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Medxnote helping the NHS to improve response to Covid-19

Dublin company Medxnote has responded to the Covid crisis by creating a clinical bot that is significantly cutting the time it takes to notify medical staff of Covid 19 test results.

The company specialises in Robotic Clinical Assistants, which are helping to improve patient flow, hospital efficiency and quality of care by giving medical staff access to previously siloed clinical data. The bots work within Microsoft Teams, the workplace collaboration platform that is part of the Microsoft Office 365 suite of products.

Niall Rafferty, co-founder and CEO of Medxnote, explains. “We’ve created a suite of clinical bots, which automate human actions by connecting a hospital’s electronic health record systems to the Microsoft Teams messaging app.

“So, for example, a doctor can message the bot via a mobile and ask for a specific report on a patient. The bot searches the hospital’s system and serves reports almost instantly. Medical staff can also receive push notifications relating to test results and other clinical information.

“As we already had a bot specialising in results notification for flu and Norovirus positive patients, we were able to very quickly adapt it to include Covid-19 results.”

At a time when medical staff are struggling to cope with the Coronavirus pandemic, the ability to access test results in real time is hugely beneficial. Rather than having to periodically look up results on a PC, which are limited on the ward, staff in some hospitals in the UK’s NHS can now receive notifications on their mobile phones as soon as the results are released by the lab.

The response from medical staff has been extremely positive as it enables them to prioritise care and make the best use of isolation units.

Dr Ashwin Pinto of University Hospital Southampton, the first hospital to use the Covid-19 bot, says:

“We can now give doctors and nurses real-time data. I can get Covid-19 results on my phone as soon as they are released by the lab. We know where that patient is, so we can make sure they go to the right care environment and that staff are safe as well. That’s been transformational.”

The bot is now also in use in Liverpool University Hospital and is garnering interest from hospitals across the NHS.

 

Timely communication – better care

Medxnote, set up in 2013 by Rafferty and Garfield Connolly, is the only company building clinical chat bots within Microsoft Teams.  As well as the test results notification bot, Medxnote has created an inter-department consultation bot. This provides clinicians with real-time access to referral queues leading to more efficient discharge of patients. In one hospital, use of the bot resulted in speeding up the process by a factor of 15. 

Another bot enables medical staff to upload images to the patient’s medical record, while faster and easier recruitment of patients to clinical trials is being achieved through a bot that sends a notification message to the clinical trial team when a suitable patient presents in the hospital.

Medxnote’s latest development, a pager bot, has been another response to the Covid crisis.

“The demand for medical examiners is higher than normal at the minute. Usually a pager system is used but we created a bot that will send a message out to the examiner via Microsoft Teams and enable them to open a chat or do a video call with the nurses,” says Rafferty.

The pager replacement solution brings the company full circle back to where it began.

“We initially set up the business to create a solution to replace pagers in hospitals. Then we changed to providing secure messaging for medical staff. That has led us to where we are today. About two years ago we began working with Microsoft Teams and now we’re a Microsoft partner,” says Rafferty.

 

A world of opportunity

In response to Covid 19 Microsoft accelerated the roll-out of its Teams across the NHS. As a result, 1.3 million more people now use the software, opening up a huge opportunity for Medxnote to sell in its productivity and process enhancing integrations.

The company is also looking to Europe, initially targeting France, Sweden and Portugal, which are all licensed for Microsoft Teams.

“We’ve multiple opportunities worldwide because we’re on the Microsoft Teams Co-sell Programme, and we’ve also benefitted from great support from Enterprise Ireland’s international offices,” says Rafferty.

“I believe that this pandemic will change patterns of work and that people will be more liable to work digitally than they were before. In the healthcare space, that will drive better communication, informed clinical decision making and more efficient patient throughput and ultimately result in improved quality of care in hospitals.”

Market Watch Industry Bulletin – Automotive – European Manufacturers Structures, Operations & Plans

 

Sean Long,  Enterprise Ireland, Senior Market Advisor UK for Automotive interviewed Ian Henry of Auto Analysis on the changing landscape of European Vehicle Manufacturers.

