As well as fostering links with Silicon Valley, the trip has strengthened links between the mostly internet-based start-up companies who participated.

Marc Andreesen, the serial internet entrepreneur who, as co-founder of web browser company Netscape, became the poster boy of the original internet boom, was one of the senior technologists who took time out to meet the group of entrepreneurs.

Andreesen told the group that if they were serious about building a technology or internet business, they would have to relocate to the valley.

"The eco system is set up here to fund these kind of businesses," said Andreesen.

He said that with the exception of internet telephony leader Skype, there were few examples of global internet companies that had been successful without having a base in Silicon Valley.

That message was a common theme as the group visited technology and internet companies in the region.

Marcus MacInnes, founder and chief executive of photo-sharing service Pix.ie (pronounced "pixie" not "pix dot ie") said he had been surprised by the openness displayed by people in Silicon Valley.

Following his pitch at an Enterprise Ireland venture capital event earlier in the week, MacInnes is today meeting a local businessman who could become an investor or partner for Pix.ie.

MacInnes will not be one of those relocating to California.

"If everyone moves to Silicon Valley, you just end up with 10 or 20 Flickrs [ a photo-sharing site acquired by Yahoo]," said MacInnes. "My product needs to be in Ireland because we have different levels of expertise, usage and capabilities in Europe."

Executives from Milestone Group, an advisory firm which helps technology companies raise finance, cautioned the Irish group that venture capital was the most expensive form of funding and they should only consider it if they needed to expand fast in order to address a large business opportunity.

Milestone's managing partner Mark Zawacki said Irish firms would find it hard to raise finance in Silicon Valley but said they should consider looking at European venture capitalists outside Ireland who were willing to make investments across the continent.

"It was really exciting to hear how switched on and plugged in this group was," Zawacki wrote later in a blog post.

"I applaud them all getting organised to come across and make the investment. It'll pay dividends for all of them in the months and years to come."

Afterwards Shane McAllister, founder of Mobanode, said he would like to stay away from raising venture capital as much as possible.

His firm, which was only founded on October 1st last after he resigned as chief executive of MagneticTime, is developing a system that will enable video clips to be delivered to mobile phones at sporting events and concerts.

The company is currently funded with an Enterprise Ireland feasibility grant and McAllister's own savings but he said that, given the cost of deploying a network in stadiums or concert halls, he would have to consider venture capital when it comes to building those networks.

Coincidentally, in the same week that Paddy's Valley is based in Palo Alto, Enterprise Ireland's Leadership 4 Growth programme is taking place at Stanford University, the Silicon Valley alma mater that dominates the city.

The chief executives of 32 more established Irish technology and life sciences companies have paid €23,000 each to take part in a one-year programme delivered by Stanford's Graduate School of Business.

Clearly with so many Irish technology executives in the valley this week, a signal has been sent that Ireland is not just an efficient place for US multinationals to locate their companies but produces home-grown vibrant technology companies.