Women in Business

Women Entrepreneurs Raising Venture Capital

The evidence is in, and it’s quite clear – gender-balanced teams and businesses perform better. That’s a key reason why, under its ‘Women in Business’ strategy, Enterprise Ireland has over the past decade focused on diversity and increasing the number of women-led companies in Ireland.

 

The strategy has yielded results, says Eimear Ní Nualláin, senior investment adviser in growth capital at Enterprise Ireland. “In 2011, just 7pc of Enterprise Ireland’s high-potential start-ups were led by women. By 2021, that figure had risen to 29pc. So while we may not be at parity yet, the progress is clear,” she says.

Positive momentum is clear

Positive momentum is also evident from the Female Founders & Funders 2022 report from Tech Ireland, which states that women-founded tech firms in Ireland raised €230m in 2021. While that’s an increase of 120pc on 2020, it still only represents just 13pc of all funding in this space.

 

Across Europe more broadly, only 1.8pc of capital raised by tech companies in 2021 went to all-women founding teams, according to European Women in Venture Capital (VC).

 

As a result, Enterprise Ireland continues to focus on this area to bring about positive, sustainable and long-lasting change in the entrepreneurship ecosystem and to harness the full talent and expertise of a diverse population.

 

“This is vital,” explains Ní Nualláin, “as we position Ireland as a leading location for entrepreneurs to start and scale businesses, and to be ambitious about the growth they can achieve.”

 

While Enterprise Ireland invests directly into companies, it also invests indirectly through seed and venture capital funds.

 

“For example, under our most recent seed and venture capital scheme, Enterprise Ireland sought commercial fund proposals that help progress key EI strategic priorities, including our ‘Women in Business’ strategy,” says Ní Nualláin.  “Indeed, 70pc of the fund managers supported under such schemes have women at the partner/investment manager level.”

Ireland leads on gender diversity

As a result of programmes such as these, Ireland is already at the vanguard when it comes to nurturing gender diversity in private equity.

 

According to Level 20, a not-for-profit organisation founded to improve gender diversity in private equity, Ireland is top of the leaderboard regarding women being senior investment professionals. In fact, women make up 28pc of the people at this level in Ireland’s private equity and venture capital industry, compared with 10pc across Europe.

 

“The reasons why women have been under-represented in this space are multifaceted and complex,” explains Ní Nualláin. “One is that, the under-representation is particularly pronounced in certain industry sectors – such as deep tech, manufacturing, engineering and construction

 

Under its ‘Women in Business’ strategy, Enterprise Ireland is focused on increasing the participation of women across the enterprise eco-system.”

 

Enterprise Ireland is also seeking to double the number of women leading companies that grow internationally and the number who participate in our management development programmes. Through “The Level Project” www.levelproject.ie we are working with Irish companies to improve gender balance in their leadership teams.

 

At the same time, we’re striving to increase the number of female-founded high potential start-ups by 30%.

 

“All of this is key ,” says Ní Nualláin, “not least because  harnessing the full talent and expertise of our diverse population will result in better businesses and an opportunity for faster economic growth.”

Collaboration with the IVCA

Recognising that raising equity finance is tough and time-consuming, Enterprise Ireland is collaborating with the Irish Venture Capital Association (IVCA) on a pilot programme of events focused on women entrepreneurs.

Webinar, Equity Masterclass, mentors and networking

This programme kicked off in July with a webinar which included panel discussions from experienced women funders and a successful founder, to identify and provide examples of fundraising strategies.

 

According to the Tech Ireland Female Founders and Funders 2022 report, companies with women founders raise investment amounts that are, on average, 20pc lower than the average amounts raised by all companies.

 

Therefore, in recent weeks, together with the IVCA, we ran an in-person equity masterclass for women entrepreneurs, to develop a roadmap for those currently raising funds who wish to develop their investment skills and network with other women founders.

 

In addition, the IVCA has provided women VCs as mentors to the entrepreneurs who attended the masterclass.

 

Women VCs are also participating in Enterprise Ireland investor-ready panels, where women entrepreneurs on the programme can present an investment proposition and receive feedback from an independent panel of mentors with experience in fundraising, start-ups, and business leadership.

 

In November 2022, the IVCA hosted a joint networking event aimed at bringing funders and founders together.

 

With this pilot series of events, we are aiming to support innovative women-led companies with high growth potential seeking venture capital finance.

 

Watch a recording of the webinar for women entrepreneurs raising VC funding.

 

Discover Enterprise Ireland’s action plan for women in business.