The interview explores their

·         current organizational structures

·         plant operations

·         purchasing contacts

·         trade tariff considerations

·         developments around new vehicle platforms.

The video interview took place on 10th March 2020, prior to Covid 19 restrictions.

Supporting great people in difficult times

Developing employee engagement now will pay dividends long into the future

Up until the pandemic, the biggest challenge facing many firms was attracting and retaining talent. That hasn’t changed, says Ryan Williams, CEO of Conscia, a training provider which specialises in employee engagement.

Conscia is the architect of a series of online modules designed to help companies maintain employee engagement throughout the Covid-19 crisis.

Each provides practical steps to take, plus easy to use templates and frameworks, to help companies maintain their employee value proposition (EVP).

Those that succeed in doing so will not only optimise productivity throughout this current, difficult time, but will be well placed to capture the opportunities of the post-pandemic surge.

Those that neglect employee engagement, however, risk damaging their reputation as an employer of choice long into the future. “It’s about asking yourself, how you want your company to be remembered after this pandemic,” says Williams.

Your EVP is an invaluable retention tool and should be robust enough to support employees in good times and in bad, he points out.

“The market for talent will be equally as competitive when we come out the other side of this as it was when we went in,” says Williams.

“Though some sectors will suffer more than others, the fact remains that if you needed a software developer before this, you will still need one after it, so it is important to get the best talent that is out there.”

The top priority for employers right now is communication.

By this stage new work practices will be established, either from home or, socially distanced, in the workplace.

“The novelty of the early stages has well and truly worn off, the buzz of setting up meetings on MS Teams and Zoom has ebbed, and people are starting to feel this will never end. The risk is that employers stop communicating when in fact it is vital to over-communicate now and throughout this process.”

 

Deliver your communications with confidence

In a period characterised by uncertainty and anxiety, it’s important to display “honest confidence” he says.

“Be honest and transparent and deliver your communications with confidence, even if it is bad news, such as, perhaps, having to take a pay cut to get through this. People can cope if they realise there is light at the end of the tunnel.”

Empathetic leadership is essential.  “You need to communicate your company’s vision and mission with empathy. It’s about understanding that your people are going through challenging times.”

Weekly ‘all hands’ meetings online are an opportunity to show that everybody is part of what is a communal effort.

“Be very honest about what you do and don’t know. The rumour mill can be difficult to manage so share the good, the bad and the ugly with honest confidence.”

Decision making in a time of crisis should be quick and decisive, with resources allocated speedily. Employee polls are a quick and effective tool for effecting change, offering maximum transparency and ‘buy in’.

Regular, scheduled and consistent communications help keep fear and anxiety at bay. Use video as much as possible. “People want to see their leaders.”

Be cognisant of the impact not just of your words, but of your tone and body language too. “Lean forward, be expressive, use your hands,” he says.

As well as large town hall type, and team meetings, make sure to set aside time for one to ones, to check in with people and see how they are doing.

Recognise and reward output. “Celebrate team wins and individual efforts more than in ordinary times. People are doing fantastic things right now so make time for shout outs in meetings and promote them on your social media too.”

Fostering ‘water cooler’ moments online helps to replicate the everyday interaction of the traditional workplace. “Don’t lose your social cohesion.”

 

Building trust and loyalty

At every step, focus on building trust and loyalty. “Very many companies have spent years building up their culture. Don’t lose it. Find new ways of maintaining it instead.”

Social distancing will likely continue for some time, as will working from home. “We are all living with uncertainty at present, so ‘What does this mean for me?’ is the key question people have. While you can’t control this, you can help by removing as much of the uncertainty for employees as possible.”

 

Provide purpose and stay positive

The current situation provides a great opportunity for learning and development. “This doesn’t have to cost you money,” he points out.

