Discussing business opportunities

Scaling into Europe for business success

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A growing number of Irish companies are blazing a trail into Europe. Here’s why.

If ever there was a time to diversify and seek opportunities in new markets, for Irish businesses the time is now.

As a member of the Eurozone, Irish firms are well positioned for market diversification. Although launching into a new market carries risks, the Eurozone offers several advantages.

First, there is easy access to 340 million people in 19 states that share the single currency. There is the Eurozone’s stable economy that, as a bloc, will continue to grow a further 1.3% through 2019. The benefits of single currency should not be underestimated, offering zero currency risk without fluctuating exchange rates or conversion costs.

Trade in the Eurozone also benefits from the absence of tariffs and customs, while a common regulatory environment means that Irish goods and services comply with EU legislation.

 

Irish companies in Europe

Irish companies have blazed a trail into Europe before, for these reasons and more. At Enterprise Ireland’s Eurozone Summit earlier this year, Irish firms described how diversification has proven to be the key to growth. Among them was Irish workwear company Portwest, who warned that when a single client went under, they lost 35% of their business.

“It taught us a hard lesson about diversification,” said Orla Hughes, the firm’s European Commercial Manager. “If we didn’t expand to Europe, we would have 50% of our business now.”

That move 15 years ago, has seen the firm build out its sales model through distributors, and Hughes believes the Eurozone offers huge potential. “In our top 10 Eurozone countries, we have 4,500 customers or distributors of our products. When it comes to the Eurozone, even though we have been there 15 years, we feel we have only scratched the surface. Of the 60 trade shows we did worldwide last year, 35 of them were in the Eurozone. It’s got enormous potential for us.”

There were key learnings for Portwest as it hit new markets with its workwear range. For instance, in Germany, orange hi-visibility workwear vests are typically the preserve of refuse collectors, so local differences can affect sales, said Hughes.

 

Some Irish start-ups have seen success by taking their first steps in Europe.

When ParkPnP, a parking marketplace, conducted market research, it found strong competitors already in its target market – the UK – so opted instead to move directly into the European space, with the densely populated Benelux region firmly in its sights. By acquiring a local Belgian firm in the same space, it quickly acquired market share and, importantly, local market knowledge.

CEO Garret Flower described the critical importance of doing market research ahead of launching into a new territory: “You are immediately drawn to Germany because of the scale. It sounds huge.

“But dig a little deeper and you find that Germans don’t pay for their parking via apps; 90% of them still prefer to pay by coin.

“When we looked at Europe, we saw it was very much a greenfield, so we believed that if we could get to market first, we could grow quickly to maximise unused parking space with our solution.” ParkPnP CEO, Garret Flower 

The decision to locate in Belgium paid off, and the firm has adopted a franchising model to branch into the Netherlands.

“Having done it this way, we feel we have a solid foundation to roll out across Europe and can now go into France and Germany. Franchising with local players, for us, we felt was, and is, the best way to roll out. It gives us speed and speed helps us to scale.”

In order to successfully tap into Eurozone markets all elements of new market entry preparations are required: market research to select the market with the best opportunities, a value proposition that matches the new market and highlights your competitive advantage, the right route to market, and the resourcing of people, skills and funding to make it happen.

Enterprise Ireland’s world-class Market Research Centre has extensive resources to aid your research, while our Excel at Market Intelligence programme will advise how best to conduct market research.

Our Market Discovery fund is a key financial support for new market entry, ensuring you have funding to research, get expert advice and conduct market study visits. GradStart provides up to 70% of two-year salaries for graduates with relevant market language skills.

Companies we support benefit from our market advisers’ near-unmatched knowledge of market dynamics, target buyers, networks and ecosystems across six Eurozone locations. When you’re ready to enter the market, we offer a key manager grant to help co-fund the salary of personnel with the right skills to work with market advisers and drive your diversification plans.

Irish start-up Hidramed aims to revolutionise wound care with innovative product

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“I think Ireland is a great place to be a female entrepreneur. There are so many networking opportunities and great support. It’s just a case of finding it and using it.”

Suzanne Moloney, Founder and CEO, Hidramed Solutions

Key Takeouts:

  • Need for a solution to a medical issue led to the development of an innovative wound management system.
  • Mentoring helped progress to happen quickly.
  • The right support is essential to success at every phase of the journey, from prototype to launch and beyond.

Case Study: Hidramed

Finding a solution to a problem leads to the development of innovative and vital products – or to put it another way, necessity is the mother of invention. One Irish entrepreneur who embodies this phrase is Suzanne Moloney, whose very real need for a solution to managing her medical issue led to the development of a new and innovative wound management system, HidraWear.

HidraWear is the first product from Hidramed Solutions, and was developed with the support of Enterprise Ireland’s Competitive Start Fund (CSF). Suzanne herself was the recipient of a grant from a round of the CSF for Women Entrepreneurs, and believes that it is this type of support that helps the growth of women in the business world. “I think Ireland is a great place to be a female entrepreneur – there are so many networking opportunities, great support – it’s just a case of finding it and using it.”

 

Hidramed Solutions was inspired by patient frustrations

Suzanne was inspired to start Hidramed Solutions and develop HidraWear when she found that her own frustration at managing her medical condition was shared by other patients. “I have a condition called HS, or hidradenitis suppurativa. It’s a debilitating disease of the skin that affects at least 1% of the population globally, and it’s incurable. It causes lesions in the skin in places like the armpit and the groin, quite sensitive areas, which would need to be covered with a bandage. I was a chef and a baker and quite physically active in my work, and to keep a dressing on my thigh or armpit would be virtually impossible – they’d just fall off due to the moisture in the area and the fact that these areas are not flat surfaces and need to move in multiple directions. I’ve come across other HS patients improvising with sanitary towels and kitchen paper – there was literally no solution there for HS patients.

