NI Elections - The Lightstep POV

As CEO of Lightstep Technologies, the award winning creators of the worlds first intelligent evacuation system, I’ve been watching the election campaign to date with business firmly in mind. With the proposed cuts in the overall funding for Northern Ireland, its worrying to think how the already underfunded support systems for business and in particular new start ups will be affected. But what needs to be done and can the parties grasp the importance and potential in backing for business and industry in Northern Ireland?

Lightstep is a Belfast company which is making waves on a global scale, with the unique nature of our evacuation technology. The systems utilizes the latest LED light technology, controlled by patented software which guides occupants to the safest way out of an emergency situation. With no comparable product on the market, we now find ourselves with a product which is in global demand and the potential impact on the local and wider economy staggering.

But creating this world class product has not been without its difficulties. The lack of corporate finance and the risk averse culture in Northern Ireland was a huge obstacle. Coupled with the shortage of sustainable funded programmes from local and European wide government for new technology, we found ourselves with no option but to fund R&D from almost wholly private sources. It would be my hope that parties will consider seriously how they can best help to promote an entrepreneurial spirit within Northern Ireland, by decreasing regulatory burdens and supporting and encouraging start up businesses.

Northern Ireland has the potential to be a great place to do business and the onus is on the parties to create the best environment in a business sense for this to become reality. We are in a position of advantage with relatively low running costs, a highly skilled and educated workforce, and a prime location for links with Europe and the US. The opportunities for job creation, increased local economic vibrancy, and wealth creation should not be overlooked and as we emerge from this period of recession, businesses need to be incentivised with assistance and support. In short, parties need to be prepared to decrease or remove where possible, the obstacles to growth in the business community and the economy as a whole.

Reductions in corporation tax, vat reductions to boost the construction industry and incentives for foreign investment are just some of the measures which will go some way towards the regrowth of our economy. Involvement in international exchange programs for the highest cailbre of university students will create a breeding ground for new technology, and nurture the very best talent we have to offer.  A business advisory body offering advice, sources of funding and world class expertise to encourage entreprenuers should be a must along with greater investment in skills and education to bolster the opportunites these entrepreneurs can create. In short, we have in our hands the opportunity to put Northern Ireland on the hi tech global map .