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- [00:02]
A
Hi there, I'm Jennifer Strong and welcome to the next Innovation. Every year the US hosts the SelectUSA Investment Summit. It's an opportunity for states, companies around the world and leaders to explore the foreign direct investment climate in the United States. The opportunities, the challenges, the trends, and so much more. Earlier this year, we learned that Ireland is the fifth largest foreign direct investor in the U.S. marking a growing footprint for technological and business opportunities. Irish companies have expanded the job market, cultivated talent and skills and introduced an international experience to entrepreneurship. The podcast team was at the Investment Summit last month where we had the chance to talk to several state delegations about their relationship with Ireland and the business opportunities involved. Each interview had one big thing in common. Ireland's impact in the United States is evolving and shaping many of the industries of our daily lives. Here are some of the interviews that shed light on how American states are working with Ireland on technology and business and what that means for our trade partnership. First, here's Enterprise Ireland Chief Executive Jenny Melia and Ireland Minister for Enterprise Tourism and Employment Minister Peter Burke as they walk us through what the Investment Summit means for Irish innovation and entrepreneurship.
- [01:30]
B
Select USA is a really interesting flagship event for us because it is bringing together so many of the US States who are all offering practical assistance to our companies on the ground and working then with the agencies, the local agencies at state, and of course our Enterprise Ireland team across our seven US offices. It gives our opportunities to come to market in a very simple and seamless way, localizes them in terms of, you know, the different market knowledge and so on, links them to the local talent pool, local universities and really helps them embed in supply chain. And I think that's the really important thing, you know, in terms of the unique partnership between Ireland and the US it goes back many decades when our Irish companies learned how to work well and innovate with and for the US companies that had moved to Ireland and now those innovators are scaling global businesses and of course it makes perfect sense, you know, to come to the U.S. we understand the business culture, we have world leading solutions and like I say, we commit to the market. We, we bring so much more than money. We really deeply embed ourselves in the local communities and create high quality jobs. So it's really interesting. We have nine sectors are making up part of our delegation this week and so two of the top sectors are our digital technologies and our company is selling enterprise solutions and Enterprise Ireland is the biggest investor in tech startups by deal count in Europe. So I mean over the last 10 years we have invested in well over a thousand, a thousand new startups, mostly tech and digital technologies. The US Continues to be the top market, the market of choice for our companies in digital technologies, in fintech. We recently opened an office in Atlanta and that was very much to tap into that, the fintech corridor and the strength of the fintech community in the southern states. So we're very excited for the opportunity for our tech companies. And of course we have so many direct flights between Ireland and the US we have pre clearance in Dublin. You know, I get all of these things make it so much easier for companies to do business and to engage.
- [04:03]
A
Here's Ireland's Minister for Enterprise Tourism and Employment Minister, Minister Peter Burke.
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C
Well, first of all, we have the largest delegation In Europe, about 87 companies who have come over, much of which is with enterprise Ireland and really extend their footprint of the 50 states employing about 200,000 people. And when you have all those states together in one room, all the various different operations, looking at their value propositions, it's very important if Irish companies there to meet with them, meet with the key people in each state and, and to see what opportunities may lie ahead to grow our business here in the US and indeed bring some high value activity back to the Irish economy. I think we have a very close bond in terms of our people which really helps us open so many doors. So Ireland has a very strong reputation in the US and you can see that because the relationship delivers for citizens on both jurisdictions. You can see equally with about 900 companies which are exporting into US market and back home we have a little over 900American companies employing a huge amount of people, about 245,000 right across the Irish economy. Many have very high value jobs and we have a relationship that delivers for each. I think it makes it a very easy sell when you're trying to get additional business. And people know the reputation that Irish companies have. We saw over St Patrick's weekend 6.1 billion euro announced among six companies. Irish born companies continuing to grow their footprint. I mean look alone take for example Curry Group. You know, spending about 1.5 billion euros on raw materials every single year in the US economy shows you where we're coming from in our position of strength. I think we've seen how much our fintech companies have really taken advantage of the opportunities in the marketplace in the US and that has been very exciting. We have many in the field of tech, which is again a huge market, particularly with artificial intelligence. Ireland right now has very much a very Strong value proposition to. For companies looking to expand their operations and expand research in artificial intelligence. We're offering right now a 50% refund for companies that invest in that type of research. And I've brought through about a billion euro in our DNI expenditure last year through Cabinet, which really demonstrates we have a very, very strong competency in that sector. And that's why we're really growing over here in the US in those tech and fintech areas which have been the early adopters through AI, if we're being honest. Other sectors are really catching up now, but our fintech and financial services have been one of the leading lights in embracing the technology and utilizing it to its best.
