Newry has always had an Entrepreneurial Culture

Newry’s transformation Education 2 Employment Presentation to St Joseph’s High School December 2012

Dr Conor Patterson

2012: A CHANGING IRELAND

IRELAND • A stepping stone for North, Central & South American companies into Europe • Skilled people • Low business tax • Euro • English speaking

Newry

Newry transformed

Newry then…..

1922 - 1998

Economic Disadvantage Contributed to Political Instability

Dis-investment

The Transformation of Newry

Late 1990’s onwards - NEW INVESTMENT

A station fit for one of the best located places in Ireland for doing business

NEW ROADS

Transformation Factors

Transformation Factor

Peace

A New Departure

Transformation Factor

European Union

EUROPEAN UNION • Removed economic borders • Investment • Brought countries and parties together

Newry’s location: 2.5 million consumers within 100km

Transformation Factor

Self Help & entrepreneurial culture

Entrepreneurial Spirit • Highest rate of self employment in UK • Many micro-enterprises (4,055) – higher 5 year survival rate than NI or UK average • A high concentration of successful locally owned export-focused businesses that could provide a blueprint for the rest of Northern Ireland • Commitment to self-improvement through education

Globally successful locally-owned businesses across a range of sectors • Norbrook Laboratories (pharmaceuticals) • Glen Dimplex (electronics) • MJM (specialist fit out) • First Derivatives (financial software) • Parker Green International (property)

Entrepreneurial Spirit •

Newry was a ‘frontier’ location during the troubles – little or no public or private investment in its economy • Self-help, especially self employment, became a way of life for many in Newry. • Trading back and forth across the border was second nature

SELF HELP •Newry Credit Union Giving the working class access to finance •Newry & Mourne Co-operative and Enterprise Agency

Working in Partnership locally, regionally, nationally, internationally •Community Associations across Newry

Transformation Factor

Inward Investment

INWARD INVESTMENT • N./R.Ireland = English-speaking • N./R. Ireland = Young well-educated pop’ • Attractive base for US multinationals (Irish-American links)

• R.Ireland = Euro • R.Ireland = Low business tax (two thirds less than UK)

• N./R. Ireland = Small (a little inward investment makes a big difference)

Transformation Factor Partnership Working

Greater Newry Greater Vision

The Development Challenge …. Unblocking the bottleneck

Southern Relief Road and Bridge

The Development Challenge exploit our assets

The Recession

The effects of the RECESSION : • Unemployment • Lower wages • Restricted bank lending • Austerity measures • Loss of confidence

Entrepreneurship is the route out of Recession .... The solution to the economic crisis.... at a time when banks have no funds, governments are making cuts and big businesses are contracting not expanding...... lies with people turning to their ‘inner entrepreneur’ to create their own opportunities......

their own ‘Work In Newry’ (WIN).......

- Being an ‘entrepreneur’ doesn’t mean you have to start your own business. - It’s a way of thinking.... - Many people who don’t work for themselves are recognised as ‘entrepreneurs’ within their organisations

A ‘social entrepreneur’..... Conor Patterson Newry & Mourne Co-operative and Enterprise Agency

Well known entrepreneurs

Do you know any other entrepreneurs?

Any Questions?

Real life entrepreneurs You will now break into groups of 10 and visit local entrepreneurs who run their businesses from WIN Business Park on a daily basis Please ask these entrepreneurs plenty of questions as they are the experts!