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UnicornQuest | CASE and Forest Assessment presented to LSG

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By Project UnicornQuest

On Thursday, 27th June 2024, the next stakeholder meeting was held as part of the Western Enterprise Ecosystem West REP Working Group (WREP WG). The meeting, hosted in a hybrid format saw the participation of 23 individuals representing 16 organizations.

The key focus was to update stakeholders on the progress of the UNICORN QUEST project, share findings from inter-regional research, and discuss the next steps in fostering high-growth enterprises in the West of Ireland.

Key Highlights:

1. UNICORN QUEST Project Progress

James Donlon from WestBIC provided a detailed update on the ongoing UnicornQuest project, which is closely aligned with Action 1.2 of the West Regional Enterprise Plan (WREP). This action focuses on developing alternative funding models to support high-growth enterprises. James emphasized the role of UnicornQuest in addressing challenges that innovative companies face, such as accessing sufficient capital and talent to scale their businesses.

2. Interregional Analysis

The draft market analysis report of interregional research was shared with stakeholders. This report outlines good practices in funding models from regional, national, and EU perspectives, as well as internationally. These insights will feed into WREP’s policy work to create more effective funding pathways for ambitious enterprises.

3. Case Study: Cityswift 

The meeting included an in-depth discussion of the Cityswift CASE study, which recently raised €7 million in a funding round led by a UK-based venture capital firm. The group analyzed the company's journey, focusing on its challenges related to talent recruitment and securing investment. The case sparked a broader discussion on the difficulties faced by businesses aiming to become unicorns and the importance of fostering regional economic development to retain talent and enterprises in the West of Ireland.

4. Collaborations on Regional Research

Fiona Neary from the University of Galway suggested that experienced researchers from the university could assist with conducting regional analysis to further explore the needs and opportunities for high-growth enterprises. James Donlon will follow up on this potential collaboration, opening new avenues for regional research input into the project.

Next Steps:

  • The Interregional Analysis Report will be finalized and circulated to all stakeholders.
  • James Donlon will liaise with University of Galway to explore opportunities for regional research collaborations.
  • Information about the next Interregional Learning Event in Genoa, scheduled for October 2024, will be shared with the relevant stakeholders.
  • The next Stakeholder Meeting will be held in January 2025, with the exact date to be confirmed.