- [06:31]
A
AI is the biggest topic of conversation for tech and business leaders. The tech is changing virtually every industry as we speak. So we sat down with one of the historically leading tech states to break down how their relationship with Ireland is pushing the boundaries of innovation. Here's Tricia Utterback and Emily Desai from the California Governor's Office of Business and Economic Development.
- [06:55]
D
You know, we don't have favorites, but if we did have favorites, it might be Ireland. And I'm being serious. Ireland really punches above its weight in California. And I think that's the bottom line. Every year, we author a foreign investment report, and Ireland is California's eighth largest source of foreign investment. Japan and the UK are always sort of 1 and 2. But just given Ireland size, the fact that it's in our top 10 is substantial. So by our estimates, it's at least 27,000 jobs in California supported by Irish investment in the state. So it's really, really significant. And you see that with how seriously Ireland is taking its relationship with California, which we're both honored by and also tremendously benefited by. So entities like Enterprise Ireland, with whom we have really deep connections and partnerships, you know, the chambers of commerce, of course, the two consulates that we have in California, we work very deeply with them to continue that commercial partnership. And it's particularly evident in the tech sector, and there's really good examples of that.
- [07:52]
E
Yeah.
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F
What can you talk about in terms of how you're trying to attract foreign investment and in the tech sector specifically?
- [08:00]
D
Sure. Yeah. Well, I mean, our suite of services for foreign firms run everything from, you know, really small enterprises that are trying to dip their toe in the water and need to understand what it means to open a bank account in the United States without a Social Security number to working with, you know, massive multinationals that are, you know, have very complex operations and want to understand you know, what their utility demands would be or the logistics infrastructure they need access to, you know, via the site selection services that we provide, which really get into the detail of everything that a company would need in terms of its physical location. So we do a whole range of things to support business success in our state. And, and like I said, some of those services are tailored specifically for, you know, for foreign owned firms given, you know, at times they do have unique demands. But one of the biggest things that I think is important for companies to know, tech or otherwise, is that in California in particular, but probably all states, it's really important to partner with the local entities as well. And that's a big value add that we provide. You know, here at Select USA we've got, I think 30 plus organizations with us more than 50 representatives, literally from the top to the bottom to the, you know, east to the west of our state. And those local partners are really, really important players in the conversation as well. A lot of the foreign investors that we're meeting here at Select USA do represent tech companies. And California is synonymous with innovation. And so our goal is keeping that innovation ecosystem, making sure that what we can do is maintain why companies want to be in California in the tech sector. So much of that comes back to workforce. The California community colleges are the largest community college network in the, and investing in that talent pipeline is key for us.
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F
What are some of the things that foreign investors talk about and what attracts them to the US And California?
- [09:48]
G
I think a lot of people want to know why California and I think they also bring up really good points in terms of, or the narratives that are out there about California. That is so expensive. How can I make it? And I think with one of the reasons we're here with such a diverse group of economic developers is to talk about and then counter that narrative with different opportunities across the state. Of course, in California we have San Francisco and Los Angeles and San Diego, but we also have a very robust and diverse network outside of those cities that are well connected that can offer a lot of opportunities. Here at Go Biz, what we offer companies are really three core services for, for free. So we offer site selection services. So we utilize our deep network of economic developers to identify sites that meet that business's need. We also can help with permitting and regulatory support. So with California being the state of innovation, not every solution that's coming to California or growing out of California fits neatly in some of our regulatory or permitting molds. We work to advocate for solutions with our local partners. So, so that we can keep promoting that innovation. And we also have probably our most popular incentive navigation. So we try to connect our California or international companies with different programs that might be relevant for them.
