The Covid-19 pandemic has had a significant effect on the way we work in Ireland. We were suddenly thrown into an emergency situation, during which many of us had to work remotely.
Thanks to the success of the vaccination rollout, we are now entering into the recovery phase of the pandemic. However, it’s clear that what’s normal in the world of work has shifted.
Several surveys have indicated a strong preference by employees for continuing remote or hybrid working into the future, and many companies are now looking at how to make these new working practices sustainable into the future – both to attract and retain talent and to ensure that strategic goals are achieved. But with this change comes a number of challenges.
“One such concern is how to drive employee performance to continue to deliver business results as we move into the new world of work,” explains Lola Ade-Onojobi, People & Management Specialist at Enterprise Ireland.
“Pre-pandemic, performance management practices had already evolved significantly, and the pandemic only further accelerated this evolution. A sudden move to remote working, along with significant personal upheaval such as having childcare responsibilities during the day or looking after vulnerable family members, forced many employers to adjust their management and leadership practices to better support their employees during this time of uncertainty.”
To help companies implement successful performance management in the new workplace, Enterprise Ireland has launched a new guide in partnership with performance management experts ‘Our Tandem’.
Entitled ‘Managing People, Driving Performance: A Good Practice Guide’, this is the latest in a series of guides for employers on navigating the post-Covid workplace and is free for all employers to download.
“While recognising that performance management requires a tailored approach by every company, this guide provides valuable information, based on best practice and latest business theory, that helps employers rethink their approach to performance management,” says Lola.
“The guide examines the evolution of performance management best practice over the years and how it has been affected by the pandemic. It also highlights the foundations of good performance management such as goal setting, check-in conversations, fluid feedback, performance reviews, and reward and recognition practices.”
This is a practical guide, with templates that are useful for every company, regardless of sector, size or maturity, to identify the changes needed within their own performance management process and implement them successfully and sustainably.
For Enterprise Ireland-supported companies, the guide complements a range of financial and non-financial supports currently available.
“Non-financial support includes access to our e-learning platform (eiLearn.ie), which contains many articles, podcasts, videos and downloadable content on people management,” Lola says.
“We also offer a range of financial supports such as business growth advisor and strategic consultancy grants, which contribute to the cost of engaging external consultants to help companies address business challenges. More details on these supports are available from your Enterprise Ireland Development Advisor.”
It’s clear that every company must carefully examine the way in which they operate and ensure that it’s suitable for the new world of work – and to do this as soon as possible in order to maintain optimal performance and retain and attract talent.
A key part of this, according to Lola, is enacting the right performance management framework, both for the company’s sake and to support employees during this time of change.
There have been many headlines about the strength of the Irish medtech sector, especially in the wake of the Covid-19 pandemic. Many of our indigenous life sciences companies are making waves in every corner of the world, and big economies such as the US are looking to Ireland for innovative solutions for every aspect of healthcare.
This strength was demonstrated at this year’s Arab Health, the leading exhibition in the MENA region for the healthcare industry. The 2022 event took place at the Dubai World Trade Centre from 24 – 27 January and was followed by an online event from 31 January – 10 February.
Enterprise Ireland had a significant presence at the event, showcasing the work of 14 companies. An additional six client companies also attended the show.
The influence of Arab Health cannot be underestimated. For many years, it has been a major event for connecting clinicians, procurement professionals, dealers and distributors from all over the world. This year, more than 3,500 exhibitors took part and over 56,000 healthcare professionals attended, all eager to see the latest innovations.
The theme of this year’s event was ‘United by Business, Forging Ahead’, which reflected the importance that new technologies and innovation have in today’s rapidly changing global healthcare industry. According to Eamon Sikafi, Commercial Counsellor – Middle East & North Africa at Enterprise Ireland, this means plenty of opportunity for Irish companies.
“For example, digitalisation is very much at a pilot stage in most GCC countries, offering significant opportunities for Irish companies working in this sector.”
“Another trend is the move to domestic drug production. Currently, over 90% of the market is driven by imported drugs, but a rising number of collaborations between multinational companies and domestic manufacturing looks set to change this.”
