12 February 2014
A fund aimed at introducing new investment into Jersey's economy has had 14 applications - four of which are moving to the next stage - since its launch last November.
The Jersey Innovation Fund (JIF) aims to introduce new investment into the local economy, provide funding and support to entrepreneurs, start-ups, and established organisations with innovative investment. The fund's board, who assess and manage applications, are pleased with the progress.
JIF non-executive director, Aaron Chatterley, said “It is early days for the Jersey Innovation Fund but the board is very pleased with the initial response; 14 applications is a very good start and there are some interesting, well-presented applications across most sectors of the economy. It was also interesting to see a strong e-commerce theme in the applications.
“The board is progressing four applications through the next, more detailed, phase of review and assessment. I do appreciate the commercial pressures the applicants are facing and the need for prompt recommendations. But the board has to make sure the agreed process is followed, the appropriate level of assessment and due diligence are completed before we can progress any of the applications.”