Boost for Research with launch of "Innovation Fund - Ireland"

Posted on July 19, 2010 by Claire Molloy

The ‘Innovation Fund – Ireland,’ was launched last week by Taoiseach Brian Cowen. The €500 million fund has been set up to support enterprise development and position Ireland as the “innovation hub” of Europe.

Speaking in the New York Stock Exchange last Monday, Mr Cowen announced the fund as a key part of the Irish government’s Smart Economy strategy, designed to assert Ireland as “the best place in Europe to turn research and knowledge into products and services”. The Taoiseach pointed to the enterprise-friendly environment and the availability of high quality employees as aspects of the Irish economy that will complement the new fund.

A large portion of the fund will go towards fostering research.  The government has pledged €250 million towards the Innovation fund, half of which will come from the exchequer and another €125 million will be provided by the National Pension Reserve Fund. The remainder will come from venture capital companies.

The fund will seek expressions of interest in early September 2010.

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