Olivia Mitchell (Dublin South, Fine Gael)
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Question 134: To ask the Taoiseach if he will report on progress made in raising capital for the Innovation Fund Ireland announced in December 2008; and if he will make a statement on the matter. [8854/10]

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 theinnovation hub of Europe by supporting innovative SMEs and to 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.

In accordance with the Renewed Programme for Government, the NTMA, working with Enterprise Ireland, has been leading a market assessment process involving engagement with leading Venture Capital companies in the United States and Europe as well as other stakeholders. This is taking account of the impact of recent developments on the domestic and international financial markets as well as the current fund-raising rounds in international venture markets. The opportunity has also been 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 develop Ireland as an innovation hub.

The engagement with the market, led by the NTMA, continues and will carefully gauge the appropriate timing and structure of the funds taking account of the recommendations of the Innovation Taskforce. In the meantime, Enterprise Ireland continues to provide venture capital through its existing Seed and Venture Capital Programmes.