graph with export data

Using market intelligence to inform your export plan

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The saying that ‘knowledge is power’ is certainly true of successful exporting. Companies must understand their customers’ requirements, cultural considerations, market trends and what competitors in the market are doing, in order to succeed.

Insights gained from high-quality market research are essential for good business decisions for companies with the ambition to grow, export and, indeed, survive. While successful products and services are built on sound market research, a continual process of keeping up-to-date with business intelligence is required, which can be time-consuming and costly.

 

Market Research Centre

That is one reason Enterprise Ireland’s Market Research Centre is such a valuable resource. It is the largest repository of business intelligence in Ireland and contains thousands of world-class market research insights, available to Enterprise Ireland supported companies.

Reports include company, sector, market and country information, which help businesses to explore opportunities and compete in international markets. We use databases from blue-chip information providers such as Gartner, Frost & Sullivan, Mintel and others, which provide authoritative, verified information that is independent and reliable. Some of these reports cost tens of thousands of euro individually, so the value of accessing the service is immense.

 

Using market intelligence to assess new markets

The Market Research Centre is staffed by eight information specialists who help clients locate the most appropriate sources of knowledge for their requirements. The specialists can track down niche market intelligence that is not available through internet research and can also facilitate access to industry analysts to provide bespoke briefings that deep-dive into subject areas.

While the UK and European markets remain vitally important for exporters, increasingly diversification into more distant markets is a strategic option. Critical to all such business decisions is access to authoritative market research.

 

Using insights to make an impact

An example of how the centre helps companies to explore opportunities in overseas markets is workforce travel company Roomex. Over the last two years, the company has targeted the UK and Germany and is now looking at the huge potential of the US market. Information specialists helped the company gain valuable insights by providing access to global company, country, market and sector data which helped the Roomex to analyse their target customer and competitor base.

Enterprise Ireland’s research hub offers access to extensive predictive research on future trends, which is invaluable for companies interested in innovation. Knowledge of what might impact a market next provides an opportunity to develop new products or solutions. There are huge opportunities arising from disruptive technologies, such as driver-less cars, but also risks to companies which are not looking ahead

Growing your business

Companies which are serious about exporting, growing and future-proofing their business should put continuous research at the heart of their strategy. If your company is considering expanding into new markets the Market Research Centre’s extensive resources and expertise should be your first port of call.

Contact the Market Research Centre today.

India offers huge export potential to Irish firms

India offers huge export potential to Irish firms

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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. 

Key questions to ask at your Singaporean Market Advisor meeting

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Singapore, the gateway to SE Asia, is the regional business hub for ASEAN and the wider Asia Pacific region, providing stability and highly educated workforce, making it the perfect location to create a base.

If you are considering doing business in Singapore, please be sure to explore our top tips to enter the market below and also be sure to reach out to our team in Singapore

  • What are the core sectors and what sectors should I avoid?
  • Will I need a local partner company?
  • What kind of obstacles should I expect when entering Singapore?
  • What local competitors are active in this market?
  • What social norms should I be cognizant of when engaging in meetings with local people?
  • Will I need to set up an office in the region?
  • Will I need to hire local staff?
  • Can I relocate Irish staff in this region?

For more, please reach out to the Singapore region MA here and be sure to check out our Going Global Guide 

If you would like to know what to prepare ahead of your first MA call, click the graphic below

Enterprise Ireland’s top tips for entering the Spanish and Portuguese markets

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Historically pillars of trade, the Iberian nations of Spain and Portugal offer exceptional export opportunities to Irish companies

Home to the international powerhouses of Inditex, Banco Santander, BBVA, Ferrovial, and TAP (Transportes Aereos Portugueses), the purchasing power in this market, along with the cordial nature of the population, makes it a highly attractive export region. The team in Enterprise Ireland’s Madrid office are here to support you in entering this dynamic and growing market.