“A third area in which Irish companies are particularly strong is medical technologies. The GCC medical technologies market accounts for 2.7% of global revenues, but currently the sector is dominated by imports. Domestic manufacturing is still in its early stages and accounts for less than 20% of market revenues.”
Enterprise Ireland market advisors have identified areas in the region that are filled with opportunities for Irish companies between now and 2030.
“Electronic Health Records (EHR), artificial intelligence for radiology, robotic surgeries and patient engagement platforms for pharmaceutical companies are predicted to become a $2 billion market by 2030,” Eamon says.
“Public Private Partnership (PPP) opportunities will support growth across the region, with at least 40% of private sector healthcare growth driven by PPP. Investment in cancer treatment technologies will surge as early diagnosis of cancer is likely to increase by 10% by 2030.”
“Collaboration between hospitals and companies to develop corporate wellness programs will become a $2 billion market by 2030. And, medical consumables manufacturing is likely to emerge as a $30 billion market by end of 2030, with Saudi Arabia poised to become a regional hub by 2023.”
Irish company AceTech has built up business in the region worth €10 million, working in the areas of safety, patient care and AI software for several ambulance services in GCC countries and cities.
Galway-based Aerogen, a leader in aerosol medication delivery systems, opened an office in Dubai in 2018 and has grown significantly in the region since the start of the pandemic. Most recently, the company announced a major deal with Gulf Medical, a market leader in medical device distribution in Saudi Arabia.
Fleming Medical began operating in the region in 2014 and currently services several GCC countries, including Saudi Arabia, Qatar, the UAE, Kuwait and Oman. This year, the company plans to expand operations into Iraq and North Africa, growing business by 25% by the end of 2023.
Irish people have a long and proud history of storytelling. From the ancient seanchaí to poets, musicians and novelists, the Irish ability to tell a story in an unforgettable and imaginative way is famous across the world.
With storytelling at the core of today’s artificial reality (AR), virtual reality (VR) and immersive experiences, combined with Ireland’s reputation for excellence in technological innovation, it should come as no surprise that several Irish companies are making waves in this sector.
“The immersive entertainment sector actually grew during the Covid-19 pandemic,” notes Bartosz Siepracki, Senior ICT Market Advisor, Poland and Baltics, and Global Digital Entertainment Sector Lead at Enterprise Ireland.
“Cinema restrictions resulted in more people looking for immersive entertainment experiences at home. As a result, consumers worldwide spent $9.9 billion on AR and VR during 2020.”
“During the same period, just $7 billion was spent on cinema attendance. Investors are recognising this growth and responding accordingly. This means there are plenty of opportunities for Irish companies looking to enter the sector.”
These opportunities become even more significant when the impressive long-term predictions are taken into account.
“There is another piece to this fast growth,” notes Bartosz. “With this being such a rapidly growing and developing industry, companies entering the sector today will play a valuable role in shaping the world of immersive entertainment over the coming decades.”
Recognising the massive potential of this growing sector, Enterprise Ireland is supporting Irish companies that wish to enter or increase their presence in the industry.
As part of this, a new guide, ‘Opportunities in Immersive Media Entertainment’, has been developed by the UK-based Limina Immersive consultancy in partnership with Enterprise Ireland to help Irish entertainment companies recognise, prepare for and take advantage of these opportunities globally.
Headed by globally recognised expert Catherine Allen, Limina is also currently working with several Irish SMEs branching out into the sector.
“Many Irish companies are already finding success in the area,” says Bartosz. “For example, Engage XR (previously known as Immersive VR Education) launched a VR documentary in April 2016, ‘Apollo 11’, with the help of a Kickstarter campaign. It’s based on NASA’s original material from the first lunar expedition in 1969. It allows the user to fly the command module, operate the lunar lander and carry out experiments on the moon.”
“Since then, the company has developed its ENGAGE platform, which enables VR education, collaboration and events. This is now used by over 130 commercial customers including Fortune 500 companies Meta and 3M.”
