At any recent life sciences gathering, there is a constant debate about the future of the venture capital model. Since 2000, the number of venture capital firms has halved and the amount of money available to VC firms to invest has also decreased significantly. For six Irish life sciences companies the 2013 J.P. Morgan Healthcare Conference provided an opportunity to grab the attention of potential investors, senior industry executives and key opinion leaders.

From a venture capital and business development perspective, the J.P. Morgan Healthcare Conference in San Francisco is arguably the most important event of the entire year for the health care sector.

In fact, the J.P. Morgan Healthcare Conference has had such a large impact on the life sciences community that a number of supplementary conferences aimed specifically at early stage technology companies now take place in conjunction with the main conference. While issues and trends in the US healthcare system, med tech and biopharma industries are discussed at the J.P. Morgan Healthcare Conference – life sciences entrepreneurs such as Jerry O’Brien of Cork-based point-of-care diagnostic Radisens pitch their offerings and solutions to potential investors and partners at conferences like OneMedForum.

Genesis VMI – an Irish software company with an inventory management solution for the operating room environment – recognize that coming to the J.P. Morgan Healthcare Conference is not just about attending seminars. Managing Director of Genesis VMI, Noel O’Hanlon commented that “it is really about the opportunity to meet with potential healthcare investors and potential technology partners from around the world – all in San Francisco for one week”.

This year, with six Irish life sciences companies ascending on San Francisco for this increasingly popular event, Enterprise Ireland organized a reception with some key opinion leaders, investors and deal-makers. Among the attendees, were Tom Loarie (Chairman of Mercator and also a member of Enterprise Ireland’s Medical Device Advisory Council – a group of experts in the US medical device industry that have an interest in helping Irish medical device companies succeed in the US), Nola Masterson (Managing Director of Science Futures – a life sciences investment firm), Randall Lashinski (CEO of Claret Medical – a catheter medical device company that has worked with a number of Irish companies), John MacMahon (COO of Maya Medical – a medical device company owned by Covidien and currently working with a number of Irish companies), Laurence McGrath (Executive Director US Healthcare Analyst at JP Morgan) and Bruce Jenett (Co-Chair of the Global Life Sciences Sector of, DLA Piper).

Other Irish life sciences companies in attendance included point-of-care diagnostic company, Biosensia; medical device company, Neuravi; drug discovery company, Sigmoid Pharma; and novel platform technology company, TriMod Therapeutics.

George Moore, a US-based specialist in the field of data/precision analytics, has been announced as the technology Start-up Ambassador for the US, as part of its strategy to promote Ireland and to encourage overseas entrepreneurs to locate their start-up businesses in Ireland. This follows on from earlier appointments of Start-Up Ambassadors for key markets in the UK, China and Middle East, and for the life sciences sector in the US.

Mr Moore is a pioneer in the development of real time analytics and information technology for business applications, with many years experience in the region.  He has particular expertise in the area of consumer scoring technologies for real time applications in the telecom, media, and retail industries.  He will now bring this vast experience to working closely with Enterprise-Ireland to highlight Ireland and what it has to offer for technology start-ups.

This announcement marks the fifth international start-up ambassador appointed by Enterprise Ireland over the past year.  It follows on the appointment of Dylan Collins for the UK market, Paul Kenny for the Middle East, Liam Casey for the Greater China Region, and Dr Art Rosenthal as Life Sciences Start-up Ambassador for the US.

The announcement follows on the launch late last year of a dedicated €10 million International Start-Up Fund to target investor ready overseas entrepreneurs to start their business inIreland.  Administered by Enterprise Ireland, the fund is open to company promoters anywhere in the world, but is targeted particularly at the Irish Diaspora, international expatriates, the ‘New Diaspora’ (people from overseas who have previously worked or studied in Ireland), as well as serial and mobile entrepreneurs.

Lorcan O’Sullivan, Manager of Enterprise Ireland’s Overseas Entrepreneurship Department, said:  ‘We are delighted to have a high profile figure such as George Moore as a US Ambassador for Enterprise Ireland’s international start-ups programme. George has not only experience of running large multinational operations, he has also extensive knowledge of start-ups as an investor. An increasing number of mobile international entrepreneurs are coming to Ireland as their location of choice to start a new business.  The volume of enquiries is double that of last year and this is certainly encouraging for us.  It is a tremendous boost to have a person of the calibre of George Moore, with his extensive experience and business networks and based locally in the US, who can support this programme and share his experience with other US entrepreneurs looking to start up in Ireland’.

George Moore added:

‘No one ever started a large company!  All companies including such Fortune 500 companies as HP, Intel, Microsoft and Google were start-ups and all began as an idea with smart people, experienced advisors, luck, and access to capital.  I look forward to working with Enterprise Ireland to drive entrepreneurial enterprises to Ireland’.