  • Do your research. The Spanish and Portuguese populations combined amass to more than 10 times that of Ireland, while Iberia’s landmass is 7 times larger than Ireland’s. With more people, comes more business and innovation, and thus more competition. Really get to know the market you’re entering, and who you’ll be competing with.
  • Create a great elevator pitch. Spanish and Portuguese businesses are more hierarchal in nature, and they like to work on equal terms, so make sure you are bringing your best to the table, as you can presume they are. A good elevator pitch that clearly explains who you are, what you do, and what you can offer is a great way of proving your interest and significance. First impressions and personal relationships are important here.
  • Have a summarised value proposition. This is a highly price-sensitive market. Being price competitive will open the door to a consumer base of more than 50 million. However, having a good USP and a clear value proposition will help you to find a successful gap in the market. There is great purchasing power in Spain and Portugal, but you must find a way for your company to tap into it.
  • Be aware of your distribution channel. If you intend to export to, or scale in this market, know how you will make that happen. Consider the steps that must be taken between your product/service in Ireland and your customer in Spain or Portugal. Assess the potential hurdles in providing your good or service to this market.
  • You and/or your product need to speak the local language. Overcoming language barriers can be one of the most difficult aspects of exporting to this market. English levels vary significantly geographically and by sector. Having a trusted translator may be necessary for meetings and correspondence, which EI Madrid can help you with. More practically, your product itself must be accessible to the population you are selling to; an app that functions solely in English will not succeed in the wider population.
  • Assess your resources. How can you make the most of the human and financial capital that you have? With a good business team and the backing of Enterprise Ireland, at home and in market, there is great potential for success when entering the Spanish and Portuguese market. Know your weaknesses and seek help from EI to develop them into strengths. 

Enterprise Ireland is committed to helping Irish firms succeed in global markets and have experts on hand, ready to help you access the Spanish market.

Our Market Advisors are always available to support you and provide business expertise and on-the-ground knowledge.

For more, download our Going Global Guide. 

If you would like to know what to prepare ahead of your first MA call, click the graphic below

Delmec

Delmec makes data capture and sharing process more efficient

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“People will have ideas, you have to give them the environment to throw them out there. The best ideas come from the people actually doing the work. The guys on the ground. Never ever squash an idea. You’ll never create a good culture doing that.”

– Damien Kelly, Head of Engineering & Innovation, Delmec.

Case Study: Delmec

Delmec, a global telecoms solutions company, headquartered in Carlow, was faced with a problem. Their engineers were recording data manually while doing survey work for tower owners and mobile network operators in Africa. It was leading to vast amounts of paperwork and it was unsustainable.

Head of Engineering and Innovation Damien Kelly explains: “It was a long drawn out process, our teams had to capture all the details on site, on paper. They’d then go back to the hotel or office, take photographs or scans of the survey and send it all to our design office, who had to try to read the information, model the tower, analyse it and write up a report.”

Handwritten data resulted in inconsistencies and the sharing of data post-survey led to delays.

Delmec had to find a way to make their data capture and sharing process more efficient. By doing so, they could speed up their operations and then scale the business. Enterprise Ireland’s Agile Innovation Fund was there to help.

Taking the leap

Delmec has a Telecoms Infrastructure Management system (TiMS). A cloud based assessment management system; it allows clients to monitor tower capacity, view
maintenance schedules and input trouble-tickets for thousands of telecommunications masts around the world. The company wanted to develop an app that would replace the old paper-based and manual way of working, and work in tandem with TiMS.

“The teams all had phones, we wanted to see if there was a way to automate things onsite and to capture the information digitally by tapping into the TiMS system,” Damien says. “We knew it was going to be a large undertaking. But we needed to jump on it because it was going to build the business for the next five to ten years.” he says. But there were doubts over changing familiar ways of working and the level of investment required. “We knew it was going to be a long journey and we needed buy-in from everyone to be able to do it,” Damien says.

A partner in change

After some research, Delmec signed up to a webinar to find out about Enterprise Ireland’s Agile Innovation Fund. The company liked what it saw and applied. The process from application to decision was quick, only taking four months to complete.

The application for the fund also helped Delmec map out the project. “Part of the application process involves scoping. By doing that, you’re then visualising what it is and you’re identifying problems,” he says.

“Enterprise Ireland holds your hand through the whole thing, there’s a lot of work but you’re not on your own,” Damien says.

Once the Agile Innovation Fund was secured, the internally-named ‘Eiffel’ project got underway. As with any app build, there were different iterations; it took eight months to complete its first stage.

A towering success

“It opened the floodgates to everything,” Damien says. Their design teams could access data in real-time and client partners were wowed by the speed of the process. The Agile Innovation Fund enabled Delmec to scale, they secured new contracts in Asia and the Middle East and they are now planning to expand to Europe.

