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Government Promise Innovation Fund

Interesting. Brian Cowen heads to the US to promote a new innovation fund of  €500 million for Irish companies;  €125 million will come from the exchequer and another €125 million will be provided by the National Pension Reserve Fund. Allegedly the remaining €250 million in the half billion fund will come from venture capital companies.

They seem to be expecting tier one VC firms (from the US I presume) will base themselves here. I know we have a serious issue with various parts of the venture capital ‘pipe’ but I am not sure exactly how one would spend this kind of money at the moment unless there is a serious explosion in start-ups. Seeing as their biggest problem is the first couple of years of money, this fund would seem for the most part to be later stage. Perhaps the first €250 million will be for early stage companies; bird seed, seed and first round.

It will be interesting to see how many US firms are enticed here. If memory serves me 3i had a small office here ten years ago for a brief time. Whether a number of valley firms would base themselves in Ireland to only invest in Ireland remains to be seen. Still the noises are heading in the right direction.

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