merrion street

Following the very successful first call for expressions of interest in the Innovation Fund Ireland last year, Minister for Jobs, Enterprise & Innovation, Richard Bruton, today signalled his intention to announce shortly a second call for expressions of interest in the remaining balance of Enterprise Ireland (EI) managed funds.

Commenting on his plans for a second call for expressions, Minister Bruton said:

"There was an exceptional response last year to the launch of Innovation Fund Ireland. A large number of responses were received from a sectorally and geographically diverse group of companies.

"I now expect the first round of commitments out of the €125m of EI managed funds to be formalised over the next couple of months. When the first of the new Irish offices associated with these new investments is established I will formally begin the second round of calls for the balance of the funds allocated and managed by EI. The operation of the Innovation Fund will continue to be managed by EI in ongoing co-operation with the NPRF.

"It is important to note that a commitment from EI in any venture capital fund must result in the fund manager investing the equivalent of that commitment ‘in Irish companies or companies with significant operations in Ireland’. In addition, the fund managers must establish an office in Ireland and a fundamental principle is that the State’s investment should provide a financial return to the taxpayer over time.

"This means that through the careful selection of the right investments EI can secure significant additional funding from international investors for dynamic Irish based companies. Apart from the tangible benefits this brings to the domestic economy, I know from experience of recent trade missions to the United States that the message that this sends out to the international market is very loud and clear: Ireland is open for business".