The streamlined process means it can work with contractors in remote locations if needed. This proved to be essential when Delmec couldn’t dispatch their teams to towers due to local COVID-19 lockdowns. “If we didn’t have the app, I don’t know what position we’d be in now. We rely heavily on it,” Damien adds.

Delmec has built on the functionality of the app, moving it from a real-time data capture and sharing tool to something much more powerful. It not only drives efficiency throughout the entire business, it now drives ideas. The app tracks suggestions from team members who think something could be done better, everyone from accountants to engineers are encouraged to input.

The Eiffel project has also changed the mindset of the team. They have seen the benefits of embracing innovation and want to continue to evolve. It has given the business an edge over risk-averse competitors who are slow to embrace change.

How can other businesses nurture an innovative mindset? “People will have ideas, you have to give them the environment to throw them out there,” Damien says. “The best ideas come from the people actually doing the work. The guys on the ground. Never ever squash an idea. You’ll never create a good culture doing that.”

To find out more about Enterprise Ireland’s Agile Innovation Fund, contact your Development Advisor or call our R&D unit on 01 727 2120.

 

Digital communication – the key to success in North America in the context of Covid

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The ongoing Covid-19 global pandemic has thrown up many challenges for companies worldwide. For Irish companies exporting to North America, these challenges have varied widely from sector to sector, but some, such as remote working, communication with clients, difficulties in finding new business, establishing sales pipelines and cash flow issues have been identified as common. As such, a basic roadmap to recovery has been drafted by Enterprise Ireland (EI) to help companies navigate through this uncertain time.

“The roadmap is a framework,” says Sean Davis, Regional Director for North America at EI, “but what’s interesting is that it extends across many, if not all sectors.”

There are three stages to the roadmap, and it’s backed up by EI supports to get companies into stages two and three:

  • Stabilise – protect your business, maintain operations and retain employees
  • Reset – adapt your business, plans and operations to new conditions
  • Recover – Restart innovation and capitalise on early demand as recovery develops

Communication is key

One major issue that affects every stage of the framework is communication. Many companies found themselves scrambling to deal with a workforce that suddenly became remote. Face-to-face meetings became impossible, and in the North American market, different time zones and inability to travel became massive issues for Irish companies – and so setting up successful and secure online communication technologies became key.

Dr Martyn Farrows, COO of Soapbox Labs, explains that the communication issue is not just an internal problem, but also extends to your customers and potential clients. “For us, as an online business, we were very comfortable with using many of the technologies available to us, such as Slack, as we had already had them set up internally. That situation was put into very stark contrast with the market. Our business has a very regular 12-month rhythm as we do a lot of work with the education sector, so when this kicked off in February/March, we were right into our development phase and two very big customer networking events in North America were cancelled as a result of Covid. So we had to react very quickly as to how we could communicate with our clients and how we could support them as they adapt to a remote learning environment.”

But there are positives. Because this is a global problem, everyone has the same communication issue – and Sean explains that in a way it’s a great leveller for companies, as location becomes less of an issue when face-to-face meetings are not possible for anyone. “We also had a good call with Professor of Innovation and Entrepreneurship at the Kellogg School of Management, Northwestern University.  Following research work with a large number of North American companies, the conclusion is that we’ve actually crossed the digital rubicon in terms of our movement towards digitalisation and this new virtual environment.

“Maybe one of the benefits of Covid has been that push of the technological envelope, leading companies to utilise technology in a more utilitarian way.”

Adapting your business

For every company, there is a real need to adapt to the new market conditions, and answer any individual challenges that present themselves to the company. John Power is the CEO & Managing Director of Aerogen, a company that manufactures the only product that delivers drugs via a closed-system aerosol on ventilated patients, so he experienced great demand as the crisis took hold. “In the second two and a half weeks of March we received orders equivalent to the orders received in the first half of last year. But that meant we had to ramp up our manufacturing at a time when the world in many ways was shutting down. For instance, a lot of our product is shipped globally on passenger planes but when they were grounded, we had to look for capacity on cargo planes. It was a very challenging time and we had to manage expectations to make sure everyone was getting what they needed to keep them going.”