 

 

Practical new guide simplifies hiring and retention for SMEs

 

By Mariam Dadabhay, People & Management Specialist, Enterprise Ireland

 

Ask any employer what their biggest challenge is today, and most will point to the skills shortage. The Great Resignation has been in full swing and two thirds of Enterprise Ireland’s clients say they are short-staffed this year.

That’s why figuring out how best to attract, recruit and retain key talent is top of mind for business and HR leaders, especially as we continue to adjust to hybrid working in many sectors.

While the pandemic caused huge upheaval, employers must also ensure they meet new standards of diversity, equality and inclusion, such as by having a gender balanced workforce, for example. Likewise, they need to understand the needs of different demographics within the workforce.

While the world of work has changed irrevocably in the past few years, there are emerging best practice approaches to identify, recruit and keep the talent you need to build your business.

To support business owners and leaders in Ireland, Enterprise Ireland has published a detailed new guide in partnership with recruitment technology specialists Occupop – Attracting and retaining talent: How to identify, source and recruit staff for your business.

The advice it contains draws on Enterprise Ireland’s deep expertise and knowledge of recruitment and resourcing best practices as well as the latest trends and business theories.

This is a practical guide, with simple, straightforward guidance on every step of the recruitment and retention process, from defining a role to deciding on recognition and rewards systems. It sets out a streamline and efficient way to recruit, onboard and retain people, with step-by-step instructions to guide employers and offers plenty of tips for getting it right.

While the guide will be useful for any business, it has been specifically written for an SME audience, taking into account the challenges they face and how they recruit new staff.

The first step is creating a recruitment strategy, which is vital to make sure that investment in this area pays off. According to the Harvard Business Review, 80% of employee turnover can be attributed to poor hiring decisions. A sound recruitment strategy will reflect and map to the overall business strategy.

The guide not only covers how to define a role, how to advertise it to attract candidates (including specifications for different channels) and how to create a candidate shortlist, but it also explains to employers how they can develop their Employee Value Proposition, which is a core pillar of any recruitment strategy.

Another area that can prove challenging for SMEs is managing the candidate assessment process. The new guide offers useful how-to sections around interviews, psychometric testing and more.         It also outlines how best to onboard new employees with both short-term and long-term induction plans.

Once you’ve successfully hired new talent, it’s important to remember that is only the beginning. The guide also offers tips how to retain your best people. This includes guidance on building and evolving your company culture, supporting diversity and inclusion, offering training and mentoring, investing in employee wellness and planning for the future.

While workplaces and work patterns are changing, with recruitment changing too, Attracting and retaining talent: How to identify, source and recruit staff for your business gives SME owners and HR leaders invaluable tactics, techniques and processes for facilitating and evolving their HR practices, and thriving in a turbulent time for recruitment and retention.

The guide is free to download from GlobalAmbition.ie. Enterprise Ireland also offers client companies other resources to help them improve their recruitment and resourcing practices.

These include one-to-one guidance from our people and management specialists, access to external HR consultants, eLearning solutions and Leadership and Management Development Programmes. To find out more, please speak with your Enterprise Ireland Development Advisor.

 

Offshore Wind

Offshore wind offers fertile market for Irish firms in Germany, France and Italy

Summary

  • EU member states are united in the push for a carbon-neutral Europe by 2050, which requires huge investment in clean energy such as offshore wind.
  • Click or scroll down for more information about the offshore wind market in:

Renewable energy is the single most critical factor for Europe when it comes to achieving its Green Deal zero carbon target by 2050. While climate change has provided huge impetus for the sector, the war in Ukraine has underscored the

importance of independent, safe, reliable, affordable sources of energy.

Offshore wind is a key and growing element in the drive for carbon neutrality and energy security. Wind already meets 15% of Europe’s electricity demand, according to Wind Europe, and that figure should  top 50% by 2050. It’s already as high as 31% in Ireland and 44% in Denmark.

Most existing wind capacity is onshore, but governments and industry across Europe are now investing billions to develop and expedite scores of offshore wind projects, which are seen as key to large-scale renewable electricity  generation in future.

Furthermore, the European Union is pushing for smart, green innovation and development across Europe through the €806.9 billion Recovery and Resiliency Facility (RRF). Distributed through national plans, this funding aims to help Europe recover from the pandemic and future-proof its economy and society, with sustainable, clean energy a key goal.

An unmissable opportunity for Irish companies

The huge surge in planning and construction in the industry is causing massive demand, serious supply chain bottlenecks and skills shortages. Furthermore, port infrastructure across the region needs upgrading to facilitate the transport, storage and preassembly of the huge components needed to build offshore wind farms.

