Ulster Bank research says Northern Ireland is out in front across the UK for converting innovation into commercial growth, underlining the region's reputation as a centre for innovation-led economic development.

Its From Innovation to Impact report finds Northern Ireland has the highest proportion of scaling businesses among UK regions analysed, indicating strong performance in helping innovative firms expand and bring new products and services to market.

The study also shows that grant-backed companies in Northern Ireland have attracted more than £629 million in follow-on investment, pointing to a robust innovation ecosystem capable of drawing significant funding for high-growth enterprises.

Alongside the progress, the report identifies a clear opportunity: 98 innovative Northern Ireland businesses are still developing products, services and technologies but have yet to fully realise their commercial potential.

Supporting these firms to scale could unlock fresh investment, create high-value jobs and deliver sustained economic benefits across the region.

The report stresses the importance of collaboration between businesses, universities, investors and policymakers in fostering an environment where innovation thrives. It also concludes firms need more than finance to succeed; leadership expertise, talent, customer access and routes to market are all critical to turning ideas into lasting growth.

One company showcasing this support in action is Vikela, a Northern Ireland-based body armour manufacturer building and scaling locally while targeting international markets. Joining Ulster Bank at an early stage, Vikela accessed dedicated scaling support and recently invested in a new 3D printer after winning the 2026 Ulster Bank Pitch competition. Peter Gilleece, CEO of Vikela, said: "What started as quite a niche idea to see if 3D printing could be deployed to create lighter body armour than was already available has developed into a successful business and Ulster Bank has played an important role in supporting us on that journey.

"I knew from friends who had to wear body armour for their job that it was heavy and uncomfortable and was inspired to try and find a better solution. I may have had the initial idea, but actually turning that idea into a business was another thing entirely.

"Joining the Accelerator gave us access to valuable expertise, guidance and a network of people who understood the challenges and opportunities that come with growing an innovative business.

"The support we've received has helped us think bigger, strengthen the business and focus on the opportunities ahead. We're proud to be growing from Northern Ireland and to be part of the thriving ecosystem of entrepreneurs who are achieving great things here."

Gabriella Burnside, Ulster Bank Accelerator Manager, said: "Northern Ireland is already demonstrating what can be achieved when innovative businesses are supported by a strong ecosystem of universities, investors, businesses and public sector partners.

"Our research shows the region is one of the UK's strongest performers when it comes to turning innovation into commercial success, with businesses attracting significant investment and a growing number successfully scaling.

"However, there is still huge potential to unlock further growth. Nearly 100 innovative businesses are developing exciting products, services and technologies but have yet to realise their full commercial potential. By helping these firms access the finance, expertise and networks they need, Northern Ireland has an opportunity to create more high-value jobs, attract further investment and strengthen long-term economic growth."

Ulster Bank says the next priority is not just generating more innovation, but enabling more innovative firms to scale and translate ideas into durable economic impact.