Silicon Valley Marks First Stop for Ireland's Prime Minister Brian Cowen on Multi-City Trade and Investment Mission to the U.S.

SAN JOSE, Calif. and DUBLIN, March 15 /PRNewswire/ -- Marking the first leg of a two-city Trade and Investment Mission to the US, Ireland's Prime Minister, Brian Cowen will lead a delegation of Irish CEOs to the San Francisco Bay Area for a series of events and meetings with technology executives and venture capitalists today.  The mission is directed by Enterprise Ireland, the Irish state agency responsible for the development and promotion of the country's indigenous business sector.

"I'm delighted to be here in the world's innovation capital," said Prime Minister Cowen.  "Silicon Valley and Ireland have much in common.  We both thrive on innovation and entrepreneurship — the necessary ingredients to transform big technology concepts into production realities.  It's gratifying to see Ireland-based companies contributing to the Silicon Valley innovation engine with unique technology and valuable know-how.  And it's particularly exciting to see rising interest in our technology start-ups among Valley VCs—with several Irish early-stage companies already securing investment dollars from this source.  The cultural ties that have long connected our countries have found new strength in the fabs, research labs, corporations and venture capital firms that comprise this vibrant technology community."

US: Ireland's Top Export Market

The U.S. represents Ireland's largest export market.  In 2009, exports of Irish products and services to the region totaled 17 billion Euros.  This marked a year-over-year increase of 9 percent in spite of challenging global economic conditions.  Top sectors include: technology, life sciences, international services, industrial and consumer products, and educational services.

Not surprisingly, as the export figures trend upward, more Irish companies than ever are establishing U.S. operations to better support customers at the local level.  Today, approximately 82,000 Americans are employed by more than 220 Ireland-based companies across many States.  In California, the number is 5,000, with players like InnerWorkings, Powervation and many others planting U.S. roots in the State and hiring from the local talent pool.  Some are now expanding their presence through mergers and acquisitions.  The latest example is Galway-based Creganna, which acquired Bay Area-based Tactx Medical in January.

Behind the Export-led Economy

Central to Ireland's export-led economy is a comprehensive infrastructure that supports indigenous Irish companies from start-up to internationalization.  Within the infrastructure are world-class institutes of higher learning and organizations conducting breakthrough scientific and technology research.  Behind it is the Irish Government, focused on investing in innovation — the kind of innovation that inspires entrepreneurs to build companies with global market potential.  Also vital to the value chain is the Irish Diaspora which has advanced success for Irish companies in the U.S. market by providing connections, mentoring and market guidance.  The Diaspora is especially strong in Silicon Valley, with many of the region's best-known technology corporations counting native Irish or Irish Americans among their executive ranks.

Tight Links to U.S. Technology Leaders

In addition, thanks to one of the world's most competitive foreign direct investment strategy, Ireland is home to the subsidiaries of more than 471 U.S. corporations.  They too play a role in shaping the skilled entrepreneurs that form the backbone of the indigenous Irish business sector.  From semiconductors and software companies to life science and social media giants, Ireland continues to represent a compelling location for its highly educated workforce, entrepreneurial culture, R&D expertise and proximity to Europe.

This year, Enterprise Ireland will join forces with one of those corporations, IBM in North America on their SmartCamp program.  The initiative brings together experienced mentors and entrepreneurs who want to build a smarter planet.  The winners of the North American events will be invited to Ireland to compete to become the "World's Smartest Startup".  The program supports Irish companies looking to grow their business in North America.  Together, Enterprise Ireland and IBM are working with CloudSplit, Green Diamond, ResourceKraft and Treemetrics, all of whom are looking to expand their operations in the U.S.

In California, the technology links are especially strong.  Close partnerships are being forged with VCs to support the ambitious growth plans of Irish start-up companies.  In the coming weeks, Silicon Valley's Storm Ventures will select an Irish entrepreneur to take up an Entrepreneur-in-Residence (EIR) position at the firm.  This new relationship strengthens Ireland's foothold in California's VC community and boosts the ability of Irish companies to access critical capital from Valley VCs.

Today, Prime Minister Cowen will join IBM in the company's launch of its SmartCamp Silicon Valley program.  Immediately after that, the Prime Minister will deliver remarks at an Enterprise Ireland-hosted networking lunch for Silicon Valley business leaders and venture capitalists.  The events will be held at TechMart in Santa Clara.

For more information on Enterprise Ireland, please visit www.enterprise-ireland.com or www.americas.enterprise-ireland.com

SOURCE Enterprise Ireland