T-PRO

T-Pro: creating accurate speech models for its transcription services

T-Pro

An Agile Innovation Fund grant allowed T-Pro to test new ideas and evaluate them to see were they applicable in the real world.

 

Bringing ideas from theory to real-world application is a risk. T-Pro wanted to investigate some new techniques that existed only in academic journals, and the Agile Innovation Fund provided the resources to take a chance and the opportunity to grow and improve the company’s offerings.

 

Jonathan Larbey is CEO and one of the founders of T-Pro. The company provides document workflow solutions and clinic management software to healthcare organisations, including speech technology. The company’s range of clients is wide, from small clinics all the way up to hospital groups, NHS Trusts, and regional healthcare organisations.

 

The project that the company received the Agile Innovation Fund grant for was in the area of speech recognition and natural language understanding, which was quite academic, as Jonathan explains: “It’s published in industry journals and things like that, or comes out of universities. It’s not stuff that’s used in the real world. While these things can be academically viable, there’s no real-world use cases for them. This is very much a leading edge, state of the art development piece of work”.

 

But it was worth the investigation, as the project allowed T-Pro to develop very scalable, very accurate speech models that encompass different dialects and speaker characteristics. Through this project, the company developed a global English model for transcription for medical use, which caters for any kind of English accent. This means you don’t need to have a different one for Australia, Ireland, UK, USA, etc.

Bringing in new people

One of the benefits of the Agile funding was the company was able to bring in two additional members of staff to its machine learning, speech and natural language processing (NLP) team.

 

The Agile Innovation Fund provides an accessible and interest-free form of funding, but it also saves companies time, says Jonathan: “A lot of companies, whether they’re a start-up or a growth company, would spend loads of time raising infinite rounds of very expensive equity funding, or maybe run a debt process and have to sit down with banks and get them comfortable with numbers and all of the projects. Whereas this is a much more accessible route to funding. And it’s something that people don’t make most use of I wouldn’t have thought”.

 

Jonathan recommends getting to know the grants process, and looking at this type of grant as a way of funding these types of projects, rather than going out and raising expensive money.

Grants process makes you analyse your idea

He praises the application process for the Agile Innovation Fund: “It makes you really think about a project, plan it properly, put manners on something, and put a scope together rather than having a bit of ideation that you try and follow through for. You have to have a beginning and an end. You have to have stuff that’s in scope. You have to have costed it all. So you have to understand how much it’s going to cost you and you have to have outcomes, which obviously are beneficial. You can tie a lot of the R&D stuff then back to commercial use cases and you can really look at it and make business decisions around that piece”.

Support from Enterprise Ireland

T-Pro got support from its development advisors within Enterprise Ireland. The company was able to submit drafts, and get feedback from its advisors, who asked leading and probing questions that made the company think about the project from all angles, as Jonathan explains: “Obviously, they’ve done a lot of these, they’ve dealt with a lot of companies, they know what the pitfalls are. It was good. It was really beneficial from a business point of view, to even just go through the process of doing the application”.

 

Enterprise Ireland was supportive throughout the process, he says: “If companies are engaging with them, then you should really lean into it. Because if you have a development advisor that understands your business strategy, and you have a well-formed plan, then it’s not just an individual one innovation grant. There are various supports that all play into each other. You might do a bit of R&D through an Agile Innovation grant and that will lead you on to market entry, because the outcomes are all subsequent, and it brings you through a business plan”

 

The funding was beneficial in terms of positioning also, says Jonathan. Outside of sales, the company is recognised as an industry leader now. It’s helped T-Pro position itself within both the academic community and the wider healthcare technology community as a leading light. That has benefits in terms of making it easier to generate marketing/PR material, recruit staff and and talent. Jonathan says the grant has been very beneficial for T-Pro.

Verifact: bringing cutting-edge tech to SMEs

Verifact

New technologies can be exciting but expensive to implement, so Verifact used the Agile Innovation Fund to help make blockchain more accessible to SMEs.

Verifact used the Agile Innovation Fund to develop its own blockchain platform, which the company is now using to provide affordable solutions to small and medium-sized companies.

Verifact is a software as a service company based in Cork City, and Joint CEO, Eibhlín O’Sullivan says: “We focus on supply chains. It’s incorporating everything about food safety, traceability and sustainability. The idea is that we help people. Our tagline is ‘Helping you join the dots’, so we help people take the information they have and put it on platforms that can help. The company was founded in 2009 by Frank Fleming. He’s the CEO. He’s a former commercial fisherman actually himself. So he began in 2009, by helping the seafood sector in relation to certification sustainability. In 2015, he moved into the software sector”.

A major part of Verifact’s business is a verification, and blockchain is the ideal tech for this industry. At its most basic, blockchain is a database, but unlike a traditional database where data is stored in one place, blockchain stores it in many different locations (called peers). The information can’t be changed in one place without being changed everywhere else, and it can’t be deleted.

Making it accessible

Initially Verifact was using IBM’s blockchain platform, which while top of the line, was also high cost. Verifact’s focus has always been on making things accessible, particularly for the small to medium-sized enterprises, and that’s why the company wanted to invest in its own platform and grow its offerings using the Agile Innovation Fund.

Building a blockchain network involves a lot of work and substantial risk. But Verifact recognised the opportunities for growth having its own platform would bring. The Agile Innovation Fund allowed the company to cushion some of the risk and build the platform.

Developing the platform involved 18 to 24 months of solid R&D work and then it had to be brought to the market, says Eibhlín: “That’s where I think the Enterprise Ireland funding is extremely valuable and beneficial to companies like ourselves, because it provided us with that little bit of a safety net. Yes, we obviously still had to make significant investment from a company perspective, but it was slightly less, so it made it more viable”.

New products

Verifact developed two new product offerings as a result of the project, which are out to market at the moment and a third has been launched on a small scale. The first covers supply chains, the second is in relation to proof points and taking data regarding those, and the third has to do with recycling end-of-life fishing nets to be repurposed and reused for the first project. Verifact has been able to use the blockchain platform to track certain proof points to show which fishing boat the net came from.

Now that Verifact has a blockchain platform of its own, it makes it very cost-efficient for the company to use and to provide to others, explains Eibhlín: “We can come up with a product offering to smaller to medium-sized business that is more financially viable for them and will sell”.

Growing beyond Ireland

The funding has also allowed the company to expand beyond Ireland. Verifact is building a proprietary platform for a UK client that they hope to tweak for other users. The company also operates in the Netherlands and is hoping to expand further soon.

Eibhlín says the application process is very accessible. Verifact put a short proposal together, got feedback from Enterprise Ireland, and were advised that the project was worth pursuing. She recommends picking the right project. It should be something that is going to be commercially viable from the State’s and your company’s perspective. The Fund offers opportunities to businesses to take on innovative projects, she says: “I think it’s a really valuable fund if you’re a medium-sized company, or like ourselves a scale-up company, that wants to take on what is a risky project that if you had to commit all the company’s funding to it, you probably couldn’t do it”.

What you need to do for the Agile Innovation Fund application is what you should be doing anyway before you undertake any projects this size Eibhlín says, such as your financials and your project plan. With Enterprise Ireland, Verifact’s experience is that if you hit a roadblock, the organisation will try find you someone to help you get past that.

Verifact is delighted with how the project worked out: “The project itself was successful, but we’ve been able to use that then to develop more projects, get into other markets and so on. It’s been very, very useful”.

 

 

Cosmoprof

Irish beauty brands in the global spotlight at Cosmoprof

Around the world, Ireland has a strong brand reputation for high quality, natural, sustainable products in multiple sectors. That is particularly true of beauty and cosmetics, a sector in which many Irish entrepreneurs are rising.

 

For the first time, Irish beauty and cosmetics companies will be showcased at a national pavilion at Cosmoprof Worldwide in the Italian city of Bologna next March.

 

This is the largest beauty trade event in Europe and one of the leading trade shows for the sector in the world, explains Rachael James, Senior Development Adviser, Retail, Consumer & Online, Enterprise Ireland.

 

With 220,000 visitors and more than 2,700 exhibitors from 70 countries, Cosmoprof is considered to be the meeting ground for sourcing new buyers, scouting distributors, and gauging competitor activity.

 

“For Irish brands with international ambition, it’s undoubtedly a valuable opportunity to position themselves in front of buyers and alongside best-in-class European counterparts,” says James.

