'Oodles of wonga' waiting out there for ideas

Raising venture funding in the United States is a challenge, given the current economic climate, according to two speakers at First Tuesday, the monthly technology networking event.

But, according to Iona founder Mr Annrai O'Toole "there's still oodles of wonga out there to be sucked up by good ideas". Mr O'Toole recently raised $16 million (€17.5 million) in the US for his new software venture, Cape Clear, of which he is executive chairman.

Mr O'Toole took up the topics of "the WWW of investing" - why go to the US, who to talk to and what to say. Looking back on his years with Iona, he said the one thing he would do differently was raise funding in the US - mainly because doing so immediately places a company within a crucial network of industry movers and shakers.

To talk to the best venture capitalists, companies must have a personal introduction but they should also be choosy and aim to get a knowledgeable board member from the venture capital firm.

Mr Jim Meates, senior associate at AL Goodbody, assessed some of the legal concerns Irish companies should have when seeking investors in the US. At the top of the list come issues of corporate governance, he said. "If you're looking for money, get your house ready so you can welcome the investor in the front door."