While challenging for the sector, these issues mean there are significant opportunities for Irish firms with digital, engineering and marine expertise.

“The large developers, Tier 1 contractors and OEMs in offshore wind are looking for innovation, sustainable solutions, flexibility and a strong safety culture,” says Liam Curran, Senior Technologist with Enterprise Ireland. “Irish companies can find opportunities across the windfarm lifecycle, from initial feasibility studies and planning applications right through to construction/installation and subsequent operation and maintenance over decades.

How to support the offshore wind sector

Curran says companies should seek to offer services or solutions that maximise efficiency and safety or cut costs or risk. Being open to collaboration is critical, as these  complex projects involve multiple stakeholders.

Enterprise Ireland sees particular opportunity for Ireland and Irish firms to lead when it comes to digital and data services. “The further projects go offshore, the more vital high-tech solutions become,” he explains.

“We want everyone involved in offshore wind in Europe to know the Irish are the people to go to when IoT, connectivity, communication systems or cyber security is needed,” he said, “and we want Irish firms with expertise in these areas to consider developing an offering for offshore wind if they haven’t already.”

In particular, the industry has significant need for support in the following areas:

  • data collection and analysis
  • cybersecurity
  • remote condition monitoring
  • telecoms and connectivity
  • artificial intelligence, machine learning and IoT (internet of things)
  • automation and robotics.

He adds that offshore wind also offers clear opportunities for:

  • engineering companies
  • contractors experienced in oil, gas, electricity and civil projects.
  • specialists in energy infrastructure, power generation and grid management
  • marine and ports services companies.

Irish firms already leading the way

Many Irish companies already service the offshore wind market. These include Gavin & Doherty Geosolutions, for example, a specialist offshore and marine engineering firm operating in 15 international markets, high tech surveying companies such as XOCEAN and Green Rebel Marine, and marine services specialists such as Alpha Marine and Fastnet Marine.

Digital and connectivity specialists meeting the needs of offshore wind clients in Ireland and overseas include Vilicom, Druid Software, TechWorks Marine, BrightWind Analysis, Exceedence and EMR Integrated Solutions.

Other firms such as Combilift and Qubus Systems are also catering to the offshore wind sector in Europe.

Take the first steps

Companies keen to join the offshore wind supply chain should first work to get up (and stay up) to speed on market intelligence. Attend industry events to build both knowledge and networks, and consider joining clusters such as the Gael Offshore Network. This is a cluster of more than 85  Irish companies with relevant digital, engineering and other expertise.

Expert advisors in Enterprise Ireland’s network of offices across Europe, together with its Market Research Centre in Dublin can support you as you examine the offshore wind opportunity. This can include help with market research, market visits, making local introductions and tendering.

Market snapshots

France

Having been slow to start, France is strongly committed to offshore wind and offers a welcoming market for Irish specialist firms.

The offshore wind market in France

France has huge potential for offshore wind, given it has a maritime zone of 11m km2 and the second largest wind resource in the Europe after the UK. Furthermore, the French government is strongly committed to this form of energy, given the war in Ukraine and its national goal for carbon neutrality by 2050.

France is planning to operate 40GW of offshore wind turbines by 2050, with 18GW slated to be in operation by 2035 and 2GW of offshore attributed per year, from 2025 onwards. Most of this will be concentrated on the Atlantic coast.

Four wind farms are under currently under construction, with three other contracts awarded and five projects beginning or undergoing a tender process, including 750 MW of floating windfarms. While development has been slow in the past, all projects in that pipeline are expected to be completed within 10-12 years.

Three pilot floating windfarms in French waters are among the first seven floating windfarms in the world.

France’s multi-annual energy plan (2019-2028) includes its energy policy priorities, and another plan is in the works that will cover the period up to 2033. It is also updating its planning processes and marine and coastal strategy to reflect its ambitious offshore wind plans.

Understand the offshore wind opportunity in France

As Ireland’s nearest EU neighbour, France is an obvious and welcoming option for companies looking to diversify into Europe. Ireland is seen there as a strong player in the marine sector.

France and Ireland are already co-operating on the energy front with advanced plans for the Celtic Interconnector, a submarine power cable between Cork and Roscoff. Ireland’s first interconnector with mainland Europe, it will connect the electricity grids of both countries.

Enterprise Ireland has also been running market economic visits to French ports such as Brest, St Malo and Roscoff, for Irish firms to meet potential local partners and understand the local landscape.