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F
And what works when you're talking to foreign investors, what would you say to seal the deal?
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G
It's just the workforce that we have, the innovation, and of course the venture capital that is here is also very attractive to foreign companies. But we have a high quality workforce that can help support and lead on the innovation, innovation that these companies are looking to achieve.
- [11:33]
D
One of the other things is that people feel welcome in California. 27% of our population is foreign born. We value the diversity that makes up our state, that powers the economic engine that is California. And so it's really important to note that as well as creating that welcoming environment, making sure people feel like they're at home. Yeah.
- [11:51]
G
And California shares a lot of the values of Europe and Ireland. And I think that's why a lot of Irish businesses do feel at home
- [11:58]
D
when they come here.
- [11:59]
G
We also have a very significant Irish diaspora. Yeah, we're very proud. Yes.
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F
When it comes to tech and AI innovation in California, what are you seeing in terms of investments in companies?
- [12:11]
D
Yeah, of course, I mean, in some ways California is synonymous with AI. Right. 33, the top 35 AI companies in the world are in California. So the innovations, the new advancements that are coming out are in California. But you know, the way we're talking about that is AI almost like something that all across all industries and sectors, folks are going to need AI, both in terms of, you know, adaptiveness of their workforce, being able to, you know, utilize it for efficiencies and for gains, but also almost as the way that you would look at, you know, access to logistics, report infrastructure. Right. It's in some ways sort of a core component of what it is to run a business at this point. But what I would also say too is AI is one thing. We're also, you know, known for emerging technology in general. A really good example of that we were just talking about is Quantum. So California has invested very, very heavily in Quantum. We have a number of companies that are really advancing a lot of the work that's coming out of our top tier research universities, our labs, to really, you know, the governor's fond of saying California competes against the future that it creates. And, you know, Quantum is a really good example of that. And there's so much that's happening right now across the United Kingdom and in Ireland too. You know, that I think is really exciting to Think about how we can deepen that research and innovation with allies, you know, to advance those sectors that we don't even truly understand their full potential yet.
- [13:34]
E
So this is personally my third year coming back to select usa. But Illinois has always participated in the event.
- [13:41]
A
Katrina Fay is a VP of Clean energy production and Manufacturing at Illinois Economic Development Corporation. We spoke to her a bit about the burgeoning fintech center in Illinois, advancements in quantum computing, and what the state's profound Irish heritage means for trade relations.
- [13:57]
E
Regardless of what's happening at the federal level, we are actively reaching out to foreign companies, international companies, having those conversations, working those projects and looking to help them grow here in the US and hopefully have that growth happen in Illinois.
- [14:13]
F
For Illinois, we always think of Chicago and the strong fintech presence. So talk a little bit about the fintech industry in Chicago and in the state.
- [14:23]
E
Yeah, so Chicago definitely has become one of the world's capitals when it comes to fintech, the investment going into that space, the spin outs in companies that have evolved and grown out of that space. And I believe just because fintech as an industry itself has the ability to be more of a global. It's the passing of information and technology. I think because of that, we're able to see the advancements happening there, the, the faster growth there, but also the ease of having more of a global reach and trading of information and partnerships and whatnot. And I know, you know, that the industry itself is something that also is, you know, a top key industry in Ireland and just some of the overlap there as well.
- [15:10]
D
Yeah.
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F
So can you share a little bit more about the state's relationship with Ireland and attracting Irish business?
- [15:16]
D
Yeah.
