SILICON VALLEY investors with a potential pot of $50 million (€37.4 million) to back Irish technology start-ups will travel to Dublin next month for a match-making event.
Among the high-profile venture capitalists (VCs) who have agreed to meet Irish firms are VenRock, set up by the Rockefeller family, and Kleiner Perkins Caufield Byers, backers of Google, Sun Microsystems and Amazon, among others. Representatives of large US technology players, including Intel and Sling Media, will also attend.
Organised by the Irish Technology Leadership Group (ITLG), an independent group of senior Irish or Irish-American technology executives, Silicon Valley Comes to Ireland 2008 will take place at Trinity College Dublin on November 18th and 19th. More than 70 chief executives of Irish software, semiconductor, web and green technology start-ups have registered to attend.
Ten high-potential firms will be selected to take part in "closed door workshops" with the US investors and ITLG members.
The event is being sponsored by Cisco and Microsoft Ireland.
ITLG chairman and Palm vice-president John Hartnett said: "This forum is not about awards and trophies, it's about investment and innovation. We don't see this just as an event but as the start of a long-term strategic play."
Mr Hartnett says the ITLG's goal is to foster links between Silicon Valley and Ireland, to help Irish start-ups "be successful globally".
The US delegation includes Carl Guardino, president of the Silicon Valley Leadership Group, a powerful industry lobby group which has met US presidents and other politicians to present the tech industry agenda. Taoiseach Brian Cowen and Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan will both be at events held as part of the forum.
Mr Hartnett is confident that Irish firms will secure investments. He says a number of investors and advisers looked to take part but only "tier 1" VCs have been invited. "I have personally spoken to each of the investors and they are not coming for a day trip to Dublin to visit Trinity," he says. "They are for real and are coming with real money."
