Japan

Irish firms winning big in Japan and Singapore

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

 

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

 

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

 

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

 

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

Japan seeks green and digital innovation

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

 

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

 

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

 

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

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

Singapore an ideal launching pad for Southeast Asia

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

 

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

 

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

 

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

 

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

 

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

Understanding local market norms

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

 

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

 

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

 

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

 

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

India offers huge export potential to Irish firms

India offers huge export potential to Irish firms

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

 

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

 

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

 

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

Understanding the opportunity for Irish firms

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

 

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

 

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

 

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

Government pushes for digital transformation

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

 

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

 

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

Shared language and cultural connections

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

 

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

 

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

 

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

Tailoring your offer to the market

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

 

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

 

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

 

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

 

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

Creating innovative solutions to new and emerging threats

Cybersecurity solutions that address new and emerging threats

The Covid-19 pandemic saw a rapid shift for many to virtual ways of doing work – and the recognition – finally – that remote and hybrid working is a very viable possibility in many industries. And, that offering flexible ways of working can actually give companies an edge when it comes to attracting talent. Unfortunately, however, with more flexibility comes a very real problem – the increased risk of cybercrime and cyberattacks. And the need for effective cybersecurity solutions is becoming more urgent by the day.

According to a study by McKinsey & Co, only 16% of executives felt that their organisations are well prepared to deal with cyber risk. Plus, the United Nations has warned that cybercrime increased by nearly 600% during the pandemic.

“Globally, there has never been a more challenging time for organisations in relation to cybersecurity,” says Pat O’Grady, Senior Business Advisor and Global Lead for Cybersecurity at Enterprise Ireland. “A higher level of cyber threats and attacks, security challenges linked to remote working, and increasingly sophisticated attacks on personal accounts have all put systems under immense pressure.”

 

Irish cybersecurity solutions

Ireland has long been a leader in technology innovation, with our advances in medtech, agritech, fintech and more in high demand across the globe. So it comes as no surprise that an increasing number of ambitious Irish companies is coming up with some very clever solutions to cybercrime. As an example, Cork-based Velona Systems has developed a solution that protects large call centres in the US against brute force call spam attacks, ghost calling and robocalling, a growing challenge in this sector.

Velona is just an example of our strength in the area, which is highlighted in the Enterprise Ireland Cybersecurity Innovation Series 2021, which this year is titled ‘Creating Innovative Solutions to New and Emerging Threats’. Taking place over six separate events in November and December, covering different world regions, the series features talks by leading cybersecurity experts, pitches by innovative Enterprise Ireland client companies, and opportunities for individual client-buyer meetings.

“All the participating Irish companies have identified the most urgent areas within cybersecurity and come up with intelligent solutions that potentially have a worldwide customer base,” says Pat. “For instance, one of the biggest issues now is the sharp rise in phishing emails. Cyber Risk Aware is an Irish business offering learning platforms that can build training programmes within Microsoft Office 365 to raise staff awareness regarding phishing and teach them how to spot a dangerous email. The company also offers a phishing simulation platform, which can build email templates and schedule simulation campaigns to test the level of awareness within the organisation and to offer additional focused learning for staff when required.”

Like all good responses to security threats, many solutions are based on prevention rather than cure – and with the cost of cyber crime rising sharply as the attacks get more sophisticated, this is sure to be a massive area of growth. “EdgeScan is leading the way in pen testing, or vulnerability scanning,” says Pat. “This includes scanning company IPs or carrying out pen tests on company websites or client portals to find any potential weaknesses – therefore stopping the threat before it happens.”

 

Remote working challenges

With remote and hybrid working looking likely to stay in the long term, many companies are looking for ways to boost their security with staff working on devices away from the office and even out on the road. “Remote working has brought with it many challenges; one issue is providing the same amount of security as in the office,” says Pat. “Web and email filtering identifies new malware sites and can block specific categories of websites, such as gambling sites. Galway-based TitanHQ offers advanced solutions for this issue, currently helping businesses in over 120 countries.”

