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David McCourt

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David McCourt
David C. McCourt, Chairman and founder of Granahan McCourt Capital
Chairman and founder of Granahan McCourt Capital
NationalityIrish-American
Alma materGeorgetown University
OccupationEntrepreneur

David McCourt is an Irish-American entrepreneur with experience within the telecom and cable television industries.[1] He was an early contributor to the development of transatlantic fiber networks and has founded or bought over 20 companies in nine countries.[2]

Early life and education

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McCourt grew up in Boston, Massachusetts. He is a graduate of Georgetown University. Upon graduation, he worked for 18 months as a probation officer's aide in a Washington D.C. neighbourhood.[3]

Career

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After working with the probation officer in Washington D.C., McCourt founded his first company, McCourt Cable Systems, operating as a designer and builder of cable networks. The company grew to be the largest privately owned designer and builder of cable systems in the US.[4] This venture led to him forming the first competitive telephone network in America, Corporate Communications Network. This company was merged with Metropolitan Fibre Systems (MFS) creating MFS McCourt. MFS was later sold for $14.3 billion to MCI Worldcom.[5]

In 1985, McCourt built the first independent TV station on the Caribbean Island of Grenada, Discovery TV.[1]

McCourt's next venture collaborated with engineering and construction firm Peter Kiewit Sons, Inc. From this partnership emerged McCourt Kiewit International, based in London, which became the largest designer and builder of residential cable television and telephone networks in Europe.[6]

McCourt was responsible for bringing the first competitive telephone and TV landscape to Mexico. He also brought traditional waiting times for land line phones down from one year to less than thirty days .[7]

In 1993, he acquired control of a publicly traded company C-TEC Corporation. He spent four years selling subsidiaries to grow the business. In 1997, McCourt split C-TEC into three publicly traded companies - RCN Corporation, Cable Michigan, Inc. and Commonwealth Telephone Enterprises, Inc. and served as the CEO for all of them.[8]

McCourt was Chief Executive Officer and Chairman of RCN Corporation until its bankruptcy in 2004 following 23 consecutive quarterly losses and $4 billion of total losses.[9]

McCourt later turned his attention to TV and film, taking various production roles. In 2005, he won an Emmy for the series Reading Rainbow, a long running children's show that encourages reading.[10] McCourt also produced Miracle's Boys directed by Spike Lee on Nickelodeon's new teenage network.[11] He served as Executive Producer on the ten-part documentary series "What's Going On?" which documented the impact of global conflict on children around the world.[12]

In 2013, as the chairman and CEO of the investment firm Granahan McCourt, McCourt led a consortium of companies which included Oak Hill Advisers, as well as the family of Walter Scott Jr., to acquire the Irish Fibre Company, Enet. Its network is used by over 70 telecommunication operators providing broadband to millions of people across Ireland.[13] McCourt acquired another Irish telecom operator, Airspeed Telecom, in 2014 for an undisclosed amount. At this point, McCourt and his partners had invested more than €100m in Irish Operations.[14]

Granahan McCourt took a controlling stake in internet video company Narrowstep Inc in 2006. McCourt became Chairman and CEO and led a $10.5 million equity financing for the company in 2007.[15][16][17][18]

In 2016, McCourt announced the first Public Private Partnership (PPP) in the Kingdom of Saudi Arabia following the Vision 2030 reform plans outlined by deputy crown prince Mohammed bin Salman, seeking to open up opportunities for foreign investment.[19][20] Through his ownership of Skyware Technologies, McCourt also operates global manufacturing facilities in key territories including China, where he has set up multiple strategic partnerships.[21]

McCourt has launched several digital technology platforms and is the technology partner for sports content platform Dugout. In June 2016, McCourt launched ALTV.com, a digital TV platform.[14][22] His investments also include a phone app called Findyr, a crowd sourcing technology invention.[4]

