Jersey Innovation Fund: Operational Terms of Reference

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A decision made 5 November 2012:

Decision Reference: MD-E-2012-0137
Decision Summary Title :	Agree the Jersey Innovation Fund Operational Terms of Reference		Date of Decision Summary:	2nd November 2012
Decision Summary Author:	Sean Pritchard		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Jersey Innovation Fund Operational Terms of Reference		Date of Written Report:	September 2012
Written Report Author:	Sean Pritchard		Written Report : Public or Exempt?	Public
Subject: Jersey Innovation Fund Operational Terms of Reference
Decision(s): The Minister approved the Jersey Innovation Fund Operational Terms of Reference, contained in the Report and Proposition being lodged by Treasury to establish and capitalise the Jersey Innovation Fund.
Reason(s) for Decision: On 17th July 2012, the States approved a new Economic Growth and Diversification Strategy (EGDS) (P55/2012). The key objectives of the Strategy are to deliver growth, improve competitiveness, diversify the local economy and create employment. This will be achieved by the States working in partnership with the private sector and third sector organisations to deliver four strategic aims: Encourage innovation and improve Jersey’s international competitiveness Grow and diversify the financial services sector, capacity and profitability Create new businesses and employment in high value sectors Raise the productivity of the whole economy and reduce the reliance on inward migration To support the delivery of these aims, the EGDS proposed the creation of the Jersey Innovation Fund to increase innovation in the Jersey economy and, by doing so, increase the Island’s productivity, economic diversity and competitive advantage. The attached report defines how the Jersey Innovation Fund will operate.
Resource Implications: Operational costs There will be costs associated with the operation and management of the Fund, particularly relating to assessment and approval of applications e.g. company searches, due diligence work, legal costs and specialist advice. These costs will be met from the Fund. It is intended that EDD will meet these costs in the first instance and on an annual basis recharge them to the Fund. Agreed processes will need to be put in place to manage and control this. The Economic Development Department estimate that the operational and management costs at this stage are £100,000. Manpower Implications The Economic Development Department will allocate an individual to be the Fund Executive to support the Innovation Board and assist the management and ongoing operation of the Fund. This post will be from within its existing establishment and budget.
Action required: To notify the Minister of Treasury and Resources that the Jersey Innovation Fund Operational Terms of Reference have been approved
Signature: Senator Alan Maclean		Position: Minister for Economic Development
Date Signed:		Date of Decision: