Business & Finance, established in 1964, is celebrating its 60th anniversary this year. To mark this milestone, the publication is conducting a series of Leadership interviews with influential figures shaping Ireland’s corporate landscape. One of these interviews features Cathal Friel, a well-known entrepreneur, who discusses topics such as resilience, ambition, and the ongoing housing crisis with Sarah Freeman.
The conversation took place just weeks before the public announcement of Friel’s €7.3 million sale of shares in hVivo. At 60 years old, Friel’s extensive entrepreneurial portfolio includes co-founding companies such as hVIVO, Poolbeg Pharma, Amryt Pharma, and European Green Transition. He also founded and managed Raglan Capital for 17 years, solidifying his reputation in the business world.
During the interview, Friel, speaking from his rented holiday home in Donegal, fondly recalls childhood memories and emphasises the importance of experiencing life’s challenges to develop a strong work ethic. Growing up as one of 10 children in Donegal, Friel had to leave school at 16 to manage the family business after his father became ill. Despite the hardships, he later put himself through college and earned an MBA in International Marketing.
Friel believes that hunger and ambition often stem from adversity, contrasting his own experience with that of his children, who are growing up comfortably in South County Dublin. He attributes much of his drive to the challenges he faced early in life and asserts that such resilience is built through tough times.
The entrepreneur also reflects on Ireland’s economic resilience following the 2007/2008 financial crisis, which he believes taught the nation valuable lessons in financial prudence. Friel argues that Ireland’s entrepreneurial spirit, particularly among the farming community, has contributed to its current success. He describes farmers as the “oldest entrepreneurs,” given their need to navigate unpredictable factors like weather and market prices.
When addressing the housing crisis, Friel expresses deep concern, noting that high property prices are a significant issue across Europe, particularly in Ireland. He proposes several solutions, including doubling the housing height limits, curbing serial planning objections, and banning judicial reviews of planning applications. Friel also suggests the development of satellite towns, inspired by similar approaches in the Netherlands, to alleviate housing shortages.
Although Friel has strong opinions on policy matters, he dismisses any desire to enter politics, recognising that the skills required differ from those in business. He continues to focus on business opportunities, regularly travelling to London to monitor market trends and investor interests. For Friel, success often lies in recognising where money is flowing, rather than relying on a singular brilliant idea.
Friel’s reflections highlight his enduring passion for business and his belief in the importance of resilience and adaptability in navigating both personal and professional challenges.
Poolbeg Pharma plc (LON:POLB) is a clinical stage infectious disease pharmaceutical company, with a novel capital light clinical model which enables us to develop multiple products faster and more cost effectively than the traditional biotech model.
