Recipe for success: first, find a talented entrepreneur; second, add a good product, skilled team and finance; third, stir and wait. Simple. So simple that no one had done it systematically before - that is until a Northern Irish team calling itself Novatech came along.
The non-profit Novatech, directed by such personalities as Hugh Carey, former Governor of New York, Thomas Hardiman, chairman of IBM in Ireland, Short Brothers director Richard Gordon, and Art Rooney, owner of the Pittsburgh Steelers, launched into its first project last September.
As Novatech general manager Steve Harvey describes it, low-risk, high-reward companies are simple to germinate. First, ongoing research in the United States identifies young successful companies with new products that could also sell well in Europe. Agreements are made with some of these companies to research the prospects in Europe and, if this looks good, to manufacture and sell their products from a Northern Ireland base. Then the search is on for management.