Across the offshore value chain, from site assessment through to operations and maintenance, Irish firms will find opportunity in France. This is especially true for areas such as:

  • Marine services
  • Geotechnical and geophysical monitoring
  • Environmental monitoring
  • Consultation, planning and advisory, including financial consulting
  • Developing ports and other infrastructure
  • Digitalisation of ports and other services
  • Addressing the significant dearth of data around some maritime areas and the impact of windfarms on local ecosystems, tourism, shipping, fishing and aquaculture
  • Installation security, especially given France’s large maritime zone and current geopolitical risks

Selling into France

Irish companies need time and patience to engage with the long tendering cycle, but this also means there are strong opportunities now to discover the market and tender successfully for upcoming projects. Approached correctly, France can be a significant and lucrative market for innovative, leading-edge Irish companies.

Key players in the market include:

  • RTE [transmission system operator (TSO)]
  • France Énergie Éolienne (industry association)
  • Ministère de la Transition Écologique and Ministère de la Mare (government departments)
  • EDF Renewables (Global leader in renewable energy)
  • Main Developer firms ENGIE, Iberdrola, WPD Energy, EOLFI, Total and QAIR
  • Blade and Cable Manufacturers such as Siemens and Prysmian
  • Construction contractors, including Eiffage and Bouygues, Navantia.
  • Technology developers such as SBM Offshore, BW Ideol, and Principal Power.

Top tip

Being part of a local, on-the-ground network is important in the French market. It’s vital to have a sense of local adoption and to have a local partner to support with tendering and market integration. Bear in mind that Tier 1 and OEMs typically require suppliers to be pre-approved.

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Germany

Within eight years, Germany has become a global leader in offshore wind and welcomes collaboration and partnership with innovative suppliers.

The offshore wind market in Germany

While Germany is now the second largest market for offshore wind in Europe after the UK, this is a recent development as it had no commercial-scale projects until 2014.

It now has 27 operational offshore wind energy projects and installed offshore capacity of almost 8GW in the German Baltic and North Seas, and has ambitious growth targets of 30GW by 2030, 40GW by 2035 and 70GW by 2045.

The government is accelerating the expansion of its renewable energy production to achieve climate goals and to reduce dependence on Russian energy. There are six more offshore wind projects either in construction or due to start between 2022 and 2024.

Many in the industry have criticised Germany’s recent amendment of the Wind Energy at Sea Act, however, as they are concerned the revised tender process could ultimately lead to higher energy costs for consumers and businesses.

Understand the offshore wind opportunity in Germany

Of Germany’s total €28 billion national Recovery and Resilience Plan or Deutscher Aufbau- und Resilienzplan (DARP), 42% has been allocated to support climate objectives.

Germany sees green hydrogen, which is produced from wind energy, as a key route to decarbonisation. This recently led to the establishment of the German-Irish Hydrogen Council, which is expected to open up a new era of energy co-operation between the two countries.

Among the key market stakeholders in Germany are:

  • Deutsche WindGuard (service provider which publishes development statistics)
  • Industry associations such as Bundesverband WindEnergie (BWE), Bundesverband der Windparkbetreiber Offshore (BWO), WAB and OWIA (Offshore-Wind-Industrie-Allianz)
  • Stiftung OFFSHORE-WINDENERGIE (non-partisan industry foundation)
  • VDMA Power Systems (trade association)

Selling into Germany

At a minimum, you’ll find a strong local partner to help you with language skills and making the most of their existing relationships on the ground.

German business culture is usually risk-averse and new entrants need to show strong commitment to the market. Networking and getting involved with local trade associations is also vital, as these are strong in Germany and influential in this sector.

It’s also crucial to be fully aware of and compliant with Germany legislation and any processes and regulations relating to state bodies operating in the sector.

Top tip

Be as prepared and committed as you can. Germany isn’t a market for opportunistic sales. If possible, a physical presence there and regular visits to the market will mean you can take advantage of the long-lasting opportunity the German market offers.

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Italy

Italy has been relatively slow to develop offshore wind, but interest is growing rapidly in the market, with urgent geopolitical and climate reasons to drive action.

The offshore wind market in Italy

Italy not only wants to become carbon neutral by 2050, but is also keen to accelerate this work to address energy sovereignty issues. Up to now, Russia has supplied 40% of Italy’s gas, representing 16% of its total energy needs, with Algeria supplying 29% of its gas.

Change is afoot. The government is prioritising the integration and management of renewable energy, energy efficiency, grid digitalisation and storage systems. Moreover, the national renewable energy development plan (PNIEC) aims to power 55% of national electricity consumption from renewable sources in 2030, up from 39% in 2022.