For Martyn, too, there was a need to adapt quickly. “We have just launched a first-of-its-kind voice-powered assessment tool to help educators understand and accelerate literacy development for remote learners in the US. That is an interesting case study as we signed the contract in January 2020 for delivery in August 2021. In May, the customer floated the idea that they’d like to speed up development to bring it in this year to address needs created by Covid. Now there are 150,000 kids able to access that product for their learning, growing to 2 million in the next two years. This is a good example of needing to be agile, needing to adapt to your customer’s needs as they try to respond to the needs of the market.”

Both John and Martyn agree that the key to rising to such challenges is being sensitive to your staff’s needs, especially in such uncertain times when staff members may be dealing with virtual working challenges, stress and worry about illness, and children at home from school. “You have to manage things very carefully and set clear expectations,” says Martyn. “Our team has been amazing and adapted extremely well, but a lot of that is down to effective communication.”

Preparing for the future

While stabilising and adapting your business is key to survival, to keep trading once the crisis is over, preparation for the future is vital. And again, finding new ways to communicate is extremely important.

“In the medtech industry, our usual method of opening new accounts would be to meet the people and demonstrate our products,” says John. “Obviously that has been disrupted now as hospitals don’t want people coming off the street amid the restrictions. We’ve had to develop more online training, online webinars and keynote speeches to try and attract a pipeline for the future that way.”

Both Martyn and John agree that to succeed in the North American market, preparation and flexibility are needed. “We did a lot of research into the market and were fortunate to get a Market Discovery Fund grant approved through EI, which was pivotal for our entry into the market,” says Martyn.

“It’s all about preparation; there is no such thing as an overnight success in the US market.”

“Our modus operandi at EI over the past 30+ years has been to cultivate the client/buyer relationship,” says Sean.

“With the opening of our Montreal office, we will have eight offices across North America. I would advise any client company to get in contact with our local manager and market adviser for help during this time. We have had the same communication issues as our clients, but we’ve moved quickly to adapt so we can continue to nurture those client-buyer relationships.”

So what will be the future for Irish companies operating in North America? “At the start of this crisis, you couldn’t over-communicate, everyone wanted information,” says Sean. “But as it started to move through its different phases, we’ve moved more into trust and delegation. There will be a certain snap-back once we start to get back to normal and a certain amount of personal interaction will come back. On this point, there is a distinct difference between the US and Canada, as in Canada, those personal relationships are very important – which is why we have two offices there now.

“There has always been a cultural affinity between America and Ireland – but there are a lot of domestic NA companies that will be dusting themselves off and looking at the opportunities within the region – of which there are plenty – and they may be taking advantage of the huge markets on their doorstep to help them recover. That will be a future challenge for our clients.”

NearForm

Nearform – Necessity is the mother of invention

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“We’ve grown massively and have taken on new clients and staff. And part of that is down to the underlying improvement in our ability to deliver quickly.”

– Ger O’Shaughnessy, Head of Propositions, NearForm.

Case Study: NearForm

Every growing company juggles day-to-day demands with the need to innovate. NearForm, a Waterford-based global software consultancy with 200 staff in 29 countries, had the vision and ability to scale, but they needed help and found it in Enterprise Ireland’s Agile Innovation Fund.

Ger O’Shaughnessy, Head of Propositions at NearForm explains: “”The potential for us was to develop software tools to help us deliver more solutions at higher speed and scale in a repeatable way. While we had all the skills and leadership to do this, we needed some commercial space to be able to take staff off client work and dedicate them to research and development.”

Seeing the potential

In 2019, the team at NearForm started to look at how they could evolve their services, but they needed to innovate quickly to make their growth plans a reality. In Q4, they applied, and were approved, for Enterprise Ireland’s (Business Innovation Initiative) under the Agile Innovation Fund. Nearform’s Development Advisor  guided them through the application and approval process.

The company has a global client list: London banks, US pharmaceutical companies, retail chains in South America, as well as blue chip brands like American Express, The New York Times and closer to home, the Health Service Executive (HSE).  But despite the wide variety of fields, all these organisations face the same challenge.

Facing the challenge

Ger says: “All of our clients want to be modern digital enterprises with market leading digital services. It’s the number one challenge in our market, not just for growth but for survival, as the world is dominated by fast-moving digital companies.”

“We’ve always been able to deliver change for clients with great digital solutions. What we came to realise – in the age of Amazon – was that delivering a great solution was not enough. We wanted to create digital platforms to deliver new features and services continuously for clients, so they could move as fast or faster than the digital native disruptors that might take their market,” he adds.