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E
So Illinois and Ireland has had a just very strong both, both business relationship, but also a cultural relationship. So just, you know, 2024 alone, Illinois had exported over $400 million in goods to Ireland. And that was up, I want to say that was 32% from five years prior, but more important, the imports. So Illinois has imported $4 billion of goods through Ireland, up 100, over 100% from five years prior. So something like that. We're seeing a lot in the chemicals, electronics, machinery, on the import side, the foods and kindred products. So yeah, so that's just, I mean, from the trade relationship, but also from the cultural relationship as well. So over 1.3 million Illinois residents have Irish ancestry ties to Ireland. And then on St. Patrick's Day, I think that number goes up even more. But very, very important part of our fabric in terms of our cultural identity, our Diversity, it's part of our fabric as well. And our events we do, not only on St. Patrick's Day, but year round through neighborhoods throughout the city of Chicago, restaurants, events. So it's become part of our fabric. And I think most importantly, what we see, and it goes back to, I think being a diverse population is our workforce. And that Midwest, especially Illinois, strong work ethic that we're known for, I think stems back from immigrants coming to Illinois. And I think the Irish played a large part of that as well. They helped build the Illinois Michigan Canal, they helped our agribusiness, our farming economy right now is what it is because of the immigrant population, including the Irish. And the Chicago Stockyards, another piece of history that the Irish immigrants played a key role in. So when we think back to just, obviously our business and trade relationship is very strong, but truly I think it comes to our cultural identity and just our fabric as a state that Irish immigrants played a key role in that.
- [17:22]
F
Can you share a little bit about your tech sector more broadly? We talked about fintech and you mentioned universities and the talent pool there. And there's this connection with Irish innovation as well.
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E
In Illinois, especially here at Illinois edc, we focus on our state's key industries. These are industries where we feel like Illinois has a right to win just based on our workforce, existing companies, universities, training programs, different things like that. And in those six key industries, we do see a lot of overlap in what is happening in Ireland and areas that they're also prioritizing. So I know we talked about fintech and you know, along the lines of fintech, Quantum AI and microelectronics, that has become one of our top industries as well. We just announced this past year the Illinois Quantum and Microelectronics park that'll be going in on the south side of Chicago. But the international investment that we've seen in that park is just a great example of, you know, this global reach that Illinois has, especially in our key industries. DARPA will be having a testing facility on site and we just recently announced IBM will be employing 750 people at the Quantum campus, but also integrating an apprenticeship program, partnering with our universities, community colleges to get that training program begin to build that pipeline. So we are actively working in that space, but seeing a lot of synergy globally and, you know, similar to what Ireland's priorities are as well, the clean energy space, that's also an area we have our, you know, own goals as a state focusing on moving towards 100% clean energy by 2050. So really growing that sector and the companies that we're meeting with as well. And then the life sciences. Life sciences has been something that the hearing about. Abbott, Abbott is a key company here in Illinois, but they have multiple locations in Ireland. So to see just that back and forth Horizon, another company, Aerogen, that both have Illinois ties as well as Ireland. And just being able to have that, that relationship, that transfer of people, knowledge, information, I think it's great.
- [19:30]
F
Can you talk a little bit more about the quantum campus? Is that like an incubator or is it more advanced?
- [19:35]
E
The quantum campus is going to be. It's just been under 200 acre site on Chicago's south side right along the lakefront and it's actually going to be a built out development. So there'll be multiple buildings on site where tenants will be able to have access to some shared facilities like a cryogenic facility, having the DARPA testing grounds also accessible. But I think the key part of it is just the partnerships, the public private partnerships that it took to move that project forward. So obviously the state being a key part of that, but also the University of Illinois and Urbana Champaign. So uiuc, one of our key institutions here in Illinois, leading engineering school, is leading also the efforts on campus, but having industry that buy in from industry as well. So you're truly seeing all different stakeholders coming to the table to make this project happen. So it'll be, you know, not necessarily an incubator, it will be their established presence, their operations. In the meantime we are looking for just kind of interim space for them, incubator space nearby as the campus is being built out. But it's just a very exciting opportunity and just that alignment with our key priorities, but also our ability to connect with international companies with this opportunity as well. It's truly become just, just wonderful.
- [20:56]
A
Another growing hub of technology in the States is Washington. Recent studies show that the state's tech industry accounts for 22% of the state economy. With Seattle becoming a leading hub for generative AI innovation, life sciences, computing and more. Amanda Fisher is the Director of International Relations and Protocol for the Office of the Governor of Washington.
