The University of Ulster reports commercialisation success adding to Northern Ireland's economic recovery.

The University of Ulster is continuing to contribute to Northern Ireland’s economic recovery, with its major contributions to the economic, social and cultural development of the region, and its key role in attracting inward investment.

Although the pace of Northern Ireland’s recovery has eased since the high of January, the region has now seen continued growth for eight consecutive months, with University of Ulster playing a pivotal role in the process.

Over the past five years, the university has helped license 37 new technologies into business, supported 21 new spin-out companies and helped local firms to secure a total of £21m of venture capital funding to exploit research.

Keynote speaker Tim Wheeler, of local rock band Ash, discussed the impact of changing technology on the global music industry, while Sir Richard Needham highlighted the challenges facing Dyson, where the former UK government minister is now a senior independent director, and reinforced the importance of modern business systems and creative design for business survival and growth.

Professor Barnett, Vice-Chancellor, said: “Each year, the University of Ulster undertakes 5,000 business interventions through its Office of Innovation, the central point used by companies to access and commercialise academic research. Firms which access knowledge-based support from  University of Ulster show an average annual growth rate of 12%, demonstrating the power of new products, processes and concepts for companies of all sizes, across all industry sectors.”