According to Economy Minister, Conor Murphy, the programme will focus on sectors where Northern Ireland already has a strong presence, such as Advanced Manufacturing, Life and Health Sciences, and Information and Communications Technology (ICT). However, the initiative will also look to support the development of new industries, particularly those related to green technology, to ensure the region's economic growth in the future.
By encouraging businesses to work together in clusters, the government hopes to drive innovation, improve productivity, and enhance the resilience of the Northern Irish economy.
Minister Murphy said: "Businesses that participate in clusters have higher levels of innovation, productivity and resilience.
"The aim of the new programme is to develop priority clusters across the north. It will provide financial support to groups of SMEs and stakeholders to carry out projects that could not be achieved by individual companies on their own.
"In particular we want to develop clusters in areas where we have existing expertise – like Advanced Manufacturing, Life and Health Sciences and ICT which includes software and cyber. We must also prepare for future economic growth in new industries, not least green technology."
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The Minister continued: "I am committed to creating economic prosperity that is felt across the region. Today's announcement provides strategic, tailored support for industry, academia and investors that will create good, highly skilled jobs and increase productivity across the north."
The Cluster Acceleration Programme is based on the 'Super Cluster' model which is defined as combining industry, government and academia, capital investors, venture capitalists and entrepreneurs. These groups come together to collaborate on new products or processes, address challenges such as skills and employment gaps, or increase export capabilities and improve productivity.
Steve Harper, Executive Director, International and Skills, Invest NI said: "Our previous Collaborative Growth Programme operated for six years and supported 70 collaborative projects and over 600 businesses from across NI. It helped them to tackle challenges, embrace enabling technologies and exploit new market opportunities.
"The success of this programme clearly demonstrates the value of cluster working and has seen a number of successful cluster groups set up, including Manufacturing Engineering Growth Advancement (MEGA), Generating Engineering & Manufacturing Excellence (GEMX), Northern Ireland Maritime & Offshore (NIMO) and Advanced Food Drink Network (AFDN).
"These groups have worked together to share best practice, develop new ways of working, address skill pressures and access new markets.
"This new programme is specifically to fund SMEs that can demonstrate a willingness to work together to scope and exploit opportunities which will enhance both their individual competitiveness and that of the region."
The new Cluster Acceleration Programme aims to identify and support up to five super clusters (and 50 Cluster Feasibility Studies), to be administered over a 10-year period.
More information on the Cluster Acceleration Programme, including how to apply, can be found on the Cluster Acceleration Programme page on the Invest NI website.
Businesses interested in forming a Cluster will be able to get support and advice at the International Cluster conference and workshop on 29 October in the Dunadry Hotel, Templepatrick. Register for the conference and workshop here.
