I was fortunate to meet some of the good people from IDA Ireland last year during my summer travels through Europe (thanks again in no small part to my friend David Gallant, who met them during his HubSpot Ireland excursion and graciously introduced me before I visited). Over the course of the last year the IDA crew has made its presence much better known here in Greater Boston, so I checked in with SVP of the Emerging Business Division Barry O’Dowd to find out more about IDA Ireland’s involvement with the New England Venture Capital Association’s NEVY Awards (to which we here at BetaBoston are the exclusive media partner) and more.
Chad: Can you tell our readers a little about the mission of IDA Ireland?
Barry: IDA is the Irish government agency responsible for inward foreign direct investment (FDI) into Ireland. Its work involves attracting investment, and helping to grow that investment and integrate it into the Irish ecosystem. Often this involves work with the local educational centres, be they Universities or Institutes of Technology, to deliver appropriates skill sets and carry out relevant research. Many of the companies that have set up in Ireland have a research centre or activities of their own supporting the global operations. An example of this from Boston is Fidelity, which has operations in both Dublin and Galway, including a research centre for financial service products. Other recent investments from the region include HubSpot, TripAdvisor and LogMeIn.
Some of Boston’s well known venture capital companies have also built a European presence in Dublin, including Highland Capital and Polaris. These funds are now investing in Irish based companies. Some of these companies have in turn set up operations in the Boston area, including Logentries and FeedHenry.
Chad: How long has IDA Ireland had a presence in Boston?
Barry: There is lots of two way activity between Greater Boston and Ireland. IDA has had a presence in Boston for many years and its office is well established.
Notable historic investments have included Digital Equipment (DEC), which over many years built out a major presence in Ireland, particularly in Galway (the motherland of the current Mayor of Boston Marty Walsh). Ultimately when Digital closed its Irish operations it became the seedbed of a whole new medical devices industry in Galway, led by the setting up there of Boston Scientific, which today has a significant presence in both research and manufacturing.
Chad: What are your short-term and long-term goals for IDA Ireland’s engagement with the Boston market?
Barry: IDA sees Ireland as the ideal gateway for New England companies to expand into Europe. Culturally the regions are close and communications are easy. Ireland is the only officially English speaking member of the Euro and offers a multilingual base in which companies can internationalise. There is a strong cadre of middle and senior management available who can execute speedily with a proven track record of delivery.
Chad: In the last few months you’ve been partnering with the New England Venture Capital Association (NEVCA) on some events? Tell us about how that partnership formed.
Barry: IDA is an active member of NEVCA and is delighted to work with its members interested in scaling their operations in the vibrant European market. IDA offers a hands on engagement to address the challenges of expansion in new frontiers. Sponsoring the NEVYs gives IDA an opportunity to show that Ireland is open for business, and is only a short flight away as the closest land mass in Europe.
Chad: What kind of presence from IDA Ireland can we expect at the upcoming NEVY awards? Your team will be there to engage with Boston businesses, right?
Barry: IDA will have a significant presence for the awards but also has a permanent office.
Chad O’Connor is a communication consultant, teaches undergraduate and graduate courses in Organizational Communication and Culture at Northeastern University, and is editor of this blog. Connect with him on Twitter @chadoconnor.