 

“While some Irish brands have exhibited individually at Cosmoprof in the past, this is the first time they will be curated together as part of a high-impact national pavilion, which will undoubtedly attract high footfall at the event.”

Digital and in-store sales powering growth

The Cosmoprof pavilion is another stepping stone in the stellar growth of the Irish beauty and cosmetic sector, which saw double-digit growth in both sales and exports in 2021.

 

Much of this growth has been driven by digital tools powering online sales, but Irish brands are increasingly securing shelf space in international retail chains and opening their own stores.

 

On the back of significant online sales, natural ingredient and science-driven skincare company Pestle & Mortar (founded by Sonia Deasy) has recently opened in Kildare Village.

 

Similarly, Fragrances of Ireland, which continues to supply a growing digital audience and premium USA stores, has also opened a new sea-inspired flagship Inis store in the upscale resort of Huntingdon Beach, south of Los Angeles.

 

Another young company, Sculpted by Aimee Connolly, has achieved significant success selling into Boots stores across the UK and has recently opened its own store in Dublin’s Grafton Street.

 

Other vibrant younger Irish brands leading the way include Skingredients, founded by entrepreneur and skin guru Jennifer Rock, along with Nunaia, Ella & Jo Cosmetics, Nutramara and Frances Prescott.

 

“Likewise, we’re seeing strong growth by companies such as The Kind Brand Company (TanOrganic and VeganTan), The Handmade Soap Company, The Burren Perfumery, VOYA and Green Angel,” adds James. “They’re all leading the way in the field with impressive growth and exports to multiple markets.”

 

All these brands are characterised by a commitment to quality and excellence in terms of ingredients.

Supporting growth in uncertain times

At Enterprise Ireland, we are working to build a collaborative environment for these companies to scale further internationally, and their success is growing, despite ongoing market uncertainty and global issues. 

 

“Health and beauty, like every other sector, faces unprecedented challenges, including difficulties around supply chain and logistics, inflation, higher ingredient costs and staffing challenges,” says James.

 

“The client companies we work with in this sector strive to become lean, more digital and more sustainable so as to remain competitive.”

Digital development is high priority

Key priorities for many of these firms include developing and investing in digital delivery channels, which are vital to exporting and the need to offer sustainable products and packaging, with the company ethos informing that work.

 

“Through Enterprise Ireland supports, our clients are developing their digitalisation roadmap,” says James. “They’re optimising their e-commerce platforms and using automation where appropriate to reduce operational costs and further enhance their client experience, whether they are selling to businesses or consumers.

Enterprise Ireland gives global support

Our network of 40 overseas offices actively supports clients as they embark on entering new markets, helping with market discovery and research, making introductions and bringing buyers to Ireland. We also always advise clients to make full use of Enterprise Ireland’s Market Research Centre in Dublin too. 

 

On the ground, the efforts to develop the national pavilion at Cosmoprof are being led by Enterprise Ireland’s Roberta Di Gesu’ in Milan, Jane Greene in Dusseldorf and our director in Italy, John Roche. The Enterprise Ireland global teams are also working to bring buyers to the event to meet our client companies.

 

“Cosmoprof 2022, held earlier this year, was the first physical Cosmoprof since the pandemic, and it ultimately proved to be a fundamental step in restoring confidence in the entire beauty sector and confirmed the event’s importance globally,” said Di Gesu’ from Enterprise Ireland’s Milan office.

 

“Cosmoprof is by far the most important sectoral trade show for beauty and cosmetic enterprises in Europe,” she added. “Companies attending will have the opportunity to meet with representatives from newcomers, established brands, retail chains, online marketplaces such as Amazon, and international agents and distributors,” she added.

 

If you’re interested in exhibiting at the Ireland pavilion at Cosmoprof (March 16 to 18), please get in touch with rachael.james@enterprise-ireland.com.

 

CBE

CBE delivering more frequent software updates to its growing customer base

CBE

A need to increase the frequency of software updates for its front and back-end retail solutions encouraged CBE to apply to the Agile Innovation Fund.

 

CBE is a growing company, and its customers have growing needs. The company is a large regional employer and its R&D innovation hub which is based in the west of Ireland develops software for the retail, convenience, hospitality and forecourt sectors.

 

The company was formed in 1980 and offers front-end and back-office solutions. On the front end, CBE develops software for cash points, self-checkouts, Kiosks etc., and in the back office, it provides innovative cloud-based software that manages all your setup and reporting requirements.

A growing business

The project which it received funding for was spurred by how the company’s customer base was both growing and evolving. Previously, CBE was delivering quarterly software updates to its clients. As the company base grew, CBE found itself having to deliver the software in a more efficient and scalable way.

 

Continuous integration and continuous deployment (CI/CD) is a method to frequently deliver the software being developed by introducing automation into all the stages of development.

TJ McHugh is CBE’s R&D Director and explains: “We needed to be able to develop and deliver the software at a faster pace to these groups so that CBE could get a more iterative approach and deliver smaller but more frequent updates, what they call the CI/CD model. That’s really what this was about – being scalable for all the large groups in increasing customer base and delivering the software at a faster pace”.

 

The Agile Innovation Fund has allowed CBE to continue to expand. The investment has meant the company is now developing and delivering software more frequently in a truly agile manner to meet the needs of its customer base.

Worldwide ambition

CBE operates primarily throughout Ireland and the UK but also operates in 14 other countries. TJ says the company’s strategy is to go global over the next few years and the project the Agile Innovation Fund backed was an important step in this ambition.

 

CBE now has a scalable solution as it moves towards its global expansion plans, explains TJ: “We already have a back office cloud solution, but the front end solution also now sits perfectly with it enabling CBE to deliver the full solution in a CI/CD model. The R&D team are all working off a fully agile model and delivering software continually”.

 

CBE has continued to grow throughout Ireland, and especially in the UK. The grant has allowed the sales team to deliver to more groups, which feeds into the company’s growth.

 

The funding helped with employment and enabled the company to start providing more frequent software updates. CBE upskilled its R&D team, and TJ explains how the team members are more efficient in every area of the software development lifecycle now. The funding had a big impact in terms of efficiency and how the process is run.

Get moving quickly on new projects

TJ says that the Agile Innovation Fund is a quick and relatively easy grant to get. CBE wanted to move quickly on this project and the quick turnaround on the grant was part of its appeal. From when the application went in, the turnaround took about a month. This set CBE up to complete this project over the course of a year.

 

TJ’s advice to other companies is to identify the right project. If it’s a smaller project that you want to turn around quickly, he thinks the Agile Innovation Fund is ideal, as the application process and documentation required are not onerous. Certainly, if you’re focused on a project, and need to deliver it quickly, the funding is there to help you along and do it straight away.

 

CBE is now looking at other projects off the back of this, explains TJ: “We would certainly be looking at other Enterprise Ireland-supported funding in terms of projects. CBE continues to grow its customer base and linked to that we continue to invest and grow our employee levels. It’s organic growth, but the funding helps to continue our innovation path. As I say, we’ve global expansion plans. CBE invests heavily in R&D and our growth is proportionate to this”. We want to constantly be at the cutting edge of innovative software. To do that, the support and funding help in terms of having additional resources that we assign to strategic projects.

Sports Tech

Sports tech in France and Spain: high performance potential offer scope to Irish businesses

 

  • France and Spain are Europe’s leading sports tech markets, and offer substantial opportunities to Irish tech innovators
  • Both countries are striving to ensure sports teams and athletes excel, while also seeking to encourage widespread participation in sport
  • The Enterprise Ireland teams in France and Spain can help you find the right sports sector projects to target

 

Both Spain and France have passionate sporting cultures. With over 320,000 sports facilities in France alone, it’s little wonder they produce elite sports stars and teams, and attract global sporting events. France and Paris will host the Rugby World Cup 2023 and 2024 Olympics respectively.

 

Sports tech too is booming, as clubs and federations seek to improve athlete experience and performance, accessibility, sustainability and fan engagement, while also optimising internal processes.

 

Investment in the sector in France shows 360% growth in the past six years. Spain, too, is seeing soaring investment, with a record €4.3 billion boost driven by acceleration programmes for sports tech start-ups.

