Networking is still alive and well in the technology sector, judging by the attendance at this month's event held by First Tuesday, the business networking organisation.
More than 200 Internet industry professionals and venture capitalists turned up last Tuesday evening at a gathering in the Conrad Hotel. There they heard speeches by the Tanaiste, Ms Harney, and Mr Chris Horn of Iona Technologies, before getting down to the business of listening or pitching.
According to the recently appointed managing director, Mr Greag Purcell, 5,000 people have attended a First Tuesday event in Ireland over the past year, and among the companies they represented, £25 million (#32 million) in capital was raised. In addition, £6 million worth of service trade has been agreed over drinks.
First Tuesday was established in 1998 by four Internet professionals from Silicon Valley who met on the first Tuesday of every month in a pub in London. The idea very quickly spread to other cities around the world.
"In my view, what's happened with First Tuesday over the last two years here has sort of mirrored the whole IT experience as it has happened in Ireland," said Mr Purcell, who used to work for the Dublin Chamber of Commerce. Indeed, the fortunes of First Tuesday have very much reflected those of the industry it supports. In July 2000, the company, which had grown into a network of 85 cities, spanning 42 countries, was sold to Israeli investment firm Yazam for a figure reported to be in excess of £30 million sterling (#49 million). However, Yazam later went out of business, and the First Tuesday name was bought by a private Swiss investor in March. There are now offices in 30 cities, with the central office in London.
This week's event was said to represent a taste of what First Tuesday conferences here will be like in the future.
According to the organiser's press release, First Tuesday is to refocus its activities in order to reflect the technology sector's new emphasis on "capability-enhancing technologies", rather than "gimmicky dotcom ideas".
Mr Chris Horn, executive chairman of Iona Technologies and the main speaker at the event, said that while there was a need to encourage entrepreneurial innovation, the new economy business needed a sound grounding in basic business fundamentals.
"First Tuesday is still about bringing ideas and resources together, but we do want to provide a more focused offer to our members," Mr Purcell said.
The content of the meetings will be changed to address broader business and technology issues, he said. The company also organises a similar but much smaller event specifically for the wireless industry, called Wireless Wednesday. First Tuesday also has new strategic partners, including A&L Goodbody, Accenture and Iona Technologies. In addition, First Tuesday will shortly be franchised in Cork, Belfast, Galway and Limerick.
Speaking at this week's event, the Tanaiste, Ms Harney, highlighted the continued importance of networking in a changing market environment. "It allows people to think outside their own experiences, makes them aware of competition and encourages them to form new and profitable relationships," she said.
