It’s one of the largest and fastest growing economies in the States – a centre for IT innovation, aerospace and defence manufacturing, beef barons and oil tycoons and home to the SXSW music and media showcase. And in March 2013, and it will be the destination for an Enterprise Ireland ministerial-led cross-sectoral trade mission.
In the latest edition of Enterprise Ireland‘s The Market magazine, Nick Marmion looks at why it’s hats off to the Lone Star State.
Texas is the second largest economy in the United States and the 15th largest in the world. What’s more, it’s the largest exporter of goods in the US: Texas currently grosses more than $100 billion a year in trade with other nations. It’s also home to 51 Fortune 500 companies, making it third in line after New York (with 57) and California (53). Irish companies with operations in Texas include Intuition, Kentz, Sercom, Firecomms, Icon and Trintech. But we believe the state presents further, and as yet barely exploited, opportunities for Irish companies to sell goods and services, develop partnerships and explore research linkages. In March 2013, we will co-ordinate a ministerial-led, cross-sectoral trade mission to Texas, taking in Dallas, Houston and Austin. This should be of particular interest to companies with solutions in the areas of:
- Wireless telecoms, chip and ICT manufacturing
- Medical device and IT for life sciences
- Oil and gas
- Smartfarm products for the dairy and cattle industries
DIVERSIFIED ECONOMY
One of the first industries to thrive in Texas after the civil war was cattle. Due to its long history as a centre of the livestock industry, Texas is associated with the image of the cowboy.
However, the state’s fortunes expanded in the early 20th century, when the oil started to flow. With strong investments in universities, Texas has developed a diversified economy and high-tech industry. Today, it is a leader in many industries, including agriculture, petrochemicals, energy, computers and electronics, aerospace and biomedical sciences.
ICT HUB
Texas is one of the major hubs in the US for computer components and systems, as well as software. The Austin area is often referred to as ‘Silicon Hills’ because of the concentration of semiconductor design companies. Dell’s headquarters are located in the city’s suburb, Round Rock. Dallas is the birthplace of the integrated circuit, and by some definitions, the birthplace of the microprocessor. The North Dallas area has a high concentration of IT companies such as Texas Instruments and EDS. In addition, Harris County-based Compaq was once one of the world’s largest computer companies, and since Compaq’s merger with Hewlett-Packard, HP currently employs more employees in the Houston area than anywhere else in the world.
ENERGY CAPITAL
Texas is a global leader in the energy industry, and Houston is the energy capital of the world. The known petroleum deposits of Texas are about 8 billion barrels – or approximately one third of known US supply. As wells are depleted in the eastern portions of the state, drilling has moved westward. Several of the major oil companies have headquarters in Texas, including Conoco Phillips, Marathon Oil (Houston), Exxon-Mobil (Irving), Tesoro, and Valero (San Antonio). In addition, many of the world’s largest oilfield services firms, including Halliburton, Schlumberger and Dresser, have made Texas home, and major pipeline operators, such as El Paso and Dynegy, along with diversified energy firms such as TXU and Reliant Energy, are also there.
Since 2003, Texas state officials have created various initiatives like the Texas Enterprise Fund and the Texas Emerging Technology Fund to develop the economy of Texas. Texas has become a leader in alternative energy sources, producing more wind power than any other state, and it has also invested in small-scale solar power and experimental wave power generators.
DEFENCE
A large number of defence contractors are located in Dallas and Houston, creating strong employment for the state. Two divisions of Lockheed Martin have their headquarters in the Dallas-Fort Worth (DFW) area. Lockheed Martin Aeronautics in Fort Worthis where the F-16 Fighting Falcon, the largest Western fighter craft – and its successors the F-35 Lightning II and the F-22 Raptor – are manufactured. Lockheed Martin Missiles and Fire Control is headquartered in Grand Prairie.
MUSIC AND MEDIA
Running from March 10 to 13, 2013, the Irish trade mission will coincide with the South by Southwest (SXSW) annual week of conferences and festivals. SXSW has become an increasingly important destination for Irish companies interested in the convergence of music, film, internet and emerging technologies, and we expect 30 to 40 client companies from these sectors alone to travel to Houston between March 8 and 17, 2013. So it’s come to Houston – and Dallas, and Austin.
