INVESTMENTS in Irish start up companies by the Business Innovation Fund are expected to top £1 million by the end of this year, according to Mr Karl Schutte, its chief executive.
The fund, which was set up in 1992, has so far invested more than £900,000 in grants of between £25,000 and £75,000. Mr Schutte, who was speaking after the fund's annual general meeting, said that interest from companies remained high. More than 600 inquiries have been processed since the fund's inception and investments have been made in about 18 companies. The fund, which was established as part of a European Union programme to foster the creation of commercial enterprise, has invested in companies from the food, textile, electronics and software sectors. Investors in the fund include Bank of Ireland, AIB Bank, ACCBank, James Crean, and the US, computer company, Digital.
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