Ireland to copy Scots fund model

IRELAND is set to copy Scotland's co-investment model, which sees public money used to leverage private investment in early-stage technology and life science companies.

Diane Roberts, national director of the Halo Business Angel Network, said the organisation is looking to develop a model based on Scottish Enterprise's co-investment fund.

Money from the Irish government would be invested in early-stage companies alongside cash from business angels.

News of the plan comes a week after Irish Taoiseach Brian Cowen launched the 500 million (422m) Innovation Fund Ireland.

The fund will invest in Irish businesses over the next five years, with half of the cash coming from the Irish government and the other half coming from venture capitalists.

Any co-investment fund involving business angels would invest in earlier-stage companies.

Halo is being modelled on Linc, the Scottish business angels association, and brings together government agency Enterprise Ireland and cross-border business development body InterTradeIreland.

Nelson Gray, Linc's special projects director, has tutored business angels in Ireland to help them form syndicates, which can then invest in larger deals.