Invest Northern Ireland has announced it will launch a series of strategies aimed at promoting innovation and entrepreneurship across the North. The operating plan, introduced by its chairman, Prof Fabian Monds, and its chief executive, Mr Leslie Morrison, in Belfast yesterday, will provide a framework for new business start-ups and encourage self-employment.
Established companies will be assisted in adding value to their operations by newly set-up client-facing teams who will help them draw up business plans.
Other main strategies over the next four months include strengthening the delivery of its services by extending the five existing offices and setting up additional offices in Craigavon, Co Armagh, Coleraine, Co Derry, and Enniskillen, Co Fermanagh.
Local offices will develop "investment propositions" for potential inward investors in conjunction with councils, local enterprise agencies and other community-based economic groups.
The plan also outlines the creation of local liaison operations with Invest Northern Ireland's property services' unit to develop property with local councils and private developers for inward investment and local enterprise and incubator units.
A venture capital strategy in co-operation with the Department of Enterprise, Trade and Investment and a business birth rate strategy to accelerate business start-ups are also envisaged as is a new fund to promote research and development.
Prof Monds said that since the agency's launch in April, the board's main objective had been to develop solid foundations on which to implement the targets of the three-year corporate plan.
"Essential groundwork has now been completed to enable us to provide new client services that will strengthen the economy through helping local companies become more innovative and competitive. We are also developing a fresh approach to entrepreneurship and enterprise," he added.
Prof Monds said INI had carried forward the work of its predecessor agencies, among them the Industrial Development Board and LEDU, by working with local initiatives such as Belfast Entrepreneurship Week and the Community Business Start Up Programme.
INI's chief executive, Mr Morrison, said the agency's corporate plan had identified some of the North's economic weaknesses, which were now being tackled.
"These weaknesses include an inadequate business birth rate, low levels of innovation and R&D, a small number of knowledge-led businesses and a weak export culture. We aim to counter these through a genuine partnership with stakeholders and a strong client-serving focus," he concluded.
