Ireland's Economic Future Hangs in the Balance of Foreign Interests

We had the opportunity to speak with Denise Sidhu, the newly appointed chair of the Irish Venture Capital Association (IVCA), about the challenges and opportunities faced by Ireland's domestic VC and private equity ecosystem.

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Denise Sidhu, a veteran of the finance sector in Ireland with over two decades of experience in venture capital, is currently a partner and director at Cork-based firm Kernel Capital.

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In a recent interview, Sidhu emphasized the importance of venture capital and private equity for a thriving economy, stating that they contribute to the quality of innovation and competitiveness.

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She highlighted the role of government policies in building a domestic VC ecosystem that attracts state and institutional investment to support Irish SMEs. However, Sidhu also expressed the need for larger domestic VC and private equity funds to provide growth support to Irish companies in later stages.

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While Ireland has a strong domestic VC and private equity community, data from the IVCA shows that more than 80% of venture capital investment in the country comes from international investors. Sidhu believes that Ireland needs to enhance its domestic scale-up investment capability to ensure its own economic future rather than relying on outside interests.

She also pointed out that companies backed by international funding often expand their businesses close to their investors, thereby reducing their presence in Ireland. This not only exposes Ireland to geopolitical risks but also makes it vulnerable to global economic contractions.

As the new chair of the IVCA, Sidhu aims to support Irish tech and life science businesses by mobilizing additional capital. She emphasized the importance of Irish-owned firms succeeding internationally and highlighted the support provided by the Irish government through Enterprise Ireland and the Ireland Strategic Investment Fund.

However, Sidhu stressed the need to attract private capital alongside government support to ensure the scaling and growth of Irish companies in Ireland.