In a blaze of glory the government launched its so-called ‘Smart Economy’ strategy in December 2008. Central to this was be a €500m ‘Innovation Fund’ to channel venture capital into Irish high-tech start-ups. In reply to a parliamentary question this week tabled by Joan Burton this week, it has transpired that this initiative has not progressed at all.
                                                                                               
DAIL QUESTION

NO.   156        

To ask the Tánaiste and Minister for Enterprise, Trade and Employment the progress made to date, with respect to the €500 million State backed venture capital fund announced in December 2008, of implementing this initiative; when the first disbursements of funds will take place; and if she will make a statement on the matter.

– Joan Burton.

*    For WRITTEN answer on Tuesday, 16th February, 2010.

Ref No:   7604/10

R E P L Y

Tánaiste and Minister for Enterprise, Trade and Employment (Ms. Coughlan)

Discussions are continuing between officials of my Department, other Government Departments, Enterprise Ireland, the National Treasury Management Agency (NTMA) and the various parties whose cooperation and participation will be required before this Fund becomes operational.

The Innovation Fund Ireland concept is a Department of An Taoiseach initiative and Enterprise Ireland and the NTMA have provided advice to the Department of An Taoiseach at its request on how the concept might be developed, given the experience of both agencies in the area of venture investment.