Another area of growth is in volumetric filmmaking, most notably how to make it easy and affordable for both professional headsets and mobile experiences. “Volograms has developed state-of-the-art deep learning algorithms powering 3D reconstruction, multi-view texture mapping and many more important features,” says Bartosz. “Its mobile app allows anyone to capture volumetric video of someone, resize it and place it in a different context.”
Ireland’s animation industry has long been admired for its carefully crafted stories for both adults and children. Naturally, this sector is playing a big role in advancing the world of immersive entertainment too. “Most famous of all is Aurora, developed by Pink Kong Studio in 2018,” says Bartosz. “Aurora is an emotional story about a family of three living in a forest and has received multiple accolades around the world. These include the 2018 Monolith Award for ‘Outstanding Achievement in Immersive VR’ from Infinity Film Festival Beverly Hills.”
Irish companies are taking the technology to the outdoors too, for everyone to enjoy. “Living Canvas was developed by Algorithm and is noted for bringing technology into the cultural sphere,” explains Bartosz. “It’s one of the world’s first outdoor digital screens used exclusively for artistic and cultural content. It’s currently located in Wilton Park where it operates as an exciting open-air gallery. Anyone living in or visiting Dublin can experience this wonderful new technology for themselves.”
Ireland may not be the first country to spring to mind when you talk about space travel or exploration, but recently this industry has proved itself to have plenty of opportunities for Irish innovation, both from companies and research bodies.
Many businesses based in Ireland are already working in the area, thanks to our involvement with the European Space Agency (ESA). What’s more, several Irish companies are now playing a pivotal role in some of the most thrilling and high-profile space missions.
One such mission was the launch of the James Webb Space Telescope (JWST, or simply Webb), the next great space science observatory following the famous Hubble Telescope.
The Webb was launched from ESA’s spaceport in Kourou, French Guiana, on Christmas Day 2021. It now resides one-and-a-half million kilometres from Earth, hovering in line with our planet as it orbits the sun.
Over 25 years in development, the Webb telescope has the ability to look back 13.5 billion years in time to observe the birth of the first galaxies and the lifecycle of stars and exoplanets.
Webb follows the Hubble Telescope in the line of great space observatories. Both have different scientific capabilities and will operate together, complementing each other, for several years.
In fact, according to Bryan Rodgers, Senior Development Executive at Enterprise Ireland and a member of the Irish delegation to the ESA, Webb has the capacity to do far more than the Hubble.
“The Webb has over six times the light-gathering capacity and is a hundred times more sensitive, with the ability to peer through clouds of dust by capturing light in the infrared part of the spectrum.”
Webb is the result of an international project led by NASA with the ESA and the Canadian Space Agency (CSA). Within the ESA’s contribution, two Irish companies and an Irish research institute played significant roles in the development of the Webb’s scientific instruments and in its launch into space.
“Firstly, there was significant Irish input into the development of the infrared detector technology,” comments Bryan. “Professor Tom Ray of the Dublin Institute for Advanced Studies (DIAS) was Co-Principal Investigator for the Mid-InfraRed Instrument (MIRI) on Webb, which will produce images and spectra with unprecedented sharpness and sensitivity.”
“Professor Tom Ray and his team from DIAS also provided MIRI’s infrared filters, which breaks up the light into its various components, and imaging software that will analyse the instrument data sent back to Earth and produce scientific images.”
An Irish company also played an important role in Webb’s launch into space via an Ariane 5 launcher.
“Réaltra Space Systems Engineering designed and manufactured the video imaging system onboard the Ariane 5 launch vehicle, which gave us impressive high-definition video images of the separation of the launcher’s fairing and separation of the telescope itself,” says Bryan.
Interestingly, Réaltra’s system was originally designed for the Ariane 6 launch vehicle, which is due its first flight in the second half of 2022.
“In addition, a second Irish company, Nammo Ireland, provided structural supports for the Vulcain engine that powers Ariane 5 – and will be involved in producing components for both the Vulcain and Vinci engines on the new Ariane 6 launch vehicle.”
The involvement of these Irish entities came about as a result of Ireland’s membership of the ESA, which is managed through the Department of Enterprise, Trade and Employment.
