Here’s why Irish entrepreneurs’ eyes are smiling on St. Patrick’s Day

ENTREPRENEUR

Right here’s why Irish entrepreneurs’ eyes are smiling on St. Patrick’s Day

Tags: ireland, Irish, St. Patrick's Day, top-stories

7462427564_b1a080ada7_kPicture Credit score: Chris Sheppard

There are lots of mature and rising tech hubs round Europe now. However there stays an unusually tight hyperlink between Eire’s tech economic system and Silicon Valley.

In fact, this has been controversial at occasions, with corporations like Apple accused of utilizing Eire as a tax haven. However regardless of the unique motivations on both facet, the connection appears to have expanded significantly. Actually, 220 U.S. West Coast corporations now have operations in Eire, based on stats launched at the moment by IDA Ireland, the nation’s funding company.

Among the many extra notable U.S. tech corporations with Irish campuses: IBM, Google, Airbnb, Dropbox, Fitbit, and DocuSign. Simply previously yr:

  • Fitbit and Slack opened European HQs in Dublin.
  • Amazon, Oracle and LinkedIn all introduced expansions of their Dublin operations.

This inflow additionally appears to have benefited Irish startups. Based on the Irish Venture Capital Association, Irish startups raised $952 million in enterprise capital in 2016, up from $304 million in 2016.

However as a lot of a lift as Silicon Valley has given the native economic system, on this St. Patrick’s Day, IDA Eire desires you to know that the connection runs in each instructions. With that in thoughts, listed here are a couple of stats supplied by the company that spotlight Eire’s impression on the U.S.:

  • Irish corporations have created 100,000 US jobs. Based on IDA, which cites figures type the U.S. Bureau of Financial Evaluation, Eire is the seventh-largest supply of international funding within the U.S.
  • There are 9,000 Irish-born individuals now dwelling within the Bay Space.
  • Throughout the U.S., 36 million People have Irish heritage (together with me!), and 155,000 Irish residents stay within the U.S.
  • Irish corporations make use of 25,000 individuals in California alone.

And although they might not formally describe themselves as “Irish” corporations, San Francisco-based startups like Stripe and Intercom have Irish founders who’ve established sizable operations again in Eire.

So, on St. Patrick’s Day, possibly keep away from the inexperienced beer. However do purchase a beer for an Irish founder and inform them, “Sláinte.”