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H
The Washington State has a very strong relationship with Ireland. Residents of Washington State we have a 10% that claim some type of Irish heritage or ancestry and that's actually above the general US rate of about 8%. So we have a very strong active Irish diaspora and a long legacy of partnership. Those kind of key areas that we've traditionally partnered on are around sustainable aviation, fuels and aerospace and tech enterprise. Ireland has a footprint in Seattle and that's led to some partnerships in a pretty diverse array of businesses. CRH has a footprint in Seattle. They do construction materials, the Cary Group and Smurfit Westrock and they do packaging materials for consumer goods. Washington State has broadly is viewed as a great landing point especially for startups that are looking to establish a footprint in the United States or in North America more broadly because of our proximity to the Canadian border and those partnerships. Of course we're the home of some of the largest tech companies in the world. Our Microsofts and our Amazons and Expedia and Boeing and F5, all of which have strong partnerships in particular operational presences in Ireland as well. And those of course support a vast ecosystem of nurturing startups and innovation development. We also have a world class education system, a university system that produces top tier specialized technical talent. And Washington State is beautiful. It's a great place to live and that highly skilled talent wants to live in Washington. And I should also clarify for your listeners. We have two Washingtons in the US we have Washington D.C. which is the well known capital of the US on the east Coast. We are the state up in the far northwest corner of the US up on the border with Canada and sometimes it's helpful to make that decision. Distinction.
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F
Can you talk more about the relationship and fostering the partnership between Ireland and the state? There's a lot of synergies in terms of technology.
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H
Yeah, absolutely. At my level at the government, we've done several engagements at a high level with Irish leadership. We met recently with Mark Daly, the chair of the Irish Senate and we hosted the Irish Minister of Agriculture, which is another area that's rich for cooperation as well. The same things that make Washington State attractive to tech in general is I think attractive to Ireland specifically because and particularly on sustainable aviation fuels, on aerospace, particularly that triangle between Boeing and Ryanair and other in that cluster of aerospace development and sustainable aviation fuels. Ireland is one of the world leaders in SAF development and Washington State is By far, the US leader on sustainable aviation fuel research and development. And there's been a close collaboration that's helped realize some of Ireland's goals for I believe it's a 10% SAF initial component in Ryanair flights that we've helped cooperate to realizing.
- [24:22]
F
And how important is investment in technology for Washington State? I know it's a big sector for you, it's big for Ireland. How are you trying to attract that kind of foreign investment in technology?
- [24:34]
H
Yeah, it's incredibly important for Washington State. So Washington is the most trade dependent state in the entire United States. 40% of all of our jobs in this state are in some way tied to an international market. And so that engine is sustained by our engagement at events here like Select USA and through partnerships with our friends in Ireland. As I'm sure is no surprise to anyone listening to this podcast, AI is going through an explosive growth period and a lot of that is based in Seattle. So the Seattle region, that cluster is the number two AI market in all of the United States in terms of development. It's a great the ecosystem is ripe for startups to come in. We have through from the state level all the way down to our EDOs and the cluster itself. It's a nurturing environment that provides pathways for accelerators, mentorship and connections to other startups. As we're growing together, there are events like the Seattle AI Summit in late October that provides a pathway for connecting global markets and global companies with our local talent and investment to help again nurture that environment for AI development.
- [25:43]
A
Out of all the states we've spoken to, perhaps the one with the most significant relationship with Ireland is Minnesota. The state's governor, Tim Walls, has publicly spoken many times about the importance of deepening economic relations. Ireland is now considered one of the state's top international markets, largely due to its medtech innovations, which have strengthened America's healthcare systems and its robust dairy production. On average, the state exports about $780 million of goods to Ireland each year. Minnesota is home to the US Headquarters of Ornua, the parent company of Kerrygold, which includes its Kerrygold grass fed butter. They're also home to the Mayo Clinic, one of the premier hospitals in the U.S. after select USA wrapped, we had a chance to connect with Elise Bouchin and Gabrielle Jarbod of the Minnesotan delegation. Elise is the International Business Development Manager at the Minnesota Trade House and Gabrielle is the Minnesota Trade Office Executive Director and Chief Protocol Officer of the State of Minnesota. They shared with us how the Irish relationship spans different industries in the food and ag space.
