Richard Bruton (Dublin North Central, Fine Gael)
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Question 110: To ask the Taoiseach the progress made to date in establishing innovation fund Ireland; the timeframe in place for funds to be made available for research and development; the criteria which will be used to determine eligibility; and if he will make a statement on the matter. [41691/09]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Introduction of 'Innovation Fund Ireland' is a commitment of Building Ireland's Smart Economy - A Framework for Sustainable Economic Renewal and the Renewed Programme for Government. It aims to ensure greater availability of venture capital to help achieve our vision for transforming Ireland into the innovation and commercialisation hub of Europe by supporting innovative SMEs and help scale indigenous companies. It is also an objective to use the Fund to help attract leading Venture Capital companies to locate their European operations here.

Detailed arrangements are currently being finalised by relevant Departments and Agencies for implementation of the proposal, taking account of market developments in the past year. The opportunity is also being taken, in line with the Renewed Programme for Government, to avail of the expertise of members of the Innovation Taskforce which is currently advising on measures to promote innovation and commercialisation of research. It remains the objective that the Fund will be established in early 2010. In the meantime, Enterprise Ireland continues to provide venture capital through its Seed and Venture Capital Programmes.