Hidramed documentation“I found myself spending far too much time on trying to manage these dressings. The straw that really broke the camel’s back was when I attended a friend’s hen party and was talking to the groom’s mother. I was shaking her hand and a dressing just fell out of my dress. I always had this idea to develop some sort of solution and that just spurred me on to really find something that worked for HS patients.”

After initial work with a product designer that didn’t progress, Suzanne decided to try again, this time with the help of Enterprise Ireland. “I applied for a co-funded Innovation Voucher to develop a prototype with design experts at NCAD.”

The result was HidraWear. “The product removes the need for using adhesive on the skin, which can damage the skin around the lesion if you’re constantly putting bandages on the area, causing medical adhesive-related skin injuries (MARSI). We’re also giving back control to HS patients by making changing a dressing quick, painless and easy. It’s very discreet and convenient too.”

“It’s a Class one medical device, so the regulatory burden is quite low, which means we can roll it out to other countries relatively quickly.” says Moloney.

The product is scheduled for launch towards the end of 2019, initially in the UK and Irish markets, but the plan is to roll it out quickly into the US and throughout Europe. We are beginning with an armpit solution and then moving onto products for other areas of the body quite quickly. But we also plan to be a support system for HS patients – we want to help, not just be a dressing company.”

 

Getting support from prototype to launch

Going from prototype to launching a working product is a long journey, but Suzanne did the research and found plenty of support along the way. “We received a grant from the CSF for Women Entrepreneurs in 2018. We also received invaluable advice and guidance along the way. Through the mentoring programme, we were paired with Aileen McGrath, who is a marketing expert and highly skilled in ecommerce – which was really vital, as we are selling directly to the consumer, an unusual approach for a medical product.

“I made some mistakes at the start but once I got the right advice, things began to happen for me very quickly – particularly when I was accepted on the BioExel Medtech Accelerator Programme at NUI Galway, which is backed by Enterprise Ireland. This was a six-month programme that taught me everything I needed to know about developing a medical device and developing a business.”

Once the first product is launched, growing its distribution and developing more products are the next items on Suzanne’s list.  The company plans to sell direct to consumer to begin with but is developing reimbursement strategies for the UK and USA, with plans to sell into healthcare channels too.

“We also have a whole series of products planned for the future, for example, adhesive-free bandaging for elderly patients, venous leg ulcers and pressure sores. Our market entry point, however, is through HS.”

Under the Competitive Start Fund, up to €50,000 in equity funding is available to successful applicants with early stage start-up companies.

 

wind turbines

Gearing up for success in the growing UK offshore wind sector

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Significant investment by the UK government and ambitious targets could create major opportunities for Irish businesses entering the UK offshore wind sector. Playing to your strengths is key to success, say industry experts.

Irish companies are in an ideal position to support and collaborate with the UK offshore wind industry, which recently received a big boost through a commitment made by the UK government to significantly expand its offshore wind industry. The ability to compete in what is now a global marketplace is vital to its success. This was the general opinion held by the industry leaders who took part in Enterprise Ireland’s Offshore Wind Forum and UK Industry Visit, which took place in Dublin in March 2019.

The event took place just a few weeks after the UK government announced ambitious plans to generate a total of 30 Gigawatts (GW) of offshore wind power by 2030 – a huge jump from the current operational capacity of 7GW. To fulfill such an ambitious target, over £40 (€45) billion will be invested in infrastructure. It’s also worth noting that the UK government has made a strong commitment to the investment regardless of the outcome of Brexit.

While a significant objective of the plan is to create jobs and regenerate rural coastal communities, therefore requiring local content (the plan aims for 60% local content), the offshore wind industry is a global marketplace, and the UK must engage globally in order to achieve such ambitious targets in a timely and cost-effective manner.

 

Competitive market

The race to find cheaper and more sustainable natural forms of energy is a global one, and not surprisingly, the offshore wind industry is a very competitive marketplace – and that competition is showing no signs of slowing down. Irish companies can find themselves competing with an established European supply chain, along with global entrants emerging from Asia, the Middle East and North America. So how can Irish companies stand out?

Alan Duncan of Scotia Supply Chain, and a speaker at the Enterprise Ireland Offshore Wind Forum, commented: “There’s no point in Irish companies being a ‘me too’. They must work out what they’re good at and play to those strengths.”

This was a general theme at the forum – but as showcased by Duncan and other speakers, Ireland has impressive strengths in several areas, and has an excellent reputation for innovation across key sectors. Thanks to our extensive marine heritage and history, Irish companies tend to be particularly strong and innovative in the areas of marine consultancy, offshore survey provision, technical authority and geotechnical services. With wind farms now being built further offshore and environmental challenges becoming ever more challenging, these services are becoming more and more vital. With the growth of floating offshore wind, the demand will be even greater.

Irish companies also possess strengths in the areas of high voltage engineering and civil engineering. Within the area of installation, which includes vessel design, ancillary engineering, component handling, port services and marine coordination credentials, Irish companies are considered extremely innovative and capable.

 

Meeting challenges

Building wind farms further offshore brings challenges beyond construction. Maintenance and repair work is time and capital intensive and the ‘race to zero’ (in terms of human interaction with turbines) is well and truly on. Finding innovative ways to reduce repairs and ensure wind farms are operating optimally is an area of real growth, with industry actively looking for the tools and services to expand the life cycle of assets.

