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15/03/2002
Survey shows reluctance to avail of venture capital
A new survey has shown Northern Ireland companies lag behind their UK counterparts when it comes to making use of venture capital funding.
The Quarterly Economic and Business Review, which is published by First Trust Bank, reveals that while venture capital has become an established source of business development for firms throughout the UK, Northern Ireland represents only 0.6 per cent of the total venture capital investment for the UK as a whole.
The report goes on to analyse the reasons behind this failure to utilise venture capital, and pinpoints the "generous" approach used by the province's economic development agencies when allocating financial assistance to local businesses, thus creating a situation where such firms "run shy" of considering venture capital as a viable source of funding.
Mike Smyth, the author of the review, explained that while Invest Northern Ireland's decision to create a public-private venture capital fund was a step in the right direction, there were still a lot of questions that needed to be answered.
He added: "With the use of selective financial assistance here set to diminish, what sources of corporate finance will fill the gap? Will venture capitalists in Great Britain or in Dublin be in a rush to invest in NI businesses? Will the banks step in to fill part of the gap left by declining state assistance?"
However, the rest of the report painted a slightly brighter picture of events for the future, with employment on the up and GDP likely to grow by 3.5 per cent by 2003, as the local economy weathers the worst of the global economic downturn. (CL)
The Quarterly Economic and Business Review, which is published by First Trust Bank, reveals that while venture capital has become an established source of business development for firms throughout the UK, Northern Ireland represents only 0.6 per cent of the total venture capital investment for the UK as a whole.
The report goes on to analyse the reasons behind this failure to utilise venture capital, and pinpoints the "generous" approach used by the province's economic development agencies when allocating financial assistance to local businesses, thus creating a situation where such firms "run shy" of considering venture capital as a viable source of funding.
Mike Smyth, the author of the review, explained that while Invest Northern Ireland's decision to create a public-private venture capital fund was a step in the right direction, there were still a lot of questions that needed to be answered.
He added: "With the use of selective financial assistance here set to diminish, what sources of corporate finance will fill the gap? Will venture capitalists in Great Britain or in Dublin be in a rush to invest in NI businesses? Will the banks step in to fill part of the gap left by declining state assistance?"
However, the rest of the report painted a slightly brighter picture of events for the future, with employment on the up and GDP likely to grow by 3.5 per cent by 2003, as the local economy weathers the worst of the global economic downturn. (CL)
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25 April 2002
Empey highlights start up equity capital gap
Minister for Enterprise, Trade and Investment Sir Reg Empey has highlighted innovation and entrepreneurship as the "building blocks of Northern Ireland’s new economic framework". However, the Minister warned: "Research has shown there is a gap in equity finance for people with bright ideas and for early start-up projects".
Empey highlights start up equity capital gap
Minister for Enterprise, Trade and Investment Sir Reg Empey has highlighted innovation and entrepreneurship as the "building blocks of Northern Ireland’s new economic framework". However, the Minister warned: "Research has shown there is a gap in equity finance for people with bright ideas and for early start-up projects".
08 March 2013
New Funding For Irish Firms Will Help Them Grow
Speaking from Austin, Texas where he is leading a trade mission the Minister for Jobs, Enterprise and Innovation, Richard Bruton T.D. today, announced the second investment by Enterprise Ireland under the Innovation Fund Ireland programme with Highland Capital Partners Europe.
New Funding For Irish Firms Will Help Them Grow
Speaking from Austin, Texas where he is leading a trade mission the Minister for Jobs, Enterprise and Innovation, Richard Bruton T.D. today, announced the second investment by Enterprise Ireland under the Innovation Fund Ireland programme with Highland Capital Partners Europe.
31 March 2003
Invest NI offer practical support to aid company growth
Invest NI has written to client companies, business advisors and financial institutions in Northern Ireland to outline how the agency’s Principles for Business Support provide a framework for assistance to clients.
Invest NI offer practical support to aid company growth
Invest NI has written to client companies, business advisors and financial institutions in Northern Ireland to outline how the agency’s Principles for Business Support provide a framework for assistance to clients.
29 August 2001
Venture fund investment in Ireland reaches IR£29m
Mary Harney, Tánaiste and Minister for Enterprise Trade and Employment, has welcomed confirmation that the venture capital market continued to show strong growth in 2000. Ensuring critical support for the development and expansion of Irish business, the Minister confirmed that investment had risen to IR£28.8 million in 2000 compared to IR£20.
Venture fund investment in Ireland reaches IR£29m
Mary Harney, Tánaiste and Minister for Enterprise Trade and Employment, has welcomed confirmation that the venture capital market continued to show strong growth in 2000. Ensuring critical support for the development and expansion of Irish business, the Minister confirmed that investment had risen to IR£28.8 million in 2000 compared to IR£20.
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