“It could be online learning opportunities, or a situation where an experienced member of staff helps train up others on a new software tool, such as cucumber. It could be a buddy system, where someone experienced is matched with someone who may be feeling overwhelmed.”

Spare capacity could be given over to executing planned projects that had previously been put off. “We have one client company, for example, who built an entire logistics platform in eight weeks, a project it had long wanted to do,” says Williams.  

Such initiatives help provide purpose, an important component in employee engagement.

Set short term goals for long term results. “Focus on bite sized projects to help people navigate through.”

Finally, stay positive. “Remember, this is different from the financial crisis because it is the same for everybody. From Ireland to China to the US, the base line has lowered for everyone. So, while there is uncertainty, and a need to paint as honest a picture as possible, it’s also important to look to where the opportunities will be post-pandemic.”

 

To find out more about building employee engagement during the Covid-19 restrictions see here.

Market Watch Germany – Webinar – Enhance your digital presence for the German market

Enterprise Ireland’s offices in Germany have launched a series of Webinars: Market Watch Germany. Every Wednesday at 14:00 BST/15:00 CET a new theme will be addressed to help Irish companies exporting to Germany navigate the challenges and opportunities presented by Covid 19.

The third webinar in the series; Website Optimisation: Enhance your digital presence for the German market, took place on Wednesday 29th April

The team was joined by consultant Suzanne Dirks, Ed ​Kelly, Creative Director and Emmet Dunne, Managing Director of Digital Agency Kooba providing expertise on:

  • how to leverage your website in terms of layout and localisation

  • how to increase traffic to your website by creating an enhanced user experience

Finally, Eoin O Siochru from Enterprise Ireland’s Internet Marketing Unit discussed the supports available to Enterprise Ireland client companies to drive these activities.

 

Market Watch Industry Bulletin – Consumer & Retail

Download the bulletin here

Enterprise Ireland consumer retail and retail technology companies are experiencing extraordinary market conditions, resulting in massive increase in e-commerce, declining sales in non- essential items as well as fractured supply chains.

While these are certainly unprecedented and challenging times, there remain significant opportunities for clients within the global consumer retail and retail technology market, which we hope to help you identify.

Read more in our Consumer and Retail Industry bulletin.

mADme technologies

Irish software firm mAdme helping mobile giants through Covid-19 crisis

The seismic fall-out from Covid-19 has created an unprecedented demand for Irish innovation, with our tech sector stepping up to aid the recovery of industries including health, travel and communications.

As mobile operators provide customers with Covid-related updates – typically struggling to get beyond an engagement rate of 1-2% via standard SMS and push notifications – an Irish software firm is making waves with a proprietary messaging channel that is pushing engagement rates closer to 20%.

Dublin-based mAdme provides a customer experience platform for mobile operators to engage with subscribers. The platform overlays rich content including images and video directly on phone screens, without the need for customers to go into an app or notification tray, delivering messages in real-time, triggered by customer usage.

 

Engagement rates up to 20%

“We’re seeing engagement rates up to around 20% for messages sent on our channel versus other channels like SMS and email,” says Dave Manzor, VP (Product) of mAdme Technologies. “Because of the scale and effectiveness of the platform, we can quickly disseminate important messages to huge numbers of people, which is proving hugely beneficial during the Covid-19 crisis.”

In India, mobile giant Reliance Jio used the mAdme platform to issue a message to its subscribers that linked to Covid-19 awareness information including a symptoms-checker. The campaign was viewed a colossal 250 million times.

“We’ve also seen operators use the software for Covid-related business messages including providing free data or removing data caps,” says mAdme’s Dave Manzor.

“It’s also been deployed to help manage the load on under-pressure call centres, for example by encouraging people to use self-care channels for things like topping up credit.”

 

mAdme software on 200 million phones

Founded in 2013 by Triona Mullane, the mAdme platform is currently deployed in 28 countries, running on more than 200 million phones in key markets including Asia, North America and Europe.