Remote monitoring and data analytics are areas of strength for Irish companies, owing in large part to Ireland’s strong historical capability in the IT and IoT sector as well as our focus on technical innovation. Finding ways to gather data and remotely monitor assets is highly sought after and an area of the offshore wind industry that the Irish supply chain is poised for and ready to excel in.

However, when asset inspection and repair work is required, Irish companies can also deliver, with subsea cable repair and topside inspection and repair strengths.

Importantly, the UK industry has recognised the capability of Irish companies in these and other areas and is keen to work with them in order to find solutions to the challenges that lie ahead. This was evidenced by the number of offshore wind developers and top tier contracting companies that attended the forum, including SSE, Jan De Nul, EDF Renewables, and EDP Renewables. The key, says Duncan, is for Irish companies to work out where they fit within the supply chain and play to their strengths.

There is also power in numbers. Enterprise Ireland has launched an offshore wind cluster, which includes approximately 35 Irish SMEs that are in a prime position to meet the challenges posed by the expansion of the UK offshore wind industry. With over 80 companies earmarked by Enterprise Ireland for involvement, this cluster is sure to grow both in number and capability. The cluster also facilitates internal knowledge sharing and partnerships to place Ireland in an even stronger position to support the UK’s ambitious wind power plans.

For further information on Enterprise Ireland’s offshore wind cluster plans, please contact Darragh Cotter at: darragh.cotter@enterprise-ireland.com

 

Irish fintech

Nordics are embracing Irish fintech innovation

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Tom Holgersson, a senior fintech advisor based in Enterprise Ireland’s Stockholm Office, describes why Irish fintech is thriving in the Nordic region.

“Similar to the Irish approach, the Nordic financial services industry is quite innovative. They are willing to both leverage and embrace new technologies to drive revenue and reduce cost,” says Stephen Florence, Account Director at Fenergo.

Irish fintechs have been active in the Nordics for years, with an increasing number targeting growth in the region. Success has been built on shared attitudes to innovation and the potential of both markets to develop as globally significant fintech hubs.

Both benefit from thriving tech scenes. Sweden is second only to Silicon Valley in terms of the number of unicorns – multi-billion-dollar tech companies – produced per capita. According to data from OECD, Sweden has 20 start-ups per 1,000 employees, compared to five in the US. Companies like Spotify, King and Skype are household names.

 

Impressive growth of Irish fintech

Over the past few years, the Irish fintech sector has grown impressively. Since 2014, Enterprise Ireland has invested in more than 80 fintech start-ups. That portfolio generated more than €1 billion in revenue in 2016.

In the Nordics’ rapidly growing sector, Sweden stands out. According to Nordic Tech List, Swedish companies attracted over 75pc of total fintech capital invested in the region in 2017. Well-known fintechs include Klarna, iZettle, Trustly and Tink.

Established Irish players, including Fenergo, Monex, Rockall Technologies and Corvil are known to many in the Nordics. Meanwhile, a new breed of companies is emerging, which includes Ammeon, Boxever, Cambrist, Leveris, AQMetrics and Know Your Customer.

 

Innovative solutions for global issues

Innovative fintechs have focused on solving problems across the global financial services industry. The mix of companies blending finance and tech has supported disruption, advancing new ways to understand, test and prove adherence to compliance regulations.

Solutions span a range of applications across regulatory reporting, risk management, Know Your Customer (KYC) compliance, anti-money laundering, secure messaging and transaction monitoring. The biggest opportunities stem from banking and finance regulations that apply globally.

Fenergo’s ability to solve challenges for global banks is proving an advantage in the Nordics. Stephen says, “The Nordic region has multiple regulatory jurisdictions, languages and currencies. Some form part of the European Union – Finland adopted the euro, Denmark and Sweden did not and neither Norway nor Iceland are members of the EU. This poses complex compliance challenges for financial institutions that are operating across the region. As we have a rules-based engine, we can support multiple regulatory demands with one instance of the solution. If we look at our current client base, most are global institutions who have experienced and solved the same challenges that financial institutions in the Nordics are currently facing.”

Beyond regtech, developments in big data, payments and cybersecurity are compelling.

Like other industries, banking faces the opportunity and challenge of leveraging real-time data and becoming more customer centric. Analysing large volumes of data will enable banks to better predict and tailor solutions for individual customers.

The area of payments is also creating challenges, with the landscape facing disruption due to changes in the value chain. Payments regulations are putting banks’ revenue under pressure and removing barriers to entry, as changes in customer behavior and increasing digitalization opens the field to new local and international players. Innovative fintech solutions are driving banks to offer customers more engaging and interactive services, with most exploring options in mobile wallets, loyalty cards, blockchain, account aggregation across multiple banks and foreign exchange services.

 

Regtech & Cybersecurity

The importance of cybersecurity continues to rise, as threats become more sophisticated. Most banks face challenges in malware, phishing attacks and fraud, complicated by the growing importance of customer centricity – providers must strike a balance between ease of use and security. Innovative products are emerging in biometric security, customer identification tools, malware detection and pattern recognition.

Enterprise Ireland has published a regtech white paper, which explores solutions beyond the customary compliance and regulatory requirements. It shows how regtech enables transformation across business functions by better utilising data and insights.

Download the white paper here.

This article was originally published in the Sunday Independent.

Key questions to ask at your US Market Advisor meeting

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Ireland would fit into the US 130 times over and as you probably know there are cultural differences between the north and south, as well as the east and west coasts. For this reason, it’s important not to treat the US as one market, instead view it as 50 markets with four time zones. 

