WestBIC Chairman offers cautious economic outlook for year ahead

The Galway-based head of one of the west’s leading incubation centres for new business has preached caution in his economic outlook for 2017.

At the recent WestBIC 2016 Annual General Meeting, Dr Chris Coughlan, the WestBIC Chairman pledged an even greater effort by WestBIC to continue to drive the jobs issue for the Region.

“It`s the only real, long term indicator we are interested in,” he said.

“It`s the outcome of a sustainable and well tested Applied Innovation Process and Support Service that we have been constantly updating and improving over the last thirty years.

“Innovative companies need innovative advisors and our holistic approach of offering the global standard of Applied Innovation supports, incubation, validation, investor grade Business Planning, timely access to Private and Public sources of Start and Growth Capital and, most importantly, International Networking opportunities for clients will be deepened and get our full attention” he added.

“We are particularly committed to doing more and attracting resources to the less favoured sub Regions, where the key indices of Start-Ups, jobs etc., are lagging behind Regional averages not to mind National averages.” Dr Coughlan continued.

WestBIC, as the Quality Accredited EU Business and Innovation Centre for Irelands West and North West Region, is located at seven contact points throughout the Region from Donegal to Galway.

As a Specialist Service Provider in the Governments Portfolio of Supports to Industry, WestBIC is the lead delivery Agency of the enablers of Applied Innovation which includes Incubation Infrastructure and Systems and Investor Grade validation and Business Planning support to candidate innovative Start-ups.

In the last year, WestBIC clients raised almost €6M of Start and Growth Capital from Public, Private and EU sources working closely with EI, Údarás na Gaeltachta, the LEOs, the Colleges, the City and County Councils and the WestBIC Private Equity Support Community of Business Angels, both in Ireland and overseas.

“There is no room for complacency and the recovery of jobs, particularly in the less favoured sub regions, is very much on our Agenda into 2017 and beyond. Our Board and Team are committed to that,” concluded Dr Coughlan.