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dogpatch LABS Opens in Barrow St


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CategoryBusiness
DateThursday, September 29, 2011
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dogpatch LABS Opens in Barrow St

Polaris Venture Partners Opens European Technology Company Accelerator in Dublin

 

 

110929_Dogpatch_Terry_Maguire_TAOISEACH_Enda_Kenny_Noel_Ruane.pngUS Venture Capitalists, Polaris Venture Partners, has opened their first non-US technology company accelerator in Dublin today, based in the iconic ‘Warehouse' building on Barrow Street beside Google's Europlex. dogpatch Labs provides technology entrepreneurs with access to experienced mentors, free space, connectivity, and a community of peers that encourage a constant atmosphere of innovation.

 

 

The European Dogpatch Lab, supported by the National Pension Reserve Fund,  was announced last December and has been awaiting for the re-furbishment of the Warehouse. It is already hosting start-ups including Boxever, HyperTiny, Intercom, JLizard Logentries, Nootrol,  Profitero, Scrazzl, Smarter and Trimod Therapeutics,

 

 

The start-ups will enjoy the immense knowledge of Noel Ruane who Polaris has appointed to the role of Entrepreneur in Residence. Ruane previously led and managed the LaunchPad accelerator for tech start-ups based in the NDRC (National Digital Research Centre) in Dublin. Prior to this, he was founder and former CEO of Brandmail Solutions and nVision, and VP Business Development for IDA Ireland in Mountain View, California, where he was the overseas officer responsible for attracting marquee tech companies to Ireland including Google, Yahoo, Amazon, Ebay and Paypal.

 

 

Polaris Venture Partners, founded in 1996, identifies and invests in exceptional entrepreneurs and operating companies with innovative and disruptive ideas. They currently have $3.5 billion under management in over 100 high-growth seed and early-stage companies. As the lead or co-lead investor in virtually all of their portfolio companies, they take an active, long-term role in helping them develop into successful, market-leading companies

 

 

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Addressing the guests at the official launch this morning, attended by a mix of Ireland's technology and investment communities, Terry McGuire, Co-founder and General Partner at Polaris Venture Partners, explained that there were few locations outside of California that had the depth of Entrepreneural talent, and locating their first non-US dogpatch LAB in Ireland was essentially an obvious choice.

 

He said: "The dogpatch LABS initiative has led to the successful launch of several important companies including Instagram, Formspring, JIBE and Thing Labs. Since the inception of Dogpatch Labs, more than 100 companies have received funding in excess of $140 million, and 13 companies have already been acquired.

 

We are extremely proud of the entrepreneurs in our network and look forward to establishing relationships with technology entrepreneurs in Europe."

 

 

Dave Barrett, General Partner at Polaris Venture Partners added: "We also appreciate the support of Innovation Fund Ireland and the National Pensions Reserve Fund in bringing dogpatch LABS to Ireland."

 

 

After touring the facility and speaking to some of the young entrepreneurs in attendance, the Taoiseach Enda Kenny T.D, said there was 'a great feeling about the place and a lot of energy'. Officially opening dogpatch LABS, already branded by the first wave of entrepreneurs as 'the pound', he congratulated Polaris for bringing the initiative to Dublin.

 

He said, "I am delighted that Polaris Venture Partners has chosen Dublin for its first European technology company accelerator. Today's opening reflects the strong relationships being built in the venture capital community by Innovation Fund Ireland. Ireland is already a fantastic country in which to do business with our young, well educated population, competitive business environment and strong track record in innovation."

 

The Taoiseach added he looked forward to re-visiting the dogpatch LAB in two months to see how the businesses are progressing under the expertise of Noel Ruane: "Encouraging high potential start-ups will be a key part in making Ireland the best small country in the world in which to do business. dogpatch LABS Europe is a welcome addition to our growing hub of business innovators and incubation, and I wish the participating start-ups the very best of luck."

 

 

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The official opening saw a mix of Ireland's tech entrepreneurs and VC's and Angels, including Brian Caulfield, DFJ Esprit; Paddy Cosgrave of the Dublin Web Summit; Brian Farrell, Tethras; Shay Garvey, Delta Partners; Martin Kelly, IBM; Eamonn Leonard, Orchestra; and Ian MacDonald whose company Skillpages has been accepted on the Microsoft Bizspark One programme along with Inishtech.

 

 

Talking to IrishDev.com, Noel Ruane said that the pound could accomodate 20 to 30 start-ups with teams of upto 4 people, but emphasised that the accelerator is dogpatch Europe, not Ireland, and is open to organisations across the wider EU. Some of the current start-ups have graduated from incubators such as NovaUCD, the Hothouse and Launchpad, which Ruane sees as being important feeders for future participants, explaining that the lag between graduation and funding could be anywhere from 3 to 6 months. "After graduating from an incubator, some entrepreneurs disappear and some go back to 9-5. The ones left are generally the those who went on the incubators for the right reasons in the first place, with good scalable products and good business plans. These are exactly the type of companies who can get the most benefit from dogpatch."

 

 

Aside from offering mentorship and advice, Ruane also explains the role of dogPatch LABS is to connect start-ups with the North American technology eco-system. "In addition to Dublin, dogpatch LABS exist in other vibrant technology hubs, including Cambridge, Massachusetts, New York, and Palo Alto. Over the last two years, there have been 500 residents and 300 companies in the dogpatch LABS network which in addition to the Polaris portfolio, makes a pretty substantive network."


 


 

 

 

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Corporate Information

 

Visit Dogpatch LABS

 

Interested in Joining DogPatch Accelerator in Dublin, email dublin@dogpatchlabs.com

 

Visit Polaris Venture Partners


 

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