For further information, contact Nick Marmion, Enterprise Ireland’s US West Coast Manager, nick.marmion@enterpriseireland.com, +1 650 294 4081.
2013, Austin, biotech, Communications, Compaq, Conoco Phillips, Dallas, Dresser, Dynegy, EDS, EI, El Paso, energy, enterprise ireland, EntIrl, Exxon-Mobil, Firecomms, Gas, Halliburton, Hewlett-Packard, Houston, HP, ICON, Intuition, Kentz, Lockhead Martin, Marathon Oil, March, Med Device, Medtech, mobile, Oil, Pharma, Reliant Energy, Schlumberger, Sercom, Silicon Hills, software, South by South West, SXSW, SXSW 2013, Telecomms, Tesoro, Texas, Texas Instruments, The Market, Trintech, TXU, Valero
Looking at where VCs are putting their money is an easy way to identify sectors with perceived growth potential. The Affordable Care Act (known affectionately as “Obamacare”); a new additional 2.3% medical device tax; and continued uncertainty about the FDA approval process has led to big drop in VC funding dollars in the US life sciences industry in 2012. In fact, PwC have estimated that the medical device industry is down 30% in VC funding dollars and 22% in VC deals in Q2 2012 compared to the same period in 2011.
Remarkably, it does not seem that these challenges have impacted digital health, connected health, health technology or whatever term you might prefer to use. At the Health 2.0 San Francisco Fall event, the digital health accelerator RockHealth declared that VC funding dollars had increased by 70% and that VC deals had increased by 84% in Q3 2012 compared to the same period in 2011.
So it should not be surprising that when Governor of Massachusetts, Deval Patrick proclaimed that the third week in October would be known as “Innovation Week” in Boston that it was centered around two large health technology events.
The focus on the role of technology in healthcare began with a two-day event in the Massachusetts State House. The extensively named, “EU-US eHealth Marketplace & 2012 Transatlantic Health IT/eHealth Cooperation Assembly” was organised by the European Connected Health Alliance (ECH Alliance), the Northern Ireland Massachusetts Connection (NIMAC) and EU Commission. Essentially, the purpose of the event was to encourage the development of collaborations between the US and Europe in the area of connected health.
Among the attendees with a link to Enterprise Ireland were Irish companies SilverCloud Health and Cara Wellness whom exhibited and pitched their offerings at the assembly of 300 health tech executives, financiers, policy makers and health tech enthusiasts.
Headquartered in the National Digital Research Centre in Dublin, SilverCloud Health has a platform that allows healthcare providers and organisations to rapidly introduce health and wellness programs to their clients.
Through the collaboration of CASALA, ADA and Rigney Dolphin; CARAwellness has a technology that allows users gather information about their health from several technology sources so that they can keep an eye on their wellbeing and allow them share it with their carers. CARAwellness are able to do this through the use of medical technology, such as blood pressure cuffs, weight scales and sensors.
It was not just Irish health tech companies represented though – to promote eHealth Week 2013, Ciaran Cannon, T.D., Minister of State for Training and Skills concluded the two-day seminar with an invitation to all participants and their peers to come to the new convention centre in Dublin next May for the event – one of many conferences coinciding with Tourism Ireland’s “The Gathering 2013”.
Next up was the main event, the Connected Health Symposium 2012 presented by Partners HealthCare – the not-for-profit health care system that was founded by Brigham and Women’s Hospital and Massachusetts General Hospital.
The Connected Health Symposium prides itself on being the place where healthcare and technology collide – and they’ve been colliding annually for 9 years now in Boston. The discussions ranged from the policy driving “meaningful use” to discussions on how Americans are embracing solutions for health and wellness voluntarily – an estimated 60% of US adults are tracking their weight, diet or exercise routine voluntarily (albeit about half of these engaged Americans are what Susannah Fox of the Pew Internet & American Life Project described as “self trackers” – those who track their health using the popular “skinny jeans test”).
There’s a lot happening in health tech in the US at the moment and next year at eHealth Week 2013 in Dublin, Ireland Inc. will have its opportunity to showcase what the Irish health tech community can bring to the table.
