Brian Cowen (Laois-Offaly, Fianna Fail)

We received a detailed report recently on the area of green enterprise from the group under the chairmanship of Joe Harford, who is also a member of the innovation taskforce. That is a linkage in terms of those two exercises which is beneficial. The outcome of the recommendations by the innovation taskforce will take cognisance of that and be very much aware of the potential that has been identified by the green enterprise group that recently reported detailed proposals for the creation of new jobs and businesses in the green technology area.

On the question of the level of funds, we are in the process of seeking to design the fund in a way that will attract private sector venture capital funds. That is precisely what is going on. The NTMA team is in the United States this week as part of that process of market testing how it can devise a fund that will assist and augment existing seed capital and other venture capital funds that are currently under the auspices of, for example, Enterprise Ireland, quite apart from the private sector venture capital industry in this country in any event. The record has shown US venture capital funds and other venture capital funds in Europe are helpful in commercialising ideas for start-up enterprises far more quickly where they can identify potential. Such funds have worked very well, for example, in Israel and elsewhere. That is the concept we are seeking to develop.

The taskforce will report shortly. It has broken up into a number of working groups comprising a number of very well qualified people who are involved in the business of start-up companies themselves, as well as people from Departments. The terms of reference that were given to the group less than six months ago draw on the lessons from successful international and national models in the area of the strategy for science, technology and innovation. The group was to examine options, increase levels of innovation and the rates of commercialisation of research and development on a national basis with a view to accelerating the growth and scale-up of indigenous enterprise and to attract new knowledge-intensive direct investment.

The taskforce was also to seek to bring forward proposals for enhancing the linkages between institutions, agencies and organisations in the public and private sectors to ensure a cohesive innovation and commercialisation ecosystem. It was also to identify any specific policy measures that might be necessary to support the concept of Ireland as an international innovation development hub, including in the areas of legislation, educational policy, intellectual property arrangements, venture capital and immigration policy.

A number of working groups have been set up because of the relatively limited reporting timeframe of six months and the significant expertise and experience of members. It was considered that the establishment of a number of focused working groups was the best way to progress the terms of reference and consider certain aspects of the work programme. For example, the first group deals with incentives, intellectual property and venture capital, identifying measures to increase innovation, commercialisation and entrepreneurship, including changes to incentives, venture capital arrangements and intellectual property strategies. Another group is focusing on commercialisation, technology transfer and converging technologies, including examining institutional structures for research and development funding delivery, how to maximise commercialisation of research, increase technology transfer and promote innovation in converging technologies.

A further group is considering how to achieve the innovation island concept, how to position and promote this country as the innovation island, including attracting entrepreneurs, foreign direct investment, international start-ups and private sector research and development investment. The fourth group is examining the international innovation development hub Dublin, supporting the various alliances that have taken place in the university system, for example, including identifying necessary supporting policy measures. Much good work is being done. A great deal of seriousness of intent and time is being given voluntarily by many people to assist in bringing forward ideas based on what has been outlined in the terms of reference.

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