To find out more about the International Start-Up Fund and Ireland as a location for your business visit: www.startinireland.com

 

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.

 

Calling Irish Entrepreneurs to apply to the Citrix Startup Accelerator -

The Citrix Startup Accelerator  Global Challenge 2011  - searching for the best entrepreneurs internationally where Citrix will invest up to $400k as well as time and resources. 

Citrix are looking for: 

  • Innovative business solutions using cloud computing
  • An idea around a solution that also uses mobile platforms (we’re particularly interested in the combination of cloud + mobile)
  • A superior user experience based on insights into human behavior
  • Emphasis on solving business problems and/or simplifying our digital lives (work + play)
  • A compelling business plan and scalable business model

While the Citrix Startup Accelerator center is located in Silicon Valley they have a global innovation footprint.  For the Global Challenge 2011 Citrix are reaching out to entrepreneurs in Europe and other regions.

More information can be found at  citrixstartupaccelerator.com

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…)

You’re invited to “THE FUTURE OF MOBILE SERVICES WORKSHOP 2011
Jan 18, 2011 | 10:00 AM – 3:30 PM | ArcLabs Innovation Centre, WIT West Campus, Carriganore

With the introduction of the iPhone and the Android operating system, Mobile services have exploded over the past two years, Join ‘The Future of Mobile Services” Workshop 2011 to discover where mobile services are going over the next four years and how this will impact your business. This event is designed to bring research to industry – to show you new trends and technologies that will help you become more competitive and better informed about the next wave of technology.

Hear from one of Ireland’s largest mobile and telecoms research centres, the Telecommunications Software and Systems Group (TSSG) together with its industry focused research and commercialisation arm the Centre for Converged Services (3CS). REGISTER NOW for workshops to discover more about:

  • The future of mobile apps
  • Pervasive and Context aware mobile services
  • Mobile IMS services, mobile social network services
  • Analytics and mobile social network analysis

Join the networking sessions and open debate; and voice your opinions on the type of mobile research that your company and industry would want to see in the future, learn how Enterprise Ireland can assist you in mobile Research & Development.

REGISTER Today or FOWARD TO A FRIEND and don’t miss out on this great opportunity!

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…)

I was at a great seminar today put on by ANZA Technology Network. Here are my notes.
There are some nice takeaways for anyone from Australia or Ireland fund-raising and doing business in Silicon Valley

ANZA / Silicon Valley Bank Gateway to US Executive Summit – Nov 10 2010
Silicon Valley Bank, Santa Clara, CA
Funding Your Business

  • Deborah Magid, IBM
  • Jeremy Liew, Lightspeed
  • Shai Goldman, SVP
  • Duncan Davidson, Bullpen Capital
  • Larry Marshall, Southern Cross Venture Partners

- Need to be in Silicon Valley to raise funds here

- Need to be based in Silicon Valley as you will have monthly board meeting as an early stage companies

- Need funding first from a home country VC so that the company has been vetted by a local person before a Silicon Valley VC will make an investment

- Need a good cap table prior to an investment as you will likely do 3 rounds of investment before the IPO/exit

- Some VCs take a more global view and may invest outside of USA but they are rare.

- Must target the specific partner in the VC firm, not the VC firm itself – they must be in your space. Need a very targeted introduction into them from someone they know already.

- Takes 3 to 6 months to get funding from a VC from the first pitch for a fully baked investment proposal

- The Silicon Valley incubators for early stage clients are a great way to get VC exposure (y-combinator, Plug and Play, Dogpatch etc)

- Takes 3-12 months to socialize yourself in Silicon Valley before VC’s get comfortable with you

- VC’s can see up to 25 business plans a week up to 750 a year, take just a few meetings a week, make 1-2 investments a year

- Executive summary must have financials and metrics

- The purpose of the first VC meeting is to get the second meeting

- All personality driven – it is a dating game leading to a marriage (investment)

- Tackle many VC simultaneously at the same time, the best deals go to an auction process

- Need to be in Silicon Valley for 3 months and focused only on funding – not business development, not product development

- Talk to founders of the companies the VC has already invested in – do your own due diligence on the VC’s

- – We are at the cusp of a tech boom in consumer internet (4squared, twitter, etc) and social gaming (Zynga) – the last tech boom was also during a recession

- Need $200m + in turnover before you go public – just to pay for the SOX compliance costs

Super angles – want to get to VC auctions or go for a quick trade sale

Navigating the Legal and Taxation Minefield

  • Viki Forrest, Anza Tach
  • Kathy Woeber-Gardiner, Montgomery Pacific Law
  • Kelly McCown, McCown & Evans
  • Richard Horton, DLA Piper
  • Sarah Nichols , Ogletree Deakins

