The Jersey Innovation Fund Board was established in November 2013 and the fund was advertised as opened for business shortly thereafter. The board has to date received 14 written applications, four of which are already progressing to the second phase of detailed review and assessment.
Aaron Chatterley, JIF non-executive director, said: “It is early days for the Jersey Innovation Fund but the board is very pleased with the initial response; 14 applications is a very good start and there are some interesting, well-presented applications across most sectors of the economy. It was also interesting to see a strong e-commerce theme in the applications.
“The board is progressing four applications through the next, more detailed, phase of review and assessment. I do appreciate the commercial pressures the applicants are facing and the need for prompt recommendations. But the board has to make sure the agreed process is followed, the appropriate level of assessment and due diligence are completed before we can progress any of the applications.”
The Economic Development Minister, Senator Alan Maclean, who has responsibility for JIF, said: “I am pleased with the initial response and that the board, which has considerable experience, is meeting on a regular basis to maintain progress. I am looking forward to receiving the board’s first recommendations.”
The four progressing applications include both early-stage start-up and established businesses. One of the non-executive board members has met with each of the four progressing applications. The board is responsible for making sure the assessment and due diligence stages are complete making a recommendation to the Minister for Economic Development to approve the application.
Category: Finance & Business