Eoghan Murphy
Question:64. Deputy Eoghan Murphy asked the Minister for Jobs, Enterprise and Innovation the cost of running the seed and venture capital scheme to date and the cost of similar schemes. [52049/13]
View answerWednesday, 4 December 2013
Questions (64)
Written answers
The Irish seed and venture capital sector is a critical element of the funding environment supporting entrepreneurship and the creation of jobs in Ireland. Along with taking equity stakes in companies, the State has invested heavily in stimulating the Venture Capital sector. Three programmes have been run since 1994 and a fourth programme of €175m was announced by the Government as part of Budget 2013 for the period 2013 – 2018.
The Seed and Venture Capital Scheme’s document, as with all Scheme documents under the Industrial Development Acts, are approved by both the Minister for Public Expenditure and Reform and the Minister for Jobs, Enterprise and Innovation. This document gives Enterprise Ireland the legal authority to administer the Scheme. Enterprise Ireland in consultation with my Department determine the relevant thresholds and criteria for each call for expressions of interest under the Scheme as they are issued.
Enterprise Ireland staff manage the due diligence, investment process and back office functions that are required to manage the commitments the Government makes to Funds through the Seed and Venture Capital Schemes. When making commitments to venture capital funds, the State invests on a ‘pari passu’ basis with the private sector, equally sharing the risks and rewards.
However, all of the various initiatives are independently managed by the private sector that make all decisions regarding investments in line with their strategy and the market opportunities they identify.
The Seed and Venture Capital Scheme, the Development Capital Scheme, and Innovation Fund Ireland all form part of the suite of finance measures put in place through the Action Plan for Jobs to increase the availability of funding for SMEs and all operate under Schemes.