Hartnett and LIT open Limerick gateway to Silicon Valley

Start-up companies on LIT’s 12-month incubation centre programme will now get direct access to the world's technology hub at Silicon Valley.

John Hartnett, a technology entrepreneur and investor, launched the alliance today with LIT’s President Dr Maria Hinfelaar during the opening of the Hartnett Enterprise Acceleration Centre at Moylish.

Founder and president of the Irish Technology Leadership Group, Hartnett is a strategic advisor and active venture capitalist.

The Irish Technology Leadership Group is made up of a collection of Irish and Irish-American, high-level technology leaders.

The group is committed to promoting the technology and investment connection between Ireland and Silicon Valley. 

Hartnett also founded and chairs the Silicon Valley based Irish Innovation Centre, which will work in conjunction with the new enterprise acceleration centre.

The official opening ceremony was performed by Minister for Finance Michael Noonan earlier today.

Under the alliance and with support from AIB, the companies on the Limerick Enterprise Acceleration Platform (LEAP) programme, which is located in the Hartnett Enterprise Acceleration Centre, will spend one week at the Irish Innovation Centre in Silicon Valley where they will receive intensive business mentoring and strategic advice on how to maximise opportunities in the global market.

The initiative will also facilitate access for companies on LIT's LEAP programme to potential seed funding from the Wilde Angels Fund established by Hartnett. They will also be assisted with the commercialisation of research conducted at the Hartnett Enterprise Acceleration Centre.

The announcement is the latest in a range of exciting initiatives for supporting start-up companies announced by Limerick Institute of Technology, including the establishment of Europe's first third-level franchising centre.

Announcing the Silicon Valley alliance, Hartnett said it would establish the enterprise centre as a gateway to Silicon Valley.

"This alliance is a very proud moment for me,” he added. “I am honoured, as a Limerick man, to be able to help the exceptionally talented individuals and companies coming through LIT's Enterprise Acceleration Centre to fulfil their potential.”

Enterprise centres, like LIT's, will be the bedrock of economic recovery because they identify, encourage and support start-ups and entrepreneurship, according to the Los Angeles native.  Entrepreneurship heightens in down-turns and this is very evident at LIT where companies with extremely exciting prospects are being supported year on year, continued Harnett.

So far, LIT's LEAP programme has helped 50 start-ups, collectively creating 150 jobs to date.

“This alliance will add an extra significant international dimension to the programme by giving businesses on the programme the unique Silicon Valley experience and the expertise that goes with it,” said Harnett.

"The alliance will also give these businesses a channel to vital seed capital, which is one of the most critical steps for Irish start up companies. The alliance will create a gateway to Silicon Valley where over 40pc of all US venture capital is invested each year. In 2010 this was almost $8bn compared to $440M of venture capital in Ireland."