From my back porch I can see the corporate headquarters of Google, Meta, Apple and Nvidia. Not exactly, but I am a long time resident of Silicon Valley. I have seen all of the Valley’s successes and failures, its pivots and transitions and the changes in the basic nature of what makes the Valley humm along as the innovation capital of the world.
When a region wants to “recreate” the Silicon Valley I have been called on for advice.
As an Irish American I am so proud of my Irish heritage and always want to help Ireland in any way possible.
Over the years I have given considerable time and attention to help create the Irish Innovation Economy. Helping early stage companies on both sides of the Atlantic has been a source of pride and joy. Counseling leaders in Ireland on recreating the “secret sauce” of Silicon Valley has been gratifying. I will continue to do all I can to help Ireland and the Irish.
The Bay Area Council, an economic institute in San Francisco recently released a very positive report on the relationship between California and Ireland. Titled, “Growth and Transformation”, the report lays out all of the examples of the positives of the relationship and the emergence of an innovation economy in Ireland. The universities, the knowledge workers, the culture, the attitudes and the government support are moving the Country toward, dare I say it?..looking a lot like Silicon Valley. That notion has me worried for Ireland.
First, where will the poets go? I am reasonably sure that Nvidia is not hiring any poets. As a former college president I was interested to note the most popular majors of study in U.S. universities. Appalled might be a better word to describe the mover toward the “money” majors.
Accounting and computer science were always at the top of the list of the most popular majors in the U.S. Are there really that many young people who want to be accountants? The move toward the applied disciplines is at the expense of literature and art. The land known for its writers and poets should not lose that franchise.
Second, as anyone in the Silicon Valley will know, success comes with a price. The price includes snarled traffic and a shortage of affordable housing. Sound familiar? A recent headline in the San Francisco Chronicle read, “Want to leave Bay Area? You’re not alone, poll says”.
With each wave of innovation the problems are exacerbated. The current rush into AI is recreating Silicon Valley (again) and bringing all the associate issues.
I suspect the wave of young people who want to be entrepreneurs and be a part of the innovation economy is upon us and will last.
Given the choice, I would certainly be a part of that wave of a New Irish Economy. I am not suggesting the Country returns to horse drawn wagons full of sod. I am suggesting that Ireland should define its own course when it comes to innovation. The Silicon Valley may not be the model. Ireland is on the verge of great changes, integrate your thinking about the new economy and create it your own way.
I am reminded of a fable oft repeated here that I have modified so it fits in Ireland. I hope it strikes a chord.
An American venture capitalist was at the pier of a small coastal Irish village when a small boat with just one fisherman docked. Inside the small boat were several large Atlantic salmon. The American complimented the Irishman on the quality of his fish and asked how long it took to catch them.
He replied, “only a little while.”
The American then asked why didn’t he stay out longer and catch more fish? The Irishman said he had enough to support his family’s needs. The American then asked, “but what do you do with the rest of your time?”
He said, “I sleep late, fish a little, play with my children, take naps with my wife, and stroll into the village each evening where I have a pint, and play guitar with my friends. I have a full and busy life.”
The American scoffed, “I can help you.You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small village and move to Dublin, then San Francisco where you will run your expanding enterprise.”
The fisherman asked, “But, how long will this all take?” To which the American replied, “15 – 20 years.”
“But what then?” he asked. The American laughed and said, “That’s the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!”
“Wow, millions – then what?” The American said, “Then you could retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take naps with your wife, stroll to the village in the evenings where you could have a pint and play your guitar with your friends.”
Richard Moran is a venture capitalist and Silicon Valley veteran. He is a frequent visitor to Ireland.