 

Many clubs and organisations in France and Spain are looking to tech, both for in-house solutions to improve sporting outcomes and business efficiency, and to help develop new and lucrative revenue streams. Irish companies already meeting the needs of clients in these markets include Kitman Labs and Access Earth.

 

A vibrant tech ecosystem

Feeding the appetite for sports-related solutions has become an industry in itself. Four years ago, for example, 50 French start-ups formed the SportsTech collective to tap into the potential of a sector that generates sales of over €71 billion.

 

At the same time, multiple Spanish cities have established sports innovation hubs to serve as collaborative platforms between sports organisations, tech companies and start-ups. Global Sports Innovation Centre (GSIC) in Madrid is renowned for fostering collaboration between these stakeholders.

 

Enterprise Ireland has been leading the way for Irish start-ups to compete in this ecosystem. At the Viva Technology 2023 innovator conference in Paris, for example, we invited six Irish start-ups to participate in a pitch contest – Irish Innovation in SportsTech – to promote innovative Irish offerings.

 

Likewise, Enterprise Ireland Madrid has supported Irish firm Access Earth to deliver a keynote on creating inclusive environments for better fan experience at the GSIC Summit in Madrid and to operate a pilot run of its services in the home ground of football team SD Ponferradina.

 

How digital tools are transforming sports

Across European sport, digital solutions are making the industry more attractive to fans and consumers and improving athletes’ performance. Innovative sports businesses are also transforming sports facility management, human performance measurement, sports marketing, fan engagement, and more. Analytical tools that were once the domain of elite organisations are now filtering down to organisations and athletes at all levels.

 

Areas of particular focus for those active in the European sports tech ecosystem include using artificial intelligence, data analytics, augmented reality, virtual reality and other technology across areas such as:

  • performance enhancement
    • health and nutrition
    • sports performance analytics and augmented athlete performance AR and VR technologies
  • stadiums
    • connected stadiums and immersive fan experiences
  • e-sport
  • e-commerce
  • sponsorship assets
  • media
    • streaming
    • audio-visual content for clubs and organisations
    • online betting
  • fan engagement
    • virtual/fantasy sports
    • NFTs

 

France

A dynamic and tech-savvy market with a strong, well-funded sporting culture, France offers Irish companies with a distinctive offering an opportunity to win business.

 

Rated second in the world on the Greatest Sporting Nation Index, France is a sports powerhouse. Famous for annual events such as the Tour de France, Roland Garros (tennis), the Vendee Globe, the European football championships and the French Open, it’s also renowned for hosting huge global events such as the 2023 Rugby World Cup and the 2024 Paris Olympics and Paralympics. One of the most emblematic French sports shops, Decathlon, is also a world-famous brand.

Not only that, but the French sports economy is also accelerating as the local ecosystem benefits from thriving entrepreneurship and booming investment.

Sport accounts for 5.6% of French GDP and the public sector spends €20 billion on sport a year. Local and regional authorities are the main backers of amateur and community sport, spending €12.5 billion a year on sports facilities.

About 128,000 private companies are active in the sector, with as many as 15,000 being set up each year. These diverse companies employ around 333,000 people, or 2.2% of the total workforce, and generate about €71 billion in annual turnover.

  • Government departments such as the Ministry of National Education and Youth and the Ministry of Sport
  • National authorities such as the National Federation and National Sports Council, along with numerous regional and local organisations,
  • The Agence du Numérique en Santé (ANS), which supports the digital transformation of the health system
  • The national network of sports performance centres (CREPS)
  • French National Olympic and Sports Committee (CNOSF), the governing body for Olympic and general sport in France
  • The 33 national sport federations, which coordinate training, competition and development
  • French teams are world champions in many team sports, including football, rugby, basketball, volleyball and handball, which boosts investment in these sports. Leading French sports clubs and organisations include:
    • Paris Saint-Germain FC and Olympique de Marseille (soccer)
    • Stade Toulousain, Stade Français and Racing 92 (rugby union)
    • Basket Tony Parker Adéquat Academy (basketball training)
  • La French Tech, which offers an accreditation to French cities recognised for their start-up ecosystem and is used by innovative French businesses worldwide
  • Large corporations, usually headquartered in Paris, Hauts de Seine or Hauts de France, that account for 20% of total employment in French sport.
  • Multinationals with a presence in France
  • Leading sports retailer Decathlon
  • Universities and research centres such as INSEP, which contribute to the sports tech ecosystem through academic research, technological expertise and entrepreneurship programmes such as Le Tremplin/Paris&Co.

France is home to 10% of European sports tech businesses. Related start-ups have raised over €250 million in the last five years, making France’s sports tech ecosystem the most attractive in mainland Europe. Overall, the sector saw investment increase by 360% to €27.3 billion from 2017 to 2021.

Not only will the Olympic and Paralympic Games to be held in Paris in 2024 bolster physical, psychological, emotional, and social well-being and development across France, but they’re also injecting dynamism into the world of French sport more generally. The lift from the Games is expected to power significant future development of the sports sector.

A study carried out for the SporTech collective identified three key drivers:

  • Connected fitness: the use of smart devices for wellness and fitness activities
  • Sport at work: leads to reduced absenteeism and stress, with corresponding productivity increases
  • NFT and fantasy sports – digital activities to engage fans to own unique digital sports assets or to virtually manage a squad of players in a chosen sport

Of the 30 sports tech clusters and incubators in France, half have been created since 2015, which points to the sector’s dynamism.

Private sector funding sources include Linksport, a managed venture capital fund from 123 French investment managers, and the Sport & Performance Capital fund from Seventure Partners.

Government initiatives to encourage sport, especially in the workplace, are also driving growth. Local start-ups such as Spacefoot, Sport Heroes and Gymlib are tapping into this market segment by focusing on:

  • developing motivation and commitment tools for individuals
  • improving sporting performance
  • optimising the management and appeal of clubs.

It’s vital to approach France with an innovative proposition – interesting technologies that stand out from local offerings will get attention. Make sure to clearly define a route to market before jumping head-first into selling in France.

Irish companies will find opportunities in:

  • Augmented reality, data analytics and wearables – enabling athletes to maximise performance through data analytics and innovative sportswear
  • Immersive fan experiences – a priority mission for clubs, stadium and event management companies
  • Sustainability – tools to help clubs, organisations and event organisers reduce their carbon footprint. The new Coach Climat Evénements assessment tool for low-carbon sport aims to contribute to the ecological transformation of sporting eventsin France.

Have a local hire and/or a local partner on board as French language skills greatly help a company’s chances of success. Having a local presence shows a strong dedication to the market and helps with local buy-in.

Focus on commitment and relationship-building. That means attending events and meeting contacts face-to-face.

 

Spain

A strong sporting culture backed by tech-focused accelerator programmes and start-ups makes Spain an exciting emerging market for Irish companies.

 

The Spanish sports industry contributes to about 3.3% of Spain’s GDP and generated 414,000 jobs in 2018. Before the pandemic, its aggregate turnover amounted to €16.639 billion, according to the Spanish Ministry of Culture and Sport.

Together with world-famous football clubs such as FC Barcelona and Real Madrid, Spain is also home to prestigious annual events such as the Vuelta a España cycling tour, the Madrid Open (tennis) and the Spanish Grand Prix. This vibrant sports landscape helps drive demand for innovative technologies.

Indeed, the Spanish sports industry is benefitting from a boom in tech investment. Bankinter’s Startup Observatory shows a record €4.3 billion was invested across the emerging sports tech market in 2021.

The industry is in full expansion mode. Major football clubs in Spain, such as RC Celta de Vigo and FC Barcelona have their own in-house hub or incubators. The sport’s governing body – La Liga – has also followed suit. Footballing giants Real Madrid has invested €4.5 million to launch its acceleration project.

In fact, across the board, the sector’s front-runners are Spain’s sports clubs and leagues, mainly through acceleration programmes. The boom is driven in part by these organisations looking to find in-house solutions and AI-based systems for:

  • audio-visual content creation
  • fan engagement
  • sports performance
  • data analytics.

Universities and research centres contribute to the sports tech ecosystem through academic research, technological expertise and entrepreneurship programmes. Some also have dedicated sports science or engineering departments to help develop innovative solutions.