You should keep the following questions front of mind when having your first meeting with our dedicated team. 

  • What is the awareness of Ireland in this state?
  • What are the core sectors and what sectors should I avoid in this state?
  • Will I need a local partner company?
  • What kind of obstacles should I expect when entering the market in this state?
  • What local competitors are active in this market?
  • What taxes, charges or hidden costs should I be aware of?
  • Are there any social/political instabilities in this state that could affect my business here?
  • Are there any environmental instabilities in this state that could affect my business here?
  • 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 state?
  • Will I need to hire local staff?
  • Can I relocate Irish staff in this region?

Set up a call with our team in the US today 

For more be sure to check out our Going Global Guide 

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

Sourcing the right Eurozone market for your business

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Exporting to the Eurozone makes sense for Irish firms for several reasons. We share a common currency. Trade within the Eurozone benefits from the absence of tariffs and customs. A common regulatory environment means that Irish goods and services comply with EU legislation.

The Eurozone offers ease of access to 340 million people in the 19 states that share the single currency and a stable economy that, as a bloc, will continue to grow a further 1.3% through 2019.

Although the Eurozone’s population is five times that of the UK, it accounts for only 20% of all Irish exports. As such, it presents what Minister for Trade Pat Breen T.D. described as one of the greatest sources of “untapped export potential” at Enterprise Ireland’s Eurozone Summit earlier this year.

 

How to find the right Eurozone market for you

Finding the right market fit for your exports requires groundwork and an awareness that Europe is composed of different economies and markets, each with its own advantages and barriers to entry.

In order to successfully enter Eurozone markets, all elements of new market entry preparations are required: market research to select the market with the best opportunities, a value proposition that matches the new market and highlights your competitive advantage, the right route to market, and the resourcing of people, skills and funding to make it happen.

Some countries have well-known strengths and sectoral specialisms. At the Eurozone Summit, delegates heard from market experts who outlined some of the major opportunities – and some of the risks – that member state economies hold for Irish exporters.

 

Opportunities across the Eurozone

Germany is the largest Eurozone economy and the world’s fourth largest. Famed for its manufacturing sector, there are also opportunities for Irish exporters in the automotive, pharmaceuticals and medical device sectors. As one of the biggest foreign direct investors in the Irish medtech sector, German firms are familiar with Irish innovation and regard it highly.

Accessing Germany requires breaking into long-standing supply chains built on loyalty and quality, with consistency a key driver for German consumers. Decision making and order lead-in times can be protracted but the Irish reputation for flexibility stands exporters in good stead.

While many German brands are well known internationally, the domestic economy is driven by SMEs or ‘mittelstadts’, Angela Cullen, Senior Editor at Bloomberg Frankfurt, told the Eurozone Summit.

“Thousands of them form the backbone of the economy and they have honed their products to be market leaders. Partnering with a German sectoral partner may be necessary to get a market foothold.”

The nearby Benelux countries are some of the most densely populated areas of the Eurozone, allowing the rollout of a product to a large cross section within a small geographic area.

The Netherlands has long positioned itself as the number one logistics nation of the Eurozone with Rotterdam often referred to as ‘Germany’s largest port’.

As well as being the first point of entry for many physical goods, the Netherlands acts as a first point of entry for data as it is home to some of the largest data centres in Europe. Irish construction consultancy and build expertise is valued by the Dutch, with the sector continuing to show growth, and Dutch firms focused on securing their design and build supply chains post-Brexit.

“It is an extremely developed economy that is open to business and used to working with partners so it is natural for the Dutch to partner with fellow member states to bring off a project,” Willem Noë from the European Commission in Ireland said.

Belgium is often said to be one of the best test markets for products, given its population mix, and can be an ideal testbed, Ruben Hamilius, managing director of Businessgames Ireland, told the event.

“But be warned, the biggest mistake I see is exporters think ‘Build it once, sell it forever’ but that is not really the case. You need to do your research, as the product fit may not be right. Belgium is great for that.”

It certainly suited Irish parking marketplace start-up Parkpnp, who rolled out its parking app tech in Belgium first, eschewing its home market and the UK. The company has now honed its product into a franchising model already in place in the Netherlands and is rolling it out into France and Germany after learning valuable lessons in the testbed market.

In France, local language skills can be crucial, while supply chains are generally built on face-to-face contact rather than via the internet.

 

Enterprise Ireland supports can help

Enterprise Ireland’s world-class Market Research Centre has extensive resources to aid your research, while our Excel at Market Intelligence programme will advise how best to conduct market research.

Our Market Discovery fund is a key financial support for new market entry, ensuring you have funding to research, get expert advice and conduct market study visits. GradStart provides up to 70pc of two-year salaries for graduates with relevant market language skills.

Companies we support benefit from our market advisers’ near-unmatched knowledge of market dynamics, target buyers, networks and ecosystems across six Eurozone locations. When you’re ready to enter the market, we offer a key manager grant to help co-fund the salary of personnel with the right skills to work with market advisers and drive your diversification plans.

These supports will help ensure you find the right market fit and  “take advantage of the Eurozone”, as advised by the first President of the European Council, Count Herman Van Rompuy, at the Eurozone Summit.

 

 

Map of EU with padlock

GDPR and Data transfer to or through the UK

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The General Data Protection Regulation (GDPR) came into force on 25 May 2018 and unifies data protection law throughout the EU. It gives individuals control over their personal data and requires businesses and other organisations to put in place processes that protect and safeguard that data. The regulation also addresses the transfer of personal data outside the EU and EEA.