Enterprise Ireland plays a huge role in enabling this work, by supporting and guiding Irish companies and research institutes in developing technologies through ESA programmes, and in commercialising these technologies in the worldwide space market, with over 100 companies supported to date.
“These opportunities will only become more plentiful as our understanding of space grows and develops. We are confident that more Irish companies will be involved in such thrilling projects in the future.”
There’s no doubt that the Covid-19 pandemic has changed the world of work forever. While we’re not out of the woods just yet, slowly but surely we are all looking to recovery and what work might look like post-pandemic. And it’s looking like a whole new world for many.
In 2021, Enterprise Ireland released a new guide, ‘Designing a workplace for the future’, which was written to help employers navigate their way into the new world of work, including remote/hybrid working and other more flexible forms of work.
The guide recognised that company owners are now aware that offering a degree of flexibility has many advantages for their business in attracting and retaining talent, as well as for the Irish economy overall.
However, most are still in the early stages of working out how these can be optimised within their own companies.
What’s more, the matter is becoming more urgent, thanks to the upcoming legislation on the right to request remote work. When enacted, it will act as a lynchpin for HR strategy and implementation.
This legislation is due to come into effect in 2022, so it’s essential that every employer considers the best solution for their company sooner rather than later.
An integral part of the new world of work is the growth of the National Hub Network, which enables workers to carry out their jobs in a social space with excellent amenities.
The networks also play a valuable role in driving vibrant regional economies across Ireland, as Clare Power, Enterprise Ireland’s lead on Regional Remote Working, explains.
“These hubs are far more than just buildings for workers,” Clare explains.
“These co-working hubs are a valuable contributor to a vibrant local economy, a wonderful opportunity for employees from diverse backgrounds who want to progress their careers outside of the big cities, and an important enabler for collaboration and networking across sectors and disciplines.”
“In short, these hubs will play a crucial role in Ireland’s future of work landscape.”
Co-working hubs existed before the pandemic. In fact, they were highlighted in Enterprise Ireland’s 2019 ‘Powering the regions’ plan.
However, they’ve taken on a new level of significance since Covid-19 hit in March 2020.
“There have been examples of successful co-working hubs already,” says Clare. “These include Dogpatch Labs and Guinness Enterprise Centre in Dublin, The Mill in Drogheda, Wexford Enterprise Centre, Merits in Naas, PorterShed in Galway and Ludgate in Skibbereen.”
Recognising the importance of these hub networks to both regional development and Irish SMEs, Enterprise Ireland has led significant infrastructural investments initiatives on behalf of the Department of Enterprise, Trade and Employment.
“We have a relationship with the Community Enterprise Association Ireland (CEAI) spanning two decades, and have supported CEAI as the co-ordinator of a world first, the development of the Quality Standards Framework for the National Hub Network, known as QHubs,” explains Clare.
To help embed QHubs, CEAI launched a free preparatory development programme for enterprise hub owners and managers, delivered in partnership with Skillnet Ireland.
“Enterprise Ireland is also involved in many other initiatives to support the National Hub Network.”
“These include Grow Remote, a not-for-profit agency working in the fields of networking, job market connection, community development and free nationwide remote training. Grow Remote has published a playbook to equip SMEs with the tools to successfully implement remote work permanently. We also point employers to the Western Development Commission-led ConnectedHubs portal in searching and sourcing for their ideal co-working spaces.”
According to Clare, “it’s clear that regional hubs have a vital role to play as we slowly get back to ‘the new normal’.
Perhaps the growth and development of these hubs – and the subsequent positive effect on our lifestyles, families and rural areas – will emerge as something positive to come out of the last two years of upheaval and change.”
Consumers and companies are still coming to terms with the new restrictions, rules and regulations in the post-Brexit world. The added disruption of the Covid-19 pandemic added even more change into Ireland’s economic relationship with the UK.
Slowly, things are beginning to settle down. We can see more clearly how our relationship with our most important trading partner has altered since their withdrawal from the EU.
One industry that has attracted many headlines is financial services, especially in London, which has long been seen as one of the most important financial hubs in the world.
