DISCUSSIONS about what to replace the Jersey Innovation Fund with in order to help start-up businesses have been held between the States and Digital Jersey.

The Jersey Innovation Fund was frozen earlier this year after a damning report by Comptroller and Auditor General Karen McConnell found that serious failures had been made in the running of the fund and that up to £1.4 million of taxpayers’ money handed out to start-up businesses may never be recovered.

However, Chief Minister Ian Gorst has since said that he expects the eventual loss from the fund to be much lower.

Now, Digital Jersey chief executive Tony Moretta has said that alternatives to the JIF are being looked at. He too believes that the total amount lost by the fund would be less than originally stated.

‘No one has been saying we shouldn’t be doing things like JIF,’ Mr Moretta said. ‘We should be investing in companies.

‘Obviously there are areas which need to be reworked and improved on but there is only one company to date that has failed.

‘We have been working with government on what we should replace JIF with. It is important that we continue to support businesses which can benefit the economy,’ he said.
Read more at http://jerseyeveningpost.com/news/2017/06/15/states-and-digital-jersey-in-new-start-up-fund-talks/#eqiq5e3wqtmt6HC7.99

Source: States and Digital Jersey in new start-up fund talks « Jersey Evening Post