 

Dealing with the UK, USA and other third countries

GDPR came into sharp focus this year as a result of the UK’s withdrawal from the EU. GDPR still applies in the UK, however as it is now a third country it is subject to the GDPR rules governing the transfer of data outside the EU and EEA.

 

Data transfer to/through the UK

The first thing for firms to do is to establish exactly where their data goes. Companies may not realise that their cloud storage provider is actually located in Britain or Northern Ireland. Their pension schemes, payroll, healthcare plans may all be run out of the UK and involve the regular transfer of personal data. Workplace benefits databases could also be held in Britain or Northern Ireland. Even translation services might be covered if personal data is included in the material to be translated.

Having established that data is being transferred to the UK, the next step is to decide if that needs to continue. There may be options to look for another service provider in Ireland or another EU Member State and these should be explored.

Standard Contractual Clauses

If it is not possible or if it is too difficult to take this option, there is a ready solution to hand. There is a tool that can be used to solve this problem and it is available on the Data Protection Commission website. It is known as the standard contractual clauses (SCCs). This is a set of off-the-shelf clauses developed by the European Commission and which are recognised as an appropriate safeguard to ensure that firms remain compliant with GDPR.

The SCCs are already written and only require firms to fill in the blanks with their details. They can be appended to existing contracts and come into force when both parties sign them. Once signed, this enables firms to continue transferring data to the UK in full compliance with GDPR, and people still have their rights.

The data subject is also given certain specific rights under the SCCs even though they are not party to the relevant contract. Firms are also advised to update their privacy statements to indicate that the data is transferring to the UK under the terms of the SCCs.

The SCCs will cover most situations, but there are certain more complex cases where they may not apply. These are relatively rare, but firms in doubt should consult the Data Protection Commission or seek their own legal advice  to check out their particular situation.

There are also certain situations where the data transfer is not covered by contract. These include cases where data is being transferred from a UK Controller to an Irish processor for processing and then transferred back to the Controller. This has been a relatively routine process up until now, as the data remained within the EU at all times. The best advice for firms based in Ireland who find themselves in this situation is to look at the clauses within the SCCs and insert them into the service level agreement governing the activity. This will demonstrate an intention to be GDPR compliant in the new situation.

The same will apply to Irish shared services centres carrying out global back and middle office functions for multinational parents. They should update the terms of service to UK-based affiliates to include the SCCs.

 

Data Protection Policies

Some very large organisations use what are known as Binding Corporate Rules (BCRs). These are legally binding internal codes of conduct operating within a multinational group, which applies to transfers of personal data from the group’s EEA entities to the group’s non-EEA entities. The approval of BCRs can take a significant period of time and also, given the cost and complexity of BCRs, they are not a suitable transfer tool for most Irish companies.

The only remaining questions for Irish firms transferring data to the UK concern adequacy. Certain ‘third countries’, such as Japan, have received what is known as an ‘adequacy decision’ from the European Commission. This allows a cross-border personal data transfer from the EU to that country because it has been determined to have an adequate level of data protection safeguards compared to the EU. It could take some time before the European Commission completes its negotiations with the UK Government in order to deem the UK adequate as a jurisdiction to which data can be transferred under GDPR. Therefore, companies need to explore the options available to them when transferring data to the UK.

Digital Health icon

Data is the road to digital health

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Drive on any major road in Ireland and sooner or later you will pass a sign bearing the mark of the EU flag. Such signs mark Europe’s commitment to helping Ireland build a world-class road infrastructure.

As the turn of the millennium saw the fulfilment of road projects deliver people and goods around the country, a new strategic infrastructure is now underway to deliver what is arguably the single most market-disrupting change to how we work, live and do business – the movement of data.

Data, once housed in paper files or offline digital silos contained within organisations, now has the power to connect as never before and, with the advent of General Data Protection Regulations (GDPR), there is a protocol that enables for the first time the free, and safe, movement of data throughout Europe.

For businesses, the implications are too important to ignore. The figures are truly astonishing and show the transformative nature of the growth of big data. It is estimated by the Dutch Datacenter Association that 90% of the world’s data was created in just the last two years alone. The total addressable market for the digital economy could be worth in the region of €415 billion a year, according to European Commission forecasts.

 

Data is central to digital health

It is no less than utterly transformative, and one of the biggest areas to see massive change is healthcare and patient data. Connected devices, wearables and the Internet of Things, together with cloud computing and pooled data is putting patients at the centre of their healthcare journey.

“Ten years ago, digital health in those days was an option,” says Brian O’Connor, chair of the Irish-based European Connected Health Alliance (ECHA). “Today digital health is a must. The world has moved on tremendously in the past five years and we need to embrace this revolution.”

This revolution, says O’Connor, is redefining how states interact with citizens and their personal data, not least in health. Consumers regularly hand over personal and financial details and there appears to be a growing acceptance for doing so with confidential medical data, he says.

 

Countries leading by example

He cites Estonia, which fully embraced digital citizenship and eHealth after 95% of the populace said they approved of digitised medical information. “The only thing you cannot do online in Estonia is get married or divorced,” says O’Connor. “Getting your blood results, booking a GP appointment or seeing which consultant at which hospital is available can all be done by citizens online. It’s as simple as booking a cinema ticket.”

But the power of joined-up connected data sharing becomes apparent when O’Connor explains that it works across national borders, most notably with Finland. Many Finns commute to Estonia and their digital records move with them, allowing them to see their GP in their home country but pick up the prescription at work in Estonia.

Similar cross-border data-sharing is already underway on the island of Ireland. Ambulance crews on both sides of the border are able to pick-up a patient and check out bed space and resources in hospitals either side of the border before transfer, with benefits for both patient and healthcare provider.

