A new venture capital focused on identifying investment opportunities in the bioscience sector in Ireland and the rest of Europe was launched today.
The Tánaiste and Minister for Enterprise, Trade and Employment, Ms Mary Harney, said the Growcorp €25 million fund would "proof of concept funding specifically targeted at the bioscience sector".
The fund will focus on projects by US scientists and entrepreneurs seeking to start a business in Ireland. Co-investors in the Fund include Enterprise Ireland, Irelandia Investments and Price WaterhouseCoopers.
Ms Harney said:"While the current state of the indigenous Biotechnology Industry is small, the medium-term objective of Enterprise Ireland is to have increased the number of companies from a current base of 21 to 60 within 5 years and in the same period to increase the number of people employed in the sector from 400 presently to 1800."
She said: "The State has a pivotal role to play in bringing forward such companies but the long-term source of funding must lie with private sector markets."
"The Government is committed to developing the right long-term policies and investing in the key areas needed to sustain and grow the economy through the next generation. Biotechnology is predicted to be a major basis for economic growth in the 21st Century," she added.