VEC signed away valuable property rights in venture

Innovative software products which County Cork VEC invested €216,000 in, but signed away all rights to, were part of a package which subsequently attracted €400,000 in private sector capital.

The Comptroller and Auditor General criticised County Cork VEC for borrowing the venture capital to fund the development work but made no claim to the intellectual property or copyrights involved.

CCVEC lost €161,000 on the investment when the company it partnered with, to develop 3D animation tools for Glanmire Community College, abandoned the work.