Innovation fund will create ‘smart’ jobs by drawing top venture capitalists - Minister O’Keeffe

The Minister for Enterprise, Trade and Innovation, Batt O’Keeffe TD, has said Innovation Fund-Ireland, launched in New York today by the Taoiseach, will for first time create a proper venture capital community here that will generate ‘smart’ new jobs.

Minister O’Keeffe said the €500 million fund would support enterprise development and job creation by drawing top venture capitalists to Ireland.

‘The Innovation Fund-Ireland will attract leading international venture capital firms and experienced investment managers to Ireland where they will invest in innovation-intensive small and medium-sized firms and open doors to powerful networks of contacts and decision-makers.

‘Venture capital is relatively underdeveloped in Ireland so this is our opportunity to leverage the power of the global investor community and create high-quality Irish jobs in the process.

‘The objective is to drive the creation of sustainable jobs in Ireland in the technology, life science, financial services, clean-tech and other sectors.

‘Ireland has a strong technical human capital base, significant public investment in research and development and a high concentration of major enterprises which now must be translated into more home-grown success stories.

‘To create a thriving high-value indigenous enterprise sector, we must expand the indigenous enterprise base.

‘And we can do that by enabling entrepreneurs to co-invest with the Government in high-potential start-ups that can create “smart” jobs in key growth sectors of the economy.

‘As Minister for Enterprise Trade and Innovation, I will be working closely with the Taoiseach and Enterprise Ireland in driving the venture capital agenda as we take further steps to position Ireland as the global innovation hub.’

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For further information please contact:

Bernard Mallee, Press Adviser to Minister Batt O'Keeffe, Department of Enterprise, Trade and Innovation, on Tel: +353 1 631 3944, Mobile: +353 87 9173022, Email: bernard.mallee@deti.ie