Picture above is the main hall in the Massachusetts State House at the EU-US eHealth Marketplace & 2012 Transatlantic Health IT/eHealth Cooperation Assembly.
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Wednesday, September 21, 2011
Location: The Dogwood Room,
North Carolina Biotechnology Center
15 T.W. Alexander Drive, Research Triangle Park, NC, 27709
8.45am -11.30am: Life Sciences Networking Event
An Irish delegation is embarking on an upcoming trade mission to strengthen economic and trade ties between North Carolina and Ireland. A key element to the Mission is a Life Science networking and partnering event to take place at the North Carolina Biotechnology Center.
The life Science event will showcase 14 of Ireland’s visiting high technology Life Science companies (Pharma and Medical Device click Enterprise Ireland Companies to view each company). The event will take place in an informal networking environment with table top displays by the guest companies. North Carolina Life Science companies are welcome to come and meet the visiting Irish companies to discuss their technologies, the life science sectors in North Carolina and Ireland, new developments in the sectors, collaboration and supplier opportunities.
The event will be opened by remarks from the Irish Government Minister for Jobs, Enterprise and Innovation, Richard Bruton T.D. and Richard Stack, President, Synecor. This event will start at 8.45am and give the opportunity for meetings and informal networking between North Carolina based and the visiting Irish companies.
You are warmly invited to come along and meet examples of technologies from the burgeoning Irish Life Science sector and network with the visitors and local colleagues.
******REGISTRATION INFORMATION******
Please RSVP to: Eoin.Moore@Enterprise-Ireland.com. For more information, please call: Eoin Moore on 212 546 0470
February 23rd – Selling to US Govt Training & Networking Opportunity. The purpose is to obtain market-based information for devising your marketplace strategies and begin building direct relationships.
EI will be working with in-market advocates to set up WDC meetings for companies that decide to travel for this.
(more…)
Enterprise Ireland today (15th December 2010) welcomed the announcement that Polaris Venture Partners, a leading US venture capital firm, will open a Dogpatch Labs facility in Dublin. This will be the first such facility outside of the United States building on the successful Dogpatch Labs previously established in San Francisco, Cambridge (Massachusetts) and New York.
Dogpatch Labs are dynamic open plan spaces for entrepreneurs working on new business ideas. This facility will benefit Irish entrepreneurs and make Ireland an even more attractive place for mobile entrepreneurs to establish new start-ups.
Welcoming this development the CEO of Enterprise Ireland Mr Frank Ryan said: ‘This is a most welcome announcement under Innovation Fund Ireland, the Government initiative managed by the National Pension Reserve Fund (NPRF) and Enterprise Ireland to attract leading venture capital fund managers to Ireland. The Dogpatch Labs facility will be a significant addition to the Irish entrepreneurial eco-system and the further development of Ireland as a Global Innovation Hub. It is also very complimentary to a number of Enterprise Ireland initiatives and is consistent with enterprise policies outlined in the Report of the Innovation Task Force’.
The announcement of the new Dogpatch Labs facility follows on two other recent initiatives designed to support entrepreneurs and new business start ups in Ireland. Enterprise Ireland has launched the Internet and Games Competitive Start Fund to help internet and games start ups get off the ground and launch new products and services in the international marketplace. This competitive fund is focused on providing start ups with critical early stage funding to explore and determine the market fit of their business and progress to product launch. (more…)
Atlantic Bridge venture capital fund to help firms in Ireland and Europe get off the ground
The Minister for Enterprise, Trade and Innovation, Batt O’Keeffe TD, today launched a new €85 million venture capital fund which will help high-tech firms in Ireland to get off the ground.
Venture capitalists provide risk capital for firms that would otherwise find it hard to raise collateral through traditional sources of finance.
The Atlantic Bridge II Fund, which is being supported under Enterprise Ireland’s Seed and Venture Capital Programme 2007-2012, will focus on high-tech firms across Ireland and Europe with strong international growth prospects.
It is expected that the fund will complete a second closing in the coming months, bringing the total fund to €130 million.
The fund will be managed by Atlantic Bridge Partners which has €250 million under investment.
The team is expected to invest between €5 million and €20 million in each firm with a typical investment cycle of five to eight years.