  • Sports industry clusters such as INDESCAT, which brings together over 50 companies and research centres
  • Private initiatives such as accelerator and co-investment platform Sportboost, created by Real Madrid legend Iker Casillas
  • Fundación España Activa, which encourages sporting activity
  • Multinationals with a base in Spain:
  • Decathlon – sportswear distributor
  • FirstV1sion – wearables
  • Catapult Sports – performance analytics and wearables
  • Pixellot – AI-powered sports broadcast systems
  • NevTrace – analytics and player tracking
  • Technogym – fitness equipment and connected smart tech
  • Centres and alliances, such as Sport Innovation Alliance (Madrid) and Euroleague FanXP Challenge (Barcelona).
  • Government administrations, such as Barcelona City Council
  • Football clubs such as Real Madrid, FC Barcelona, Valencia and RC Celta de Vigo, especially through their innovation platforms
  • Football League governing body, La Liga

Easier access to funding has given more strength to accelerator businesses and sports tech start-ups. Moreover, many Spanish sports institutions and federations have programmes or initiatives to support innovation. They often offer funding, and access to facilities for testing and development.

 

The sector is highly networked and companies will find opportunity by connecting with:

  • Technology hubs such as Barcelona Tech City, Madrid International Lab, and Andalusia Open Future, which bring together start-ups, established companies, researchers and investors to build an ecosystem conducive to collaboration and innovation
  • Sports innovation hubs, like the renowned Global Sports Innovation Centre (GSIC) hub in Madrid – these serve as collaboration platforms for sports organisations, tech companies, and start-ups
  • Sports industry clusters, which aim to help members identify and tackle new business opportunities through innovation, internationalisation, training or funding.

 

If appropriate, consider participating in incubator and accelerator programmes, such as Barcelona Activa, Demium Startups, and SeedRocket. These often offer mentorship, funding and other resources. and access to industry networks.

Spain is a relationship-based market and it’s crucial to get on the ground to build these networks. Seek to join industry associations and communities, such as the European Association for Digital Transition (EADT). These can provide valuable resources, networking opportunities, and industry-specific insights.

Build strategic alliances by identifying potential partners within the industry – such as teams, leagues or facilities – that may be interested in adopting or collaborating with your sports tech solution.

Engage in networking opportunities, conferences, trade shows and seminars. Research and networking are essential to identify key companies, start-ups, accelerators and industry events.

EU cyber

EU funding helps Europe’s cybersecurity sector build a sustainable future

Summary

  • NextGenerationEU represents an opportunity for Irish companies to break into new markets or scale their presence in existing markets.
  • EU member states heavily committed to upgrading the security of the public sector, while also funding improvements for private companies
  • Click or scroll down for more information about the cybersecurity market in:
Benelux France Italy Poland Spain

In the digital age, cybersecurity is crucial. Without strong protection, both public sector bodies and private companies are vulnerable to attack and being disabled by bad actors, whether those are criminal gangs or rogue states.  

 

“It’s a relatively new sector, but the threat is global. Every sector and subsector is vulnerable to attack, although the public sector, banking and consumer goods companies tend to get more attacked than others,” says Raul Marigorta, Senior Market Adviser, Digital Technologies at Enterprise Ireland.  

 

It’s no surprise that the EU is deeply committed to cybersecurity. Its Cybersecurity Strategy is a key component of the €2 trillion Recovery Plan for Europe and every government in the region is committing huge budgets to shoring up cybersecurity.  

 

As Marigorta points out, this doesn’t just involve larger companies and public sector bodies, but also small to medium-sized enterprises (SMEs), which can be especially vulnerable to attack. 

 

The rise of hybrid working and teleworking has compounded the risk. ‘In the past everyone was working from one physical location with one firewall,” says Marigorta, “but now maybe 50% of employees are spread in different locations. Normally people have simple wi-fi access points and non-protected routers at home, and that gives bad actors a way in. Cybersecurity today must be multi-device and multi-location.” 

Need to protect against a variety of attacks

As Marigorta points out, high level catch-all protection may have been sufficient for organisations in the past, but as threats get deeper and more varied, more complex solutions are needed.  

 

“The sector is not mature and threats are changing continuously,” he says. “You can control the threat today, but a new one is coming tomorrow that needs a new solution. Multiple risks need multiple solutions.” 

 

That means plenty of opportunity for innovative cybersecurity firms, who can find a specific niche in the market and excel there. Ireland already has a strong cybersecurity cluster offering solutions across the range of needs from SMEs, large companies to public bodies, he adds.  

Addressing the opportunity

Irish tech firms may not find it a complex challenge to pivot to cybersecurity as such, says Marigorta, but they should bear in mind there is a talent shortage when it comes to relevant programmers and software engineers. This is especially the case given that every sector needs to tackle cybersecurity.  

He adds that companies entering this market also need to be mindful that offering support and maintenance is crucial. “You can’t just install software and forget it,” he says. “It needs to be updated regularly against new threats and attacks, it’s never static.” 

On the upside, he points out that the need in different countries doesn’t differ much.   

“This is a pan-European multinational issue,” says Marigorta. “The attacks are the same, whether you’re in London, Paris, Dublin or Madrid. That means once you are solving the problem in one place, you can solve it in different markets.” 

He adds, however, that national regulations may differ, although there is broad collaboration across the EU on cybersecurity.  

Expert advisors in Enterprise Ireland’s network of office across Europe, together with its Market Research Centre in Dublin can support your business as it investigates market opportunities, including by making local introductions and helping you to build your network. 

Market snapshots

Benelux

One size doesn’t fit all across Belgium, Luxembourg and the Netherlands, where local practice and expectations can differ when it comes to buying cybersecurity solutions. 

The cybersecurity ecosystem across the Benelux region is quite advanced. Each country has a myriad of organizations, associations and professional experts dedicated purely to increasing cyber resilience. 

The internet economy makes up 6% of GDP in the Netherlands, one of the world’s most digitally connected countries, and cybercrime is a considerable concern. It’s also home to the EU’s largest cyber cluster – The Hague Security Delta (HSD). There, the Dutch Government, knowledge institutes and private organisations collaborate on cyber resilience.  

Zero-day attacks, ransomware and digital espionage are key concerns for the Netherlands. Its Cyber Security Strategy 2022–2028 sets out planned government actions and flags the upcoming merger of three national centres into one national cybersecurity authority.  

Meanwhile in Belgium, the national Cyber Strategy 2.0 aims to make Belgium one of the least vulnerable countries in Europe, from being the fourth globally for cybercrime density in March 2022.  

The Centre for Cyber Security Belgium is the relevant national authority. It prepares, disseminates and supervises the implementation of standards, guidelines, and security standards for the public sector. 

Lastly, Luxembourg’s National Cyber Security Strategy 2021 – 2025 sets out how Government intends to secure cyberspace at all levels. 

The EU is support cybersecurity objectives through substantial funding across various funding programmes, such as Digital Europe, Connecting Europe Facility second generation (CEF2) and Horizon Europe.   

Also worth being aware of is TIIN Capital, a Dutch-based venture capital fund focused on early stage companies and scale ups active in Cybersecurity and IoT Security solutions. It’s a unique cybersecurity fund for start-ups and scale ups.  

Among the Irish companies active in the Benelux region are mobile and cloud security experts CWSI, which has pursued an acquisition strategy, buying Blaud in the Netherlands and Mobco in Belgium. 

Other Irish firms will find opportunity abounds in the region. Customers could include resellers, end users, government Departments and local Authorities. EU institutions and Third level colleges.  

Trade shows are an excellent opportunity to meet potential clients, managed service providers (MSPs), channel partners, resellers and solution houses. Good examples include the Cybersec show in Brussels, the Cyber, Cloud and IoT show in Amsterdam and ICT Spring in Luxembourg.   

The main barriers can simply be a misunderstanding of local business cultures. The Netherlands has a high English proficiency and like direct business dealings, for example.  

 In Belgium by contrast, language is important, and having a local hire with language skills will greatly help your chances of success. There is also a longer sales cycle in Belgium, and a stronger focus on commitment and relationship-building. Belgian communication style can be less direct and can differ in Wallonia or Flanders.  

 Innovation and dedication are essential across the Benelux region. The most interesting technologies will get attention – coming to the market with a similar offering to a national competitor will be harder than arriving with something new and novel.  