- Need to be a Delaware corporation for VC funding

- Visa waiver is good for business travel on a short term basis

-         need a non-USA business address on your business card

Lost of visa options – need a FDIN for some visas (be a USA tax resident corporation)

It is so easy to be sued here especially for sexual harassment termination where the average case settles for $100K and is it so easy to make the wrong remark

Cost about $4k to get all the corporate paperwork filed

A visa should cost $5 k for one visa – the government fees are $2.5K per visa

Afternoon Keynote

  • Bardia Housman, Australian entrepreneur and founder of Business Catalyst (sold to Adobe) and Smart Corporation (sold to LookSmart)

Hard to hire good engineering staff in Silicon Valley as you are competing against Facebook, Zynga etc – same pay but better extras

Health Insurance – very different from back home

Meet as many people as you can

Sell, sell, sell – its all about sales, a big fan of trade shows

Need an intro to get to the VC’s

Discussion in Silicon Valley are about billion dollar ideas not million dollar ideas

Build the minimum possible differentiated product, launch it, then iterate upon it back based on customer feedback (Paul Graham)

Australian entrepreneurs are more risk adverse (sounds like Ireland…)

CEO Leadership – What Makes a Great CEO

  • Chris Shipley, Guidewire Group
  • Bill Lanfri, Hawkswatch Holdings
  • Gary Swart, oDesk
  • Jennifer Zanich, Myriad Group

Chris

–        being a CEO is like a roller coaster ride, terrifying and trilling at the time then you get off and throw up, and go back and do it again…

Gary

-         oDesk – hire and manage remote workers, VC backed

–        need to stay focused, need to listen to customers

–        need to know when to quit and not follow others blindly and drink too much of your own cool-aid

–        people want to be able to make a contribution, to grow and develop

Bill

–        Bill Lanfri – angel investor, chairman of many Sequoia backed companies, troubleshooter

–        no need to have it all planned out, get going. be willing to learn as you go along, evolve, change, fast iterations,

Jennifer

-         Myriad Group – very large mobile software firm

-         People management is key – attract and keep the right people during the good and bad times

-         Changed from b2b to b2c but had a clarity of vision

-         CEO of a startup is very lonely – no peers at the company to learn from

-         Fire people quickly when they do not work out

East Bay European Networking Event
2010Wendel, Rosen, Black & Dean LLP, 1111 Broadway, 24th Floor, Oakland, CA 94607
Date: 4 November 2010, Thursday 06:00 PM

The French American Chamber of Commerce of San Francisco , the British American Business Council, and the German American Business Association invite you to join for another wonderful European Networking Event. The last sessions each gathered over 150 representatives of the European Business community. We invite you to come out and mingle with entrepreneurs, VC’s and a range of professionals involved in cross-border business in a very relaxed and European atmosphere! (Register here)

MobiCASE 2010
Where: Biltmore Hotel & Suites, Santa Clara, CA
When: October 25-28, 2010

MobiCASE is an international conference specifically focused on application-layer research and development in mobile computing: applications, application management, and application services. Research work presented here is driven by what we see in the consumer space today: high-end mobile phones, high-bandwidth wireless networks, novel applications, scalable software infrastructures, and of course an increasingly larger consumer base that is moving towards an almost all-mobile lifestyle.

Sprint’s 10th Anniversary ADP Conference
Where: Santa Clara Convention Center, Santa Clara, CA
When: October 26-28, 2010

Throughout the three-day conference, developers will learn about the Sprint open enablement strategy, creating applications for 4G, enterprise machine-to-machine solutions, go-to-market strategies, approaches to make developers more profitable and current Sprint tools and capabilities across devices, networks and platforms.

The Unstoppable Rise of Mobile Marketing: A North America Perspsective
Where: Michael’s @ Shoreline, 2960 N. Shoreline Blvd. Mountain View, CA 94043
When: Wednesday, October 27, 2010 from 5:30 PM – 8:00 PM (PT)

In this presentation, we’ll discuss current and future trends of mobile marketing. We’ll review how marketers are using mobile-enabled traditional, digital and direct marketing practices to acquire and activate prospects, conduct transactions, retain and generate loyalty with customers, support customers through mobile, leverage the powerful intersection of mobile and social media.