A big issue for companies is our increasing reliance on mobile phones for work purposes – now a company has to look into protecting these as well as laptops and computers. “Many companies have introduced a controlled ‘Bring Your Own Device’, or BYOD, policy in which company apps are locked down or secured on the device, while others have restricted access to only corporate devices to allow for full control. And yes, there’s an Irish company involved in this area too: CWSI are experts in the field of mobile device management and offer guidance on both policy and the technical aspects of managing devices.”

It’s clear that Irish companies are leading the way in cybersecurity solutions. Many companies are finding it difficult to acquire and retain staff with skills in the areas of compliance, ISO certification, incident response, forensics and investigations – and, as Pat explains, there are several Irish companies in a great position to help. “Irish innovators such as Integrity360, SmartTech 24/7, Kontex and Evros are providing a solution to this issue by providing expert security consultant services. These companies’ Security Operations Centre (SOC service) offers uninterrupted monitoring of their clients‘ IT networks.”

 

Details of the Enterprise Ireland Cybersecurity Innovation Series 2021 can be found here

NearForm

Nearform – Necessity is the mother of invention

“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.

 

Delmec

Delmec makes data capture and sharing process more efficient

“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.

 

Global Recovery. Irish Opportunity

International Markets Week 2021: Green agenda and digitalisation key areas for growth  

Global Recovery - Irish Opportunity

It’s been said many times that exports are crucial to Ireland’s recovery in the post-pandemic world – and Enterprise Ireland is committed to ensuring that Irish companies take advantage of the many opportunities around the world to increase their business and bolster our economy as a result.

A crucial event in the Enterprise Ireland year is International Markets Week, and this year, for the second year running, it was held as a virtual event over five busy days in October 2021.

“When Covid hit, we decided that the event was too important to miss, particularly in the context of a global pandemic,” explains Anne Lanigan, Regional Director, Eurozone, at Enterprise Ireland. “This is a time when it’s even more important for our clients to keep their exports going, so we decided to go onto a virtual platform, with our market advisors available for a full week.

“The market advisors are the boots on the floor, the people who can introduce client companies to potential buyers, so it’s a very practical week for people who want to do business.”

This year, the theme of the event was Global Recovery. Irish Opportunity, recognising that the global economy is experiencing significant disruption – but while this disruption brings challenges, there are also significant opportunities.

“Enterprise Ireland client companies enjoyed excellent overall export growth in 2019 of 8%,  with particularly strong growth in the Eurozone and North America of 15% and 16% respectively,” says Anne

 “In 2020, these figures stabilised, which was a very good result in the context of a global pandemic, but now we need to get back to 2019 levels of growth.”

Opportunities for Irish companies lie in many areas, including the green agenda and digitisation. Throughout the world, companies are investing in green and digital strategies and governments are putting stimulus packages in place to drive a recovery based on a green and digital future. This investment represents huge opportunity for innovative Irish companies.

“The current disruption in global supply chains also poses significant opportunity,” says Anne. “The drive by manufacturers in developed economies, in particular, to strengthen the reliability of their supply chains so that they are more easily accessed from a geographic and an administrative perspective, creates the opportunity for Ireland to embed themselves in these new supply chains. Ireland’s location on the edge of Europe puts us in a key position to capitalise on this move towards regionalisation of supply chains.”

 

Finding opportunities

It’s clear from this year’s International Markets Week that Enterprise Ireland client companies have recognised the importance of building a robust strategy to take advantage of these growth opportunities. A total of 710 Enterprise Ireland client companies registered for the event, booking a total of 1,663 meetings with market advisors from across the world.

To get an indication of how companies were faring as the world’s economy recovers from the challenges of Brexit and the Covid-19 pandemic, Enterprise Ireland conducted a survey of the participants ahead of the event. The results were positive: 56% of businesses indicated that they have seen an increase in exports in 2021 compared to 2020, with only 11% reporting a decrease. And, 91% of companies expect sales to increase again in 2022. In terms of trends, the survey revealed that 80% of businesses viewed digitalisation as vital over the next 12 months, while 63% said that advancing their sustainability agenda was a priority.

