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‘You’d have to have been a turkey not to have made money in venture capital in 1997’

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Faced with deciding what to do when he left school, Fergal Mullen made the snap decision to study electronic engineering. It seemed like a good idea at the time but in fact Mullen’s calling lay elsewhere as he quickly discovered when an athletics scholarship saw him transfer from what was then Dublin Institute of Technology (DIT) – now TU Dublin – to Brown University in Providence, Rhode Island, where he combined engineering with business studies and a passion for distance running.

“Going to Brown was my ‘get lucky moment’. The curriculum was liberal arts based and as I was a bit bored with all the engineering stuff I started exploring subjects within the business studies curriculum such as economics and organisational behaviour and absolutely loved it,” says Mullen, who credits Irish Olympian athlete John Treacy for encouraging him to move Stateside and helping him get enrolled at Brown.

“I met John at a race – he won, I came second – and we hit it off immediately and are still friends,” says Mullen. “John took me to meet the coach at Brown, reeled off my times and left. I started there in September 1986.”

Going to live in the US wasn’t a big upheaval for Mullen as he had been there before on a J1 working as a golf caddie by day and gigging at night, playing Irish traditional music.

“Studying at Brown opened so many doors for me, and somewhere along the line I came across private equity and venture capital. I didn’t jump into this field immediately but it’s where I have spent the last 26 years of my career,” says Mullen.

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From Brown, Mullen joined US-based consulting firm Cambridge Technology Partners and spent 11 years there, rising to the rank of senior vice-president sales for the company in Europe. “I got large exposure to business in Cambridge at a very young age,” says Mullen. “We went public in 1993 and I wrote the IPO prospectus.

“We took the business from zero to $700 billion in revenues with 56 offices around the world. This equipped me with a broad set of business skills and experience in scaling, which I was then able to bring to my career in venture capital.”

In 2012, Mullen – who has an MBA from Harvard and is a former board member of the Michael Smurfit Graduate Business School in Dublin – cofounded the technology-focused investment firm Highland Europe, which employs 35 people and has offices in Geneva and London.

Highland invests in growth stage, product-led companies predominantly in software and consumer-facing internet businesses. Its sweet spot is companies turning over €10 million who are looking to raise €20-€80 million to accelerate their expansion.

“We have 70-plus companies in our portfolio with over €3 billion in assets under management,” says Mullen, who adds that Highland fishes in a competitive pool against some of the biggest names in international investment, including those from Silicon Valley.

The companies Highland invests in tend to be at the leading edge of their sectors and, to date, Highland has invested in and exited 29 ventures in areas such as mobile marketing, fraud prevention, software for waste and recycling, workplace scheduling software and online loan comparison.

A Kerry man in Melbourne: ‘I have not seen any tough, stereotyped behaviour. I see similar senses of humour and levels of respect’Opens in new window ]

The company is a former investor in Limerick-based AMCS, which was sold last year, and more recently Highland has become an investor in 9 Fin, a Belfast-based debt market intelligence company.

“I’ve been hit by the luck truck more than once in my life,” says Mullen. “My first break was going to Brown and then to Cambridge, where the challenges and level of seniority entrusted to me were significant. I launched my first corporate fund there. It was $30 million, and we got a return of 10 times. That’s pretty extraordinary but I should point out that 1997 was the best year ever in the history of venture capital. You’d have to have been a turkey not to have made money at that time.

“At Highland Europe, we are 10 equal partners in the business and invest all over Europe. Each partner in the firm has five or six boards they sit on related to investments they’ve made, and we are about to raise our sixth fund, which will be €1 billion plus.

“Our investment decisions are based on consensus. We’re a ridiculously collaborative organisation with no fiefdoms, no office politics and no bullshit. We’re all completely equal and, if at any point I’m not delivering, my partners are perfectly entitled to ask me to move on.

“As investors, our hallmark is to back companies we believe can grow and scale a business. We’re not the kind of people who will come in and break up a team. We get behind them and support them to grow and achieve their full potential.”

Mullen lives about four kilometres from Geneva, “in a lovely quiet area with the lake and the mountains to enjoy. I divide my time between travelling, the office in Geneva and our office in London, where I spend three days every other week.”