What NearForm hoped to achieve was ambitious. A lot of their work was, and still is, delivered from the open web platform – a global shared ecosystem for coders – using open source components. The team at NearForm realised that if they wanted faster, reliable solutions for their clients, they needed to move the existing open source technology forward.  By doing so, the technology would be more ‘enterprise ready’.

NearForm wanted to “advance the whole open source platform and make it available to everybody, not just our clients,” Ger says.

“Because we’re a tech services company, there’s always a pressure to be billable. We were able to do it because of the commercial cover afforded by the fund,” he says.

Learning from the process

The speedy application process for the Business Innovation Initiative (Agile Innovation Fund) had an unexpected benefit. “It made us think about our own approach and outcomes carefully,” Ger says.  “It was literally applied for in October and approved in December of the same year.”

The project kicked off in December 2019 – the timing proved to be serendipitous. Amongst the many benefits envisioned, the project aimed to accelerate their solutions. Once Covid hit, speed became even more important for their clients. And new clients soon came their way.

NearForm were approached by the HSE to create the Covid tracking app for Ireland and went on to create similar apps for nine jurisdictions. Ger says: “Everywhere from Jersey to New Jersey. We created the software, but we also donated it to the Linux Foundation so that every country could have the Covid tracking app as open source code.”

Overall, across all sectors, the impact of the innovation fund was faster delivery of high quality solutions and of course, increased revenue.  “We’ve grown massively and have taken on new clients and staff. And part of that is down to the underlying improvement in our ability to deliver quickly,” Ger says.

Their unique understanding of the open source code they advanced has caught the attention of global investors. They recently secured funding from a US venture capital firm. “One of the reasons we got investment is that they were so interested in our expertise in open source. Being able to show that we were investing in that was definitely a contributing factor to getting funding.”

What advice would he give to anyone thinking of applying for the Agile Innovation Fund and pursuing an innovation project? “It’s an opportunity to create longer-term value,” Ger says. “Our view is that if you’re not innovating then your competitors will be. Innovation is not just a nice to have, but a necessity for growth.”

To find out more about Enterprise Ireland’s Agile Innovation Fund, contact your Development Advisor or call our R&D unit on 01 727 2120.

 

Enterprise Ireland’s top tips for entering the Finnish and Nordic markets

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Finland adds appeal to Irish businesses who want to scale, and develop a presence within their sector overseas.

If you are considering doing business in Finland, the ten tips below will help aid you entering the market, as will our Nordics Team – located in both Stockholm & Copenhagen.

  • Finland has an increasingly elderly population and is constantly looking for healthcare solutions, new talent & the creation of new jobs.
  • The highest areas for growth and innovation in Finland are, Healthcare, marine industry, bioeconomy, energy, cleantech and environmental solutions
  • Finland is almost 1,200 km long and only contains 5.5 million people, most of whom are in the South. Most headquarters are in the capital city region of Helsinki, Espoo & Vantaa. Other business hubs are Tampere and Turku.
  • Finland has a high level of English, but don’t be fooled – this isn’t because Finnish is similar to English. Finnish is one of the hardest languages to learn in the world so if your product or service needs to be translated you may require a local partner or a team of translators. Swedish is the second official language of Finland, so certain products, such as food items, may require both.

The Nordics are a highly advanced region which rewards high quality and innovative solutions. These countries are familiar with collaboration and partnerships and often look globally to ensure that they have the best innovations on offer.

  1. Nordic business culture is based on equality, efficiency, modesty and punctuality.
  2. The Nordics are a hub for innovation – with more and more unicorns coming from the Nordics every year, the Nordics are home to some of the largest ICT & MedTech hubs in Europe.
  3. Business decisions take longer – generally, the Nordic countries operate on a consensus approach to business decisions and have flat organizational structures.
  4. If you plan on being in the Nordics long term, setting up an office in-market is necessary – as is localizing offerings (e.g. offering in local language)
  5. The Nordics are a detail-oriented market – make sure that you have the required accreditations & certificates and all specs of your product memorised, as you will need answers ready for highly-detailed questions (including any worst-case scenarios).
  6. Wait for an answer – People in the Nordics think carefully about what they are going to say before they say it, giving them their reputation as being ‘reserved’. They are comfortable with long silences and often speak only when there’s something worth saying, meaning you must give them a longer time to respond.
  7. References are required – having customer stories from within the Nordic region or from the U.S. will help gain trust and credibility from potential customers.
  8. Long-lasting Relationships – while it is a long process to build a trusting relationship, Nordic companies are usually in it for ‘the long-haul’ and are unlikely to change provider unless necessary.
  9. Highly Regulated – regulations across all sectors are among the strictest in Europe and often have higher expectations than the European Union in general.
  10. The environmental impact of business – the Nordics is a very environmentally aware market and environmental impact is something that many companies consider when entering new relationships and may set you apart from the competition.