 

Ireland’s journey to a digital health system

Just over two years ago, Ireland unveiled the first national electronic patient chart for maternity anywhere in the world with the birth of daughter Emily to Ellen Shine and Aidan Cotter at Cork University Hospital. The scheme is now being rolled out nationally.

It is in an early stage but Health Minister Simon Harris called it the first step in a ‘national journey’ towards a digital health system. The Government has committed to implementing its vision of a digital health system, as outlined in its 2017 Slaintecare strategy and, much like the road infrastructure, Ireland has availed of a €225 million loan from the European Investment Bank to aid some of the implementation, while the State itself has earmarked some €85 million for 2019 for eHealth, €100 million for 2020 rising to €120 million by 2021.

“The EU funded bridges, roads and tunnels in the last century. Now it is funding infrastructure for the free movement of data,” adds O’Connor.

One of the key planks for this medical data sharing is the approval within the last six months of a European Patient Summary Record, a digital record that stores standard information

“Ireland is in the lead in my opinion in this area. The ECHA has linked that digital maternity programme with other countries such as Netherlands, Finland, Spain, Estonia, France and Denmark. There is huge interest in our system.”

Now there exists a real opportunity for the private sector to introduce its innovation into the HSE and beyond, says O’Connor.

 

Sourcing innovative solutions

Enterprise Ireland has also been supporting the ecosystem at its grass roots.

“We have to acknowledge the role of Enterprise Ireland here,” adds O’Connor. “It is working directly with the HSE to find out their needs in relation to Slaintecare. Then they work closely to introduce indigenous Irish companies who might have a solution.”

This builds on work by ECHA, which also reaches out to healthcare providers across its 78 member countries to link innovative eHealth products and solutions to clinical teams that need a solution.

Introducing innovation and enterprise into the supply chain is exactly where we want to be, added O’Connor.

The knock-on effect, he says, is that the healthcare procurement process is vastly improved as it builds in previously unknown innovation, innovation which may never have crossed the desk in any other event.

It remains to be seen if a GP waiting room or a hospital cloud server will carry the ubiquitous EU flag sign but one thing is certain, data infrastructure is as important for this century as roads were to the last.

 

Learn more about the innovation supports available from Enterprise Ireland.

Enterprise Ireland’s top tips for entering the Dutch market

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The Netherlands is active worldwide in providing creative and sustainable solutions for global challenges relating to water, food, energy, health, environment, and security, this thriving economy welcomes foreign business and is a great starting point for clients who wish to enter the Eurozone.

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

  • Dutch is the national language of the Netherlands, but they are very open to conversing in English, with 90% of the population speaking it. Although a translator may not be crucial at first, it is considered a sign of good intent to have local people and services involved on the ground.
  • In Dutch business culture, meetings are important and famous for their traditional ‘Afspraken’, (crucial discussion opportunities.) The Netherlands has led the shift towards remote working long before the Pandemic, and are well prepared for digital meetings, something that is of increasing importance in today’s age. Come dressed relatively formally and you’ll fit right in.
  • The Dutch are masters in logistics, and home to world-class seaports, airports, and railway systems. You also have access to 170 million consumers at your fingertips, and not only that, NL is ranked no.1 in the world in digital connectivity, something that should be embraced.
  • Decide on a route to market: Joint ventures and acquisitions can be a successful route to market in the Netherlands, gaining you a foothold and bringing on board established contacts and market knowledge.
  • Like Ireland, the Netherlands relies heavily on exports. As a result, they are naturally more open to international trade, making it very possible to sell directly. That being said, export strategies that include a local partner are usually more successful and foster a consistent presence.
  • Trust the Process and embrace the economic and cultural benefits that the Netherlands has to offer. A global pioneer in several markets this is an ideal location to step into Europe.
  • Understand that sustainability is key: At present, the Corporate Tax rate is 20% on the taxable amount up to €200,000 and 25% on excess, worldwide. The environment is important to the Dutch, and reliefs are provided for companies who value sustainability.
  • Be prepared and know your competition: It is important to do your market research. This is a highly competitive landscape, with 15,000 foreign companies competing in a country smaller than Ireland. Luckily, our world-class Market Research Centre can assist you with valuable market intelligence to help shape your strategy.
  • Be innovative: in the Netherlands, it is important to be forward-thinking and competitive. Make sure you have a strong value proposition and stand out from the rest.
  • Finally, do your research! Explore the different resources available from Enterprise Ireland to delve deep into the market and really understand the opportunities and challenges that will arise. Our world-class Market Research Centre provides countless market reports, and MA’s are happy to help with market-related requests.

For more 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

Digital Health

A bright future for Ireland’s digital health ecosystem

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The future of healthcare is a connected one. Digital technology and cloud computing have made technological strides that mean integrated individually tailored healthcare is now a reality.

Apps can feed back data to primary caregivers in real time, digital medical records provide accurate and timely information, while machine learning crunches big data and blockchain technology protects it.

But to get to this point requires intervention and a road map that fosters innovation and investment. Strategic investment in the knowledge economy and sowing the seeds of a digital healthcare evolution requires the creation of policy and frameworks within which the research and start-up sector can grow.

Ireland’s world-leading position in the medtech sector has been carefully nurtured through a combination of state planning and partnership with multinationals, that now positions the healthcare and life sciences sector as one of Ireland’s strongest and most important business industries. It employs some 38,000 people in around 350 companies. That makes Ireland the largest employer of medtech professionals in Europe per capita. Ireland is also the second largest exporter of medtech products in Europe, with annual exports of €12.6 billion to over 100 countries globally.

