• 33% Growth in the composite NI Knowledge Economy Index
• 295 Knowledge Economy Start-Up Businesses
• R&D Investment exceeding UK Average
• Proposed ‘Innovation into Action’ Collaboration

The 2014 Knowledge Economy Index, commissioned by NISP CONNECT and sponsored by Bank of Ireland UK, has revealed that the North East of England and Northern Ireland are the fastest growing regions in the UK, while London and the South East continue to be the largest overall.

Produced by the Northern Ireland Centre for Economic Policy at the University of Ulster in conjunction with Oxford Economics, the report analyses the published data on 21 indicators including employment, salaries, venture capital investment, research and development; start-ups, PHDs and patent registrations that shows the growth in the North East and Northern Ireland significantly ahead of the next two regions, the West Midlands and Scotland.

The NI Knowledge Economy has grown by more than 33% in the last five years with performance driven in particular by Research and Development, Investment and Innovation at a time when economic conditions have been the most challenging.

At the publication of the KEI Report today Steve Orr, Director of NISP CONNECT proposed that in support of the recently published DETI Innovation Strategy an ‘Innovation into Action’ business group be established to work in collaboration with Invest NI and DETI on tangible actions that will support the competitive development of the Knowledge Economy in Northern Ireland.

“The best option for global export growth is in knowledge economy based companies”, explained Steve Orr but he went on to caution that whilethe Report will naturally give an enormous confidence boost to the two fastest growing regions we cannot afford to be complacent.

“It is critical that the knowledge economy business sector throughout Northern Ireland supports the Innovation Strategy and feeds back to our political representatives the kinds of policies and actions they can take to support Northern Ireland innovation on a global scale. We cannot afford to be inward looking if we want to grow more world class companies and build for the future with the amazing talent we have in this country.”

As a leading figure in the local business community, Ian Sheppard, Bank of Ireland UK’s Head of Business & Corporate Banking NI emphasised that support for innovation that is world leading and will drive exports, is essential to growing the Northern Ireland economy.

“Northern Ireland may be a small region in a massive global marketplace but we do punch above our weight with indigenous companies such as Almac, Randox, Andor Technologies, Schrader Electronics and Wrightbus. The challenge is that we need more companies like these.

“Bank of Ireland UK welcomes the Knowledge Economy Report as providing data to inform and identify those areas where further support could deliver significant incremental growth. It is encouraging to see that Northern Ireland is one of the fastest growing regions but there is a long way to go if the region is to achieve its 2030 targets. By informing the key stakeholders in the economy the report, alongside recent publications such as the Innovate Strategy from DETI, will help build upon the growing collaborative approach to this sector. Bank of Ireland UK is committed to playing its part.”

Looking to the future Steve Orr is optimistic for the competitiveness of Northern Ireland. “The really exciting prospect is that we created 295 innovative new companies this year, all of which have international aspirations. Our start-up scene is thriving with names such as Brewbot, RepKnight and Solaform achieving international funding and recognition. That is the future for peace and prosperity.”

-Ends-

For further information contact Sheila Davidson 07785793672 or Claire Burgoyne 07557815365 at NISP CONNECT

Notes to Editor

Attachments include

• Knowledge Economy Index Report
• Infographic and photograph to follow on 20^th October

For further information on the full 2014 Knowledge Economy Index report, please click here.