Mullane, who won the ‘Emerging’ category in last year’s EY Entrepreneur of the Year awards, has overseen rapid growth and a hatful of industry awards for mAdme including a 7th place ranking in the 2019 Deloitte Technology Fast 50, and 2018 winner of the Disruptive Technology Award in association with Facebook.

The company has also overcome a few challenges along the way, the most notable of which was having to rapidly scale up to match the growth of Jio in India, going from zero to 100 million subscribers in the space of just five months.

Working with some of the biggest mobile brands in the world, mAdme is now focussing on improving operators’ customer care offerings, especially around the calling experience.

“We’ve developed a new experience in the phone dialler that directs callers to the information they’re looking for,” says Dave Manzor. “This is having a massively positive impact for operators because it reduces the number of calls they need to service in their call centres, but also benefits the caller who can get what they need without having to wait on hold.”

The Dublin-based firm is also looking into the broader enterprise space with relevance for any company that wants to improve how it engages with customers.

 

Disruption through innovation

“Innovation and R&D are at the core of everything we do,” says Manzor. “When you’re a small player from Ireland selling to a global market, you need to be innovating in every aspect of the business. We’re disrupting some very well-established industries and we couldn’t do that without continuous innovation.”

“From a R&D perspective, we’re building software to meet the needs of the market,” he goes on. “Every line of code we write, we make sure it’s adding value for all our customers and we have a really exciting technology roadmap that will enable us to continue adding value well into the future.”

“We’re also active in the IP space with a number of patent applications on the go,” Manzor says. “The first of these was successfully granted just last month, which was very pleasing and further proof that what we’re doing is genuinely innovative.”

Firmly established among the fastest-growing tech companies in Ireland, mAdme has its sights set on further international growth.

 

Irish tech credentials

“Irish companies have very strong history, credentials and reputation for delivering great innovation and it’s all the more impressive given that we’re coming from a small island on the edge of Europe,” says Dave Manzor. “I think it makes it all the more exciting to compete and win business in markets all over the world.”

The company has had support and investment from a range of sources including Enterprise Ireland, the national export agency. “Enterprise Ireland has been a huge supporter from day one, they continue to support us to this day and we really appreciate that,” says Manzor:

“On a global scale, Enterprise Ireland is so well-connected, they use the Irish network incredibly well and make it possible for companies like mAdme to make connections in countries where otherwise we’d be largely going it alone.” 

“If you look at the trade shows Enterprise Ireland runs every year, without them it just wouldn’t be possible for small companies like ourselves to showcase our work but Enterprise Ireland makes that possible.”

anam technologies covid

Anam Technologies: Partnering to stay safely connected

Anam Technologies, an Enterprise Ireland-supported company, is partnering with mobile operators across the world to secure networks against messaging fraud during the Covid-19 crisis.

Working closely with Tier 1 network partners such as Orange, Deutsche Telekom, Digicel and Telenor in more than 85 countries, the aim is to identify and block fraudulent traffic while protecting messages from legitimate businesses and organisations. Such partnerships are essential in a time when fraudsters are primed to take advantage, according to Mary-Therese Fitzpatrick, Anam’s Marketing Director.

Anam is equipping operators with firewalls that detect fraudulent traffic, block it and keep the networks clean. The system is a win-win for all parties involved. The operators benefit from a revenue-sharing model on increased business messaging traffic, and their subscribers are safe from any fraudulent activity.

 

Partnering to stay safely connected during a crisis

Anam has been recognised 3 years running in independent surveys as the world’s leading SMS Firewall and A2P (application-to-person) monetisation service provider. Anam’s technology helps mobile operators to increase revenue per user by reducing the amount of spam & fraudulent messaging on their networks.

As the number of messages being sent increases, so too do the opportunities for fraud within the channel. While the Covid-19 pandemic contributes to a general relaxing of data protection rules, it may also be loosening our own digital defences. When this happens, fraudsters are at the ready.

