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05/03/2003
Invest NI capital growth fund launched
Invest NI has launched a £3 million capital growth fund to finance the commercialisation of research and development within universities and small to medium-sized enterprises.
Speaking at the launch of the £3 million Northern Ireland Research and Development Challenge Fund (NITECH Growth Fund) at the Ramada Hotel, Belfast, Invest NI chief executive Leslie Morrison said Northern Ireland had a "strong reputation" for innovative, scientific and engineering research. This was emphasised, he said, by the province's position as having the highest growth rate across the UK for business R&D expenditure.
He added: “We need new ideas, but more than that, we need the skill to convert the many good ideas that exist into commercial business opportunities. It is vital that we grasp all the opportunities we can muster particularly in the face of a continued global economic slowdown. This has drastically reduced the volume of mobile investment capital and caused deferrals of capital investment by our companies."
The NITECH Growth Fund is intended to assist in the creation and expansion of research-led, market orientated businesses.
(MB)
Speaking at the launch of the £3 million Northern Ireland Research and Development Challenge Fund (NITECH Growth Fund) at the Ramada Hotel, Belfast, Invest NI chief executive Leslie Morrison said Northern Ireland had a "strong reputation" for innovative, scientific and engineering research. This was emphasised, he said, by the province's position as having the highest growth rate across the UK for business R&D expenditure.
He added: “We need new ideas, but more than that, we need the skill to convert the many good ideas that exist into commercial business opportunities. It is vital that we grasp all the opportunities we can muster particularly in the face of a continued global economic slowdown. This has drastically reduced the volume of mobile investment capital and caused deferrals of capital investment by our companies."
The NITECH Growth Fund is intended to assist in the creation and expansion of research-led, market orientated businesses.
(MB)
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Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