Onshore wind produces 5% of Italy’s energy, but a lack of space on land and the absence of sites suitable for fixed-bottom wind mean there’s an increasing focus on floating offshore wind. Italy aims to increase wind power from the current 10.5 GW to 18.4 GW by 2030, with 900MW slated to come from offshore.

Despite this relatively low target for offshore wind, there is strong developer interest in the market. At the moment, only the 30MW fixed-bottom site at Taranto is operating, but Terna (Italy’s TSO) saw 39 grid connection applications for offshore wind in 2021.

Understand the offshore wind opportunity in Italy

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.

Selling into Italy

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.

Irish firms typically find it useful to have a strong local partner in this competitive market, as this can help shorten the sales cycle, deal with the language barrier and navigate local bureaucracy.

Top tip

Direct relationships matter. Invest time in coming to the market and meeting your counterparts in person.

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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.

 

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.

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.

 

 

 

 

IMW

Exporters seek to scale new heights at International Markets Week (IMW)

 

While Ireland saw soaring exports in 2021, there’s no doubt companies everywhere are facing headwinds in the coming year. A recent Enterprise Ireland client company survey found that 35% view global market and economic uncertainty as the primary challenge for their business for the next six months. This survey, which was carried out before Enterprise Ireland’s recent International Markets Week (IMW) event, also found that one in three (32%) had expressed concerns about supply chain, price inflation and energy costs.  While one in four (26%) pointed to skills and talent shortages as being the biggest challenge to their business.

 

Help was at hand, however, at the recent International Markets Week (IMW) event, which took place at the RDS in Dublin from 11th – 14th October. The four-day event saw hundreds of Irish exporters getting expert advice on their export strategies from Enterprise Ireland’s team of global market advisors from our network of offices around the world.

 

“IMW has run annually for over 20 years and this year’s event was the biggest ever,” says Tom Cusack, Divisional Manager, Global Markets, Enterprise Ireland.

 

“Not only that, but this was also the first time since the pandemic that the event took place in person. Last year, we held more than 1,600 virtual meetings during IMW. These were hugely beneficial, but our clients were also keen to return in-person consultations this year, and we held about 1,800 of those during the week at the RDS.”

Timely advice from around the world

Over the course of this year’s successful IMW, more than 600 Enterprise Ireland client companies held one-to-one meetings with 130 of our market advisors, who travelled to Dublin from our network of 40 market offices across Europe, the Middle East, Africa, Asia Pacific and the Americas.

 

While exports from Enterprise Ireland client companies rose by 12% to €27.29 billion in 2021 – the highest ever level of growth in export value– the forecast slowdown means it’s timely for businesses here to assess and, where relevant, formulate their export and internationalisation plans for 2023.

 

During their face-to-face meetings with some of our market advisors attending IMW, attendees were able to work out the most high-impact strategy possible for each individual market to which they export to or are currently considering for market entry.

 

“We have consistently seen that having a joint action plan with Enterprise Ireland significantly strengthens a company’s opportunity to grow and scale internationally,” says Tom.

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.

Taking the leap into export

This year’s event also included a schedule of meetings for companies that are currently focused solely on the domestic market, but that have the ambition to export and scale internationally.

 

These meetings were designed to help them understand their value proposition and potential channels to market.

 

“Our market advisors were also able to support these potential exporters as they considered how to kickstart their market research and gather market intelligence,” says Tom. “Doing that will enable them to assess which market to target first and how to approach the market entry plan.”

Benefitting from specialist in-depth advice

Those attending IMW were also able to drop into the Global Ambition lounge, where they can meet with specialist advisors to drill into specific areas of interest where they might be.  This included areas such as sustainability, digitalisation and how this can drive competitiveness.

 

Almost three quarters of the businesses surveyed (74%) said that having green credentials with a sustainability policy in place is considered an important factor when competing to win new business overseas.

 

“Other specialist sessions revolved around how companies could attract, retain and develop the right talent within their organisation,” says Tom. “Sales and marketing were also a focus of specific meetings, as was procurement.”

 

Funding for international growth is, of course, also an area of interest for exporters that are eager to grow their overseas sales, and relevant experts were also on hand to advise on this.

 

Global marketplaces, such as Amazon, are becoming increasingly vital online sales channels for many Irish exporters, and companies that went to IMW were also able to arrange meetings with experts on this sector.

 

Other specialist advisors were available to discuss where companies may be encountering challenges or opportunities when it comes to working with global multinationals based in Ireland

 

Whether it’s advising existing exporters or supporting the next generation of would-be successful exporters, time and again International Markets Week has proven to be an invaluable event that ultimately helps to support ambitious Irish entrepreneurs on their exporting journeys.