Fitzpatrick compares Anam’s firewall technology to a tolled road. There will always be those who try to find back ways to the destination:

 “Part of our solution is detecting that ‘grey route’ traffic; traffic that’s freeloading on an operator’s network,” Fitzpatrick says.

Anam blocks this traffic and filters it through the paid route, making sure that all traffic is legitimate and clean. They then share the revenue with the operators.

 

Phishing

In the context of Covid-19, we see more messages from government services, health systems, e-commerce notifications and food delivery services. Some fraudsters are attempting to take advantage of this, sending texts containing key terms like ‘Covid’, ‘Coronavirus’ and even ‘testing’ that might mislead people into giving away sensitive information or clicking on fake links to legitimate-looking websites designed to do the same thing. This is known as phishing.

The texts may look like they are coming from a bank or the government. Some fraudsters even use a tactic known as “spoofing” in which they can make a message appear in a chain of text alongside previous genuine messages. There have also been reports of fraud messages promising free devices or financial relief to cope with the Covid-19 lockdowns.

“If the operator has a firewall installed on their network, they can protect themselves and their subscribers from this malicious messaging,” Fitzpatrick says.

A crucial way to communicate

During emergencies, SMS is an important method of communication due to its immediacy and reach. Most people in the world have a mobile device capable of receiving SMS, and 90% of the messages tend to be read within three minutes.

The success of the channel, unfortunately, means that some vulnerable groups are misled. They may be isolated and not aware of the fraud risk. They may not be tech-savvy, but they most likely know how to read an SMS. Fraudulent texts have the potential to reach everyone, even those without sufficient access to high-speed internet.

Fitzpatrick says that there has been an increase in fraudulent traffic. Although the process of detecting and blocking it is automated to a large extent using artificial intelligence and machine learning, there is still a manual element involved. The process itself benefits from the close partnership that now exists between Anam and international partners. “There are known addresses across international networks that can be identified and blocked once certain patterns of messaging are detected,” explains Fitzpatrick.

 

 

An industry evolution

Anam’s solution is a very clever evolution within the changing messaging landscape,” Fitzpatrick explains. And the fact that today Anam’s systems and services are being used in 85 countries to protect an estimated three-quarters of a billion subscribers is testament to this.

Speaking on the success of the solution and the importance of partnership during the Covid-19 crisis, Fitzpatrick notes that Anam is a preferred partner because they are independent.

 “We work with the operator to secure the channel and make sure that all incoming and outgoing network traffic is clean,” she says. This makes them a trusted party, with no allegiances to middlemen.

After an initial €350,000 investment from Enterprise Ireland in 2018 to aid global expansion and R&D, Anam is currently in a growth phase, expanding its worldwide presence. In November last year, they opened an Africa headquarters in Kenya on the back of significant local contract wins. The new office builds out on the company’s other regional HQ office in Kuala Lumpur, Malaysia, and a presence in Egypt, Jamaica, Nigeria,  Vietnam, Malta, United Kingdom, Czech Republic and Pakistan.

jenny melia

Support where it’s most needed for HPSUs

The innovation and dynamism of Enterprise Ireland-supported high potential start-up (HPSU) firms are vital to future economic growth, and it is absolutely essential that HPSUs that were progressing prior to Covid-19 receive the support they require to get through the Covid-19 crisis.

“These firms and their founders are the future leaders of the economy and our focus is on ensuring that they have sufficient fuel in the tank and the right resources in place to get through the next three to six months and be ready to take advantage of the upturn when it comes,” says Enterprise Ireland Divisional Manager for HPSUs Jenny Melia.

HPSUs do face particular challenges in the current environment, mainly due to their early stage of development. “Many of them are not yet revenue generating and are continuing to fundraise to drive business development,” Melia explains. “This can mean that they do not qualify for some of the Covid-19 supports available at the moment. It can also be the case that they haven’t been in business long enough to have built up a relationship with a bank.”

According to Melia, the three main problems faced by these fast-growing firms relate to cash flow, investment, and talent retention.