As the owner and Chairman of National Broadband Ireland, in November 2019, McCourt signed contracts with the Irish Government to deliver the country's €5 billion National Broadband Plan. Globally,[23] this will be the single largest investment ever in telecommunication infrastructure by Government intervention to revitalise rural communities and stop the creation of socio-economic divide. It is the biggest investment in Ireland since rural electrification.[24]

In November 2024, five years on from the initial contract signing of the National Broadband Plan, The Department of the Environment, Climate and Communications published its first independent evaluation report conducted by EY, which found that the National Broadband Plan is delivering widespread direct and indirect benefits for businesses, homeowners and rural and underserved communities. The National Broadband Plan has been credited by Minister of State Ossian Smyth as being on time, on budget and having credible evidence that the project is delivering higher benefits that expected.[25]

McCourt is the author of the book 'Total Rethink: Why Entrepreneurs Should Act Like Revolutionaries', published by Wiley. The book became a Wall Street Journal best-seller in 2019.[26] McCourt has also been a regular commentator providing editorials to international newspapers including the Financial Times and the Wall Street Journal.[27]

Awards and honors

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  • Won an Emmy Award for the children's series Reading Rainbow[11]
  • First award from President Ronald Reagan.[28]
  • First 'Economist in Residence' at the University of Southern California (USC) Annenberg School for Communication and Journalism.[29]
  • Selected as "Entrepreneur of the Year" by Ernst & Young LLP.[30]
  • Named "Top Entrepreneur" by the Harvard Business School Club of New York.[31]
  • Won gold medal from the American Irish Historical Society.[32]
  • Received an award for Outstanding Alumni Entrepreneur from Georgetown University.[33]
  • Named the inaugural Executive in Residence for Entrepreneurial Economics and Innovation from Georgetown University.[34]
  • Received the Science Foundation Ireland annual medal for outstanding contribution to technology and innovation.[35]
  • Honorary Doctorate Degree in Economic Science from University College Dublin for contribution to technology and innovation.[36]
  • Member of the Council on Foreign Relations.[37]
  • Recognized by the Tip O’Neill Diaspora Awards for outstanding services to Ireland.[38]

Personal life

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McCourt resides in rural Ireland and Florida.[39]

