MESSAGE FROM THE DEAN
DEAR UCD BUSINESS ALUMNI, A
S Ireland experiences an economic crisis unlike any in the history of the State, the public mood seems to be shifting, reluctantly, from looking for people to blame to assessing where we stand. A strong, determined will to address the crisis has yet to
emerge.Many are still dealing with the shock of finding the IMF at the door. The country has seen a collective loss of self-esteem and a sense of discour-
agement with economic conditions. It is time to move past them and get stuck into the work of regeneration. Ireland Inc as the engine of rapid growth was not an illusion. It just
lost its way. The decade of growth from the early 1990s to the early 2000s was built on solid foundations, created in particular by a healthy export
sector.Multinational companies came to Ireland because they saw positive conditions here. Yes, the tax rate was important. But they also saw a talented, educated, highly productive workforce that consis- tently demonstrated great flexibility. They saw a stable, functioning democracy and a government intent on creating a pro-business environ- ment. They saw a people who were receptive to foreigners and skilled at relationship building. These characteristics are still present and there is no flood of multinationals heading for the exits. Instead, they keep com- ing and, in companies like Google, Facebook and LinkedIn, occupy lead positions in industries that will define the business world of the future. At least three major contributors to the boom were indigenously inspired. A software production industry emerged with many locally developed firms. The International Financial Services Centre grew into a global centre for transaction processing, and with it grew a support system of law, accounting and specialist firms that created an ecology of expertise in finance. The largest indigenous industry in Ireland, the food sector, continued to grow domestically and expand internationally. There is reason for concern about new waves of emigration, but not
for self-pity.Waves of Irish returning from overseas have significantly enhanced prosperity in Ireland, having gained valuable skills and con- tacts. Emigration patterns that seared the Irish psyche, where emigrants likemy parents said goodbye to their loved ones, not expecting to ever see them again, are gone. Within minutes of reaching a destination,
4 UCD BUSINESS CONNECTIONS
young Irish can Skype home to report their safe arrival. Forced emigration based on current levels of unemployment is an
unfortunate necessity. But it only injects urgency into advice I and many colleagues have given young graduates for years: go overseas and work, making yourself more attractive as an employee whether or not you return later to Ireland. What does it matter if they don’t all return? The diaspora has been very good to Ireland, even though we have yet to fig- ure out how to take best advantage. Ireland does not lack for entrepreneurs. In worldwide surveys, it con- sistently ranks as one of the most entrepreneurial countries globally. Our two Alumni of the Year honourees are true examples. Feargal Quinn (BComm 59) grew Superquinn into a formidable grocery busi- ness.He expanded from a small grocer in Dundalk to a large chain of stores throughout Ireland through hard work, determination and a tal- ent for business development.His company led the way in online shop- ping and technology-tracked loyalty systems. Patrick Kennedy (DipPrAcc 91) has taken a UK and Ireland betting
shop, Paddy Power, forcefully into international markets through varied deals in countries like France, Spain and Australia. The local shop image belies its highly sophisticated use of technology. A leader in online betting, Paddy Power is recruiting talent for high-end jobs in areas like e-commerce, quantitative research and risk management. The themes in this issue of our magazine are regenerating Ireland Inc
and developing management and leadership strategies for the future. As Ireland’s most accomplished business school, we feel a particular responsibility to contribute whatever we can to this regeneration. Our primary mission to educate the young leaders of the future comple- ments our efforts to enhance leadership qualities in today’s business executives through our MBA and Executive Education programmes. As we face into strong headwinds, we welcome the chance to work
with our alumni and other leaders in Ireland, supported by friends and family overseas, to quickly put the wind at our backs.
With very best wishes Prof Tom Begley, Dean, UCD School of Business
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