Northern Ireland is taking bold steps towards transforming its entrepreneurial landscape, thanks to a historic collaboration between over 60 key players from business, government, academia, and community sectors. Catalyst, based in Belfast, has brought together these diverse groups to set ambitious goals that could change the region’s economic trajectory forever. Their vision is to make Northern Ireland a global leader in innovation-driven enterprises (IDEs) and inclusive entrepreneurship by 2035.
What is an Innovation-Driven Enterprise (IDE)?
Before diving into the goals and strategies, let’s first break down what IDEs are. These are businesses that focus on scalable products or services that disrupt industries or create entirely new markets. The key characteristic of an IDE is that it isn’t just about local markets; it has ambitions that extend well beyond local boundaries, often aiming for global reach.
In Northern Ireland, the rise of these types of businesses is seen as the key to driving sustainable economic growth. IDEs are the businesses of the future, ones that can attract significant investment, create high-quality jobs, and position the region as a global player in innovation.
The Vision: A Powerhouse of IDEs by 2035
The coalition’s goal is simple yet transformative: to make Northern Ireland one of the top three UK regions for IDE development. Achieving this will require a concerted effort from all sectors – public, private, academic, and community-driven. And it’s not just about the quantity of innovation, but the quality, inclusivity, and sustainability of the growth.
Steve Orr, the CEO of Catalyst, highlighted that the region has already made great strides, with Northern Ireland companies attracting £143 million in venture capital investment in 2023, a massive leap from just £5 million in 2014. But there’s still more to be done, and this coalition believes that with a focused and unified approach, they can place Northern Ireland on the global map of scalable enterprises.
Key Goals for Northern Ireland’s Future
The Catalyst-led coalition has set two critical goals for the next decade:
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Position Northern Ireland as a global leader in IDEs – The region currently ranks 7th in the UK for attracting funding for innovation-driven businesses. The goal is to improve this ranking and break into the top three, behind London and Southeast England, by attracting more venture capital and investment.
- Target Goal: Secure top-three UK ranking for venture capital investment per capita.
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Promote inclusive entrepreneurship – Ensuring that the growing number of startups reflects the full diversity of the region’s population. By 2035, the goal is to have entrepreneurship that mirrors Northern Ireland’s demographics across gender, ethnicity, socio-economic status, and disability representation.
- Target Goal: Make entrepreneurship accessible to all communities, giving everyone equal opportunities to start and scale businesses.
These two objectives aim to build a more inclusive, innovative, and sustainable future for the region.
Why Does Northern Ireland Need This Transformation?
Northern Ireland’s economy has long faced the challenge of underinvestment and a lack of scale in entrepreneurship. Although the region is rich in talent and has a strong educational foundation, many businesses struggle to scale up and attract the funding they need to grow. This is where IDEs come in – they are scalable, attract higher investments, and create significant economic growth.
By focusing on venture capital investment, the coalition believes it can attract not just local investment but also international funds. This is crucial, as it’s the global backing that allows startups to scale and compete in international markets.
Moreover, by ensuring inclusive entrepreneurship, the coalition seeks to build a level playing field. Too often, certain groups in society face barriers to starting businesses, such as limited access to funding, networks, and mentorship. The new vision is about breaking down these barriers, ensuring that entrepreneurs from all walks of life have the support they need to thrive.
How Will This Vision Be Achieved?
The strategy is underpinned by collaboration. The coalition of more than 60 business leaders, policymakers, university representatives, and community organisations is not just about setting lofty goals but taking concrete steps to reach them.
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Government Support: The Department for the Economy in Northern Ireland has already set out four strategic objectives aimed at fostering innovation and supporting business growth. Economy Minister Conor Murphy believes this initiative represents a powerful example of what can be achieved through collective action and collaboration.
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Education and Research: Universities and research bodies in Northern Ireland will play a critical role in fostering an innovation ecosystem. By partnering with businesses and entrepreneurs, these institutions will help translate academic research into real-world solutions that drive business success.
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Access to Capital: A significant focus will be on improving access to capital for emerging businesses. By working closely with venture capitalists and investors, the coalition aims to secure more funding for startups and scale-ups.
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Mentorship and Networks: Providing mentorship and creating robust entrepreneurial networks is essential to the success of this plan. Startups need guidance from experienced entrepreneurs who have successfully navigated the challenges of scaling a business.
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Policy Alignment: The strategic goals align with the Department for the Economy’s broader economic priorities, ensuring that government policy will support innovation and inclusive growth.
The Future of Northern Ireland’s Economy
This is a pivotal moment for Northern Ireland. The economic transformation outlined in this plan has the potential to reshape the region into a dynamic hub for innovation. The creation of IDEs and the promotion of inclusive entrepreneurship will not only elevate Northern Ireland’s global standing but also ensure that no one is left behind as the region progresses into the future.
Steve Orr and his team at Catalyst are clear: the journey won’t be easy, but the opportunity to transform Northern Ireland into a global powerhouse of innovation is within reach. As the coalition sets to expand its efforts in 2025, more stakeholders, investors, and policymakers are encouraged to join this movement.
Northern Ireland is ready to lead the way in creating an inclusive and scalable innovation ecosystem. It’s time for the world to pay attention to what’s happening in Belfast and beyond.
