09 September 2013
The Economic Development Minister, Senator Alan Maclean, has appointed Mr Tim Herbert as chairman of the board that will oversee the Jersey Innovation Fund.
Mr Herbert is a qualified Jersey advocate and has spent most of his career in the Island and linked to Mourant Ozannes, of which he was a partner for 25 years. For the majority of his career he focused on mutual funds, corporate law and merger and acquisitions. He is now a consultant to the firm.
Mr Herbert is a non-executive director of a number of funds, the Jersey Legal Information Board and the Channel Islands Stock LBG. He also has experience of audit committees and risk committees.
Senator Alan Maclean said “The creation of the Innovation Fund is an important element of government commitment to support growth and diversification in our local economy. Tim brings considerable skills and knowledge to the board in his role as chairman. I am delighted with Tim’s appointment and look forward to working with him on this new exciting initiative.”
Mr Herbert added “I am very pleased to have been appointed as chairman of the Jersey Innovation Fund Board. There is work to be done and my immediate task is to appoint three independent non-executives directors to the board before the end of September. My aim is for the board to be established by October and in place to officially launch the fund and thereafter start reviewing and considering applications seeking investment.”
The Jersey Innovation Fund is an important element of the States of Jersey’s strategy to deliver growth and diversification in the local economy by supporting investment into original projects and business ideas and improving Jersey’s international competiveness. The Government’s commitment to this initiative was recently confirmed when the States approved an initial capital injection of £5M pounds.
It is hoped the Jersey Innovation Fund will introduce new investment into the local economy, improve access to working capital and support entrepreneurs, start-ups and established organisations with investment into innovation.