Francess McDonnellexamines the outlook for 10 of the North's most promising corporatenewcomers who may become the next big thing in 2002
If the many industry surveys carried out in Northern Ireland during the latter part of 2001 are to be believed, business confidence is at an all-time low.
The global economic downturn coupled with fallout from the terrorist attacks on the United States last September have brought business optimists to their knees and sent shock waves through the North's economy. Northern Ireland's traditional sectors, chiefly shipbuilding and the textile industry, are in sharp decline. Jobs have been shed at a rapid rate, factories have been closed and orders are simply non-existent.
Working behind the scenes of this gloomy picture, however, is a new generation of high-tech entrepreneurs who have been establishing impressive new start-ups.
Which are the high-tech hopefuls likely to make their mark during 2002? Top of the list is likely to be the ever-expanding portfolio of spin-outs from Northern Ireland's two universities.
Both the University of Ulster and Queen's, through its Qubis company, are helping to grow an inspiring number of new start-ups which are making a vital contribution to the Northern Ireland economy. The combined turnover of Qubis companies last year is expected to exceed £31 million sterling (€50 million), with export sales accounting for over 95 per cent of the total.
One of Queen's most successful spin-outs to date - and one that is likely to grab more of the limelight over the next 12 months - is Amacis. This operation develops and markets enterprise software that allows organisations to manage electronic customer correspondence such as emails via the Web or by mobile phone.
Currently privately owned, it recently established offices in the US and is expected to announce details of new capital investment in the first quarter of this year.
Another Belfast-based internet solutions company, MineIT, a spin-out from the University of Ulster, is also in the process of raising further finance to expand operations in Europe and the US. MineIT, which develops market analysis software for e-businesses, last year scooped the equivalent of an "IT Oscar" in the European Information Society's annual awards and is likely to strengthen its position in the sector during 2002.
The "chipless" semi-conductor firm Amphion, a Qubis company, is also fast becoming a global player from its Belfast offices. The company is a leading supplier of virtual components for the multi-media, wireless and broadband communications industries.
Amphion's record in the field of research and development is likely to deliver further rapid growth over the next 12 months.
Last year Andor Technology, another Qubis company, secured £2.1 million sterling of new venture capital investment to expand its business. The Belfast start-up, which designs and manufactures high-tech scientific cameras, is likely to use this finance both for research and development projects during 2002 and to expand its growing customer base.
Another Qubis company to watch in the coming months is Lagan Technologies, which specialises in customer relationship management software for the financial services, government and telecommunication sectors. The firm has ambitious plans to expand rapidly into South Asian markets and is currently involved in a major financing round which it is expected to close by the end of the first quarter.
One Northern Ireland company working a new innovative product that may be launched during 2002 is Amtec Medical. The Antrim-based company has a flagship product that tests patients referred to hospital with suspected Deep Vein Thrombosis (DVT). It is now working on a device which could be used to help prevent DVT during aircraft traveland is in discussions with a number of airlines about its possible use.
Three spin-out companies from the University of Ulster which are set to make their mark during 2002 are Gendel, Maxemus and HeartSine Technologies.
Gendel is pioneering commercial research into a novel drug delivery system that uses red blood cells as carriers to release drugs. The firm is close to securing finance to advance its business plan over the coming months.
HeartSine Technologies is another medical device development company which is focusing on defibrillation technology and working closely with its US joint venture partner on research and development during 2002.
One Derry-based start-up looking forward to expanding its customer base is an internet-based firm with a resolutely upbeat attitude.
Maxemus's claim that it does not just build or design websites but is focused on putting "business" back into e-business helped it secure an important niche market despite the e-commerce slump last year. The company, which provides e-business, design and internet technologies, is likely to attract a lot more attention from larger players in the sector during 2002.
One of the most recently established University of Ulster spin-outs, Diabetica, has just signed a new joint venture agreement with an American partner to step up its research to find a natural remedy for people with diabetes.
