Business

Tech sector is moving fast thanks to companies with a lot in common

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IF you look at the number of headlines generated by Northern Ireland’s tech sector today compared with what you might have seen even a decade ago, it’s clear much has changed.

Whether you’re looking at the huge numbers of FDI jobs, the growth in both the number and scale of indigenous tech businesses or the amount of venture capital funding that is being attracted by those firms, the claims that Northern Ireland has one of the fastest growing tech sectors in the UK and Ireland are backed up by strong evidence.

As attention turns to how we sustain that growth and properly establish the region as a globally known tech hub, it will be important to learn from the companies who have been tech trailblazers and successfully scaled up.

Deloitte’s annual Technology Fast 50 awards have recognised many of our local companies among the best in Ireland. They span the technology industry and previous winners have included everything from software development to web design, from digitisation of supply chains to online retailers and e-learning businesses.

The Fast 50 is also somewhat unique in that it reflects the entire tech landscape, with long-established international businesses such as First Derivatives appearing alongside relative start-ups.

While the programme (which is open for entries until November 12) is objective in nature, with winners selected on the measure of revenue growth alone, rather than being judged by a panel, there are some themes and trends that we observe time and time again in the winners:

:: Innovation - Perhaps an obvious trait when talking about technology companies but the innovation we’re seeing from the Fast 50 entrants in the programme this year is not limited to their technical skills. What’s been impressive has been the ability of these companies to observe the impact the pandemic was and is having on their customers, and use that as an opportunity to refresh, realign and innovate their offerings.

:: A “can-do” mindset - Confidence, coupled with great technology, is enabling companies to compete and lead at a global level. Our Fast 50 companies are not limited to starting their growth journey locally; many are stepping straight onto the international stage from the outset, opening a wider range of opportunities.

:: An agile workforce - A common characteristic of much of the tech sector already, given the relative youth of many of the businesses and their employees, many of this year’s Fast 50 entrants and previous winners already had aspects of flexibility embedded in their businesses, and a familiarity with remote working technology meant they faced less disruption and were quick to settle into fully remote working.

:: A clear strategy - This is key enabler for any company seeking high-performance. While our Fast 50 winners may set their strategy across different timelines, dependent on the experience and relative maturity of their business and the market they operate in, the clarity of their strategy is a recurring theme. A strong strategy allows a business to define its markets, the ambitions it sets for itself and helps it align its capabilities to achieve the targeted success.

:: Ambitious goals - So many of the Fast 50 winners and new entrants are setting and exceeding hugely ambitious goals for their businesses. They are aiming high and they are going for it. They are not afraid of failing; rather they see it as learning – and they understand learning fast is key. This gives them a resilience and ability to push themselves forward.

These attributes have led to a much interest from venture capital and private equity investors while an increasing number of these tech companies are harbouring an ambition for an IPO, as an alternative to potentially being acquired, which underlines the confidence of the industry in Northern Ireland.

:: Aisléan Nicholson is a partner at Deloitte