Jersey States members approve innovation fund

A £5m fund to help businesses and individuals in Jersey with ideas that can create jobs and help the economy has been approved by the States.

Up to £500,000 will be available to help develop and support individual business ideas.

A board will be assembled to advise on which projects should be awarded public money from the scheme.

Senator Alan Maclean, the Economic Development Minister, said without it the island would risk missing out.

There will be no minimum grant, following a move by Treasury Minister Philip Ozouf to ensure smaller business might also benefit.