In their review of Bord Fáilte, Arthur D. Little anticipated that, beyond 1999, project developers may have to rely far more on commercial sources of funds, provided primarily on estimates of commercial value. The consultants added that making the current grant allocation process more commercial in its execution would help project developers adapt to these future requirements and become more profit-ability-driven and self-reliant. I fully agree with their views.
The proposed new process for the management of European Regional Development Fund funds for private sector product development projects is, therefore, an evolution of the former system designed to reflect these new realities.