 That said, solution houses want to add new technologies to their arsenals. Having a local presence will also show a stronger dedication to the market and help with local buy in. 

 Top tip 

Get into the market as often as possible. It’s difficult to build your network and get traction from Ireland. It’s important to be face-to- face, go to events and meet contacts to gain the market knowledge that will win you business. 

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France

Having caught up in recent years (with 10% annual growth between 2015 and 2020), the French cybersecurity market is now dynamic and high value. Cloud computing, Industry 4.0 and the Internet of Things are expected to be the main drivers of future growth.  

Given growth in cyberattacks of 155% in 2020, according to the government, there is keen interest in addressing the issue. It has been acting to: 

  • regulate the digital sector and protect data 
  • secure digital and telecommunication businesses and infrastructures 
  • develop the industrial, research and innovation ecosystem.  

France has a strong public framework to help and stimulate the French cybersecurity market, with ANSSI (the National Cybersecurity Agency) as a cornerstone.  

Showcasing French know-how in cybersecurity, the Cyber Campus at Paris-La Défense was inaugurated in February 2022. It aims to bring together cybersecurity talents and create public/private sector synergies. Further Cyber Campuses around France offer training courses and skills development.  

In November 2022, France announced €35m in funding for SME cybersecurity. This is in addition to its cybersecurity strategy, launched in early 2021, under which it will invest €1 billion, including €720 million in public and EU funding in the sector. It aims to: 

  • triple the industry’s turnover from €7.3 billion to €25 billion 
  • double the number of jobs in the sector from 37,000 to 75,000, including recruiting 200 more staff to ANSSI  
  • create three French cybersecurity unicorns 
  • improving state and regional cybersecurity 
  • tackle attacks on hospitals, ports and maritime facilities, which have been faced with intense attacks. 

Budget 2023: France increases its investment in cyber security 

The government intends to modernise the means of fighting cybercrime with the recruitment of 1,500 “cyber-patrolmen”, the launch of a training school dedicated to cybersecurity and an emergency number set up specifically to fight cybercrime. Indeed, the government intends to modernise the means of fighting cybercrime. With this new budget, France is also acquiring new digital tools for law enforcement and even plans to create a cyber security agency dedicated to investigating cyber attacks. 

French cybersecurity firms see 75% of revenue coming from a handful of companies. Overall, the market comprises:  

  • Public authorities and operators of vital services subject to regulatory constraint  
  • A small number of mature organisations with specific and advanced needs – these include Société Générale, LVMH, Enedis, Airbus, Total and Renault  
  • Maturing customers with growing cybersecurity needs, mostly medium and large SMEs    

A handful of big local players dominate the market, integrating specific solutions from SMEs into their end-to-end offerings. Irish firms will find opportunity where they can offer innovative solutions, possible based on AI or machine learning, to tackle some of the most common issues in the market, which include: 

  • ransomware, which is the leading threat 
  • payment fraud 
  • botnets 
  • fake money transfer scams 
  • phishing 
  • device or software vulnerabilities 

Given local competition and to reduce time to market, it can make sense to pursue a partnership approach when going into the French market.  

Irish companies may also face challenges because of long sales cycles and due diligence processes. That said, France can be a significant and lucrative market for innovative, leading-edge Irish companies. 

Irish companies thriving in France include VigiTrust, which works with hotel chain ACCOR to ensure its payments are secure and it complies with the Payment Card Industry Data Security Standard (PCI DSS). 

Top tip 

Identify the right partner with existing relationships in private and/or public sector where your product or expertise complements the partner’s offering. Secure appropriate staff numbers, marketing and sales budget to develop the relationship with the partner.

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Italy

With attacks on the increase, both the government and the private sector in Italy are boosting budgets to grow cybersecurity protections. 

In 2021 the cybersecurity market in Italy reached its highest ever value of €1.5 billion, up 13% on the previous year. It’s expected to be worth over €2 billion in 2024. 

As cyber threats have grown consistently, cybersecurity has become a priority for all businesses. The government has introduced related tax breaks for companies, and is creating a National Cybersecurity Park and a number of hubs across Italy. 

The government plans to devote 1.2% of the national budget to cybersecurity and set up the new National Cybersecurity Agency (ACN) in 2021. This aims to: 

  • protect the country and its infrastructure from cyber threats. 
  • guarantee the coordination of all public stakeholders as a single cybersecurity interface 
  • develop a national cybersecurity workforce through education 
  • run awareness campaigns  
  • develop a strong cybersecurity culture. 

Italy’s strategic maritime location and long coastline offers strong potential for offshore wind. This is especially true in the south, and around Sicily and Sardinia, where wind speeds are higher,

Within Italy’s €191 billion National Resilience and Recovery Plan or Piano Nazionale di Represa e Resilienza (PNRR), which is funded by the EU, €59.46 billion is devoted to the circular economy and introducing green initiatives. The government is adding a further €30 billion in grants.

Furthermore, the PNRR also includes significant commitments around infrastructure with:

  • A commitment to reform and simplify the planning process for both onshore and offshore sites
  • €31bn allocated to upgrade railways and ports

The lack of developed supply chain in Italy offers significant opportunity for Irish companies, but they will have to contend with challenges in the market. These include complex RFPs, bureaucracy and planning processes, along with local competition and local objections.

Key stakeholders include:

  • Terna (TSO)
  • Elettricità Futura (National Association for organizations in the energy sector)
  • ANEV (Italian National Wind Energy Association)
  • ERG (Italy’s leading wind energy producer)
  • WEMES (R&D Association for OSW)
  • Eni (Italian energy multinational)
  • Renexia (renewable energy firm)

Irish firms will find opportunity in Italy around:

  • Surveying for the feasability and development stages
  • Supporting the upgrade of ports and other infrastructure
  • Digitalisation and smart energy solutions

Operations and maintenance.

Local competition can present a challenge to those considering the market. Large system integrators and international cybersecurity players dominate the market.  

Companies also often find they need to educate the market. Potential customers are often still at an early stage of adoption and are keen to find the best solutions for their needs. Consider finding a local partner to help cut your time to market.   

Take your time and be prepared. Invest in validating the market opportunity and building the right market entry strategy. Italian customers value strong relationships so it is worth spending time investing in building your network. 

Top tip 

Italian companies are looking for new solutions and are open to foreign technology vendors. They prefer, however, to work with vendors with strong references, which should be local if possible.  

Italian business culture is relationship-oriented in general. Companies must develop  personal relationships to establish lasting, successful business relationships. This demands time, dedication and commitment. 

Poland

While it has lagged in Europe, Poland is set to soar when it comes to cybersecurity, with extensive public sector initiatives and funding, and substantial private sector interest.  

 

Large Polish companies, especially in the telecoms and financial sectors, are well advanced in implementing cybersecurity measures. SMEs and the public sector lag behind, however,  due to underfunding. As a result, Poland ranks 24th in the EU when it comes to business preparedness for cyberattacks.  

Rapid growth is now likely, however, with the Polish cybersecurity market forecast to grow by 11% annually to reach US$2 billion by 2025.  

The Russian invasion of Ukraine and increased state-driven cyberattacks have put additional pressure on Polish public sector agencies.  

To address this and the overall cybersecurity threat, the government is seeking to centralise its IT resources by creating a national cloud operator to develop and maintain key IT infrastructure initiatives. This includes creating a marketplace for applications and solutions that are prequalified and pre-screened from a cybersecurity point of view. 

Key stakeholders in the market include: 

  • The influential Association of Business Service Leaders, which could offer a good door to the market for Irish companies.   
  • CyberMadeInPoland, which has 80 members and partnerships with the Polish ICT Chamber, government agencies, academic institutions, VC funds and international bodies such as the European Cyber Security Organisation (ECSO). It focuses on: 
  • educating the market 
  • certifications 
  • supporting international expansion of local providers  
  • creating partnerships with other similar organizations. 

Through its National Resilience and Recovery Plan, Poland is dedicating €35.4 billion of EU grants and loans to reforms and investments. Of this, 21.4% is going to digital initiatives and €443m to cybersecurity in particular.   

Targeting public sector clients require significant effort and local presence. It is easier to target the private sector and more mature organisations, such as those in global business services.  

With more than 1,500 shared service and BPO centres employing over 400,000 people, it is one of the most advanced business segments in Poland and has significant appetite and budgets for digital transformation initiatives.  

