BELFAST:A FUND of £8 million (€9.3 million) to help turn cutting-edge research into profit was launched by Stormont's new finance minister, Sammy Wilson.

The package will support fledgling companies, Mr Wilson said. The initiative includes a £5 million venture capital pot for early stage businesses with high potential. Companies will be able to apply for grants ranging from £50,000 to £250,000.

The remaining £3 million will be held in a proof of concept fund for non-university projects.

At the launch, Mr Wilson said: "If young technology companies are to achieve their full potential they must quickly develop skills in raising private equity, dealing with investors and structure their management teams. The support of an experienced fund manager as investor and mentor can be invaluable."