Research into Northern Ireland’s entrepreneurial ecosystem and innovation-driven enterprises (IDEs) has found the majority (75%) of ‘deeptech’ spin-out companies originate from Queen’s.
The report, ‘Northern Ireland Deeptech Index 2024’, looks into the IDEs created in Northern Ireland in the last seven years, including ‘deeptech’ companies which use advanced science and technology (such as AI or blockchain). It has revealed both the opportunity these provide for scalability, as well as job generation.
In partnership with QUBIS, the commercial arm of Queen’s, and Beauhurst, this report is derived from comprehensive data collection, and one of a series of six publications which will provide an in-depth and comprehensive analysis of the innovation landscape throughout the UK.
Key findings
- Between 2017 and 2023, 82 active IDEs have been created with equity deals totalling £139m having been made by these in Northern Ireland;
- The active presence of 57 spin-out companies in NI represents a notable 5.82% share of its dynamic high-growth company landscape, surpassing the 2.61% spin-out share seen in the broader UK high-growth ecosystem. This highlights the significant role that universities play in shaping the local innovation landscape;
- Out of the 82 active IDEs in NI, almost 30% or 23 companies have spun out of universities, with the vast majority of these spinning out from Queen’s, underscoring the impactful collaboration between academic research and the flourishing entrepreneurial ecosystem in the region.
Brian McCaul, director of innovation and CEO of QUBIS, said: "This report affirms the essential role of Queen’s in contributing to Northern Ireland’s growing and vibrant innovation landscape, with the majority of our region’s deeptech spin-outs originating from our university.
“This report paints an optimistic picture but shows more still needs to be done – we need a new wave of ambitious, impactful, innovation-driven startups that can compete on the global stage. Here at Queen’s, we aim to establish the region as a premier destination for these ambitious, impactful, innovation-driven startups.”