Sweden

  • As the 5th largest country in Europe, Sweden is drastically different in the North and South with different innovation hubs scattered throughout the country. Where is best for your offering is something that should be considered.
  • Many Swedes go on an extended holiday during July, meaning that generally no new business is conducted from the 21st of June (‘Midsommar’) until the middle of August.
  • Planning is essential to Swedes, so make sure to plan to meet before your arrangements for travelling.

Denmark

  • Denmark is home to Medicon Valley the largest Lifesciences hub in Europe – second only to Silicon Valley in the world.
  • Denmark is a world leader in Life sciences, cleantech and digitalization.
  • Denmark is a rich, modern and design-focused country with a highly educated and critical population who are amongst the fastest to adopt new products/technologies
  • The Nordics are known for high levels of employee protection, however, in Denmark, they operate on a ‘flexicurity’ model, where it is relatively easy to hire or fire someone, but they have a high level of social protection.

Norway

  • Norway is not a member of the European Union but is part of the Inner Market through the EEA agreement
  • Norwegians often disregard titles and symbols of power as they operate with flat structures and informal communication.
  • Family comes first so afternoons and Fridays are very difficult to get a meeting as even senior management cuts their days short if they need to pick up children or be with their family.
  • Most of the population is in Oslo, Bergen, Stavanger and Trondheim, with the North of Norway being sparsely populated.
  • Distributors and agents are the most popular entry method into Norway – one must be careful to ensure their distributor can give focus and dedication to your product/service.

Enterprise Ireland is committed to helping Irish firms succeed in global markets and have industry experts on hand, ready to help you access the Nordic markets.

Key questions to ask at your Belgian or Luxembourgian Market Advisor meeting

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This is an open discussion between you and one of our trusted Market Advisers, to discuss your business and the export opportunities that lie for you in the region. Below are some suggestions of questions to ask your MA, to learn more about the Belgian and Luxembourgian markets, and the supports we can offer you.

  • What resources do you need? Enterprise Ireland can help entrepreneurs and businesses to scale and reach their potential, let it be from funding support, market insights, or finding the right contacts through international networks. Ask your MA what they can do to help you scale your business and enter the market prepared, confident and supported.
  • What are the opportunities in the market for your business? Ask your MA which opportunities lie within your sector, and how best to leverage these growth opportunities for your business.
  • What should the next steps be? Discuss forming a plan towards global exporting – have an open discussion and together plan objectives, goals and discuss what time frames to expect. Next steps may include further market research and discovery, funding applications or buyer introductions.

Set up a call with our team in Brussels today

For more be sure to read our Belgium Going Global Guide  and our Going Global Guide Luxembourg 

Enterprise Ireland’s top tips for entering the Belgian and Luxembourgian market can be viewed by clicking the graphic below.

fintech

Mexican market ripe for Irish fintech firms seeking to expand

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With an underbanked population and skyrocketing use of mobile tech, Mexico offers an open door to growth for Irish financial technology firms seeking new opportunities in the global market. This is a market with a real need for innovative financial services.

“Mexico is in the early stages of a financial technology (or fintech) revolution, with start-ups focusing particularly on flexible, low-cost, accessible services,” says Sara Hill, SVP Southern US and Mexico at Enterprise Ireland. “It is the Latin American hub for the sector and local start-ups flourishing in the wake of local pioneers such as Kubo, Financiero and Conekta, all peer-to-peer payments firms which first emerged in 2011.”

Partly driven by the same social distancing regulations and decrease in the use of cash seen everywhere because of the pandemic, use of mobile banking is soaring in Mexico, up 113 per cent between 2018 and 2020.

