New report finds majority of Northern Ireland’s innovative, new ‘deeptech’ spinouts originate from Queen’s

New research into Northern Ireland’s entrepreneurial ecosystem and innovation-driven enterprises (IDEs) has found that 75% of ‘deeptech’ spinout companies originate from Queen’s University Belfast.

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, derived from comprehensive data collection, is one of a series of six publications which will provide an in-depth and comprehensive analysis of the innovation landscape throughout the UK.

Launching the report, Brian McCaul, director of Innovation, Queen’s University Belfast and chief executive officer 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 spinouts 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.”

Key findings:

Between 2017 and 2023, 82 active IDEs have been created with equity deals totalling £139 million having been made in Northern Ireland.

The active presence of 57 spinout companies in NI represents a notable 5.82% share of its dynamic high-growth company landscape, surpassing the 2.61% spinout 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.