After 11 years at QUBIS, Brian McCaul is stepping down following a period of significant growth, company creation and impact across Northern Ireland’s innovation ecosystem.
Reflecting on his time at QUBIS, Brian looks back on the people, partnerships and purpose that defined his role, and on what comes next.
I still remember my first recruitment lunch with James O'Kane, being quietly sized up by the powerful duo of Ronnie Kells and Gordon Bell. Coming from a startup, I was honestly worried about returning to "employment". I wasn't sure a large institution could match the sense of mission you get when you're building something from scratch, or that I'd fit.
I needn't have worried. It clicked early on, thanks to the leadership of James and others, the support of David and Paul, and Dermot Tierney, who was new at that time. Building on the foundation Ed Carton had laid, there was a tightly-knit web of entrepreneurs around the board and investment committee. It quickly became clear this wasn't a transactional role. It was a long-term commitment to the economic future of Northern Ireland. I didn't lose the startup buzz - I just swapped being in one startup for having a hand in many.
Looking back, what strikes me most is the tightness of the network. I don't think I've encountered anything quite like it elsewhere. It's heartening to see how many of the originals are still deeply involved as board members and investors. That closeness — across Queen's and QUBIS - is what really put Belfast on the map, driven by a shared mindset rather than noise or hype.
We got to celebrate some of that with our 40th-anniversary numbers - over 100 startups and 4,500 jobs. But for me, real validation came when we were ranked the UK's #1 Entrepreneurial University by Octopus Ventures, combined with playing a UK-leading role in ICURe. What matters more is the relative impact we've had on the local tech economy. As the most active private deep tech seed investor on the island, QUBIS has deployed patient capital where others wouldn't. That has made a real difference, and I'm still not sure it's fully understood as an economic factor.
But being closely involved in companies' formation, as one of the 10 UK TTOs that create half of all spinouts in the UK, is at the heart of it. For me, having a hand in companies like Re-Vana, Sonrai and CATAGEN, and watching founders navigate the hard yards from idea to operating company, that's what made the role.
None of this happens without the best people. David Moore, who is also moving on to his next chapter, has been at the core of QUBIS. His calm judgement and instinct for what makes a venture investable have been a huge asset. Paul Donachy has been a constant throughout, particularly in driving national impact through ICURe. Louise Reid, the operational transformer, pulled it all together and is now taking time with her newborn daughter. Angela Ferguson kept me right through it all.
Behind every spinout are the teams who make it happen. Matt Wilson, Sharon Morgan-Young, and all the investment, commercialisation, team, and support teams have been essential to everything we've built. There are too many to name individually, but you know who you are, and you know what you've contributed.
On the university side, Scott and Wendy have been my co-directors in R&E and trusted partners for many years. To Archie Clements, my university boss, and Helen Kirkpatrick, my outgoing QUBIS boss: your support created the coordinated platform that enabled us to deliver. And to the Chairs I've served under: Gordon Bell, Colin Reid, James O'Kane, Helen, and just enough of Paul Terrington's stint to know it's in good hands. Thank you for the cover, the challenge and the counsel.
Timing matters. It was great to see Sir Ian Greer formally welcome Marina Donohoe this week. As the first woman to lead QUBIS, and with her deep experience at Enterprise Ireland, it feels like a milestone appointment and the right leadership for the next chapter, particularly as the all-island agenda comes into sharper focus. This is a smart appointment.
At the start of this note, I mentioned my worry 11 years ago about returning to employment. Having scratched that itch, I'm planning - for now - to resist the pull of another full-time role and return to my roots. I'll be focusing on early-stage investment and advisory work, particularly around company formation and seed-stage deep tech. I'll stay close to the innovation ecosystem through fractional board roles and working with founders at the earliest stages - the part I've always loved most. That said, if something comes along with the same intensity and sense of purpose I found here, I'm always open to a conversation.
At the 40th anniversary, I paraphrased what Terri Hooley once said of the Belfast scene: "Others had the capital … we had the reason."
That reason hasn't changed for me.
Onward,
Brian