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Tarne

That 50m from the DED

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http://www.iomonline.co.im/article.cfm?id=37394

So far £1.9 million is given out, and £264,000 paid to the fund manager... so at this rate by the time the entire £50 million is given out then the fund manager will have received 13.89% of it. Easiest £6,945,000 they've ever earned... 

Probably about as much as what they'd have gotten from the Vision 9 deal. Not that I'm suggesting there's some collusion going on there. 

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It seems to me that at best this is a well intentioned idea that has turned into another shambolic embarrassment. Not mentioned here is how the funded companies are doing, and whether the Department of {insert current name] will ever see a return. What we really need now is for someone like the new Chief Executive, that Mr Lewin chap to do the sensible thing and wind up the scheme before it does start to becoming really embarrassing for all concerned. 

The conspiracy theorists of course will speculate that in fact the cupboard is nearly bare as the money has been 'borrowed' elsewhere, hence the modest pace at which grants are being approved..

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29 minutes ago, Manx Bean said:

It seems to me that at best this is a well intentioned idea that has turned into another shambolic embarrassment. Not mentioned here is how the funded companies are doing, and whether the Department of {insert current name] will ever see a return. What we really need now is for someone like the new Chief Executive, that Mr Lewin chap to do the sensible thing and wind up the scheme before it does start to becoming really embarrassing for all concerned. 

The conspiracy theorists of course will speculate that in fact the cupboard is nearly bare as the money has been 'borrowed' elsewhere, hence the modest pace at which grants are being approved..

Was always a joke from day one. Who pays a fund manager to manage a fund that doesn’t invest any money? 

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4 hours ago, Tarne said:

http://www.iomonline.co.im/article.cfm?id=37394

So far £1.9 million is given out, and £264,000 paid to the fund manager... so at this rate by the time the entire £50 million is given out then the fund manager will have received 13.89% of it. Easiest £6,945,000 they've ever earned... 

Probably about as much as what they'd have gotten from the Vision 9 deal. Not that I'm suggesting there's some collusion going on there. 

is that just for this last year?

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3 hours ago, Manx Bean said:

 What we really need now is for someone like the new Chief Executive, that Mr Lewin chap to do the sensible thing and wind up the scheme before it does start to becoming really embarrassing for all concerned.

Mr Lewin is one of the boys. He knows which side his bread is buttered.

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It should be changed to a tech development fund, where the state takes a shareholding in return for seedfunding

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25 minutes ago, Donald Trumps said:

It should be changed to a tech development fund, where the state takes a shareholding in return for seedfunding

Which is exactly what they did with e-Habitant.

No, my mistake, they just gave them the money and had some vol-au-vents and champers.

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Did it go bust?

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So when the 50 mill has all gone we will have one stand alone business that has done brilliantly well out of it all and that’ll be the fund manager.  

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9 minutes ago, GreyWolf said:

So when the 50 mill has all gone we will have one stand alone business that has done brilliantly well out of it all and that’ll be the fund manager.  

Pretty much. This whole idea has been a bag of crap since day one if you ask me. I’ve seen a few of the proposals and I think a lot of people expected it to be a free money machine. So to flip this argument a bit I would add that whilst the fund manager is probably getting money for not very much please bear in mind they are the independent and investment qualified gatekeeper. If the DED staff had been overseeing the scheme directly those idiots would have spunked at least £25m away already on pie in the sky business plans drafted up by the usual suspects so that the taxpayer is milked at their expense. Maybe the manager is doing a good job by not buying into the usual shite and only lending against businesses that have a reasonable chance of giving us a return? Or which there have not been many ... 

Edited by thesultanofsheight
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Maybe the government itself should invest the funds in green tech projects for the benefit of the community as a whole

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you just know its all going to be spent on a new pier.....

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Here's how it works. With the help of some graphs, I demonstrate to the DED/Spark a seemingly viable business involving (say) Designer Buckets. Can I have a million funding? Thanks.

Pay myself and the other 2 directors £100k a year (indirectly of course). And £30k to cover a couple of school leavers.

3 years later...oops. Business didn't work. Thanks. Bye.

Cost to tax payer: £1 million

Benefit to tax payer: tax and NI on £90k salaries (say £20k?)

Benefit to me and my two mates: £900k

It's supersimplistic, but has the essence.

 

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just forget to pay the vat, ni and tax and your onto a winner......

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5 hours ago, Donald Trumps said:

Maybe the government itself should invest the funds in green tech projects for the benefit of the community as a whole

We should tax oversized cars, oversized portions, oversized people, over rewarded civil servants and make the island a green transport only zone. it won't happen though, Manx radio will air some glowing puff piece about some mildly green thing that some Doris from maughold heard about on radio 4 then slip in a blatant lie about how they can watch some amazingly dull footage on iPlayer that they invented called YouTube where some random camera recordings equate visual content.

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