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I
Ireland has always been a big partner with Minnesota, both in dairy and then in food ingredients. There's Ornua and then Carry Ingredient as well, which was one of the companies that we had the, that the governor had the chance to visit when, when we were in Ireland. So those have been important and growing investments. It's also a really important connection with greater Minnesota. Having having companies that are not just coming into kind of our metro areas, but also involved in the greater Minnesota region is an important initiative. Right before our Mission. We actually saw a trade mission come out of the Greater Mankato region to Ireland and they really focused on the agriculture space. And I know some of the investments, food and ag companies are in that region. So we try to kind of foster those relationships. We kind of. We continued that conversation. Ryan from Greater Mankato Growth was really involved with the Irish delegation at SelectUSA. So that's an important industry area for Minnesota and Ireland and I think a space that we'll continue to see growth in. Minnesota has a lot of pro professional sports teams. We have professional baseball team, soccer, hockey, football, basketball. So kind of we have our bases covered in terms of pro sports teams. And so since we did have the chance or the governor and some of the team did have the chance to attend the NFL game in Dublin, we wanted to carry that over kind of into the business realm and talk about how sports, tech and medtech intersect and how important medicine and medtech is to the advancement of pro sports teams and how that filters into the development of medtech for the general populations. We had representatives from Mayo Clinic there, from the NFL, the Vikings, and then of course Governor Walz was there, Commissioner of the Department of Employment and Economic Development led the roundtable discussion. We wanted to use that as a jumping off point to talk about some of our industries of strength. It just helps to build those long term deep connections. You're experiencing this amazing sporting event, but then also making the connection between institutions that will end up kind of lasting through time, through various administrations and help us to continue growing connection points in various industry areas.
- [29:38]
J
Actually, Amina, I love where you're taking this, Elise, because at the end of the day, you have a VIP or a principal for 48 hours with you for a market that is going to define the next 10 years of your work as the trade office. So what are the places, what are the niches, what are the next opportunities or the next level you can bring? And you use the governor, which he loves to be used like that, of course, but you use that presence and that trip to make sure that you maximize the next initiatives or the next steps you're going to need as a state to be relevant in a market that you need and you want to be present and you want them to be present in your state. So it's taking a level further and a step further backwards and look at the big picture in order to make sure that whatever you're doing with the governor that is opening the doors for the state, how can you use that and maximize it for the future?
- [30:34]
I
And I think Another part of that is we've had a foreign office covering Ireland and the United Kingdom that has worked with us for the past eight years. So all of those connections that we build in these trade missions are something that all of us kind of working to build those business relationships can refer back to. We've built connections through those experiences that then we can build on and try and find ways to do business together. We have really large companies, Fortune 500 companies in the dairy space like Land O Lakes. That's one of the reasons why there's a strong and easy entry point for both dairy companies and then just food ingredient companies to come and work in our dairy and CPG industries and help to develop the next food products that we'll all be buying and buying in the stores. I'll put it out there that we're always delighted to receive delegations as well. That's part of my work and we are happy to put together programs and showcase our various industry areas. We do it all the time in life sciences and med tech, but we also have delegations in the food and agriculture space, in the clean tech space, or multi industry delegations. And that's something that we'd really enjoy seeing come in from Ireland. So we'd be happy to collaborate on that. But certainly I think Follow up from SelectUSA Working with with the delegation leads with Enterprise Ireland is something that we'd like to do and make sure that all the connections made at SelectUSA progress and they're able to find the people that they'd like to speak with in Minnesota.
- [32:25]
A
These conversations demonstrate the unique role Ireland plays in the United States, specifically how some states have really tapped into their technological and entrepreneurial spirit. The Irish company companies that have established headquarters in the US have not only helped expand the economy or bring in more jobs, they've also helped establish a reliable relationship with an international partner. As the world continues to face geopolitical challenges, this particular relationship has proven to be a crucial asset for economic health. Thanks for listening to the next Innovation. This series was produced by Situation Room Studio and powered by Enterprise Ireland. Investing in the next wave of innovation. Our executive producer is Christine Barata and our senior producer is Sharon Barrero. Lysa Pena is the Associate producer. Additional production assistance by Global Situation Room. I'm your host, Jennifer Strong. Until next time.