These results proved accurate throughout the event, which was officially launched by Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar, and Enterprise Ireland CEO Leo Clancy. Lydia Rogers, country manager for Enterprise Ireland in Canada, reported a real hunger in Irish companies to take advantage of the many opportunities out there. “I met many client companies at various stages of their export journey, from those accelerating their international growth and diversifying into new global markets to ambitious start-ups keen to explore the export opportunities in Canada. The week proved that Canada is a very attractive market for Irish companies in many sectors, including cleantech, consumer retail, engineering, life sciences, fintech and BPO, and a large proportion of digital technologies companies.

“In addition, Canada was also identified by many client companies as an entry point and as a lower-cost gateway into the wider North America market.”

And, as predicted, the green agenda and digitalisation opportunities were noted by Lydia as strong trends for Irish companies looking to Canada for growth. “Our team met many companies with innovative digitalisation solutions across travel tech, retail tech, ed tech, digital health, fintech, HR & talent tech, and IoT. There were also many SMEs with innovative solutions in areas including cleantech, mobility, smart energy and environment. Consumer retail was also a significant area of interest – a sector that experienced growth in 2020 despite the challenges of Covid-19. All in all, it was clear from this year’s International Markets Week that Irish companies have recognised Ireland and Canada make great business partners and are ready to reap the rewards from this vibrant and welcoming country.”

 

View the virtual launch event from Enterprise Ireland’s International Markets Week 2021 below:

 

 

 

 

 

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

Using market intelligence to inform your export plan

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 GartnerFrost & 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.

Image of Mo Harvey

 The future looks regulated – regtech report

Photo of Mo Harvey, fintech advisor

The Irish fintech sector has long been dominated by the payments industry but the regtech (regulatory technology) sector in particular has been quietly achieving great heights globally and without much fanfare, until now.

Mo Harvey, Financial Services & FinTech Advisor, Hong Kong, says the sector is often overlooked as it is not consumer-facing, but in fact regtech has been steadily growing in sophistication and applicability.

“There are varying definitions out there (as to what regtech is) but, at its core, it is the use of new technologies by institutions, banks, insurance companies or any regulated entity to meet regulatory compliance challenges in a more efficient way,” she explains. “It transforms risk management and compliance functions and enables companies to strategise and grow while complying with even the most complex regulations.

“Ireland is an important centre for international financial services with a high-quality talent pool working in legal, risk and compliance functions – currently, regtech is the largest indigenous fintech sub-sector and it is bubbling with promise.” says Harvey. 

 

Global Regtech Market

According to Harvey, regtech is the ‘unsung hero’ of the fintech sector and the Asia-Pacific region is ripe for Irish firms within in the sector.

“Pre-pandemic, the global regtech market was predicted to grow from USD$6.3 billion in 2020 to USD$16.0 billion by 2025, a rate of over 20% per year, with Asia-Pacific accounting for the highest growth rate over this period,” she says.  “However, COVID-19 caused an acceleration in adoption in tandem with a fintech boom so the market could hit as high as USD$30 billion by 2025.

“Market and industry drivers such as the 2008 financial crisis, increasing regulatory enforcement actions and fines, proactive regulators encouraging regtech adoption, digital banks, payments and lending, virtual assets and remote onboarding are just some of the contributing factors which have created opportunity for specialised solutions.

“Regtech adoption is mature in Europe and the USA, but Asia-Pacific presents an interesting opportunity for regtech companies. It is a uniquely fragmented region of developed and developing markets, with a number of sophisticated financial ecosystems and complex regulatory environments.” confirms Harvey. 

 

Expanding the Irish Regtech Footprint

Enterprise Ireland began its Asia-Pacific wide regtech initiative over three years ago and has just released its ground-breaking report on The State of RegTech in APAC, and Mo Harvey says the report has even garnered support from all the key fintech ecosystem players throwing their weight behind it, from the APAC RegTech Network and The Regtech Association of Australia to the FinTech Associations of Singapore, Hong Kong, Japan, and Malaysia.

