Taoiseach announces board to oversee new innovation fund

TAOISEACH BRIAN Cowen yesterday announced the appointment of a board to oversee the Government’s new €500 million innovation fund.

The fund – details of which were revealed at the New York Stock Exchange by Mr Cowen this week – is intended to support enterprise development and job creation. The scheme is to begin in September, with the State investing €250 million over five years, a sum which will be matched by private sector investment.

The fund was foreseen in Building Ireland’s Smart Economy, the medium-term plan announced by Mr Cowen in December 2008, but was put on hold as conditions were not favourable for raising venture capital.

Announcing the membership of the board yesterday, the Taoiseach said: “We have lived through the worst global recession of our lifetimes, but it is imperative that we position Ireland so that we can take advantage of the global upturn when it comes.

“We have a clear vision of what we want to achieve for Ireland, and we are building on a range of policies introduced to make Ireland a thriving centre for business development and employment creation. Innovation Fund Ireland is a key initiative to make this happen.”

The fund will be overseen by an advisory board chaired by Damien Callaghan of Intel Capital.

The other members of the board are: Bernard Byrne of AIB; Martin Kelly of IBM VC Group; Ray Nolan, formerly of Web Reservations International (WRI); Bernie Cullinan of Clarigen; Helen Ryan from Creganna-Tactx Medical; UCD president Dr Hugh Brady; special economic adviser to the Taoiseach Prof Peter Clinch; NTMA director John Corrigan; Prof Frank Gannon of SFI; Barry O’Leary of IDA Ireland; and Enterprise Ireland’s Frank Ryan.

Mr Cowen said: “We have brought together an excellent group of people to advise Government on the operation of the fund, which includes successful entrepreneurs, venture capital experts and heads of State agencies.

“This will ensure that we build on the whole of the Government approach that we have put in place to make this fund a success.”