References

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  1. ^ a b "Ireland-based e|net has serious global ambitions in telecoms", Irish Times, 01/2011. Retrieved 1/2014
  2. ^ "David McCourt explains why micro-working is vital, and why he's so disappointed by Trump and Clinton". City A.M. Retrieved 1 August 2016.
  3. ^ MONAGHAN, GABRIELLE. "Telecoms boss is wired for the future". The Times. ISSN 0140-0460. Retrieved 2020-03-02.
  4. ^ a b "'I love doing battle': The tough guy who made $750m - BBC News". Retrieved 7 July 2017.
  5. ^ "How I keep my hands on my money" (PDF). Sunday Times. Retrieved 25 January 2015.
  6. ^ "David C. McCourt: Founder and CEO of Granahan McCourt Capital". Granahan McCourt Capital. Retrieved 1 November 2016.
  7. ^ "David C. McCourt Discusses Granahan McCourt's Plans to Bring Connectivity to the Developing World". USC Annenberg.
  8. ^ Jones, Dow. "COMPANY NEWS; CABLE MICHIGAN AGREES TO BE ACQUIRED BY AVALON CABLE". Retrieved 2018-10-05.
  9. ^ "Can RCN chief David McCourt hang onto job in bankruptcy?". tribunedigital-mcall. Retrieved 2018-10-03.
  10. ^ "Emmy Award for Irish Businessman". Massmind.
  11. ^ a b "UCD". Producer, David C. McCourt, Receives Emmy Award for Outstanding Children's Series.
  12. ^ "A Conversation with David McCourt, Founder and CEO of Granahan McCourt Capital". Chicago Political Review. Archived from the original on 2017-09-13. Retrieved 2017-09-13.
  13. ^ "The billion-dollar Boston mogul who aims to fix Ireland's broadband". Irish Independent. Retrieved 24 July 2016.
  14. ^ a b "The cable guy: David C McCourt on Ireland's broadband future". Silicon Republic. Retrieved 3 August 2016.
  15. ^ "Internet TV Company Narrowstep, Inc. Completes $10.5 Million Equity Financing". Retrieved 2018-10-03.
  16. ^ "Narrowstep Sale To Onstream: Deal Value Cut From $11.8 Million To $5.1 Million". Retrieved 2018-10-03.
  17. ^ Raymond, Nate. "Ex-Kit Digital CEO, associate convicted in U.S. of fraud schemes". U.S. Retrieved 2018-10-03.
  18. ^ "US telecoms investors buy Irish fibre firm E-net". Silicon Republic. Retrieved 27 September 2013.
  19. ^ "Saudi Arabia Vision 2030: Eight things you need to know about the reform plan | The National". Retrieved 2016-07-08.
  20. ^ Henry, Caleb (2016-05-10). "Taqnia, Skyware and Cresent [sic] form Satellite JV with KACST - Via Satellite -". Retrieved 2016-07-08.
  21. ^ "Executive Spotlight — David McCourt". SAT Magazine. Retrieved 10 January 2010.
  22. ^ Editor. "ALTV begins streaming video service with MENA rollout". Retrieved 2016-07-08. {{cite web}}: |last= has generic name (help)
  23. ^ Burke-Kennedy, Eoin; Leahy, Pat; Bray, Jennifer. "Broadband cost set to top €5bn including private investment". The Irish Times. Retrieved 2024-11-18.
  24. ^ Leahy, Pat. "Signing of €3bn broadband contract is 'biggest investment in rural Ireland ever'". The Irish Times. Retrieved 2024-11-18.
  25. ^ "National Broadband Plan benefits outlined in Independent Evaluation Report". www.gov.ie. 2024-11-04. Retrieved 2024-11-18.
  26. ^ "David McCourt's Total Rethink Announced as Best Business and Entrepreneurship Book at Industry Awards". AP News. 2019-12-17. Retrieved 2024-11-18.
  27. ^ "Online video and the death of Hollywood". www.ft.com. 2007-04-16. Retrieved 2024-11-18.
  28. ^ "The cable guy: David C McCourt on Ireland's broadband future". Silicon Republic. 3 August 2016.
  29. ^ "How to succeed in today's media economy". USC News. 12 April 2011.
  30. ^ "RCN Chairman and CEO David C. McCourt Named 'Entrepreneur of the Year' by Ernst & Young". PR Newswire. 18 June 1999.
  31. ^ "Harvard Business School Club Selects David C. McCourt, Chairman/CEO of RCN Corporation, as Top Entrepreneur". PR Newswire.
  32. ^ "American Irish Historical Society". American Irish Historical Society.
  33. ^ "ANNOUNCED: 2016 GEORGETOWN OUTSTANDING ALUMNI ENTREPRENEURS OF THE YEAR". Hoyapreneurs. Retrieved 12 April 2016.
  34. ^ "GEORGETOWN UNIVERSITY APPOINTS DAVID C. MCCOURT TO GROW ENTREPRENEURIAL CREDENTIALS". Startup Hoyas. Retrieved 19 October 2016.
  35. ^ "St. Patrick's Day Science Medal Recipients Announced". RTE. 14 March 2018. Retrieved 14 March 2018.
  36. ^ "UCD recognises David McCourt's "lifetime in citizen diplomacy"". 15 December 2022.
  37. ^ "Council on Foreign Relations". Council on Foreign Relations. Retrieved 2024-02-26.
  38. ^ Writer, Staff (2024-08-27). "Entrepreneur David McCourt is first awardee for Donegal's Tip O'Neill Award". Donegal Daily. Retrieved 2024-11-14.
  39. ^ "David McCourt explains why micro-working is vital, and why he's so disappointed by Trump and Clinton". City A.M.
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