“We could see an increasing number of regtech companies coming out of Ireland and an alignment in terms of potential and opportunity in Asia-Pacific,” she says. “What started as an exclusive market research for Irish regtech companies to help them understand the nuances of the region, has now become the authority on regtech in Asia-Pacific.

“Consequently, people are starting to take note of what Irish regtechs have to offer out here.”

 

Plenty of opportunity for Irish firms

Covid 19 may have caused many problems for industry in every sector across the globe but the fintech expert says it has brought about some positivity for companies in the regtech sector.

Right now, we have a perfect storm of opportunity,” says Harvey. “Regtech adoption in Australia is well-advanced but it is at a relatively early stage in the Asian banking market with opportunities for further growth.

“While many banks have started using regtech, most commonly in financial crime, regtech is employed in a low percentage of risk management and regulatory compliance activities.

“The breadth of regtech adoption is expected to increase over the next year, especially in the areas of conduct, customer protection, regulatory and tax reporting, and regulatory compliance obligations.” says Harvey. 

“In addition, we are seeing regulators in key markets such as Australia, Singapore, Hong Kong, and Japan, all encouraging the adoption of regtech (some regulators going as far as incentivising banks to buy regtech solutions). So now is a good time for regtechs to start building at least one Asia-Pacific market into their expansion strategy.”

 

 Ireland’s Regtech Cluster of Excellence

In outposts around the world, Enterprise Ireland is working hard on behalf of Irish businesses and its strategy with regard to regtech is to help the sector cluster in Ireland to be synonymous with excellence.

“There are a number of Irish companies already enjoying global success,” says Mo Harvey. “These include Fenergo, Vizor, Daon, MyComplianceOffice and Know Your Customer, while AQMetrics, Cerebreon, Sedicii and DX Compliance are gaining international traction. Hopefully more can follow in their footsteps.

“Marrying Europe’s position as a global leader in regulatory and compliance standards with Enterprise Ireland’s investment in innovative technology-driven companies, has provided fertile soil for Ireland to have a world-class regtech cluster and support the imminent global regtech boom.”

 

To learn more download our State of Regtech APAC report.

Why Export title

Export Journey: Step 1 – Why Export?

Why Export title - image of woman packing a box

In a post-Covid world access to international markets, buyers, distributors and information is now at the fingertips of Irish SMEs thanks to increased digitalisation.

When looking towards new markets, it is important to consider the potential benefits of exporting for your company such as;

1. Diversification of market and reduced vunerability

A well considered diversification plan can minimise a dependency on the domestic market and the potential exposure to domestic downturn.

2. Increased revenue and scale

Exporting opens channels to exponentially expand the home market and identify new markets to take advantage of globally. A larger market base delivers economies of scale, enabling you to maximise your resources.

3. Improved profitability

Your ongoing domestic operation should cover business-as-usual fixed costs, either directly or via other types of business financing, which should, in turn, facilitate a faster growth in your export profits.

4. Best practice and knowledge

Accessing global markets will provide additional benefits to an exporter, aside from increased revenues such as new ways of doing business, increased awareness of global best practice, cultural and international competitiveness, that could also bring benefits to your market offering in Ireland.

5. Domestic competitiveness

Considering your company’s export potential will increase its resilience against potential competition within the domestic market.

 

 

Assess & validate title and two women at a computer screen

Export Journey: Step 2 – Assess & Validate

Assess & Validate title and business people

Before beginning your export journey you must clearly identify your target market.  You may have preferences based on previous experience, understanding of the language or culture or simply some connection with the market, though a good starting point it’s not enough of a reason to export to this market.

Market Research will form the backbone of your export strategy as you begin to validate your plans.

The key elements for consideration are:

  • What makes your product unique
  • Who are your competitors in your selected research market?
  • Who are the buyers in that market?
  • How does your product compare in terms of pricing?
  • How is the product sold in that market?
  • What are the local regulations, certification for selling your product and can you currently comply?
  • A clear understanding as to why you have selected this market as the potential first market.

What supports are available?

If your business is at an early development stage the Local Enterprise Office has the supports to help you plan, start and grow

If you are are already supported by Enterprise Ireland you can contact your Development Advisor here.