Mullen still runs to keep fit and is quietly modest about the fact that he’s one of an elite group of athletes who have run seven marathons in seven consecutive days on seven continents. His efforts raised more than €1 million for a children’s cancer charity.

Apart from running, he relaxes by skiing and golfing and he also volunteers with Human Rights Watch in Geneva, where he is chairman of the Swiss branch.

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Gary Gannon: Dublin doesn’t need curfews – it needs people who care and a plan with money behind it

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THIS WEEK, DUBLIN TOWN called for curfews and exclusion zones in the city centre. Last week, the Government backed calls for curfews on young people, fines for parents, and even a mini criminal assets bureau to confiscate PlayStations. When I raised the wider issue of violence in the city centre with Jim O’Callaghan in the Dáil this week, his reply was that we should all try to “get more positive” about Dublin.

I love this city, but you don’t make people feel safe by telling them to look on the bright side. You can’t wish safety into existence.

I talk to people in my community every day. No one is denying that the level of violence has gone up. Youth workers in the Inner City are saying the rise in fear, intimidation and gang violence has reached a point where they feel unsafe just doing their jobs. As someone who worked in youth services before politics, that’s an escalation I never thought we’d see. Council staff in our parks have told me the same. We’ve all witnessed the incidents on the quays and on main streets that have chipped away at people’s trust in the safety of our city. That should shock us. People have every right to be angry.

Curfews only target a small cohort of young people who are already on the margins, and they bake in the stigma. Most teenagers around the city are just trying to hang around with their mates, play football or have a laugh. A curfew doesn’t distinguish between them and the few who are getting caught up in violence. It casts a blanket suspicion, and once you label a teenager as an outsider in their own city, you make the road back into school, work and training far steeper.

Failed policies

We know this doesn’t work. The UK tried ASBOs and local curfews in the 2000s. Breaches were commonplace, problems just shifted from one street to another, behaviour hardened and the trust in services broke down. In the end, the policies were scrapped. So why would we repeat the failure?

People love to talk about the “Iceland model” as if a curfew was the magic fix. What really happened there, though, was investment. Children got a grant to join a team or arts group, communities got proper resources and parents were supported. That’s what actually turned things around.

It wasn’t a clock telling them to go home that changed behaviour. It was opportunity. Take away the investment and all you’re left with is a curfew, and that on its own is both pointless and wrong.

This government has form here. We’ve had two different taskforces in the last decade. The City Centre Taskforce that Simon Harris announced last year to great fanfare, has never been resourced. It exists only in press-release form, and that’s insulting to the people who live and work in city.

We already had the NEIC initiative, set up after the gangland feud in the North East Inner City. It got €50 million in funding across seven years. Well-intentioned? Yes. But it completely misunderstood the issues it was meant to confront. The core harms that sparked it are still their today: families living with debt intimidation, open drug markets when you open the front door and long waits for basic services.

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When a flagship programme doesn’t deliver on the problems it was meant to fix, the answer isn’t another press release or photo-op for ministers. It’s straight answers and proper funding to deliver what was promised. So what would make Dublin safer?

Practical solutions

Youth services: fund them properly and keep them open late. Put outreach workers on the streets where the issues are real. Teenagers need places to be and adults they can trust. Every youth worker and parent up and down the country knows this.

Bring back community policing. People feel safer when Gardaí are on foot, when they know them by name, and when they are around at the hours when trouble actually happens – evenings, weekends, school holidays. It also needs continuity so relationships can grow.

We need consequences that work, like restorative justice and diversion schemes work. The evidence backs that. They make a young person face the harm, make amends and stick with real programmes that turn things around. And if someone breaks the rules, act fast. It cuts repeat offending far better than blanket bans ever could, and costs less than court or custody.

Support families. Addiction, mental health and debt intimidation don’t stop at five o’clock. Put counselling, youth mental health, and debt supports into the communities carrying the heaviest load. When a family asks for help, the door should open straight away, not weeks later and after a pile of paperwork.

