Jersey Innovation Fund: non-executive directors appointed and fund opens for business

| December 2, 2013 | 0 Comments

The Economic Development Minister, Senator Alan Maclean, has appointed four non-executive directors to the Jersey Innovation Fund (JIF) which has opened for business.

Aaron Chatterley, Dave Allen, Peter Shirreffs and Tim Ringsdore have been appointed NEDs to the board of the Jersey Innovation Fund, joining Tim Herbert who was appointed as non-executive chairman in September.

The board, which also has representatives from the Economic Development, Chief Minister’s and Treasury and Resources departments, will review all applications and make recommendations on which ones should be given funding support to the Economic Development Minister.

Senator Maclean said: “The creation of the Jersey Innovation Fund is an important element of government’s commitment to support growth and diversification in our local economy. The four non-executive directors will bring considerable private sector knowledge and commercial acumen to the board. They all have first-hand experience of what it takes to start and develop a successful business and between them they have worked in every business sector. This is a very strong board and I am delighted they have all accepted the opportunity, and look forward to working with them on this important initiative.”

Mr Herbert said: “My aim was to identify individuals for the board that have a broad range of business skills and experience. Between them there is not much they don’t know about private enterprise, investments, lending, risk management and, most importantly, spotting the entrepreneurs that the fund is there to assist. With the board in place I am looking forward to having good quality, meritorious, innovative proposals to consider.”

The Jersey Innovation Fund is an important element of the States of Jersey strategy to deliver growth and diversification in the local economy by supporting investment into original business ideas and improving Jersey’s international competiveness. The commitment to this initiative was confirmed when the States earmarked £5 million pounds for the fund.

The Jersey Innovation Fund aims to introduce new investment into the local economy, provide funding and support entrepreneurs, start-ups, and established organisations with innovative investment.

The JIF board is inviting applications from anyone seeking financial support. This can be for a new business idea, product or service. Applications for the first round of funding must be received by 5pm on Thursday 13 December. The next round of applications will be early in 2014 and on a regular basis thereafter.

Anyone interested in applying should complete the Jersey Innovation Fund Application Form which is available on www.gov.je . Any questions about how to apply should be made to Sean Pritchard EDD Policy Director on 440669 or s.pritchard@gov.je

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