Select a region
A £20m cash pot to finance start-up technologies will be created after politicians gave the idea the green light.
Ministers have argued that creating a new ‘Technology Accelerator Fund’ will help the island make faster progress on its environmental and social goals and close existing technology gaps.
They also believe it will help kickstart the island’s pandemic-hit economy.
The cash pot comes from a ring-fenced share of the proceeds of JT's Internet of Things (IoT) Division sale to a private equity investor.
While the concept, which was not wholly welcomed by the Government's economic advisers, somewhat mirrors that of the ill-fated Innovation Fund, Ministers pointed out that it would have an improved model of governance.
Pictured: Ministers ring-fenced £20m of the proceeds from the sale of JT's digital technology division.
During the debate over the proposals on Friday, Senator Kristina Moore raised concerns that there hadn't been sufficient time for proper scrutiny.
Assistant Economic Development Minister Deputy Kirsten Morel said he shared the scrutiny concerns, but that he would support the fund as he had no doubt that getting the island "digitised quickly" had to be a "priority".
While Constable Andy Jehan said that he felt the Government "could have done better" when it came to agreeing the windfall the public would receive from JT's IoT business sale, he was in favour of the fund as a means of pulling Jersey out of its "technical emergency" and providing "faster, cheaper, better" services.
Home Affairs Minister Deputy Gregory Guida painted a picture of innovation opportunity, using examples such as the digital twin project to emphasise how technology can help with community planning.
Deputy Montfort Tadier, meanwhile, raised questions about the estimated return on investments that would be made, and whether the Government had a method in place to replenish the fund if it is successful.
He said it was important that any benefits of investment should not be "intangible" or "general".
In the end, 28 States Members voted in favour, with just 12 against.
EXPLAINED: The £20m start-up fund...and why it isn't Innovation Fund 2.0
Gov's economic advisers pooh-pooh £20m Tech Fund plans
Calls for fresh attempt at Innovation Fund
Comments
Comments on this story express the views of the commentator only, not Bailiwick Publishing. We are unable to guarantee the accuracy of any of those comments.