Fix the basics: light up the dark corners, clean the lanes, open empty units for activity and make late-night transport reliable. These might sound like small things, but they all add up. Bit by bit, they change how a place feels and how a city is experienced. When you create spaces where people can meet, relax and enjoy the city together, you build connection. That’s what animates in a city that’s inclusive, welcoming and safer for everyone.

Finally, we need accountability. Publish a plan that’s properly funded and has targets everyone can measure. Tell us how many youth workers are being hired, how many youth services clubs are staying open later, how many gardaí on foot patrol are happening in the city centre and at what hours, how many counselling places are being added on the north and south side. Then report on it every month so people can see progress on their own street. Dubliners will back you if you’re straight with them and if they can actually see change.

I’ll always back a positive vision for Dublin. I am proud of my city. But pride without a plan is just noise. Curfews and exclusion zones may sound tough, but they won’t make Dublin safer. Investment, presence, and accountability will. This city belongs to us all, including our young people.

Our challenge isn’t how to get young people off the streets, it’s how do we make the streets theirs too? Our job is to bring them in with opportunity and support. And that’s a challenge worth taking on.

Gary Gannon is a Social Democrats TD for Dublin Central and is the party’s spokesperson for Justice, Home Affairs and Migration.

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Building of three new towns will start before election, Labour pledges

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The construction of three new towns will begin before the next general election, Labour has pledged.

A taskforce has recommended 12 locations in England for development, with three areas – Tempsford in Bedfordshire, Leeds South Bank, and Crews Hill in north London – identified as the most promising sites.

Housing Secretary Steve Reed is expected to announce the plans in a speech on the opening day of Labour’s annual party conference.

Labour has put housebuilding at the centre of its vision of how to get the economy growing, promising to build 1.5 million new homes by 2029.

Tempsford is home to 600 people and currently has around 300 houses. Its parish council chairman David Sutton said residents had been kept in the dark about the potential plans, including how many new homes could be built.

“The biggest problem we’ve got at the moment is that even today, as an announcement’s being made, we’ve been given no idea whatsoever of the scale of what we’re being asked to live amongst,” he told the PA news agency.

“Nobody’s come to talk to us at all.”

The promise of a “new generation of new towns” was included in Labour’s election manifesto last year.

The 12 proposed developments range from large-scale standalone new communities, to expansions of existing towns and regeneration schemes within cities.

Sites in Cheshire, South Gloucestershire, East Devon, Plymouth and Manchester are among those which have been recommended for development.

The chosen sites will be subject to environmental assessments and consultation, with the government confirming the final locations and funding next spring.

Labour said each new town would have at least 10,000 homes and they could collectively result in 300,000 homes being built across England over the coming decades.

The government has welcomed a recommendation from the New Towns Taskforce that at least 40% of these new homes should be classed as affordable housing.

A New Towns Unit will be tasked with bringing in millions of pounds of public and private sector funding to invest in GP surgeries, schools, green spaces, libraries and transport for the new developments.

The taskforce has recommended new towns are delivered by development corporations, which could have special planning powers to compulsory purchase land, invest in local services, and grant planning permission.

This follows the model of the regeneration of Stratford in east London during and after the 2012 Olympic and Paralympic Games.

Prime Minister Sir Keir Starmer said: “For so many families, homeownership is a distant dream.

“My Labour government will sweep aside the blockers to get homes built, building the next generation of new towns.”

In his speech, the housing secretary will promise to “build baby build”, while “taking lessons from the post-war Labour government housing boom”.

“This party built new towns after the war to meet our promise of homes fit for heroes. Now, with the worst economic inheritance since that war, we will once again build cutting-edge communities to provide homes fit for families of all shapes and sizes,” Reed is expected to say.

After World War Two Clement Attlee’s government planned the first wave of new towns, including in Stevenage, Crawley and Welwyn Garden City, to relocate people from poor or bombed-out housing, with development corporations assigned responsibility for building them.

The announcement comes as Labour members gather in Liverpool for the party’s annual conference.

It will be Reed’s first major speech since he took over from Angela Rayner as housing secretary, after she resigned for failing to pay enough tax on a flat purchase.