In the run-up to Brexit, there was much talk of London losing its dominance in financial services as Brexit played out, but this has certainly not been the case.
Covid-19 had little effect on the sector too. A 3% reduction in output, 2% of eligible staff furloughed – is negligible when compared to other industries such as hospitality.
The UK remains one of the biggest financial services markets in the sector globally, and there are many exciting opportunities there for ambitious Irish companies.
“One of the biggest areas of opportunity is in technology, as the financial services industry in the UK is undergoing a rapid and wide-ranging modernisation cycle,” explains Jack Finucane Clarke, Senior Market Advisor, UK Financial Services/Fintech.
“This is partly driven by the pandemic as companies grapple with remote working, retaining or attracting good staff and partly driven by exponential operability offered by AI, natural language processing and API connections.
“This is great news for Ireland, as we have a strong reputation for innovative technology solutions, especially in fintech and cybersecurity.”
“Insurance is a sector that is really starting to embrace digitalisation. With more MGAs coming to the market that are entirely technology-based, there are plenty of opportunities.”
“Irish companies – such as CodeEast, who recently announced a partnership with WTW and Unitek, an early-stage company based out of Malahide – are getting lucrative deals in the space. The reputation of Irish insurtech is growing in the city, and we hope to see more entrepreneurs developing scalable solutions in the future.”
The growing influence of technology in financial services can be seen in the make-up of financial services boards of management. Previously, these boards were dominated by accountants, lawyers and bankers. Now, there is strong representation from experts in technology, often coming from other industries.
“This gives a strong indication of the way in which the industry is going,” says Jack.
According to Jack, remote working in the industry has also produced plenty of opportunity for Irish companies.
“While remote working, project managing remotely, and communicating and selling remotely were considered ‘nice to haves’ before the Covid-19 pandemic, it’s now becoming clear that they are here to stay and are now considered essential to compete within the industry and to attract talent.”
This is still an area with plenty of opportunities for Irish companies with innovative solutions.
“Sustainability is also an important area for innovation,” Jack continues. “The market is ripe with opportunities for Irish businesses to take advantage of this development.”
At a number of recent events in the UK, Enterprise Ireland executives noted that this is a consistent topic of conversation among the most senior personnel in the industry.
A growing trend – and one that underlines once again the growing importance of the market for Irish companies – is the move by some Irish companies to set up a presence in the UK.
This is generally done either to be regulated in the market or to keep a close proximity to their buyers. Most recently, Global Shares and CurrencyFair have established offices in the UK.
As global events impacted on industry across every sector, technology, and our reliance on it has never been more important, with businesses keen to learn about advances in digital solutions and data collection.
For instance, this was reflected at a range of Data Centre World events across Europe which garnered a huge amount of interest from companies around Ireland.
The largest gathering of data experts in France took place in Paris Porte de Versailles on 24 November 2021 and was attended by almost 1,700 industry experts, with 59% of attendees looking to invest more in associated products and solutions.
According to Alix Derigny, Enterprise Ireland Market Advisor – Construction & Sustainable Build in France, more than half of the attendees, including many Irish clients, were from organisations whose primary business is data centre design and build.
“Although some had to cancel due to the pandemic, a number of Enterprise Ireland clients visited, including Mercury Engineering, who exhibited there for the second time and other client companies like Moy Materials and Cubis Systems,” she says. “It was a very busy tradeshow, with great networking and fruitful meetings with large data centre projects managers who were interested in the solutions offered by Irish companies.”
According to a study by the consultancy Arcadis, France now ranks fifth in Europe in terms of attractiveness for setting up data centres. Interxion has submitted plans in Les Ulis for a 130 MW campus, DATA4 is looking to construct a 100 MW campus expansion, and CloudHQ has recently submitted plans for a two-building hyperscale build in Lisses, for a total of nearly 400 possible MW coming online over the next decade.
Derigny, whose role involves supporting Irish capabilities across the construction industry in France, says there is plenty of Irish success in the region and many opportunities up for grabs.