 

Lending and payments lead the way

Across the board, the financial services market in the country remains underserved, but local consumers and businesses are keen to see new services in this area and new financial companies don’t have to compete with legacy institutions as much as they might have to elsewhere.

“Only 47% of the population in Mexico has a bank account,” explains Sara. “That’s why we’re seeing lending and payments as the top two areas in which fintech start-ups are operating. There continues to be huge demand and extensive room for growth in this area.”

Start-ups are also active in Mexico in categories such as blockchain, crowdfunding, cryptocurrencies, digital banking, enterprise financial management, personal financial management, remittances and foreign exchange, scoring, identity and fraud, and wealth management.

“In the Austin, Texas office of Enterprise Ireland, we not only support Irish businesses seeking to break into nine southern states of the US, but also those who want to enter the Mexican market,” says Sara. “We help them evaluate the opportunity there for their business and also offer in-market support such as introductions to buyers, partners and decision-makers.”

 

Irish businesses soaring in Mexico

Fintech businesses in Ireland considering this step will be in good company, with Irish tech firms already thriving in Mexico including Workhuman, Adaptive Mobile and Daon.

Other Irish businesses also active in Mexico include Ornua (Kerrygold’s parent company), mobile recharge provider Ding, forklift firm Combilift, food packaging manufacturer Fispak, GM Steel Fabricators, and pharmaceutical engineering firm Prodieco. Overall in 2019, Irish exports to Mexico were worth €83m, up 36 per cent on the previous year.

 

A growing market for fintech

When it comes to fintech, Mexico is currently ranked 30th in the Global Fintech Ranking, with Brazil ranking 19. Mexico has over twice as many adults that use digital banking, however, compared with Brazil, Colombia and Argentina.

The Mexican fintech is worth 68.4 billion pesos (around €2.8 billion), with about 4.7 million users out of a total population of 127.6 million. For context, the global fintech market was valued at US$127.66 billion (€105.9 billion) in 2018, with expected growth of 24.8% by the end of 2022.

 

Understanding market challenges

Rapidly developing markets like this one undoubtedly present challenges to potential new entrants. With a troubled history of corruption in the past, some lingering distrust of financial institutions remains, but the introduction of a stringent fintech law in 2018 has helped.

 

“This law regulates which financial entities are legally allowed to operate and offer financial services in Mexico,” explains Sara. “So you have to make sure that your business is going to meet the criteria. The law was introduced to protect users and consumers, to prevent money laundering and to help foster an environment of trust.”

Geography can also be a challenge for companies expanding in Mexico, with many rural areas having no banks or ATMs, meaning people are less likely to have bank accounts. While this presents a great opportunity for digital payments, internet and mobile service can be poor in some locations. As a result, fintech firms tend to be based in urban areas, with more than half of the 700 or so start-ups in the sector based in Mexico City.

Other factors inhibiting financial inclusion in Mexico include income, education and even gender. That gender gap should close quickly, however, as men and women are equally likely to use mobile tech and social media.

 

Building lasting relationships

When it comes to exporting, understanding the nuance of any new market is vital. Firms must remember to localise products and messaging properly, for example, as Mexican Spanish is different to that spoken in Spain.

On-the-ground agents or partners are also crucial when it comes to navigating the local business environment and building customer relationships.

“People in Mexico want to do business with those they know and trust,” says Sara. “You’ll need to make multiple visits to build relationships or to have a strong partner on the ground who can represent your business.”

For Irish fintech firms seeking to expand overseas, Mexico undoubtedly presents a real opportunity to build a user base quickly in a rapidly developing and dynamic market.

Get advice and insight into local market conditions and practices in Enterprise Ireland’s Exporting to Mexico guide.

 

Enterprise Ireland’s top tips for entering the German market

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Germany is Ireland’s second-largest market for services exports and its fourth-largest market for merchandise exports, offering the twin benefits of zero currency risk and close geographic proximity.

