The Spirit of Enterprise Awards series was established by Chartered Accountants Ulster Society in partnership with Northern Bank and Business Eye to reward indigenous companies that demonstrate real entrepreneurial spirit, as well as innovation and the creativity to succeed.
i-Path will go forward for consideration for the overall award when all ten monthly winners have been named.
Stuart Harvey, CEO at i-Path says: “The strength of i-Path is undoubtedly the high academic reputation and knowledge behind the product combined with a team that provides the right software development skills.
“To Peter and James’ credit (Professor Peter Hamilton and James Diamond, i-Path’s co-founders), they realised the potential of their idea and were willing to take a calculated risk. They were not too proprietary of their idea and recognised that to best realise the commercial opportunity they would need to build a strong team with other skills around them.”
Venture Capital funding in October 2008 allowed i-Path to grow their staff from 3 to 12, including a business development and sales team which would allow a more international outlook.
Stuart says: “The Venture Capital funding meant that we could build a strong team and really prioritise speed to market. It’s a very rapidly evolving area so getting our Path XL product out there and securing some early wins has been incredibly important. We believe that the investment, along with the additional support from our investors, has put us on course to make the most of the worldwide opportunities that are out there.”
Peter Hamilton says: “We have a lot of good ideas in Northern Ireland, but often we don’t recognise the potential they hold. As a company with the right investment and support we’ve been able to commercialise our idea with the collaboration of local health services and local pathologists to build a strong product which also supports local education and research and ultimately a better health service to the public.
“What we have found is that you shouldn’t be afraid to take the opportunity. There is support infrastructure around to help you build a company from scratch with the right idea.”
The future is looking bright for i-Path. The company is currently planning to create new products for customers in the research field, and their leading edge technology is spreading to new markets just as the realisation of the potential of the technology is beginning to register worldwide.
Commending the company on their win, Richard Gardiner, Vice-Chairman of Chartered Accountants Ulster Society says: “i-Path is a company showing great growth and vision and is very worthy winner of the Spirit of Enterprise Award. The company is a fantastic example of the potential of the research and ideas within out local universities and what can be achieved through the commercialisation of those ideas.
Robbie Milliken, Business Manager with Northern Bank, sponsors of the Award, said: “i-Path has built a number of innovative software products as a result of research at Queen’s University and has developed into a global player in an exciting and fast-growing field. The strides taken by the company are truly impressive. It is vital, especially in the current climate, to highlight and reward our best businesses and we feel that i-Path is a great local success story.”
For more information, please visit our website at www.i-path.co.uk