“2020 and 2021 have been synonymous with great success stories for Irish companies in France,” she says, “There are several Enterprise Ireland clients active in the French market including Ethos Engineering, E&I Engineering, Anord Mardix, LPI Group, Enersol, Fireblock, King Environmental, CET Connect and Evercam.
“There are two major trends in the French construction market which present opportunities to Irish companies: the roll-out of the largest transport project in Europe, the ‘Grand Paris Express’ (2015-2030), and a move towards sustainability through certifications, CO2 reduction targets and market-led initiatives in ‘green building’.
Long considered as a potential hub for hyperscale construction, Paris could potentially more than double in size as a data centre area. Existing investment is heavily centered in its capital, with Paris accounting for over 70% of the country’s current data center footprint. Equinix, Interxion, Orange, Mipih, Colt DCS, Digital Realty and Atos are the prominent investors in the market.
France isn’t the only option for Irish firms in this space. Tim Flache, Enterprise Ireland Market Advisor – Construction in Germany and Austria, says there is also plenty of opportunity for Irish high-tech construction companies in that market.
“The main data centre hub in Germany is Frankfurt, and with the DE-CIX the city has the internet exchange with the most data throughput worldwide and it has not reached its peak yet, with 230 MW under construction and a potential of another 500 MW – so there will be plenty of business over the coming years.
“Equinix alone announced in 2021 its intention to build five new data centres and invest $1.14 billion USD in Frankfurt over the next years. Other locations in Germany like Berlin (37 MW under construction) and Munich (12 MW under construction) also present opportunities.
There are many success stories already in the region with Irish contractors, subcontractors, and suppliers active in the German data centre market. Some of these include well-known Irish companies likes Mercury, Winthrop, and Collen.
“These companies deliver large scale co-location data centre projects all over Europe and have been active in Germany for several years. Smaller subcontractors and suppliers are also active in the German market and are winning projects.”
Flache, who is based in Dusseldorf, says the biggest topic at Data Centre World is sustainability.
“As in many other countries, the data centre industry in Germany is under pressure to become more sustainable and climate friendly,” he says.
“This ambitious goal also impacts the design and construction of data centres, which is where Irish capabilities lie.”
Beyond data centre projects, the high-tech construction market in Germany has more to offer. Over the last years, several battery manufacturing facilities have been announced and large semiconductor manufacturers are looking for suitable sites in Germany. The main pull factor for these projects is the German automotive industry.
While the European single market makes both Germany and France attractive target markets for Irish companies, there are some differences clients should be aware of when it comes to labour law, taxation, and certification.
“France is among the easiest countries to set up a business. The guichet-entreprises.fr service encourages business creation in France by enabling anyone to complete the formalities necessary to create their activity in one place online. Only a few days are required.
“With regard to tax structures: corporate tax rates in France are gradually reducing. In 2021, the standard corporate income tax rate is 26.5%, a figure which will fall to 25% in 2022. Corporations with profits of more than €500,000 must pay a rate of 27.5%. A reduced rate of 15% is also available to small companies on the first €38,120 of taxable profits.”
Tim Flache says the federal system in Germany influences certification and safety standards in the construction industry.
“Fire safety regulations, for instance, can differ between the different states (Bundeslaender),” he says. “Companies should be aware of these differences, even within the German market. Also, when it comes to sending staff to Germany, certain time limitations and country specific labour agreements have to be considered.”
The market experts say Irish businesses looking to expand in Europe should be aware of both the opportunities and requirements.
“Irish companies may face challenges in the French market because of the time and patience needed to manage lengthy sales cycles and due diligence processes. However, if approached correctly, France can be a very significant and lucrative market for innovative, leading-edge Irish companies.” says Derigny.
Tim Flache agrees and says there is plenty of help on offer from Enterprise Ireland.
“However, Germany is a mature market, so, for many of our clients, a proven route to market is the existing relationship to Irish contractors, who are already active in Germany. This can be helpful to win an initial project and build a track record.”
“I am more than happy to help further clients with their business in Germany. Enterprise Ireland clients can either get in touch with me directly or through their Development Advisor.”