 

 

 

 

 

exports

German-speaking countries a valuable market for Irish firms

These days, Ireland is thriving when it comes to exports. In 2021, Irish exports topped €29 billion and included everything from high-tech construction solutions to industry-leading dairy products. It wasn’t always like that, however.

 

When Enterprise Ireland’s predecessor, Corás Tráchtála, first opened an office in Dusseldorf in 1962, live cattle and sewing machines were Ireland’s main exports to Germany with total exports amounting to £5m in Irish punts.

 

As the office marks its 60th anniversary in 2022, things have changed somewhat. Indigenous Irish companies exported almost €2 billion to the German-speaking region of which €1.4 billion went to Germany in 2021, despite the pandemic.

 

“This German result represented an increase of 17% on the previous year and was driven primarily by sales in high-tech construction, ICT, life sciences and industrial products and services,” says Manus Rooney, Germany/Austria/Switzerland Country Manager, Enterprise Ireland.

 

“We have really seen an incredible performance by Irish companies in Germany in the past 12 to 18 months, particularly given the pandemic and supply chain issues.”

German customers prize innovation

In large part, that is due to the highly innovative products and services on offer from Irish firms. German customers appreciate and put value on innovation, so are willing to pay for it. This approach, combined with the size of the German market, makes it a stable, resilient and reliable place to do business.

 

Among the Irish firms thriving in Germany are medical device firm Aerogen, in-car connectivity leaders Cubic Telecom and the food ordering software company Flipdish, along with Ireland’s Eye knitwear and EI Electronics, a market leader in smoke alarms here.

 

“Not only are Irish firms doing great business in Germany, but they employ approximately 30,000 people there, showing that Irish firms are not just exporting to this market, but also creating true partnership and value here,” says Rooney.

European funding offers a further boost

Of course, the skyrocketing success of Irish exporters in Germany over recent decades is also due to the dismantling of trade barriers. Back in 1962, ambitious Irish firms had to contend with import quotas and currency risks, whereas free trade and a shared currency has eased cross-border sales.

 

The EU is also enabling even further opportunity across Europe with its €750 billion NextGenerationEU plan, which seeks to build a more resilient Europe.

 

Making use of its share of this funding, Germany has committed €25.6 billion in grants for recovery and resilience projects, with 42 percent going to climate initiatives and 52 percent funding digital transformation. It is funding the digitalisation of hospitals to the tune of €3 billion, for example.

 

“Irish companies can directly and indirectly access this funding, by tendering directly for projects, by partnering with German companies or by supplying German companies that are carrying out funded projects,” says Rooney. “This is really an exceptional opportunity.”

Construction firms look to Germany

There is also significant opportunity for Irish firms in Germany when it comes to high-tech construction, such as that of pharmaceutical facilities and data centres, especially when it comes to specialisms such as energy management, design and planning services, and construction.

 

Ireland has huge expertise and reputation in this area and our track record offers the chance to be involved in large German capital projects. Intel, for example, is investing €17 billion in the construction of a new plant in Magdeburg, which is set to get underway in 2023.

Understand the Germany market

Companies that take a strategic approach and spend time to research a market are more likely to thrive as exporters, says Rooney.

 

Germany isn’t a market for opportunistic sales, however, he adds. German customers like to deal with suppliers who are committed to the market, which means staff with German-language skills and cultural appreciation, regular visits and a physical presence if possible.

 

While sales cycles can be long, the process is worthwhile given the opportunity of long-term value offered to those selling into Germany.

 

“Remember that Germany is an export champion,” says Rooney, “so exports to Germany mean global exports.”

Consider Austria and Switzerland

Enterprise Ireland’s office in Germany covers the German-speaking region, which includes Austria and Switzerland, markets which have their own particular characteristics.

 

Many of those have found Switzerland an excellent export market, both in its own right and to act as a springboard into Germany. Swiss clients are more likely to look externally for suppliers initially and Irish companies have built a strong reputation there for quality, reliability and value, especially in ICT, engineering and life sciences.

 

“That credibility then stands to Irish firms when they seek to expand in the other German-speaking markets,” explains Rooney.

 

“Austria, meanwhile, provides specific opportunities in certain industrial sectors and construction,” he adds. “Overall, the region offers a number of options and routes to start or scale your export business.”

Japan

Irish firms winning big in Japan and Singapore

Asia is resolutely open for business for Irish companies. That was the clear lesson learned during Taoiseach Micheál Martin’s visit to Japan and Singapore last month.

 

While pandemic-related restrictions on tourists remain in some countries, business travellers are welcome to visit these rapidly growing export markets and join the ranks of leading Irish companies successfully winning in the region, such as Kingspan, Morgan McKinley and ICON PLC.