“In a lot of cases sales have just stopped,” she says. “They have no cash coming in from that source and that can turn into a double whammy if investors back off. There is a softening of sentiment in the investment community at the moment and that is presenting problems. Holding onto key skills is another real pain point for a lot of companies. We were nearly at full employment in the economy just a few weeks ago and they had to work very hard to get the right people. They are in danger of losing them now and these skills will be critical to support future growth.”

Support is available to deal with these issues, however. In the first instance, Melia advises firms to avail of the Enterprise Ireland Covid-19 Business Financial Planning Grant scheme, with supports of up to €5,000 to help companies prepare financial plans with the assistance of an expert.

“We are asking start-ups if they have assessed the impact of Covid-19 on their business and if they need assistance and financial support to do that,” she points out. “We are already seeing a great deal of interest in the scheme. This will help start-ups develop a stabilisation plan, which should look at resetting their business plan e.g. reducing the cost base and lengthening the financial runway to tide them through the next 3-6 months and prepare for the upturn including raising new investment.”

The next step is to work with existing investors and shareholders. “Companies should discuss the possibility of bridging finance with their investors,” says Melia.

“Enterprise Ireland is also willing to co-invest as part of this investment. That is a new departure for us. Typically, when we invest in a company it’s to fund a growth plan for the next two or three years. In this case, we are absolutely willing to play our part alongside existing funders and investors in ensuring HPSUs get through the current financial crunch. Companies should speak to their Development Advisor about this.” advises Melia.

There is also the loan scheme from Microfinance Ireland. “This is open to start-ups with fewer than 10 employees, and the amount on offer has been increased from €25,000 to €50,000. The interest rate has been reduced to 4.5%, with a moratorium on interest and repayments for the first six months. I would encourage start-ups to look at the scheme to see if it is suitable for their needs.”

The Covid-19 Wage Subsidy Scheme is a valuable source of assistance in helping to hold onto talent. “The scheme was initially aimed at firms suffering a reduction in turnover but, recognising the particular circumstances of start-ups, Revenue introduced another criterion, which was a downturn in the level of investment companies had projected. Some companies are not aware of this.”

Enterprise Ireland is also organising a series of webinars to provide advice and support to HPSUs. “We have a number of former HPSU founders that have come through a number of recessions and downturns and have very valuable advice to offer.”

Companies should also leverage the advice available through their own networks, she adds. “They should contact their Enterprise Ireland Development Advisor, their investors, business angels, suppliers and customers out in the market and so on. These are the things that entrepreneurs do anyway, and they are more important than ever now. We firmly believe that there will be opportunities out there for firms when the crisis ends, and our focus is on helping our clients to be ready for these opportunities when they arise.”

 

Market Watch – How Covid-19 is impacting the Asia Pacific region

Just as it has affected every corner of the globe, Covid-19 has made its presence felt in the Asia Pacific region. But according to Enterprise Ireland’s regional director for Asia Pacific, Mary Kinnane, while there is no doubt that it has had a disruptive impact on economies, businesses and lives, the level and magnitude of the impact differs by country and even sector.

 

  • While countries have been impacted in different ways, there is no doubt that Covid-19 has disrupted business and lives across the region.
  • Providing solutions for clients and showing commitment is crucial for Irish exporters.
  • Many sectors have been badly hit but there are still signs of growth in a variety of areas including life sciences, health care and education solutions.
  • The region has shown resilience and is likely to be one of the first areas to emerge from Covid-19 restrictions.

 

China and South Korea were amongst the first countries hit by Covid-19, and life there is slowly but cautiously getting back to normal,” Kinnane says. “More and more businesses are now operating as before with public facilities reopening, while other countries in the region are still undergoing lockdowns and strong containment measures.

“Adverse economic impact, at least for this year, is evident as seen from the revised GDP growth projections from the IMF earlier this month.  And the world economy is now projected to contract by -3% from the previous year, with growth projections for China at 1.2%, Japan at -5.2%, Korea at -1.2%, ASEAN 5 at -0.6%, and Australia at -6.7%.”

