Belfast conference urges firms to address funding issues

Representatives from across the island’s business community gathered in Belfast’s Waterfront Hall for InterTradeIreland’s Private Equity Conference have heard of opportunities that are passing Northern Ireland by.

Although private equity is viewed as an essential ingredient in competitive knowledge-based economies, uptake in Northern Ireland is low by international standards. However, with market indicators now showing that levels of venture capital (VC) activity are on the up, delegates were warned not to lose out on potential funding opportunities.

Speaking at the conference, InterTradeIreland Chairman Dr Martin Naughton said: “In 2004 the global equity market will be in excess of $100 billion. There are serious investors on the global and local stage looking for sound, entrepreneurial proposals. Lack of funding availability is not the key issue, but rather a lack of investor-ready proposals. Businesses are in danger of missing out on clear funding opportunities because they fail to address equity investors’ key requirements.

“The Private Equity Conference has brought together leading experts from home and abroad to provide practical hands on advice. I’m delighted that local companies have an opportunity to pose questions to those who have a track record of success and who have helped create some of the world’s biggest brands.”

The theme for the conference focused on how entrepreneurs seeking funding can put in place building blocks to create investor confidence and what it takes to be a winner.

The event, which is the largest annual get together of the island’s venture capital community, was also attended by a range of international speakers including Don Keough, former Chief Operating Officer of Coca-Cola and current board member.

Mr Keough, who has also been a board member on the Washington Business Post, McDonald’s and Heinz, told the conference: “The vision that put InterTradeIreland and conferences like this together will make economic stability a reality in the present and the future. Looking back over the last few years it is exciting to see the progress that has already taken place.

“When the citizenry has a sense of well-being and hope, it is the great underpinning of a healthy society. The work that InterTradeIreland is doing holds much promise for this great island.”

Fergal McCann, lead advisor with EquityNetwork also revealed figures demonstrating that Northern Ireland was failing to make the most of existing funding support structures. He said that NI uptake of the Enterprise Investment Scheme (EIS) was half that in Scotland, and the situation was even worse for start-ups.

He said: "Schemes like EIS may be the last confidence building measure required by VCs before investing. Companies need to start planning early and explore all opportunities if they are intent on securing funding.”

Apart from Don Keough, the 250 delegates heard contributions from Ken Morse, Massachusetts Institute of Technology, Tom Schrieber, TouchSensor, one of the world’s fastest growing electronics firms, Dr Roger Hill, Pfizer Global Research & Development and Owen Murphy, Director of Dublin-based VC firm ACT.

(SP)