 

Government policy supports Ireland’s digital health ecosystem

Ongoing digital transformation is supported at the highest level, according to Barry Lowry, Chief Information Officer at the Department of Public Expenditure and Reform.

“Of course, when investors are looking at where to go, one of the key things they’re looking at is, well what is the digital ecosystem like in that country that we’re going to? Because that suggests there’s a market there, it suggests there’s a workforce there.

“We obviously want that European digital capability to be dominated disproportionately by Ireland and we’ve got a lot of the skill sets to make a really good contribution in that area. The key thing is national government policies are aligned with this.”

In its 2017 Sláintecare strategy, the Irish government outlined its healthcare vision for the next 10 years, including the implementation of connected digital health, stating: “Digital health solutions can support more efficient processes, empowering patients in managing their care and accessing their own medical records, as well as facilitating the provision of services in more appropriate care settings closer to the patient’s home.

“In the future, a coherent suite of eHealth solutions will underpin and support our overall vision for integrated, patient-centred care, population health planning and more effective and safe delivery of health services. Patients and health professionals will have ready access to clinical records and administrative information, which will enable better decisions to be made.”

It may seem to be easier said than done, when according to the Health and Information Quality Authority (HIQA) information is spread over 120 datasets across Irish healthcare.

But the government has set out a clear funding pathway for eHealth, Muiris O’Connor, the Department of Health’s assistant secretary at R&D and Health Analytics Division told a recent Enterprise Ireland-hosted conference on the eHealth Ireland EcoSystem.

Some €85 million is earmarked for 2019, €100 million for 2020 rising to €120 million by 2021, delegates were told.

 

Enterprise Ireland support for digital health

Enterprise Ireland has been supporting the ecosystem at its grass roots.

Procurement of innovation by State bodies has been boosted by Enterprise Ireland’s Small Business Innovation Research programme (SBIR), which aims to meet unmet needs across the public sector, including areas such as health and community engagement, by funding up-to-date trialling of new concepts and tech at an earlier point in the supply chain.

This allows innovation to be baked into the supply chain at a much earlier point in a product development cycle. In its five-year lifespan, it has funded 20 projects including the development of smart sensors by Danalto, Carra and mSemicon that are being deployed in gullies across Dublin City to measure and monitor flood levels.

Perhaps crucially for SBIR, IP is retained by the business, meaning a successful solution can be scaled and rolled out quickly.

Enterprise Ireland provides further sector-specific supports, such as Health Innovation Hubs Ireland (HIHI) scheme, Technology Transfer Offices (TTO), and the Technology Gateway Programme.

HIHI facilitates and accelerates the commercialisation of innovative healthcare solutions by offering companies the opportunity for pilot and clinical validation studies and the health service access to innovative products, services and devices that they may not otherwise be exposed to.

TTOs, which are embedded in university and college research institutes throughout Ireland, provide an invaluable resource in relation to research, development and innovation.

And the Technology Gateway Programme fosters greater cooperation between business and Institutes of Technology by offering funding rounds for capital expenditure for R&D.

But the ecosystem would be nothing without the skill sets to grow it, which is why this emerging sector is a national priority. The Irish Medtech Association, a key industry stakeholder in the Irish ecosystem, has reinvented its offering. It has a Connected Health Skillnet that offers learning, development and networking opportunities and is run in partnership with Biopharmachem Ireland and Technology Ireland.

The sector is also supported by a strong networking and collaborative culture, with Ireland being home to the European Connected Health Alliance, which actively promotes and supports the connected health agenda through its presence in more than 40 countries. ECH Alliance events are the perfect forum for investors, partners and start-ups to engage with leading experts from government, education, multinationals and the indigenous sectors.

 

Read more on the Irish companies succeeding in the Healthcare and MedTech sectors.

German life sciences market

Unlock the German market for your business

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Unlocking the German market requires a focus on demonstrating that your company adheres to the values the country is famous for – reliability and trustworthiness – almost as much as a keen price point. To expand in this key Eurozone market, you should also be able to challenge established supply chains.

The attractiveness of the German market to Irish business is evident in the numbers. It is the world’s fourth-largest economy and bilateral trade between the countries is worth around €39 billion annually. Germany is our third-largest tourist sector, and thanks to links in life sciences, medtech and biopharmaceuticals, Germany is our second-largest source of Foreign Direct Investment.

With a GDP growth rate of 1.6% in 2018, Germany has experienced nine years of continuous expansion of its economy and remains a stable option for companies planning to diversify markets.

Irish companies have a strong reputation in the German market

With historic trade and cultural links, breaking into the German market should not be seen as daunting, according to Deike Potzel, the German Ambassador to Ireland.

“Germany is very open to business to our friends in the European Union,” Her Excellency Ms. Potzel told delegates at Enterprise Ireland’s Ambition Germany conference. “Ireland has a really good reputation in Germany and the German market and I think Irish companies are in a very good position to take advantage of doing business in Germany.”

 

What should be your first steps, and how can you prepare for market entry?

Reliable market research is key, and Enterprise Ireland’s Market Discovery Fund has up to €150,000 available for companies to defray internal and external costs incurred when researching new markets for new or existing products and services.

As a mature market with well-established domestic and international suppliers, you will need to research it thoroughly to identify a niche. You will also need to assess competitors, both local and international.

If the German market is right for you, establishing the best route to market and understanding German business culture will help to avoid wasted sales efforts.

Working with a German distributor will get your product on the ground. But because the market is mature, your product may be competing with several similar offerings, and the largest distributors may have competing priorities for promotion.

