Joan Burton (Dublin West, Labour)
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Question 82: To ask the Tánaiste and Minister for Enterprise, Trade and Employment the progress made to date, with respect to the €500 million State backed venture capital fund announced in December 2008, of implementing this initiative; when she expects the first disbursements of funds to take place; and if she will make a statement on the matter. [18954/09]

Mary Coughlan (Donegal South West, Fianna Fail)
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Discussions are continuing between officials of my Department, other Government Departments, Enterprise Ireland, the National Treasury Management Agency (NTMA) and the various parties whose cooperation and participation will be required before this Fund becomes operational.

The Innovation Fund Ireland concept is a Department of An Taoiseach initiative and Enterprise Ireland and the NTMA have provided advice to the Department of An Taoiseach at its request on how the concept might be developed, given the experience of both agencies in the area of venture investment.

A meeting of the Department of An Taoiseach, Department of Finance, Department of Enterprise, Trade and Employment, Enterprise Ireland and the National Treasury Management Agency with responsibility for the National Pensions Reserve Fund (NTMA/NPRF) on 13 March 2009 agreed that Enterprise Ireland and NTMA/NPRF would collaborate to produce a workable model of the Fund for inclusion in the Department of An Taoiseach's proposal to Government.

Separately, Enterprise Ireland continues to work with Venture Capital Funds, Business Angels and other institutions to ensure a continual flow of seed funding. To date, seven Venture Capital Funds have received commitments and have commenced investing under the Seed and Venture Capital Scheme 2007-2012. A further two Funds have received commitments and are currently fundraising. The agency remains focused on the establishment of Innovative High Potential Start Up companies and on the commercialisation of state funded research, in particular on increasing the number of spin out companies in the economy.