Launched in November 2013 the Jersey Innovation Fund (JIF) is an important investment vehicle provided by the States of Jersey to deliver growth and diversification in the local economy by supporting investment into original business ideas thus improving Jersey’s international competitiveness.
£5 million pounds was originally set aside for the fund to introduce new investment into the local economy, provide funding and support to entrepreneurs, start-ups and also established organisations with innovative investments.
By February 2014 the board had received 14 written applications, four of which had already progressed to the second phase of detailed assessment. At the time the Economic Development Minister, Senator Alan Maclean said:
“I am pleased with the initial response and that the board, which has considerable experience, is meeting on a regular basis to maintain progress. I am looking forward to receiving the board’s first recommendations”
The first company to benefit from the JIF investment was Stumpydog Innovations, when a 3-year growth support was announced in July 2014. Founded by designer Catherine Curtis the company design products for the global babycare market. At that stage the JIF Chairman Tim Herbert confirmed that after this initial investment there were at least three companies seeking to secure second stage investment that could open up significant global market opportunities. Since this time another island Company ‘Total Billing Solutions’ have also secured investment from the JIF to help build an international market for one of its products.
The CEO of Total Billing Solutions, Danny Bannister, commented:
“The JIF Advisory Board have been fully engaged and incredibly helpful throughout the application process and we have received invaluable advice and support from both Digital Jersey and Jersey Business. The support received from these States organisations has enabled us to access the finances we need to grow while also offering advice on a strategic level.”
For more details about the fund, contact Alistair Blair on 01534 440657.