The fund’s backers are particularly interested in communications technology, semiconductor and software – sectors in which Atlantic Bridge already has a strong investment track record. (more…)
 The rising importance of wave energy development to the US was displayed last Friday when Ireland’s Wavebob hosted a visit by Energy Secretary, Dr. Steven Chu.
Wavebob was a natural choice for Dr. Chu. The Enterprise Ireland-supported company recently received a grant of $2.4M from the US Department of Energy for ongoing technical development.
See here for Dr. Chu’s interview with RTE TV.
Friday 22nd October, 7.30am-9am
Magnolia Hotel, 818 17th Street, Denver, CO
Theme: “How the Northern Ireland Economy has transformed to become one of the hottest destinations for European HQ’s among US Companies in recent years”
Northern Ireland has transformed its fortunes and economy since the 1998 Good Friday Agreement / Belfast Agreement laid the foundation and way forward for a power sharing Executive to take control of local matters and end over 30 years of conflict and economic stagnation. Since then, the economy has taken centre stage and has seen an influx of foreign investments and strong growth from Indigenous companies. Early investments from companies like Seagate, NACCO, Citi etc from N America suggested to other US Companies, that Northern Ireland had a depth of talent and capability that was previously overlooked.
Panel:
- Bill Montgomery, Director of International Investment, Invest Northern Ireland
- Jim Lyons, Partner, Rothgerber, Johnson and Lyons, LLP (former Special Advisor to President Bill Clinton and Secretary of State for Economic Initiatives in Ireland and Northern Ireland 1996 – 2001)
- Kevin Wagner, Senior Vice President Strategy and Business Development, Aepona
- Jonathan Currie, Chairman NavPro, (co-founder of NiSoft and former Chairperson of Momentum, N.I. Software Industry Federation)
http://www.investni.com/
 The Taoiseach, Mr Brian Cowen T.D. welcomed the NPRF’s announcement today of its first investments under Innovation Fund Ireland.
The Taoiseach said: “I am delighted to endorse these first investments under Innovation Fund Ireland. They are an important milestone in achieving our vision of Ireland as a Global Innovation Hub.”
“Venture capital is essential to support entrepreneurs and help businesses grow and create jobs. We know that many Global companies relied on venture financing to become multinational companies. The availability of venture capital and the presence in Ireland of leading international venture capital firms is a key part of our economic renewal strategy”.
The Taoiseach met with senior international executives from the successful Funds today (DFJ and DFJ Esprit) to discuss today’s announcement and the company’s plans. This includes the opening by DFJ Esprit of an international office in Dublin and the appointment of Mr. Brian Caulfield as a Dublin based partner. DFJ Esprit is also committed to investing in Irish companies or companies with substantial Irish operations.
In addition, the investment offers opportunities for the attraction of new Foreign Direct Investment in Ireland since DFJ, which is based in Silicon Valley has agreed to work with the IDA to identify opportunities within its network to bring fast growing venture backed companies to Ireland. (more…)
Expressions of interest sought from global venture capitalists as part of Innovation Fund Ireland
The Minister for Enterprise, Trade and Innovation, Batt O’Keeffe TD, today [Thursday] launched a bid to draw top investors to Ireland under a €500 million fund to support enterprise and create jobs.
The first call for expressions of interest in Innovation Fund Ireland is the latest step in the Government’s plan to generate high-quality jobs in the ‘smart’ economy.
Innovation Fund Ireland aims to attract global venture capital firms and experienced investment managers to Ireland to invest in innovative small and medium-sized firms and open doors to powerful networks of contacts.
Top global players such as Google and Facebook initially relied on venture financing to scale and become multinational firms.
The Government’s indigenous job creation agency, Enterprise Ireland, and the National Pensions Reserve Fund (NPRF) manage Innovation Fund Ireland and investors have until November 26 to signal their interest in establishing a presence here.
Minister O’Keeffe said he expected a strong response from the international investor community.
‘Innovation Fund Ireland will help to transform our investor environment by establishing top-tier international venture capital funds and networks.
‘Investors will partner with the Government in backing high-potential firms with collateral to help them grow into major employers,’ said Minister O’Keeffe. (more…)
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