Northern Ireland has the highest proportion of scaling businesses among UK regions analysed, according to new research from Ulster Bank.

The report, From Innovation to Impact, found that grant-backed companies in Northern Ireland have attracted more than £629 million in follow-on investment. However, it also identified 98 innovative firms in the region that are developing products or technologies but have not yet fully commercialised them.

Ulster Bank said supporting these firms to scale could create high-value jobs and deliver sustained economic benefits. The report stressed the importance of collaboration between businesses, universities, investors and policymakers.

One company highlighted in the research is Vikela, a Northern Ireland-based body armour manufacturer. Vikela joined Ulster Bank's Accelerator programme at an early stage and recently invested in a new 3D printer after winning the 2026 Ulster Bank Pitch competition.

Peter Gilleece, CEO of Vikela, said the company began as a niche idea to see if 3D printing could create lighter body armour. He said friends who wore body armour for their jobs told him it was heavy and uncomfortable, which inspired him.

Gilleece said joining the Accelerator gave Vikela access to expertise, guidance and a network of people who understood the challenges of growing an innovative business. The support helped the firm think bigger and strengthen its operations, he said.

Gabriella Burnside, Ulster Bank Accelerator Manager, said the region already demonstrates what can be achieved when innovative businesses are supported by a strong ecosystem. She said nearly 100 innovative businesses have yet to realise their full commercial potential.

Burnside said that by helping these firms access finance, expertise and networks, Northern Ireland has an opportunity to create more high-value jobs and attract further investment. Ulster Bank said its next priority is enabling more innovative firms to scale and turn ideas into durable economic impact.