The Market Research Centre provides access to world class research databases to help client companies make better, more informed business decisions. Contact the Market Research Centre here

Enterprise Ireland hosts events to assist companies’ growth plans – See our events calendar for details.

Our Market pages and Going Global guides provide expert insights and contact details for our overseas offices.

Learn how our Exporter Development team can support your growth.

 

 

 

Positioning Strategy title and businessman

Export Journey: Step 3 – Positioning Strategy

Positioning Strategy title and businessman

Your positioning strategy should set out what you will do to achieve a favourable perception in your new export market.

Typically companies will try to achieve the same brand positioning regardless of the market. A coherent positioning strategy can be hugely advantageous, so it’s important when reviewing the export potential of your products/goods or services to consider the following:

1. Customer profiles

  • What is your current USP and will this translate to your new foreign export markets ?
  • Do you understand your domestic customer profile? E.g. age profile, socio-economic grouping etc.
  • Are there other significant demographic patterns to your product or service’s usage?
  • Have you considered the need to modify your product/service to facilitate differences in language, culture and business environments?
  • How do you plan to deliver your services to foreign markets ? In person, via a local partner or using digital resources?

2. Market Pricing and Value Propostion

  • Consideration whether any necessary changes to make your product/service more appealing to foreign markets and customers?
  • If you’re exporting services, what makes them unique within global markets?
  • Have you benchmarked your services in a global context? Would they be considered to be world-class and stand up to stronger scrutiny?
  • Have you considered the cost implications of servicing overseas markets? Including FX rates and fluctuations?
  • Does your product have a shelf life and will this be impacted by time in transit?
  • Will your packaging have the same impact in a foreign market or can it be easily modified to satisfy new demands?
  • Are there any climatic or geographic factors that could affect the uptake of your product or service in other markets?

3. Route to Market

  • Do you need special export licensing or documentation to export? i.e. technical or regulatory requirements localised to the market?
  • Are there considerations for the safe transportation of your product to global markets ? i.e. specialized containers or packaging materials?
  • Would transportation costs make competitive pricing a problem?
  • How efficiently does your target market process incoming shipments?

4. Capacity to support

  • In the event that your domestic/export demand increases beyond current projections, will you still be able to look after both markets?
  • Will you be able to serve both your existing domestic customers and any new foreign clients?

 

5. Further considerations

  • Do you require a local presence or representation?
  • Will your products/service require local professional support or can this be done digitally?
  • Will after-sales service be required ? Can it be easily sourced locally or do you have to provide it? Does you have the resources to provide it?
  • Are there legal / IP implications to consider when entering global markets?

Once your positioning strategy is in development, it’s time to consider how to develop your export strategy and access your target market.

 

Take the next step in the Export Journey

 

Export Strategy title and port image

Export Journey: Step 4 – Developing your Export Strategy

The next step is your export plan. You may have ideas but you need to clearly communicate them in writing so that your whole team is clear on their responsibilities. Having a plan laid out makes it easier to spot pitfalls, gaps and even additional opportunities!

The export plan is also key in seeking supports in term of financing or grants.  Don’t overcomplicate it, keep it clear and simple.

The key elements of a successful export plan include:

1. The Vision

  • What you are going to do. How you are going to do it. What your expected outcome is.

2. Human Resources

  • Have you the staff, external support and expertise? Have you skills within your team to manage language and cultural differences?

3. Financial Resources

  • Budget, Sales targets and Pricing – Consider the additional costs involved in selling into the overseas market. Establish a target price for the end user, taking into consideration currency, payment terms, freight and carriage charges, import duties and taxes, commission to partners and competitors’ pricing.

4. Target Market

  • Why you have selected this market; who your buyers are.

5. Your Product

  • Your USP and how it translates internationally. Are there external factors which could impact production or sales?

6. Market Entry

  • Sales channels; marketing plan; regulations, language and local laws.

7. Monitoring and Developing the market

  • Are you meeting sales targets?

8. What’s next?

  • How do you plan to grow and scale?

Access the Market Entry Page