If you are considering doing business in Germany, please be sure to explore our ten tips to enter the market below and also be sure to reach out to our team in Düsseldorf

    • Expect 1-3 years’ timeline for market penetration in Germany
    • The transportation infrastructure in Germany is one of the best in the world and includes international freight arriving in the 3 biggest harbours, namely  Hamburg, Bremerhaven, Wilhelmshaven. Germany also boasts 16 international and 20 national airports, a well-established railway system, and a world-class road network.
    • “Me-too” products are difficult to get established in the German market. Innovative products are more likely to gain a market share
    • Innovative products with a focus on energy-saving and cost-saving for the automotive, life sciences, agri-tech, software and engineering services market will be attractive as Germany leads in these sectors.
    • Buyers in Germany tend to purchase goods and services from all over the world but prefer products offered in Germany; even if they are at a higher price. Customers trust homemade products and services more than those found abroad.
    • Import tax is “0” for goods imported from Ireland to Germany and sales taxes is at 19% on goods and services;  7% for food, hospitality etc.
      • (VAT will be reduced from 19 per cent to 16 per cent for six months starting in July as part of a stimulus package to speed up Germany’s recovery from the coronavirus shock. A lower VAT rate for hospitality would be cut by two points to 5 per cent over the same period.)
    • Germany is currently experiencing a shift in consumer demand for sustainable products, products from the region, health products.
    • Irish firms should invest in marketing, staff, legal and tax consultancy, language localization before entering the market
    • Meeting in person is important in Germany but you must first establish a formal exchange in writing. There are a range of social norms you should know about, always keeping in mind “the client is king”: 1) find out if the client contact is comfortable to hold the meeting in English or prefers  German (if needed have a German translator at side). 2) Use the formal salutation -3) Business first then if time allows and desired by the customer – small talk (but not too intimate).
    • 500 Irish firms are already active in the German market thanks to EI assistance, contact the local Manager Manus Rooney who will lead you to the sectoral market advisors in Germany.

    Enterprise Ireland is committed to helping Irish firms succeed in global markets and have industry experts on hand, ready to help you access the German market.

    Our Market Advisors are always available to support you and provide business expertise and on-the-ground knowledge.

    For more, download our Going Global Guide 

     

    If you would like to know what to prepare ahead of your first MA call, click the graphic below

    A person gathering market intelligence by analysing graphs and statistics on a sheet of paper

    Using market intelligence to inform your export plan

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    The saying that ‘knowledge is power’ is certainly true of successful exporting. Companies must use market intelligence to understand their customers’ requirements, cultural considerations, market trends and what competitors are doing, in order to succeed.

    Insights gained from high-quality market research are essential for good business decisions for companies with the ambition to grow, export and, indeed, survive. While successful products and services are built on sound market research, a continual process of keeping up-to-date with business intelligence is required, which can be time-consuming and costly.

     

    Market Research Centre

    That is one reason Enterprise Ireland’s Market Research Centre is such a valuable resource. It is the largest repository of business intelligence in Ireland and contains thousands of world-class market research insights, available to Enterprise Ireland supported companies.

    Reports include company, sector, market and country information, which help businesses to explore opportunities and compete in international markets. We use databases from blue-chip information providers such as Gartner, Frost & Sullivan, Mintel and others, which provide authoritative, verified information that is independent and reliable. Some of these reports cost tens of thousands of euro individually, so the value of accessing the service is immense.

     

    Using market intelligence to assess new markets

    The Market Research Centre is staffed by information specialists who help clients locate the most appropriate sources of knowledge for their requirements. The specialists can track down niche market intelligence that is not available through internet research and can also facilitate access to industry analysts to provide bespoke briefings that deep-dive into subject areas.

    While the UK and European markets remain vitally important for exporters, increasingly diversification into more distant markets is a strategic option. Critical to all such business decisions is access to authoritative market research.

     

    Using insights to make an impact

    An example of how the centre helps companies to explore opportunities in overseas markets is workforce travel company Roomex. Over the last two years, the company has targeted the UK and Germany and is now looking at the huge potential of the US market. Information specialists helped the company gain valuable insights by providing access to global company, country, market and sector data which helped the Roomex to analyse their target customer and competitor base.

    Enterprise Ireland’s research hub offers access to extensive predictive research on future trends, which is invaluable for companies interested in innovation. Knowledge of what might impact a market next provides an opportunity to develop new products or solutions. There are huge opportunities arising from disruptive technologies, such as driver-less cars, but also risks to companies which are not looking ahead.

     

    Growing your business using market intelligence

    Companies which are serious about exporting, growing and future-proofing their business should put continuous research at the heart of their strategy.

    If your company is considering expanding into new markets the Market Research Centre’s extensive resources and expertise should be your first port of call.

    Contact the Market Research Centre today.