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 somewhat mirrors that of the ill-fated Innovation Fund, Ministers have repeatedly maintained that it will have an improved model of governance.
Pictured: Ministers ring-fenced £20m of the proceeds from the sale of JT’s digital technology division.
Last month, it was confirmed that Challenge Works – formerly NESTA Challenges – had been appointed to design the framework for distributing the money.
Its team are due to be in the island over the coming months to engage with those that may have interest in the project.
Ahead of that, Assistant Minister Deputy Alex Curtis has today written to Deputy Moz Scott, who chairs the panel responsible for scrutinising his department.
In his letter, Deputy Curtis said he would “welcome the opportunity to discuss the role that your Panel might wish to play in this first stage of developing the Technology Accelerator Programme.”
Pictured: Deputy Alex Curtis, the Assistant Minister with responsibility for technology.
Deputy Curtis said he felt it “right” that “close scrutiny is given to the design of the governance and financial management arrangements for both the Fund and the programme”, revealing that a “design blueprint for the accelerator programme” should be ready by the end of the year, with the hope of a full launch “in the second quarter of 2023.”
He added that he would also be writing to Chair of the Corporate Services Scrutiny Panel, Deputy Sam Mézec, for his input.
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