Ireland needs dose of American 'can do' optimism

Ireland needs to take a leaf from the US, where dogged optimism remains a defining trait

By

NIALL O'DOWD,

IrishCentral.com, President and Publisher

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Brian Cowen meets the media at the NYSE

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One of them, a young woman, was in my office this week with an idea that several leading businessmen in the US are interested in when it is up and running, but which she is desperately trying to get off the ground with funding in Ireland. Venture capital is almost a foreign concept in Ireland, and with banks buckling left and right, and totally risk-averse, there is nowhere for young entrepreneurs to go.

The creation of the €500 million venture capital fund is long overdue to address that issue, according to several leading Wall Street figures I spoke with. Cowen held meetings with leading financiers and Wall Street figures and has received very positive feedback by all accounts on the proposed project.

There is no percentage in wallowing in the “whatshuddabeens”of the recent past. Ireland needs to take a leaf from the American playbook, where dogged optimism, despite all the recent setbacks, remains a defining trait.

That positive psychology creates an energy and a drive of its own that could tap into the Irish innovative and creative spirit. It is time for the Irish to stop admiring the complexities of their problems and start to solve them.

In a new innovative era in Ireland, indigenous industry and start-ups will play a major role. The funding for such businesses is critical which is what this new €500 million fund will help underwrite.

It is a long way back from the Irish recession but just maybe this week’s visit by Brian Cowen will provide a starting point for a genuine recovery.

Perhaps we need to look at it that way rather than as just another junket.

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