While the price point of your product or service is important, in the German business landscape Preis-Leistungs-Verhältnis – value for money – includes demanding expectations for quality, certification and after-sales support.

“Once you have a German partner they are very loyal,” says Robert Byrne, director of Burnside Eurocyl, the Carlow-based hydraulic cylinder manufacturer, which has been supplying Germany for decades.

“But they expect you to deliver and to do what you say. Do that and you will have a customer for life.”

 

Calculate the cost of setting up in Germany

Personal contact is valued highly. While it is possible to sell online or have a virtual office, establishing an independent branch office, permanent establishment or fully fleshed-out GmbH (or limited company) will build the trust required by German partners. You can expect set-up costs to range between €1,000 to €4,000.

Germany is the world’s number one location for trade shows, and attending fairs for your sector demonstrates that you are serious about entering the market. Remaining highly visible at these events for 12-18 months is advisable.

Enterprise Ireland has supported companies to attend the world’s largest medical trade fair, Medica, last hosted in Düsseldorf and attracting 120,000 visitors, and EuroTier in Hannover, at which the theme for 2018 was digital animal farming, attracting 160,000 visitors.

“You may be surprised by how well thought of we are,” says Liam Ryan, managing director of SAP Labs Ireland, and a seasoned veteran of the German boardroom. “Germans admire our ability to get things done, our ability to recover and to pull together. This goes a long way with them.”

The German focus on attention to detail and delivery on promise can be serviced by thinking outside the box. As Byrne noted: “We don’t sell by sending a sales rep to a German customer. We sell by sending an engineer or a designer.”

Do this and you could find that, for your business, ‘Alles’ will be ‘in Ordnung.’

 

Learn more on doing business in Germany with our Going Global Germany guide.

ProDig agri machinery

ProDig invests in the future as it continues to do the heavy lifting

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As the use of digital technology to improve farming efficiency increases, it can sometimes be forgotten that advances in more traditional areas of agriculture remain as important as ever.

Machinery is the original agritech. Innovations that reduce the physical workload for farmers are as old as agriculture itself and are vital to the sector’s profitability in every market.

ProDig Attachments prides itself on doing the heavy lifting. From its base in County Carlow, the company introduced its expertise in manufacturing machine attachments for the construction sector into agriculture 10 years ago and quickly built a reputation for the quality and versatility of its machinery.

Donny Nolan, co-founder and director of ProDig, explains: “ProDig has a strong focus on multi-purpose machinery. We produce attachments that will do the job of three traditional attachments, so the farmer only has to buy one. These attachments also make the feeding process easier, faster and more economical.”

ProDig’s product range includes shear grabs, shear buckets, bale handling attachments, folding grass forks, hi-tip buckets, and bag fillers – all of which are designed and manufactured at the company’s purpose-built factory.

ProDig agri attachment

Donny says: “Our products are pitched generally at the top end of the market. We don’t make cheap equipment. We manufacture on a quality basis and on the basis of a long lifespan for an implement, so we look at the mid to top range of the market. There are a lot of manufacturers in Eastern Europe, China and cheaper economies that we don’t really try to compete with. We look to create implements of top-end quality, innovative products.

“We distribute through importerships. We try to have one single point of importership in a region, whether that be a state in the USA or an entire country. For example, in Germany, we have one importer for the whole country and they in turn the distribute to the dealer network.

 

Strong export strategy

“We’ve got nine or 10 export markets and we also have some markets that we export to on a one-off sale. For some of our unique attachments, the likes of bag-filling units, we export to markets where we have one-off sales going direct to end-user customers. This would be to countries including India, Thailand and South Africa.”

It is a model that has served ProDig well. Consistently growing sales of its broad range of products in various export markets is testament to the quality and effectiveness of the machinery ProDig makes. Indeed, the company has big plans for further growth, spearheaded by a major investment to expand its manufacturing facilities at its Bagenalstown base in County Carlow.

Donny says: “We started an expansion plan in mid-2018 and that’s really kicking into place now. We’re expanding our existing production areas. We’re installing new capital items – new fabrication bays, new welding bays, some new machinery, some new robotic systems.

“It is quite a substantial investment. Over a three-year period, we’re looking at an investment of €1.5 million in the business.”

As with the machinery it makes, ProDig has put considerable energy into planning and preparing its expansion plans and the company is confident that the demand for their machinery is there.

Donny explains: “All our existing markets are expanding all the time, as we are. Our German market is expanding, our New Zealand market is expanding. We have several markets that we’re looking to move into over 2019-2020. We’re currently looking at increasing our presence in the USA, and we’re planning to do feasibility studies on the French and Australian markets.

“This investment will give us an increased manufacturing capacity of 40% and this will help us reach these markets.”

 

Focus on R&D drives innovation at ProDig

For ProDig’s customers, the investment and increased capacity also means enhanced innovation to improve and create new machine attachments.

“As part of our three-year investment, starting from the middle of this year, we’re running a new R&D programme to look at several new products,” Donny says.

The focus of the R&D programme will be the same for ProDig as it has been for the past 10 years: to help farmers do the basics better.

Donny explains: “To innovate within those basic tools and come up with new ideas and faster solutions for the basics – the attachments, bailers and other tools – is vital. If you make the basics better, you make the overall better.”

Doing the basics better is very much in the company DNA at ProDig, while the company’s continuing growth and expansion plans demonstrate the importance of innovating and constantly-improving machinery for farming.

 

Learn more about Enterprise Ireland’s innovation supports. enabling companies to develop new market opportunities and maximise their business performance.