 

A G7 country and the world’s third largest economy, Japan is home to 125m people, so the market presents significant ongoing opportunities for Irish exporters, says Neil Cooney, Director, Japan, Enterprise Ireland.

 

“In fact, the recent Enterprise Ireland Annual Business Review for 2021, confirmed that exports from Enterprise Ireland-backed companies to Japan increased to record levels last year,” he says. “They reached an all-time high of €277m, which represented an increase of 11.1 percent on the previous year.“

 

There are approximately 200 Enterprise Ireland-supported client companies regularly exporting to Japan, with more than 50 local presences established to support their growth in the market and employing up to 2,000 people in Japan.

Japan seeks green and digital innovation

Digital transformation is a core focus for Japan, meaning the government and private sector there are keen to discover innovative solutions in this area.

 

As in so many other markets around the world, sustainability is also high on the agenda there, with digital and data-driven green solutions in high demand. This adds to the opportunities for well-established firms in life sciences, fintech, software, and advanced manufacturing.

 

The Taoiseach led the Irish delegation on the visit to the region in July and was warmly welcomed by Prime Minister of Japan Fumio Kishida in Tokyo. During the visit, both countries signed a joint declaration on economic collaboration and co-operation, entitled “Taking Forward Partnership with Shared Ambition”.

 

While in Japan, the Taoiseach hosted roundtables with Enterprise Ireland client companies to recognise significant market milestones and achievements.

“These included a new office opening in Japan for energy tech firm GridBeyond, a new partnership for infrastructure automation specialists Ubiqube with Japanese firm Alaxala and ICON PLC’s major acquisition in Japan and plans to scale in the market,” says Cooney.

Singapore an ideal launching pad for Southeast Asia

From Japan, the Taoiseach travelled to Singapore, where he met Prime Minister of Singapore Lee Hsien Loong and the Deputy Prime Minister and Minister for Finance Lawrence Wong.

 

Exports to Southeast Asia rose by 8% to €392m in 2021, with Singapore accounting for €116million of that and seeing a rise in exports from Irish companies of 10 percent on the previous year.

 

“While Singapore is a relatively small island nation of 5m people, English is widely spoken there making it an ideal launching pad for Irish companies to enter the massive trading bloc of Southeast Asia,” says Kevin Ryan, Director, ASEAN, Enterprise Ireland.

 

This region is home to over 682 million people and includes huge markets such as Indonesia (273m people), Vietnam (97m people) and Thailand (70m people).

 

“Fintech, regtech, pharma and health tech are key sectors in Singapore, along with high-tech construction, education and food, while agritech is also a huge opportunity as you go further into Southeast Asia,” explains Ryan.

 

During the visit, nine Irish companies participated in contract signings in Singapore. These included PM Group, which is supporting a first-of-its-kind vaccine plant in Singapore, along with ICDL, Intuition Publishing, Know Your Customer, NUIG, CurrencyFair (Zai), Aero Inspection, Ubiqube and Mackin EHS.

Understanding local market norms

To operate in Japan and Southeast Asia, Irish exporters need to expect they will have to operate differently than they may do in other export markets in Europe or North America. They will need to be respectful of local business norms and cultural nuances, for example. The Enterprise Ireland teams on the ground regularly provide local support and advice on this front.

 

It’s also vital to have sufficient financial resources to commit to the market, win business and be highly responsive to customers. To make any headway, Irish firms typically find they need to set up a direct market presence and hire locally.

 

This effort pays off, however, for Irish firms that gain traction in the region. At least 300 Irish companies are exporting to Southeast Asia, while about 200 are active in Japan, with 50 or so of those having a local presence.

 

“For any companies interested in exporting to APAC markets, there’s one key question – are you world class in what you do? Those who can confidently answer that they are should talk to Enterprise Ireland to assess potential opportunities in the region,” says Cooney.

 

With Enterprise Ireland offices in Tokyo and Singapore, our teams are available to support Irish enterprises to start, scale and grow in the region. Learn more about the opportunities for Irish firms in Japan and Singapore.

UK Education

UK Education Sector Procurement Report

UK Education

The sector is a complex mix of organisations with differing levels of autonomy and financial control, with local authorities playing a key role. Therefore, the purpose of this report is to explain the structures and governance to make it easier to understand for companies that wish to target products and services to this sector and how the sector procures goods and services. Education spending is the second largest element of public service spending in the UK, representing about £99 billion in 20/21, second only to health spend.

Read the report here.