It has been a bruising few weeks for Sir Keir, who is facing questions over his leadership and the direction of his party.

With Labour trailing behind Reform UK in the polls, the prime minister has stepped up his attacks on Nigel Farage’s party.

Arriving in Liverpool on Saturday, he warned Reform would “tear this country apart” and said the conference would be an opportunity to set out his alternative to the “toxic divide and decline” offered by the party.

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Dad-of-three turns to food bank after job loss

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imageBBC

A single dad-of-three said he was forced to move in with his parents and rely on a food bank when “things just went downhill quick” after losing his job.

Luke Harborne worked as a roofer up until December but admitted he did not know what he would do if he had no access to Worcester’s food bank.

“I don’t know what would happen, I really don’t,” the 30-year-old said.

“The people here are absolutely brilliant, they’re such lovely people and all of them have a heart of gold to do what they do.”

Mr Harborne had been in shared accommodation in Kingstanding, Birmingham, but when he became unemployed, he fell behind with his rent payments and lived on the streets before his parents in Worcester took him in.

“My mum and dad agreed to let me live back there but I’m just struggling at the minute,” he said.

“It’s very, very tough [providing for three children]. It’s hard to survive off benefits, it really is.”

imageBlue shelves with tins of food and trays of food, such as ginger nut biscuits. There is also a green tray on the bottom shelf with bags of crisps.

Mr Harborne said he was even struggling while he was employed.

“I managed to cope with the wages I had coming in but all my money was going on rent and bills,” he said.

“The rest went on food but that didn’t last me until my next payday.

“I need to get myself back in employment and I am actively looking but it’s tough because I have to work around child arrangements so it’s hard to commit to a full-time job.

“You need a really good job, that pays really well just to get a one-bedroom flat. But I will get there. It’s just hard to survive.”

imageA bald man wearing a green jumper and a green fleece stands on a platform overlooking a warehouse with shelves and parcels behind him.

At the food bank, Grahame Lucas said he worked to “turn frowns upside down”.

“It’s a bit corny, I know, but people come here perhaps not feeling the most positive but they walk away with a smile on their face,” he added.

Mr Lucas has been manager of Worcester Foodbank since 2014 and said in that time the charity has “grown out of all recognition”.

“We started out feeding about 3,000 people a year and prior to Covid up to about 9,000 people and now we’re up to 18,000 people,” he said.

“We’re now braced for the autumn rush, when people start getting their energy bills on the doormat. This is by far the busiest period.”

Mr Lucas and his team provide about 250,000 meals annually, at a cost of £500,000.

The service also provides “cooking parcels”, which include herbs and spices, as well as a toiletries hamper too.

“Clients have said to us that we’re lifesavers and without us people have admitted they would be forced to shoplift just to survive,” Mr Lucas said.

imageA woman with short grey hair sits outside a red brick building wearing a green sweatshirt.

Mr Lucas said the charity had served “all age groups” which “goes right through to people who are retired”.

“That group is much less because, what we find, the state pension system works well – whereas the benefits system is still deficient,” he said.

“I think the system is broken.”

The food bank manager said he sympathised with government and described changing the system as an “oil tanker moment” that would be a “long-term project”.

imageVolunteers sort out food packages next to shelves of food in a large warehouse.

Susan Campbell, deputy warehouse manager at Worcester Foodbank, is responsible for greeting clients.

“The stories are really sad and you want to do more than just give them food,” she said.

“You hear all sorts and you just try to make them feel better about the whole thing.”

She added the numbers coming to them have “got much, much worse” and they were seeing more and more families.

“People tend to assume we’re serving the homeless but it’s just not true,” Ms Campbell said.

“Lots of people that come here are working and they just can’t afford to live.”

imageImage taken in the aisle of the warehouse with shelves either side with boxes of cereal in some boxes.

A Department for Work and Pensions spokesperson told the BBC it was “determined to tackle the unacceptable rise in food bank dependence”.

They added: “Our child poverty taskforce will publish an ambitious strategy later this year.

“We are also overhauling job centres and reforming the broken welfare system to support people into good, secure jobs, while always protecting those who need it most.”

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