Paschal Donohoe (Fine Gael)

This motion concerns the venture capital industry in Ireland which consists of private bodies that play a role in investing in local entrepreneurial companies and people looking to set up ventures. I have recently seen some information showing that the size of the venture capital industry in Ireland is much bigger than one might expect it to be given the size of our economy and the pressure which the economy is under. It is a source of real competitive advantage for our country as it allows entrepreneurs to access funding which they otherwise might not be able to. That has been recognised by other jurisdictions, such as the UK, which is now taking steps to attract international companies in a way that would allow funding to be made available in the same way as within Ireland.

This has been drawn to my attention, particularly as it relates to companies looking to set up on enterprise campuses. These would have a basis in technology and research and development. The appropriate venue for such companies may not be within the Enterprise Ireland or State funding route but rather in seeking private investment and equity.

Given the pressure the Exchequer is under and the difficulty it is having in supplying such funding, I raise this matter to ensure the Government and the political system is aware of the overall size of the venture capital industry in Ireland. Are measures planned to ensure we will continue to be attractive to that industry? Will we continue to incentivise the industry to invest in local businesses here?