Although Irish exporters will undoubtedly be affected, Kinnane say showing unwavering, commitment during these challenging times to customers and partners is particularly important.

“Saving face is an important aspect of business culture in Asia so carefully managing the knock-on effects for your customers and partners is advisable,” she says. “If your business is adversely impacted by Covid-19 and consequently if you cannot fulfil orders, contracts or deadlines, then be clear with your customers and suppliers, but also try to provide alternative options and support. This will be perceived as a measure of your seriousness and commitment for the long term.

Enterprise Ireland has made available new funding and capacity support programmes to help companies through Covid-19. says Kinnane.

“We are acutely aware that our support is ever more critical so our network of offices from Beijing to Sydney are providing virtual introductions to buyers and partners, market research on trends and emerging opportunities and challenges along with other in-market business continuity and development supports.says Kinnane

“We also see that some Irish businesses are taking this time to develop market entry and expansion strategy for some Asian markets with a medium- to long-term view.  We are aiding those businesses to achieve the objective, using our market knowledge, insight and networks in local markets.  Customer targets in ANZ & the ASEAN region are proving quite receptive to remote new enquiries with this being somewhat more challenging in the north of the region where facetime and relationships really matter.”

While travel restrictions have been problematic for tourism and many businesses have been heavily hit by uncertainty, the regional director says there is increasing attention on the life sciences/healthcare sector with more favourable government policies likely to underpin increased investment in the sector. Cloud based SaaS systems, teleworking tools, and paperless processes are also seeing an increasingly rapid roll-out with opportunities well suited to the innovative and agile solutions provided by many Irish businesses.

In addition, various Asian companies have announced their intention to develop antibodies or vaccines to combat Covid-19, so Irish businesses with strong expertise in pharma servicing, regulatory consultation, clinical trials and supply chains are actively probing for new and enhanced opportunities in the region.

“Many companies tended to take a conservative approach relative to their western peers to remote work, “says Kinnane. “But Covid-19 has prompted companies, particularly in China, South Korea and Japan, to re-assess the value of remote-working. And there is now more leniency and openness in corporate culture to embrace the practice with a more strategic and long-term view. Hence, it’s timely that Irish companies now look to the east to capture untapped opportunities. But they may need to be prepared to conduct business for a prolonged period under current conditions and be more creative and resourceful than ever in developing and maintaining customer intimacy.”

The regional director says it’s projected to be one of the first regions to emerge from the Covid-19 challenge, with economies faring relatively well. So as economic and business activities begin returning to normal, it’s imperative for Irish businesses to provide best-in-class services and products to their existing and potential customers in order to exhibit commitment and capability to perform in times of crisis.

“Companies are currently reviewing their supply chains so if there are prospective customers and partners that Irish businesses have wanted to work with, this can provide a context to approach or re-approach them,” she advises. 

“The overarching message from APAC is that of a region demonstrating real resilience with economic fundamentals remaining strong, and the opportunities for world class Irish companies being very compelling.  Our teams, from Beijing to Sydney are fully operational, ensuring a continuity of service with clients and networks and have a range of business supports and funding options to support exporters.”

 

Learn more about supports available to businesses impacted by Covid-19 at Enterprise Ireland’s business response.

 

The funding landscape – surveying the options

Funding Landscape

With entire business sectors forced to either cease trading completely or go into a period of near hibernation as a result of the Covid-19 pandemic, many companies are faced with a situation where income has slowed to a trickle while outgoings cannot be eliminated entirely if the business is to survive and emerge from the crisis intact.

 

Look Inside the Business First

These factors make a company’s state of readiness for access to funding, from all sources, critically important. When surveying the funding landscape, John Power, director of specialist financial advisory firm SGL, says the best place for companies to start is internally. That potential source encompasses existing debtors and customers who may be willing to pay in advance for a discount and also maximising terms with creditors which may include payments to Revenue.

