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IBM Locates Venture Capital Centre In Ireland

by Jason Gorringe, Tax-News.com, London

29 September 2006


Ireland's Minister for Enterprise, Trade and Employment, Micheál Martin has announced that IBM Corporation is to establish a European Venture Capital Centre and an Innovation Centre in Dublin.

The IBM European Venture Capital Centre will become a focal point for Irish technology start-ups seeking to gain visibility within the venture capital community, and coupled with support from the investment promotion agency, Enterprise Ireland, will further enhance access to venture capital investment.

The initiative is designed to build stronger ties with the venture capital community across Europe and allow them to gain insights into emerging technologies, exchange market trend information, and accelerate innovation. It will also facilitate access for Irish start-up companies to IBM strategy, technology sharing and mentoring. The Centre will also act as a portal to IBM's in-house partnership programmes and research activities.

The announcement comes just two months after IBM invested EUR46 million in its Irish Technology Campus to significantly grow its Dublin-based software development operations, establish a business incubation centre and enhance its supply chain capacity with support from IDA Ireland.

Commenting on the latest announcement, Martin observed that: “The Venture Capital and Innovation Centres will act as catalysts for innovation, new company creation and growth and will make a valuable contribution to the culture of entrepreneurship in Ireland. This new investment shows how IDA Ireland and Enterprise Ireland, in collaboration with globally integrated businesses can create opportunities for our strong base of indigenous companies while also enabling our key multinational companies like IBM to achieve their corporate goals."

Martin also announced the formation of a strategic alliance between IBM and Enterprise Ireland, designed to enable Irish companies to build mutually beneficial business relationships with IBM globally. In particular, Irish companies will have access to IP licensing opportunities, the innovation centre, strategy sharing, and research linkages.

Claudia Fan Munce, Managing Director, IBM Venture Capital Group, commented: “IBM is delighted to be collaborating with Enterprise Ireland and the venture capital community to assist in the development of Irish technology companies. This strategic alliance will strengthen the innovative culture and capability of Irish firms and further embed IBM’s operations in Ireland.”

A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors, including Forest Finance, Film Finance, Venture Capital, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp

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