Irish firms already thriving in the sector and with significant resources on the ground include Stryve (which has won a substantial public sector tender), Smarttech247, VikingCloud, and TitanHQ, which partners with Bakotech, one of the most active cybersecurity distributors in the Polish market. 

Other Irish firms will find opportunities across the whole spectrum of cybersecurity in Poland,  including: 

  • education 
  • securing remote/hybrid work environments through VPN 
  • identity access management tools 
  • detecting phishing/ransomware attempts 
  • securing existing applications and environment. 

Local presence, either direct or through a partner, is a must. Selling to the public sector requires existing relationships and a long-term strategy, however, so it’s vital to have a partner in the market.  

Furthermore, larger businesses, such as banks and telecoms companies, won’t deal with small providers out of fear they won’t to deliver to the required standard.

 Top tip 

Identify the right partner with existing relationships in private and/or public sector where your product or expertise complements the partner’s offering. Ensure you put in place enough staff and a sufficient marketing and sales budget to develop the relationship with the partner. 

Spain

Spain is a sectoral leader, but specialist Irish firms and those that can help counter the cybersecurity skills shortage can certainly find opportunity there.  

Spain is taking a leading role in cybersecurity. It’s ranked fifth in Europe and seventh in the world by the International Telecommunication Union (ITU)’s Global Cybersecurity Index.  

The government initiated the National Cybersecurity Strategy in 2013, while the Digital Spain 2025 Agenda sets a national goal of having 20,000 new specialists in cybersecurity, AI and data by 2025. Moreover, its 2022 5G Cybersecurity Law set specific cybersecurity requirements for 5G networks, while the 2021 National Digital Skills Plan addresses the digitisation of both SMEs and the public sector.  

One problem unique to Spain is that the many international technology businesses that have set up operations in the country tend to be heavy recruiters of cyber security talent, which deprives other organisations of these skills.  

The key stakeholder in the market is INCIBE, the Spanish National Cybersecurity Institute, which is responsible for the development and application of cybersecurity policies  

    Under the EU Next Generation funding programme, Spain is receiving €4 billion to support connectivity, data infrastructure and the related ecosystem, including cybersecurity. It is also getting €4.6 billion for the digitalisation of industry, SMEs and tourism and culture systems, along with investments in AI. 

    There’s high demand for cybersecurity products and services in Spain, with 94% of companies having already experienced at least one serious incident. According to the Hiscox Cyber Readiness Report 2020, Spanish companies dedicate 15% of their total IT budget to cybersecurity. This is independent of company size: large firms spend 16.9%, SMEs 15.22% and micro-SMEs 12.34%. 

    Irish cybersecurity firms are already active in Spain. Daon, for example, supplies multi-factor authentical (MFA) technology to Telefónica Tech, which offers cybersecurity and related cloud-based technologies to Spanish and international clients. Other Irish companies will find opportunity in Spain around: 

    • Critical infrastructure security. 
    • Application security. 
    • Network security. 
    • Cloud security. 
    • Internet of Things (IoT) security. 

    Local competition can present a challenge to those considering the market. Large system integrators and international cybersecurity players dominate the market.  

    Companies also often find they need to educate the market. Potential customers are often still at an early stage of adoption and are keen to find the best solutions for their needs. Consider finding a local partner to help cut your time to market.   

    Take your time and be prepared. Invest in validating the market opportunity and building the right market entry strategy. Italian customers value strong relationships so it is worth spending time investing in building your network. 

    Top tip 

    The most important factor when it comes to the cybersecurity market in Spain is being committed to it, which includes dedicating people to this opportunity. Furthermore, the sales cycle tends to be long, so you need adequate financing in place.   

    Local competition is the main barrier to entry here, but there are openings for innovative offerings. Make sure you have local support in the market, so you overcome any language barrier and be mindful of cultural considerations. Bear in mind too that sales are heavily based on reputation and relationships.  

    Clearly define your route to market before jumping head-first into selling in Spain. And beat in mind that to succeed in Spain, you need to pursue a strategy of continuous and thorough follow up.  

    Identify new market opportunities and develop your market entry plan

     

    Amidst the evolving trading relationship with the UK, agile Irish businesses have maintained a positive outlook on the market and taken proactive measures to mitigate the impact of Brexit on their operations.

    Contrary to initial concerns, businesses have demonstrated resilience during this transition. Exports to the UK from companies supported by Enterprise Ireland have remained robust, experiencing a 13% increase last year. These exports now account for 29% of all exports.

    While this is positive, there is no doubt that the impact of Brexit has varied across sectors and it is evident that certain companies require support to explore diversification opportunities in new markets. In response, the Post-Brexit Market Growth and Diversification Grant was launched earlier this year, to help businesses research and plan for expansion into markets beyond the UK.

    The grant, developed under the Brexit Adjustment Reserve fund, can cover up to 80% of the expenses incurred in hiring a consultant, with a maximum grant limit of €36,000.

    Through the guidance and expertise of an expert industry consultant, this grant provides recipients with the opportunity to develop their market entry strategies including:

    • Market research / market intelligence gathering
    • Identification of market segments and end customers
    • Examining the best routes to market
    • Value proposition and message development for each of the identified market segments
    • Developing a market entry strategy
    • Development of market launch strategy including tactical marketing activities

      Companies receiving the grant can select an experienced consultant based in Ireland or seek assistance from Enterprise Ireland’s overseas offices to find a suitable consultant in their desired market.

      To qualify, companies must have experienced a sales reduction of 5% or more in the UK market during 2020, 2021, or 2022 compared to their 2019 sales.

      Learn more about the Post Brexit Market Growth and Diversification grant, and apply before 31st July.

       

      Women Entrepreneurs and Raising Venture Capital Funding – Webinar

       

      Hosted by Enterprise Ireland and the Irish Venture Capital Association, this is the second “Women Entrepreneurs and Raising Venture Capital (VC) Funding” focuses on encouraging women-led companies to seek venture capital finance.

      The purpose of this webinar is to support companies in all sectors and at all stages of growth that are seeking venture capital finance. There is a specific focus on encouraging and enabling women entrepreneurs to successfully raise VC finance.

      It includes panel discussions with women funders and founders, which identifies and provides examples of successful fundraising strategies.

      Recognising the under-representation of women in this space, the webinar is targeted at women-founders and co-founders in all sectors and at all stages of growth.

      It provides a roadmap for women founders on their investment journey who wish to develop their investment skills and network with other women funders and founders.

        medical devices

        Irish medical devices firms look to crucial Italian market

        For the medical devices industry, there are few places on the planet as important as the Mirandola Biomedical District. North of the Italian city of Modena in the Emilia Romagna region, Mirandola is home to a significant cluster of more than 300 related companies.

        In fact, it’s the largest biomedical district in Europe and third in the world after Minneapolis and Los Angeles in the United States, making it an incredibly important and fertile market for Irish medical device and medical technology (medtech) businesses.

        Italy is also the third largest market for medical equipment in the EU, after Germany and France.

        Irish firms bringing innovation to Italy

        In September, 12 Irish medtech companies visited Mirandola to meet local business leaders as part of an Enterprise Ireland trade delegation aimed at driving further trade and collaboration.

        This visit was incredibly valuable in bilateral terms, explains Alessio Nori is Senior Market Adviser, Life Sciences, Enterprise Ireland.

        “Ireland is also of strategic importance in this sector,” he says, “as it is one of the top five global medtech hubs, along with Massachusetts, Minnesota, California and Israel. This was an ideal opportunity for Irish firms to showcase their innovative products and solutions to Italian buyers.”

        During the visit, the Irish companies participated in more than 40 meetings with representatives of 16 Italian companies. “This proved an incredibly useful and significant opportunity for the Enterprise Ireland client companies who participated in the visit,” says Alessio.

        The group also made site visits to some of the most important medical device manufacturers in the Emilia-Romagna region.

        Among these visits was a factory tour of Orthofix, a US orthopaedics company which has a significant presence in Italy.

        Marking the strategic importance of the trade visit, the Ambassador of Ireland to Italy, Patricia O’Brien, hosted a gala dinner for C-level Irish and Italian medical devices executives while the Irish delegation was in Italy.

        Irish export confidence remains high

        Despite the challenging economic environment, there was a buoyancy among our client companies about future business sentiment and optimism.

