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17/10/2016
Two Belfast Firms Chosen For Rates Maximisation Competition
Two local companies have been successfully selected, alongside two British firms, for the first stage of a Small Business Research Initiative (SBRI) competition, to present ideas to help Belfast City Council maximise revenue from business rates.
Belfast companies Analytics Engines and RF Proximity join Nquiring Minds (Southampton) and The Behaviourist (London) in winning up to £5,000 to develop a proof of concept for their ideas. A second phase later this year will award up to £100,000 in total to two companies for further development.
Business rates are a valuable source of income for both the Northern Ireland Executive and Belfast City Council as rates based capital is the foundation for the delivery of public services.
The council launched the SBRI competition in partnership with the Department of Finance Land and Property Services (LPS) and Future Cities Catapult aiming 'to encourage the development of a timely, accurate, cost effective and equitable solution which can be implemented to maximise business rate revenue for the city'.
Funding has come from the Executive's Pilot SBRI Challenge Fund which is jointly managed by the Department of Finance and the Department for the Economy.
Congratulating the successful companies, Councillor Aileen Graham, Chair of the council's City Growth and Regeneration Committee, said: "We are delighted at the interest shown in the competition and the standard of the entries put forward – it is particularly gratifying to see local companies competing with, and being able to hold their own, against innovative companies from other areas.
"By maximising business rates revenue, Belfast can provide best services to the whole community to enhance the quality of life and boost our economy."
Finance Minister Máirtín Ó Muilleoir, whose department is supporting the competition, added: "I believe that our public sector should embrace innovative solutions to improve services and ensure value for money. I look forward to seeing how this competition progresses and how these proposals will be further developed to maximise the rating revenue for Belfast City Council and the Executive's funding pot for public services."
(MH/JP)
Belfast companies Analytics Engines and RF Proximity join Nquiring Minds (Southampton) and The Behaviourist (London) in winning up to £5,000 to develop a proof of concept for their ideas. A second phase later this year will award up to £100,000 in total to two companies for further development.
Business rates are a valuable source of income for both the Northern Ireland Executive and Belfast City Council as rates based capital is the foundation for the delivery of public services.
The council launched the SBRI competition in partnership with the Department of Finance Land and Property Services (LPS) and Future Cities Catapult aiming 'to encourage the development of a timely, accurate, cost effective and equitable solution which can be implemented to maximise business rate revenue for the city'.
Funding has come from the Executive's Pilot SBRI Challenge Fund which is jointly managed by the Department of Finance and the Department for the Economy.
Congratulating the successful companies, Councillor Aileen Graham, Chair of the council's City Growth and Regeneration Committee, said: "We are delighted at the interest shown in the competition and the standard of the entries put forward – it is particularly gratifying to see local companies competing with, and being able to hold their own, against innovative companies from other areas.
"By maximising business rates revenue, Belfast can provide best services to the whole community to enhance the quality of life and boost our economy."
Finance Minister Máirtín Ó Muilleoir, whose department is supporting the competition, added: "I believe that our public sector should embrace innovative solutions to improve services and ensure value for money. I look forward to seeing how this competition progresses and how these proposals will be further developed to maximise the rating revenue for Belfast City Council and the Executive's funding pot for public services."
(MH/JP)
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