportunities and challenges all CEOs face in the development and expansion of their respective businesses,” says first-time retreat attendee Dr Mark Barrett, founder and chief executive of APC.
“These thoughts and ideas, when combined with the workshops provided by thought leaders in Silicon Valley, gave me dozens of ideas on how to evolve our medicine and patient-focused research strategy and, importantly, how to deliver on our exponential growth trajectory. I am a better leader as a result,” he adds.
It is officially called a retreat but in reality it is more of a bootcamp. A packed schedule allows for little downtime. As well as the business events, there’s wine tasting in Napa, a tour of Alcatraz and a visit to the home of the San Francisco Giants on the agenda.
One thing becomes apparent early on and that’s even when they are not working, the entrepreneurs are working. Throughout the week, huddled conversations take place between individuals amid rumours that various deals are being struck.
On last year’s CEO Retreat to Boston, two EY Entrepreneur of the Year Award finalists, Denise Tormey of PlanNet21 Communications and Darragh Richardson of Agile Networks, were among those to have a detailed discussion that led to a deal. Their companies will merge to form a new group with combined revenues of € 50m and 110 employees.
“Egos are left at the door, and there is a circle of trust and respect within this professional alumni network,” says Tormey.
“The retreat provides a forum for business leaders from Ireland’s entrepreneurial community to gather together for a professional executive educational
opportunity to expand our horizons — a little time from the day job to zoom out. Despite all the advancements in technology, the pace of change and the “why not” attitude in the US, people do business with people, so being provided with the time and opportunity to meet informally during the retreat fosters interesting conversations,” she adds.
It’s a little too early to know what deals might emerge from this year’s retreat, but don’t be too surprised if it turns out that the next big business news emerges from it.
