By Richard Downes, Washington Correspondent, in San Francisco

The Government has announced an investment of around €60 million in a venture capital fund, aimed at putting money into Irish companies and also getting the venture capital firms to set up in Ireland.

How realistic is this? Richard Moran is an American legend. He is one of a hundred or so people in San Francisco who are counted in the top tier of venture capitalists.

He has invested in a huge range of companies and many of them have not worked out. but a significant number have worked very well.

He advises various government and non-government entities in Ireland on venture strategy.

Here he talks about the ‘voodoo’ of venture capital and how it works.