Game Design Workshop: How to design a No.1 Game App
Where: Hurricane Electric, 48233 Warm Springs Blvd, Fremont, CA 94539
When: Wednesday, October 27, 2010 from 7:00 PM – 10:00 PM (PT)

What makes a hit game? Why are some games “addictive” or “viral”? How do you design a game from scratch? How do you turn ideas into games? Using examples from hit iPhone games, Evan ( Software Architect, Ansca Mobile) will discuss popular approaches to these problems, and how this game design process has influenced Ansca Mobile’s casual game development tools.

iOS Introduction Sat Class Oct 30, 2010
Where: Hackdojo, 140 South Whisman Road, Mountain View, CA 9404
When: Saturday, October 30, 2010 from 10:00 AM – 6:00 PM (PT)

This is a hands-on workshop where you code along with the instructor step-by-step and following sample codes.

The Best Startup Events 10/27 – 11.10.2010

FailCon 2010 ($329)

http://failcon2010.eventbrite.com/

When: Monday, October 25
Where: Hotel Kabuki, SF

A startup conference all about failure with some awesome speakers. Tickets are sold out online but you can buy them at the door.

Brazilian Startups in the Silicon Valley (Free)

http://techmission2010.eventbrite.com/

When: October 26 @ 5pm
Where: Consulate General of Brazil, SF

A group of Brazilian startups are in the valley this week. Come hang out with them and hear 8 pitches about what they are doing.

Microsoft VC Summit 2010 (Free)

http://www.vcsummit2010.com/

When: Tuesday October 26
Where: Microsoft, Mountian View

Only for VC’s (not even press can go) but a good event to know about.

Ask a VC ($75)

http://vctaskforce.com/content/view/716/

When: October 26 @ 6pm
Where: Two Palo Alto Square

This event you can attend. There will be partners from K9 ventures, Maveron, and Tugboat Ventures.

Scrappy Startup Lunch! (Free)

http://www.meetup.com/scrappystartup/calendar/14414356/

When: Tuesday October 26 @ 12pm
Where: 5202 N First Street, Alviso

Come have lunch with some other scrappy founders.

ideakickSF (Free)

http://www.meetup.com/ideakick/

When: Tuesday October 26 @ 6pm
Where: Parisoma, SF

Kick around some ideas with other entrperneurs. They recently moved venues and are now allowing more people to attend.

Pinchit launch party (Free)

http://www.facebook.com/login.php

When: Tuesday October 26 @ 7pm
Where: Mas Sake, SF

PinchIt is launching and having a party!

Stanford Accel Symposium ($495)

http://www.accel.com/symposium/

When: Wednesday, October 27
Where: Arrillaga Alumni Center, Stanford

Accel and Stanford are bringing together all of the top decision makers of digital media for a day long conference.

ETL: Ann Miura-Ko Partner, FLOODGATE (Free)

http://etl.stanford.edu/

When: Wednesday, October 27 @ 4:30pm
Where: NVIDIA Auditorium, Stanford

Ann helped start the VC fund FLOODGATE and is speaking this week at the Stanford ETL Series. It’s free and open to the public.

Startup Waffles! Meetup @ TrueVentures (Free)

http://www.meetup.com/startupdigest/calendar/14030452/

When: October 28 @ 8am
Where: True Ventures, SF

If you are a founder or hacker come hang out with us and eat tasty waffles. The event was sold out but I just released a few more tickets.

WePay Halloween Office Warming Extravaganza (Free)

http://www.facebook.com/login.php

When: Friday, October 29 @ 7pm
Where: WePay, Palo Alto

WePay is moving and having a party! There will be a DJ and costume contest.

Co-Founders Wanted Meetup ($10)

http://www.meetup.com/Co-Founders-Wanted-Meetup/calendar/14858537/

When: November 2 @ 6:30pm
Where: Hacker Dojo, Mountain view

This event is for entrepreneurs looking for co-founders. No consultants allowed.

Hacking Marketing (Free)

https://spreadsheets.google.com/viewform?formkey=dGRSdzQzNks0akZZdGRDV2lqYkRXM3c6MQ

When: Monday November 1 @ 6pm
Where: The grove, Stanford

The former Chief Scientist of Amazon.com will be coming to talk about marketing. Not sure if this is completely open to the public but apply now.

Do you know any Irish companies that would be interested in applying for iEXPO to pitch to >50 Venture Partners? There is no cost to apply.

And we are sweetening the deal even further to any Enterprise Ireland client company. Apply today and even if you are not ultimately accepted we’ll provide you with a free registration to the event. Details below…

iExpo 2010
Thursday, October 28, 2010
Apply Today and Get Free Attendance to iExpo

Plug and Play iEXPO is the Silicon Valley’s Premier International Investment Forum. Designed to expose ~40 top entrepreneurs from all around the world to the Venture Capital, Entrepreneurial Talent, Corporate Development, Engineering, and Ecosystem Resources of the Silicon Valley, Plug and Play iEXPO is a one stop shop to introduce your company to the most advanced tech ecosystem in the world.

Email David Smith at David.Smith@enterprise-ireland.com for more information about this free attendance offer.

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