NI fund backs new inventions

As part of the Northern Ireland Spin Outs (NISPO) initiative, fledgling companies trying to market new ideas and inventions will be able to apply for grants ranging from £50,000 to £250.000.

The financial package includes £5 million for early stage businesses with high growth potential and £3 million will be held in a proof of concept fund for non-university research projects.

We recognise that a strong knowledge-based economy requires skills across a broad range of business activities, with particular emphasis on the commercialisation of new ideas, products and services

Sammy Wilson

Finance Minister

Stormont

The scheme has been created by development agency Invest NI, which aims to help new and existing businesses compete internationally and attract new investment to Northern Ireland, but ESynergy, a London-based firm, has been selected to manage the NISPO and provide support on behalf of Invest NI.

Launching the funding, Stormont's new Finance Minister, Sammy Wilson, said: "Promoting a stronger enterprise culture in Northern Ireland is a key component of our Programme for Government. We recognise that a strong knowledge-based economy requires skills across a broad range of business activities, with particular emphasis on the commercialisation of new ideas, products and services.

As part of the scheme new businesses will receive help from an experienced fund manager who can act as a mentor and walk the company through the first stages.

Mr Wilson stressed that while technology companies might have the knowledge in their own field, to succeed they must quickly develop skills in raising private equity, dealing with private investors, and structure their management teams for growth.

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