The Republic of Ireland's footballers were not the only ones hoping to make an impression on the world stage last Saturday. Monaco's famous, tight, winding, sun-drenched streets may be better known for its Ferraris and Porsches and Formula One motor racing, but Irishman Mr Martin McVicar was aiming to make an impression in the Principality with a more modest vehicle - a forklift truck.

The young Irish entrepreneur, who designed the world's first three-wheel, four-way forklift was representing Ireland at the Ernst & Young Entrepreneur of the Year Awards in Monte Carlo.

Winner of the Irish award last year, Mr McVicar was up against 22 other country winners from all over the globe. Aged just 30, the Co Monaghan man worked with Moffett Engineering until its trade sale in 1997.

Spotting a niche in the "long load/motorised" segment of the forklift market, he set up Combilift in 1998 to develop and market his new product. In just four years his innovative solution for the problems of the global material handling industry is now being sold in 29 markets.

The final group of 23 entrepreneurs was selected from a pool of 9,000 nominations received last year. For the second year running, the event was hosted at the Hotel de Paris in Monte Carlo, the playground of the rich and famous with its Casino, palace, millionaires' apartments, private banks and spectacular harbour, filled with luxury yachts and cruisers. Monaco is all about money. So perhaps it was appropriate that it should be chosen to celebrate those generating wealth, said chairman of Ernst & Young Global, Mr James Turley.

But this year's event had a distinctly Irish feel. Just before a ceremony in which each country winner was inducted into the World Entrepreneur of the Year, the Riverdance troupe gave a special performance.

In scenes reminiscent of the Eurovision song contest in Dublin in 1994 which spawned the world famous show, the performance was received with rapturous applause from the assembled guests.

Incoming chief executive of Ernst & Young Global, Mr Rick Bobrow, said the show was an example of an idea which had grown into a global industry.

"Last year, it toured 41 weeks, but only entertained in Ireland twice, that's being global," he told guests.

Riverdance producer and a former Irish entrepreneur of the year, Ms Moya Doherty, was a member of the judging panel for this year's event. She was genuinely impressed with the achievements of the 23 finalists.

"I am quite staggered by the high quality of entrants this year," she said. "For every person who receives the award and for the company whom they represent, it is a huge incentive."

But Ms Doherty added that there was a more serious business side to the event for the entrepreneurs.

"It gives an opportunity to mix with other people from such diverse backgrounds, different cultures, different economic backgrounds and to meet and exchange ideas."

But rather ominously for Ireland ahead of the crucial World Cup match against Germany next Wednesday, Saturday turned into a double triumph for Germany. Not long after the nation's footballers triumphed over Saudi Arabia by an eight-goal margin in the World Cup, its country winner scooped the overall Entrepreneur of the Year Award 2002.

Mr Stefan Vilsmeier, founder and chief executive of BrainLAB, a company specialising in radiosurgery and laser-guided surgery took the top prize. At 19, after writing a book on computer graphics, Mr Vilsemeier developed an interest in neurosurgical applications, developing the world's first menu-driven software for neurosurgical planning. His radiosurgery products have set a new standard for non-invasive, cost efficient tumour treatment. Today, the company employs more than 400 people in 12 countries.

The 34-year-old German was understandably delighted and said the award was a great inspiration for his staff.

"It's a great motivation, not just for me, but for all of my employees," he said. "For our customers it is going to confirm their belief that they are working with the right partner. It indicates we are on the right track with the business."

But Ireland's Mr McVicar was not upset at not having clinched the top spot.

"For me to win the overall Ireland award was more than I ever expected so I am delighted to represent Ireland," he said.

"For me, you have to be passionate about what you believe in, give it all of your commitment. You have to be prepared to take the risk and sometimes take the consequences."

He added: "The one thing I get from the event is how big some companies can grow if you believe passionately about what you do. Some of these companies are on a global scale and are multinational. I would like to believe our company can get to that level at some stage as well."