         

        Nine-in-ten (91%) said they expect their exports to increase next year. Almost two-thirds (59%) said their export sales have increased so far this year when compared to last year, and almost one-third (32%) said they have remained stable.

         

        Most of the exporters we surveyed (84%) plan to enter new markets in 2023, with North America highest on the list, followed by Europe and the UK. Two thirds (62%) of those planning to enter new markets told us that expanding their overseas market presence is their biggest priority for the next year.

        A crucial, cutting-edge Italian cluster

        Mirandola created €1.6bn in added value for the Italian economy in 2020. Companies in the cluster specialise in disposable plastic products for medical and healthcare use.

        They are also looking ahead, and investing in regenerative medicine, for example. This looks to break down the boundaries between biomedical and pharma, medical devices and therapies.

        This signposts particular opportunity for Irish firms. There are about 450 medtech, and medtech-related, companies in Ireland.

        They design and produce products across a swathe of medicine and healthcare, including infusion solutions, haemodialysis, anaesthesia, continuous renal replacement therapies, cardiovascular and more.

        “About 60 percent of these are Irish firms, with the remainder being multinationals,” explains Conor Byrne, Market Executive at Enterprise Ireland. “Many of the local companies are young, start-up companies that are developing advanced innovative medical technologies for global markets.”

        Sales from these businesses account for about €2.1bn of the almost €13bn in annual exports of medical technologies from Ireland.

        Medical Devices sector vital to Ireland and globally

        Overall, the medical devices sector employs more than 40,000 people in Ireland and companies here lead the way on multiple fronts.

        Firms located in Ireland manufacture 80pc of cardiovascular stents used globally, along with 75pc of knee implants, 50pc of ventilators used in acute hospital wards and 25pc of injection devices for diabetics.

        “Site visits such as those during our recent trade event in Italy are vitally important for Irish companies to understand the needs of Italian companies,” explains Alessio. “They allow these businesses to discover how they might tailor their offerings to enable them to enter or grow within the Italian market. That in turn boosts their international expansion efforts.”

        Appreciate the long-term opportunity

        While the sales cycle can be long in this sector, it’s worth bearing in mind that medical device companies typically develop stable products that remain on the market for a decade or more, and rely on a strong, stable supply chain to keep products flowing to the market.

        That means once companies are approved as suppliers, they typically enjoy long-standing relationships, often getting orders spanning five to 10 years.

        Enterprise Ireland client companies interested in exporting into the Italian medical devices sector should contact the Enterprise Ireland office in Milan, which has extensive connections in Mirandola and beyond.

        Whether you need to connect with decision-makers in production, or insights around logistics or any other department, Enterprise Ireland can offer support and help make the introductions you need.

         

        Learn more about exporting to Italy and gain valuable market insights here.

        Discover more about Ireland’s life sciences and medical devices sector here.

         

         

         

         

        Building resilient and sustainable supply chains to future-proof Irish business

        Having weathered the storms of Brexit, global trade divisions, the Covid-19 pandemic and energy inflation, the next challenge for Irish exporters is to future-proof their business by developing resilient and sustainable supply chains.

        This will require rethinking supply chain strategy and adhering to new EU legislation on corporate sustainability reporting. The challenges and potential solutions involved were analysed at the ‘Building a Resilient and Sustainable Supply Chain’ webinar, the first webinar in the Client Solutions event series.

         

        Pain-points and solutions

        “The Covid-19 pandemic and other events have seen companies fundamentally re-examine their supply chains and certain themes have emerged including localisation, diversification, digitisation, sustainability and Just-in-Time versus Just-in-Case,” said Mike Hogan, Senior Executive Global Sourcing, Enterprise Ireland

        Mike’s presentation focused on supply chain pain-points and solutions identified by Enterprise Ireland client companies.

         

        Localisation and ‘Alt Asia’

        “As companies begin to ‘nearshore’ more they’re beginning to look at what our local is and local for Ireland in many cases is two to three hours flying time or accessible points by sea from Ireland,” said Hogan.

        Local also means looking to suppliers in the Balkans and the North African ‘Mediterranean Lake’ countries such as Morocco and Egypt. The new post-Brexit ferry and cargo routes into France, Holland and Spain “have opened up opportunities for a lot of our clients to examine new suppliers,” added Hogan.

        And as labour costs rise in China, some businesses are reducing their dependence on China and looking to what are termed the ‘Alt Asia’ countries such as Vietnam (production) and the Philippines (back-end services) for suppliers.  “While they may not be able to supply all the aspects of China in terms of a one-stop-shop, suppliers in these countries can be combined to bring together the necessary inputs that people require for their businesses,” said Hogan.

        “The key takeaway from our clients is that they are looking at combining longer and shorter supply chains and also that supply chain management is a continuous activity.  It’s not something you do because you lose a supplier – it’s something that should be going on in the background on a continuous basis.”

        “The key takeaway from our clients is that they are looking at combining longer and shorter supply chains and also that supply chain management is a continuous activity.  It’s not something you do because you lose a supplier – it’s something that should be going on in the background on a continuous basis.

         

        Diversification and ‘Just-in-time’ versus ‘Just-in-Case’

        Some Ireland client companies are beginning to reduce their over-reliance on specific suppliers. “Here we’re seeing examples of companies engaging with additional suppliers at a lower level to keep them on standby,” said Hogan.

        He also predicts a shift from the ‘Just-in-Time’ supply strategy that has held sway for decades towards a more ‘Just-in-Case’ approach.  Companies are holding additional inventories to reduce risk, but this also creates challenges around raising capital and inventory management, he cautioned.

         

        Resources for sourcing new suppliers

        The Enterprise Ireland Market Research Centre should be the first stop for companies looking to source new suppliers, said Hogan. He added that trade shows, the commercial sections of foreign embassies based in Dublin and London, Chamber of Commerce networks in Eastern Europe and North Africa, and specialist British trade bodies are also valuable sources of leads.

        And he emphasised that given the multinational profile of the Irish workforce, companies should look at tapping into their own reservoir of talent to liaise with suppliers in their employees’ native countries.

         

        Sustainable supply chains

        The impact on supply chains from climate change was addressed by Ingrid de Doncker, Co-founder and Head of Innovation, Future Planet.

        “Climate change is the biggest challenge for this generation of business leaders to solve. The future of our businesses and the planet is in our hands. It all comes down to responsible production and consumption and how we can source and buy products and services better.”

        “By embracing sustainability in supply chains, we not only secure a better future for our planet and society, but also create more resilient, innovative, and profitable businesses.

        De Doncker also outlined how new EU legislation on corporate sustainability reporting will impact how businesses operate.

        “It’s going to be the most challenging business transformation we will ever see,” she said, adding that “an unstoppable legal train has left the EU station.”

        The Corporate Sustainability Reporting Directive (CRSD), which came into force in January 2023, will require EU-based companies to strengthen and standardise their sustainability reporting from 2025 onwards.

        The directive aims to eliminate greenwashing, and companies that fall under the CRSD will need to prioritise their sustainability reporting strategy around five key areas, said de Doncker. These are:

        • Double materiality This involves looking inwards to assess sustainability risks to the business and its impact on environment & society.
        • Looking both ahead and back Companies must provide retrospective and forward-looking sustainability analysis in their financial and management statements.
        • Stricter rules around climate-related disclosures in particular disclosure of Scope 3 emissions.
        • Third-party assurance Sustainability information must pass through an external audit process before publication.
        • Digital data and tagging Companies must prepare financial and management statements in XHTML or electronic format in accordance with the EU taxonomy.

        The CRSD will be introduced on a phased basis, beginning with companies and public interest entities already subject to the EU’s Non-financial Reporting Directive (NFRD). By 2027, all companies with 10 or more employees will need to be CRSD-compliant.

        For now, said de Doncker, companies should consider two fundamental questions when planning their sustainable supply chain strategy:

        1. How will you adapt your business model and your supply chain to reduce the impact of climate change?

        2. What measures will you take to mitigate the impact of your business on the environment and society?

        To adapt or mitigate your business and your supply chain to climate change, your first port of call is assessing and improving these related material challenges:

        • Sustainable Procurement
        • Green Logistics
        • Human Rights and Stakeholder collaboration
        • GHG Scope 3 Management
        • Circular Economy and End of Life Waste
        • Sustainable Product & Packaging Design

        Building a resilient and sustainable supply chain is not always easy, but always worthwhile. To ensure transparency, collaboration across the supply chain and compliance to reporting standards, ESG enabled software can guide the journey to sustainable growth to Live Better in your business, Buy Better from your supply chains and Design Better for your customers.

