Ambitious new targets have been set to make Northern Ireland one of the top three UK regions for ‘innovation driven enterprises’ (IDEs) and to make entrepreneurship accessible to all communities in the region by 2035.
In a historic move for Northern Ireland, Catalyst has brought together a diverse coalition of over 60 business leaders, government bodies, academics and community organisations, to create a shared vision to transform Northern Ireland into a powerhouse for IDEs and inclusive entrepreneurship over the next decade.
An IDE is defined as a scalable company that focuses on developing new products or services, or disrupting traditional industries with existing technology and pursues opportunities beyond its local market.
The alliance of organisations came together over the past 6 months to agree cohesive, long-term goals to revolutionise the region's economic landscape and create an inclusive, sustainable entrepreneurial ecosystem.
Its first goal aims to establish Northern Ireland as a global leader in scalable Innovation Driven Enterprises per capita, with objectives such as securing a top-three UK ranking in venture capital investment per capita.
The second goal focuses on inclusive entrepreneurship, ensuring that new business startups mirror the demographics of Northern Ireland by 2035, in terms of gender, ethnicity, geography, socio-economic background, and disability representation.
Steve Orr, CEO of Catalyst, said: "This is about harnessing our collective power to create a cohesive ecosystem that delivers meaningful economic growth and social inclusion.
“NI companies attracted £143m of venture capital investment last year, a huge jump from just £5m in 2014. A lot of organisations have played a part in getting us to this point, and we believe that by further uniting behind two bold, focused goals, we will put Northern Ireland in a position to build on that and help more NI companies scale up and reach the world stage.”
The coalition will focus on establishing Northern Ireland as a global leader in scalable Innovation-Driven Enterprises (IDEs). Initial research shows Northern Ireland currently ranks 7th among UK regions when it comes to attracting funding for innovation-led businesses on a per capita basis, but the targets aim to move the region to a position behind only London and southeast England.
The coalition's approach is aligned with the Department for the Economy’s four strategic objectives and grounded in collaboration, garnering support from major players across the public and private sectors, universities and entrepreneurial networks.
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Economy Minister, Conor Murphy, said: “The growth of Catalyst over the last quarter of a century has bolstered the north’s reputation as an innovative powerhouse. I am committed to ensuring that our innovative efforts continue to make their mark on the world’s stage. This initiative is a testament to the power of collaboration and I am pleased to see the scale, sustainability, diversity and inclusion all front and centre of the collective plans for the next decade.”
Northern Ireland's economy has often faced challenges of underinvestment and lack of scale in entrepreneurship. This initiative seeks to address those gaps by providing coordinated support, equitable access to funding, mentorship and by making Northern Ireland an attractive location for international investors and founders.
Catalyst and its partners are inviting additional stakeholders, investors, and policymakers to join this mission in 2025. They see this as an opportunity not just for Northern Ireland, but as a template for other regions globally that are looking to create impact through collective action and unified goals.
"This is a pivotal moment for Northern Ireland," added Steve Orr. "The stakes are high, but the opportunities are even greater. We believe that by focusing our efforts on these shared goals, we can create a future where Northern Ireland isn’t just competing but leading in global innovation."
Main image: Pictured at the Catalyst 25 event at Stormont are (L-R) Ian Snowden, Permanent Secretary of the Department for the Economy; guest speaker Dr Mary Walshok, Retired Associate Vice Chancellor, UC San Diego; Catalyst chairman Ellvena Graham; and Catalyst CEO Steve Orr.
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