I announced the first call for expressions of interest in Innovation Fund Ireland on 23 September 2010, less than two weeks ago. Enterprise Ireland and the National Pensions Reserve Fund (NPRF) will manage the Fund and investors have until November 26 to signal their interest in establishing a presence here. The Innovation Fund is about investing for the medium to long-term in high potential companies that will help to deliver the jobs and growth as we steer Ireland out of the current economic downturn.
The main objectives of the Fund are to:
Increase the number and scale of innovation driven and high-growth businesses in Ireland.
Increase the availability of smart risk capital for early stage and high-growth companies.
Attract top-tier venture capital fund managers to Ireland.
Attract, leverage and develop entrepreneurial talent.
Jobs created through the Fund will depend on the investments made and the decisions of independent venture capital fund managers. The nature of such funds and the independence of decision making by the relevant fund managers means it is not possible to provide projections of jobs created at this point in the process. International economic growth and new innovations in the technology, life sciences and clean technology spheres over the coming years are other factors that will impact on the level and type of jobs created.
A dynamic and progressive venture capital market is a prerequisite for the development of high potential start up companies and the future growth of scaling companies in Ireland. This Fund is further evidence of the Government's longer-term strategy and our continued commitment to generate high quality jobs in Ireland's 'smart' economy.