         

        Building a Resilient and Sustainable Supply Chain

        Building a resilient and sustainable supply chain was the first in a series of Client Solutions events and webinars being hosted by Enterprise Ireland. The webinars offer practical solutions to the acute challenges facing businesses.

        To register for upcoming events and to watch the recordings, visit Client Solutions Events

         

        UK and the Nordics

        Irish exporters can find ample opportunity in both the UK and the Nordics

        While our new trading relationship with our closest neighbours has caused some challenges for Irish companies, the UK undoubtedly remains a critically important market for Irish industry, and an important first export market.

         

        In fact, at the recent International Markets Week event run by Enterprise Ireland in the RDS, one of Ireland’s biggest annual business events, new exporters and start-ups comprised two thirds of the Irish companies meeting with the organisation’s team of UK market advisers. Despite evident challenges, this market is still hugely attractive to Irish exporters.

         

        It’s not surprising, when we consider that the UK and the Nordic markets collectively accounted for €9.6 billion of global exports from Enterprise Ireland-supported companies in 2021. That represented 35% of all exports from Enterprise Ireland-supported companies last year, and an increase of €1.38 billion on the previous year.

         

        Despite the additional complexities since Brexit, it’s clear that the UK remains the dominant market for many of the companies supported by Enterprise Ireland, says Marina Donohoe, Regional Director UK, Nordics & Global Procurement, Enterprise Ireland.

         

        “It remains a crucial market for companies to scale in and to use as a stepping-stone to further export markets. One key reason for that is the strong reputation of Irish companies in Britain, and the resilience and agility they’ve shown in the face of recent challenges,” she says. “One key reason for that is the strong reputation of Irish companies in Britain, and the resilience and agility they’ve shown in the face of recent challenges.”

        Irish exporters thriving across sectors

        As we build on the strong links that have been in place between our countries for centuries, we’re also seeing a new generation of exporters across sectors such as digital technologies, renewable energy and modular construction.

         

        Likewise, in London, which remains the financial services capital of Europe, Irish companies specialising in digital finance and payment technology have an impressive reputation in this highly regulated industry.

         

        “Consumer retail is another thriving sector for Irish companies exporting to the UK,” explains Marina.

         

        “In the past decade, we’ve seen brands such as Therapie, Max Benjamin, Pestle & Mortar and Gym+Coffee become really well established there. And recently, the hugely popular Irish beauty brand Sculpted by Aimee has also launched in Boots stores across the UK.  It’s also worth bearing in mind that the UK is the third largest e-commerce market in the world.”

        Scaling from across the UK

        We’re also seeing more and more Irish exporters who appreciate the value of starting their UK operations in cities such as Liverpool and Manchester, and scaling from there. In these locations in particular, they benefit from long-standing relationships between the cities and Ireland.

         

        Throughout the UK, Irish companies employ 117,000 people, making an important economic impact in their nearest market. Enterprise Ireland has expanded its team in the UK in recent years, opening a new office in Manchester in 2018 and planning to expand our footprint to Scotland in 2023.

        Nordics prove accessible for Irish firms

        Exports to the Nordics from Enterprise Ireland-supported companies are also growing rapidly, and have risen from €442m in 2011 to €1.24 billion in 2021.

         

        “While there is a preconception in Ireland that these markets (Denmark, Sweden, Norway, Finland and Iceland) are expensive and difficult to access, once companies start to do business in the region, they find it is much more accessible than they initially thought,” says Marina.

         

        In fact, English is widely spoken and customers in the Nordics are willing to pay for innovation, with particular opportunities for Irish firms across high tech construction, life sciences, digital technologies and consumer retail.

         

        “As these markets combined represent the 11th largest economy in the world, they’re a natural focus for consideration for any Irish business seeking to expand its internationalisation focus,” Marina adds.

        Expanding services across the Nordics

        Reflecting the strong demand for support and the clear market potential, Enterprise Ireland expanded the team, opened its office in Copenhagen in 2019 and established a wider network of pathfinders throughout the region. We also plan to extend our operations in the Nordics in 2023.

         

        Regardless of the preconceptions, Irish firms may have about doing business in the UK and the Nordics, the statistics clearly tell the story of Irish companies scaling well in these markets.

         

        For other Irish businesses keen to emulate this success, we recommend doing focused market research, understanding your value proposition and how to differentiate yourself in these crowded markets, and then committing to them by visiting often and having a presence on the ground.

        Enterprise Ireland teams across the region are keen to support clients to enter and scale in these critically important near and accessible export markets

        Learn more about the opportunities in these markets and get crucial market insights in our Global Ambition deep dives for the UK and the Nordics.

        Managing people, driving performance - Implementing successful performance management practices

        Implementing successful performance management practices in the new workplace

         

        The Covid-19 pandemic has had a significant effect on the way we work in Ireland. We were suddenly thrown into an emergency situation, during which many of us had to work remotely.

        Thanks to the success of the vaccination rollout, we are now entering into the recovery phase of the pandemic. However, it’s clear that what’s normal in the world of work has shifted.

         

        Changed working practices

         

        Several surveys have indicated a strong preference by employees for continuing remote or hybrid working into the future, and many companies are now looking at how to make these new working practices sustainable into the future – both to attract and retain talent and to ensure that strategic goals are achieved. But with this change comes a number of challenges.

        “One such concern is how to drive employee performance to continue to deliver business results as we move into the new world of work,” explains Lola Ade-Onojobi, People & Management Specialist at Enterprise Ireland.

        “Pre-pandemic, performance management practices had already evolved significantly, and the pandemic only further accelerated this evolution. A sudden move to remote working, along with significant personal upheaval such as having childcare responsibilities during the day or looking after vulnerable family members, forced many employers to adjust their management and leadership practices to better support their employees during this time of uncertainty.”

        “Now that we are moving into a period of recovery, it is essential for companies to focus their efforts on building sustainable practices to support employee engagement, performance and, ultimately, business growth.”

         

        Implementing successful performance management

         

        To help companies implement successful performance management in the new workplace, Enterprise Ireland has launched a new guide in partnership with performance management experts ‘Our Tandem’.

        Entitled ‘Managing People, Driving Performance: A Good Practice Guide’, this is the latest in a series of guides for employers on navigating the post-Covid workplace and is free for all employers to download.

        “While recognising that performance management requires a tailored approach by every company, this guide provides valuable information, based on best practice and latest business theory, that helps employers rethink their approach to performance management,” says Lola.

        “The guide examines the evolution of performance management best practice over the years and how it has been affected by the pandemic. It also highlights the foundations of good performance management such as goal setting, check-in conversations, fluid feedback, performance reviews, and reward and recognition practices.”

        “Crucially, the guide provides relevant tips on embedding a strong performance culture within a company, on how managers can become coaching leaders, and on building communication to ensure that the changes are implemented successfully.”

        This is a practical guide, with templates that are useful for every company, regardless of sector, size or maturity, to identify the changes needed within their own performance management process and implement them successfully and sustainably.

         

        Supports to complement our performance management guide

         

        For Enterprise Ireland-supported companies, the guide complements a range of financial and non-financial supports currently available.

        “Non-financial support includes access to our e-learning platform (eiLearn.ie), which contains many articles, podcasts, videos and downloadable content on people management,” Lola says.

        “We also offer a range of financial supports such as business growth advisor and strategic consultancy grants, which contribute to the cost of engaging external consultants to help companies address business challenges. More details on these supports are available from your Enterprise Ireland Development Advisor.”

        It’s clear that every company must carefully examine the way in which they operate and ensure that it’s suitable for the new world of work – and to do this as soon as possible in order to maintain optimal performance and retain and attract talent.

        A key part of this, according to Lola, is enacting the right performance management framework, both for the company’s sake and to support employees during this time of change.

        “The benefits of a performance management framework are clear – for employee engagement, retention, team spirit and ultimately positive bottom-line results for the business.”

         

        Download Enterprise Ireland’s performance management guide here.