Dáil Éireann Debate, Thursday - 26 April 2012
24 Deputy Aengus Ó Snodaigh asked the Minister for Jobs, Enterprise and Innovation the amount of money allocated to the Innovation Fund for Ireland and the draw down to date; the total investments achieved to date by the Innovation Fund for Ireland; the number of projects supported; and the number of jobs created. [20898/12]
Amharc ar fhreagraInnovation Fund Ireland (IFI) is a key pillar of support for dynamic new industries, and investments through the Fund will facilitate job creation in innovative export focused sectors as well as providing a return to the exchequer over time.
€250 million was made available to the Fund to make commitments. This funding runs along two parallel tracks. The first comprises a €125 million pool of funds provided by the Exchequer and managed by Enterprise Ireland. The second is for a similar amount and designed to allow Ireland's National Pensions Reserve Fund (NPRF) to make a similar level of commercial investments assuming its criteria are met.
Following the first call for expressions of interest in September 2010, a large number of responses were received from a sectorally and geographically diverse group of companies. Enterprise Ireland made a number of commitments alongside the NPRF and the first investment by Enterprise Ireland was the commitment of $25m from Enterprise Ireland, along with $12.5m from the NPRF, to Sofinnova SVP VIII, announced in March this year.
As well as its investment in Sofinnova Ventures, the NPRF have made three other investments. The first investments were in DJF Esprit and DFJ Venture Capital resulting in a partner being hired on the ground in Ireland to invest in Irish companies. The other NPRF investment is in Polaris which has resulted in the establishment of the first Dogpatch Incubator Lab outside of the United States.
The Government looks forward to announcing the other commitments as the fund managers' process of fundraising is completed. Irish investment activity will be announced by the fund managers over the lifetime of the fund. Due to commercial sensitivities, Enterprise Ireland does not disclose individual drawdowns.
Under the Scheme, Enterprise Ireland requires the VC to establish an office in Ireland and to invest the equivalent of the Enterprise Ireland commitment in Irish companies or companies with significant operations in Ireland. Aside from these conditions, Enterprise Ireland invests on the same terms as the private sector sharing the risk and the rewards.
Following a commitment made in the Action Plan for Jobs a second call for proposals was issued last month following the announcement of the first investment under the first call for expressions of interest. Both Enterprise Ireland and the NPRF are actively marketing this second call at present.
