In the months following Northern Ireland’s Good Friday Agreement in 1998, there was hope for both wealth and peace. Gordon Brown, the then-chancellor, visited Belfast and gave a speech on “a new partnership for prosperity”. He announced a £10 million investment to establish a Northern Ireland Science Park, with the goal of assisting fresh ideas in becoming successful local enterprises.
As the global economy has changed in recent decades, that objective has taken on new meaning: might a new Northern Ireland technological start-up achieve “unicorn” status by reaching a $1 billion valuation? That is the desire of many entrepreneurs looking to expand their enterprises at the original Northern Ireland Science Park, now known as Catalyst.
Celebrating its 25th anniversary, the company, which is principally situated at Belfast Docks, has changed its name, expanded to become one of Northern Ireland’s largest science parks, and added a facility in Londonderry. It claims to employ over 2,700 people across its facilities on a daily basis, as well as over 140 firms. But has its objective been accomplished?
From Chris Gregg’s point of view, it has: the company he co-founded at Catalyst with his brother was recently sold in a deal that is seen to be one of the most significant for a Northern Ireland-based startup. Lightyear has been acquired by Access Group, the UK’s largest software company. The precise terms of the agreement have not been released.
Chris oversees the company from Catalyst’s Concourse facility in Belfast docks, which demonstrates how it encourages innovation and growth. research parks are a sort of business park that strives to nurture a cluster of research and knowledge-based companies, making them suitable for emerging technological start-ups.
Catalyst’s office income supports start-up services such as entrepreneurship seminars and funding competitions, including the popular Invent competition with a prize money of £55,000. Catalyst also offers a variety of office sizes, allowing businesses to expand as they grow.
While the out-of-town location of research parks like Catalyst can be a disadvantage, it served as a great foundation for Chris when he returned from living abroad, including a stint founding and selling a software business in Australia. “We started the company in Catalyst, and we’ve expanded there. It’s been an incredible environment for us to thrive in.
