Invest NI chief executive Alastair Hamilton explains why the agency is sponsoring the Excellence in Innovation business award

How would you describe the mood of Northern Ireland's business people at the minute, and how do awards like the Belfast Telegraph Business Awards improve that mood?

When I meet our customers I'm always encouraged by their resilience, drive and determination to succeed. Good companies find opportunities and solutions, regardless of the challenges they face.

Awards such as the Belfast Telegraph Business Awards enable the entire business community to recognise individuals and businesses which are succeeding. Hopefully, their success will inspire others.

What is Invest NI's view on whether cutting Northern Ireland's corporation tax rate will boost solid inward investment or - as some argue - promote so-called 'brass plate' investment?

Anything that enhances our competitive position is to be welcomed and cutting corporation tax certainly has that potential. It would allow us to compete in new market sectors for inward investment and also enable profitable local companies to invest more in their growth plans.

How will cuts to the Department of Trade and Enterprise's (DETI) budget affect the ability of Invest NI to support indigenous businesses and foreign direct investment?

Undoubtedly there will be pressures on all budgets and some difficult choices may need to be made. But I would hope that, whatever final budget settlement emerges, it will be sufficient to ensure that all good projects, either locally or foreign owned, can be supported.

What are the main challenges facing Invest NI?

We're focused on supporting a range of customers, and it's vital that we do so in the most relevant, efficient and effective manner. We are currently in the midst of a major programme of change to ensure that our programmes, processes and people are best aligned to these goals.

What sectors are most likely to yield growth and jobs? Are we likely to see more big law firms - or big firms of any kind - locating back-offices in Northern Ireland, as we saw with Allen & Overy?

Convincing Allen & Overy to choose Northern Ireland over 20 other potential locations was a tremendous coup. And it follows the success we had in attracting another major legal name, Herbert Smith. This is an area, I trust, will continue to grow.

We are beginning to see critical mass develop in a number of areas, including business services, technology, the creative industries and financial services, as more global names recognise Northern Ireland's excellent business proposition.

There are also opportunities in emerging technologies, such as energy, environmental and connected health, which Northern Ireland is well placed to capitalise on.

Where do you think our economy will be this time next year, in five years time and in 10 years time?

There is now a momentum in the development of the export capability of our local businesses including the small but growing cadre of local companies of scale. In five or 10 years I would hope to see a larger and stronger private sector with more international investors of the calibre of Citi, NYSE and Allen & Overy, blended with many more local successes like First Derivatives, Andor, Almac, Randox and Wrightbus.

Why has Invest NI chosen to sponsor the Excellence in Innovation category? Is innovation important to the growth our economy?

Innovation is vital to the future of our economy and while total research and development spend continues to be dominated by a small number of companies, the growth in expenditure by small and medium enterprises is hugely encouraging.

There is a wide range of support available for innovation, which covers much more than high-end research and development. By showcasing how even the smallest innovation can deliver real business benefits, I hope more companies will be convinced of its importance.

How can the Executive boost innovation? Is it something which is the role of government, businesses or universities - or all three?

Boosting innovation is a key part of the current programme for government, but while government can set the parameters and provide some support, it is ultimately businesses that make the decisions to invest, so it's a very clear, and strong, partnership. Investment in innovation results in more competitive businesses, enabling growth and supporting more secure, better paid jobs.