UK Local Authority Update Report

 

The new report extended the research to look at the specific opportunities available to Irish companies by taking a closer look at the investment plans, budget priorities and organisational changes within authorities.

This document is based on detailed research, combined with our experience, knowledge and personal contacts. It endeavours to provide an up-to-date insight into the sector, taking account of the effects of the pandemic and budget priorities to help Irish companies identify relevant opportunities and target the
right authorities rather than taking a blanket approach.

Read the report here.

India offers huge export potential to Irish firms

India offers huge export potential to Irish firms

Whether they’re in aviation or agritech, education or healthcare, or indeed innovating in any sector, export-focussed Irish firms should take the time to examine the vast opportunities offered by India.

 

“Irish companies can’t really afford to ignore a tech-savvy, increasingly English-speaking market of this size,” says Ross Curran, Director, India and South Asia at Enterprise Ireland. “India should be on the agenda of any Irish firm keen to expand internationally.”

 

This is indeed a huge market, with a population of more than 1.4 billion, meaning it will soon be the most populous in the world. It also has a rapidly growing middle class of 300m people, meaning it’s well on the way to becoming the third largest consumer market in the world by 2025, as forecast by Boston Consulting Group.

 

It has also been among the fastest growing economies in the world in recent years, with a growth rate of over 7% forecast this year. “It’s also a young country,” says Curran. “More than half the population is under 30 and this has led to a ‘demographic dividend’, which happens when economic growth follows an increase in the size of the working population.”

Understanding the opportunity for Irish firms

Exports to India by Enterprise Ireland client companies topped €145m in 2021. While exports from Ireland to India have been growing in recent years, that figure still represents a fraction of the true opportunity for Irish firms.

 

This was clearly evident at the recent India Ireland Business Seminar in Dublin, when Indian business leaders, corporate executives and academics joined Enterprise Ireland client companies and universities to discuss potential collaboration and partnership opportunities.

 

“India is a dynamic and technologically advanced market,” says Curran. “It has the world’s most affordable data, for example, and this has underpinned a huge digital transformation in recent years.”

 

Aviation, agritech, construction, education, edtech, healthcare, ICT, and pharmaceuticals offer particular potential for Irish companies, he adds, pointing out that Indian clients in any sector will welcome any innovative digital solutions.

Government pushes for digital transformation

Indian government investment programmes such as the US$18 billion (€17.7 billion) Digital India initiative, for example, are also driving digital transformation and economic growth.

 

This is creating clear opportunities for Irish firms in IT services (hardware and software), fintech, shared service centres, knowledge services, data analytics, mobile and wireless services, business process management and IT consulting.

 

The Indian government is also investing US$7.5 billion in smart cities initiatives across 100 cities over five years. This points to further tangible opportunities for Irish firms with expertise in Internet of Things, artificial intelligence and cleantech, as well as energy infrastructure and management.

Shared language and cultural connections

Ireland and India are quite similar culturally, and there is already a 50,000-strong community of Indian-born people in Ireland, many of whom have come here to work for Irish companies.

 

“At Enterprise Ireland, we have seen many Indian graduates begin their career working here in Ireland before returning to India to open the Irish company’s India office,” says Curran.

 

While Hindi is the official language of India and there are 22 other regional languages, English is the predominant language of business, making India more accessible for Irish firms than any other markets.

 

“While people in business tend to speak English, localisation is key,” adds Curran. “Even the biggest brands in the world must do things differently when they go to India. They have to adapt to local cultural norms, traditions and preferences. McDonalds, for example, had to devise alternatives to standard menu items it sells in other countries.”

Tailoring your offer to the market

Pricing in this value-focused market deserves special consideration, which means sales prices typically need to be significantly lower than in more familiar markets. The sheer scale of India, however, means that developing a bespoke market entry strategy is worth the effort.

 

Furthermore, this is a diverse and complex market. It’s a democracy, but the process of liberalising the economy only began gaining momentum in the 1990s. Those business reforms are still ongoing and some sectors remain protected. There can also be challenges in the form of red tape and administrative burden in some sectors.

 

The complexity and scale of the Indian marketplace means it is vital for Irish companies considering India as an export market to work with Enterprise Ireland from the earliest stages.

 

“Our market advisors can be the gateway to local knowledge and expert advice, which can help your company to determine if your offering would be suited to the Indian market,” explains Curran. “We can also help to identify local partners and distributors, a key success factor in India.”

 

From our Enterprise Ireland office in Mumbai, our team is always available to support Irish companies interested in building their presence in India with local market knowledge and expertise. Learn more about the opportunities for Irish firms in India.