“Firms must still submit their returns on time, but Revenue is not going to apply penalties and interest for late payment,” says Power. “Revenue has really stepped up to the plate here. Companies should appreciate that flexibility and use it while they can.”

 

Investigate State Support Schemes

He also points to the range of supports on offer from the State, including the €450 million Covid-19 Working Capital Loan and €200 million Future Growth Loan schemes available through the Strategic Banking Corporation of Ireland (SBCI) and the €180 million Sustaining Enterprise Fund through Enterprise Ireland to help companies in the manufacturing and internationally traded services sectors to adapt their business models and return to viability. A Rescue and Restructuring Fund for worst-case scenarios is also available.

“The SBCI Working Capital Loan Scheme offers loans of between €25,000 and €1.5 million over three years with a maximum interest rate of 4%,” says Power. “The funding is available on an interest-only basis for the first three months, and that will help companies get through the initial period of the crisis. Also, the first €500,000 is unsecured. That’s very important for service-based companies who may have limited assets to use as security.”

Enterprise Ireland also has a new €5,000 Covid-19 Business Financial Planning Grant to help companies prepare financial plans for their internal needs and to better prepared to present a strong lending proposal to banks and the SBCI. There are also a number of strategic consultancy grants and other supports available to help companies maintain and enhance their competitiveness.

Smaller companies also have other options. “Microfinance Ireland has stepped up with loans of up to €50,000 over three to five years at an interest rate now reduced to 4.5%, with no repayments required and no interest charged in the first six months,” says Power.

 

Engage with your Bank

Bank finance is, of course, an option worth pursuing but can be difficult to get in the current environment. “Banks look principally at two things,” Power explains. “Capacity to repay and security. And they need both before they will advance a loan. I hope that banks take a forward-looking view or else look back on 2019 performance when assessing companies’ ability to repay loans. If they just look at the first quarter of 2020, it will make things very difficult.”

 

Credit Guarantee Scheme

Companies which can demonstrate capacity to repay, but fall down on security, can always utilise the Credit Guarantee Scheme, he adds. Managed through the SBCI, the scheme guarantees 80% of the value of the loan in return for a half a percent premium on the interest rate. “This gives the banks the security they require in many cases,” says Power.

 

Sustaining Enterprise Fund

For companies that have been unable to raise finance through either the SBCI or the banks there is the Enterprise Ireland Sustaining Enterprise Fund. The purpose of the €180 million fund is to sustain companies which have been impacted by a 15% or greater reduction in actual or projected turnover or profit, or which have seen significant increase in costs as a result of the Covid-19 outbreak.

In order to qualify, businesses must provide a Business Sustainment Plan outlining how the company will be stabilised and return to viability. Qualifying businesses will be offered a repayable advance of up to €800,000 to support the implementation of the plan.

Very importantly, there is a three-year grace period on repayments. The advance must be repaid by the end of year five.

“I am pleased to say that the new Sustaining Enterprise Fund is now open for businesses who are unable to raise adequate funding from the market,” says Enterprise Ireland CEO Julie Sinnamon. “My strong advice to companies is, if you haven’t already done so, to prepare an assessment of your financial requirements and progress funding applications to the banks and the Strategic Banking Corporation of Ireland (SBCI) immediately. Enterprise Ireland’s new Business Financial Planning grant will help companies to prepare a Business Sustainment Plan.”

Other supports available through Enterprise Ireland include the new €2 million Covid-19 Online Retail Scheme which offers grants of up to €40,000 to retailers employing over 10 people to develop a more competitive online offer. Companies can also avail of the new €2,500 LEAN Business Continuity Voucher to help them access the expertise to identify the key measures needed to ensure continued operations.

 

Evolve UK – Offshore Wind Industry webinar

 

This Offshore Wind industry webinar provides an update on:

  • CfD round 3 capacity auction

  • Information on the upcoming CfD round 4 auction

  • UK offshore wind project pipeline

  • Supply chain developments

  • Impact of Covid-19 on the offshore wind industry and its supply chain