Building a successful high-tech engineering business in Northern IrelandContentsSection Page1 Introduction 32.1 Competition 32.2 Funding 42.3 Recruitment 42.4 Location 52.5 Technical Innovation 5 2.6 Global Market Trends 63 Conclusion 64 References 71 IntroductionThe purpose of this report is to describe the factors associated with the establishment and development of a high-tech engineering business in Northern Ireland. There are many business-related factors that need to be considered before entering an unknown market, especially the high-tech engineering market, which is constantly evolving. Compared to the same market as the United States, where it is well established, this type of market is a relatively new concept for Northern Ireland. This is why market research and business planning are so important before embarking on a venture like this. In this study, some of the main aspects that a new business must face will be explored and analyzed. 2.1 Competition One of the most important factors associated with the creation of a new business is competition. At the outset, a new venture will need to identify any possible competitors and then formulate a set of goals and objectives in order to compete. Doing thorough research into the market and perhaps speaking to competitors is crucial before a company commits. A company will need to establish a benchmark before entering an unknown market. For a high-tech company such as the one born in Northern Ireland, it might be wise to compromise with the competition and perhaps create a joint venture to compete globally. An example of this would be the defense company Thales. This company partnered with Lockheed Martin (the world's leading defense company) on one of their missile programs which not only allowed them to compete globally but also gave them recognition in the United States. Additionally, the company was able to secure additional funding to fuel their research and development program, allowing them to carry out tests that would be unheard of in this country. As a result, Thales has earned a so-called "name" in the global defense market and has obtained contracts from Lookheed Martin on future projects.