Key questions to ask at your French Market Advisor meeting

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Your International Markets Week meeting with an Enterprise Ireland Market Advisor is the perfect opportunity to get all the information you need about the French market and how to develop your market entry strategy.

To help you prepare, take a look at our suggestions of questions to ask your Market Advisor.

 

  • Should I target the French market?

What opportunities are present for your product in France? What benefits are there for your business in terms of exporting to the Eurozone over the UK? Are there other markets you should consider before focusing on the French market?

  • What specific information do I need to know about the market? What do you know about our competitors?

Ask your Market Advisor for their insights into the market for your product and service in France, and find out what Market Research reports you should access from Enterprise Ireland’s Market Research Centre.

  • What should I be prepared for when doing business in France? Are there any cultural differences?

Your Market Advisor is an expert both in their sector and the specifics of how that sector does business in France. It is important to note that these differences are more pronounced in certain sectors (such as the Agri-tech industry) than others (such as Digital Technologies).

  • What route to market would you recommend for my product or service?

Consider whether you should enter the French market via a distributor, an agent, a partnership, or sell directly via your website. Your Market Advisor can talk you through the advantages and disadvantages of all options.

  • Are there barriers to entry? Are there any legal issues or regulations that I need to consider?

While France and Ireland are both members of the European Single Market, there remain some regulatory differences in certain sectors. Your Market Advisor is the best person to advise on the steps you need to take to insure your product or service is compliant and ready for sale in the French market.

  • What determines success in the market? Can you think of any examples of companies who have done well in the market and why?

Capitalise on the learnings of companies who have come before you (and learn from their mistakes!).

  • Are there any specific opportunities for us in France with regards to the recently announced French Recovery Plan and the post-Covid19 business climate?

In the words of French president, Emmanuel Macron, “2020 has been a year like no other”. The French team’s Market Advisors have been on the ground and are well placed to advise you on what challenges and opportunities this year presents for your business.

  • Are there any large investment projects planned relevant for my sector?

Market advisors constantly monitor in-market investment announcements. Did you know that France ranks first in the list of European Foreign Direct Investment destinations?   

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

For more, download our Going Global Guide

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

Enterprise Ireland’s top tips for entering the South Korean market

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The EU-South Korea Free Trade Agreement has created opportunities for Irish firms that are willing to enter the world’s 12th largest economy, which is home to some of the world’s biggest conglomerates including Samsung and Hyundai.

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

  • Initial arrangements for meetings with Korean companies need to be at least four weeks in advance. Securing meetings at short notice can be difficult. Introductions are a vital part of doing business in Korea. When meeting a Korean businessperson for the first time, it is best to be introduced by a trusted third party rather than introducing yourself directly.
  • Korean companies tend to be price-sensitive, so be prepared to face challenging price negotiations.
  • A world-class technology, product or service innovation with a clear value proposition has a higher chance to win business in Korea, given the high level of industry development in such sectors as electronics, chemicals, digital technology, automotive etc. It is very helpful to have a list of well-known, major companies as your reference customers.
  • Korean partners expect Irish exporters to commit to staying the course over a long timeline in order to penetrate the market and lengthy sales cycles in Korea. A short-term sales approach is often viewed as not committing to the market and being too opportunistic.
  • Korean business culture is highly relationship-based, and therefore it is strongly recommended to travel regularly initially to build relationships with in-market partners and customers, and ultimately to have in-market representation as the business grows.
  • It is usually required to have the ability to deal with demanding technical and customer servicing requirements.
  • The EU-South Korea FTA was ratified in 2015 and has been in effect since then, eliminating most custom duties on imported goods from the EU, including industrial and agricultural products.
  • Korea has well-entrenched domestic and international competitors and new entrants will need to research the market thoroughly to identify opportunities. Products need to be competitive against Korea’s high-technological standards to be successful.
  • Large conglomerates, often composed of multiple subsidiaries and affiliates, contribute disproportionately highly to Korean GDP and they have dominant market positions in many key sectors. This makes it challenging for Irish exporters to directly compete. Instead, a market entrant can prosper by targeting a niche area that is too specialised for the large companies to enter.
  • Working with Korean conglomerates such as Samsung, LG, Hyundai and SK, can also serve as a platform to the wider Asian markets and beyond, given those companies’ global market share in key sectors such as mobile phone, 5G, shipbuilding, automotive, chemicals and more.

 

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

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

For more, download our Going Global Guide

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

Webinar – Opportunities in Human Pharma

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Enterprise Ireland has undertaken an extensive study in the Human Pharma space across four markets; France/Belgium/UK/Switzerland.

The findings form the basis of our webinar ‘Opportunites in Human Pharma’ which provides an overview of the sector with key insights from industry experts on the the latest trends and opportunities to help inform Irish companies looking to grow in this space.

Chaired by Deirdre Glenn, Enterprise Ireland’s head of life sciences with insights from:

• Suzanne Coles, CEO & Founder of Tech Novia Solutions

• Enca Martin-Rendon Phd, Senior Consultant Baehl Innovation

• Jeanne Françoise, Founder of Williamson Biotech Solutions

Enterprise Ireland’s top tips for entering the Vietnamese market

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Vietnam is a rapidly developing economy of 97 million people; it is making strides into the international marketplace and is one of the only two countries in 10-member ASEAN region to have signed and implemented a Free Trade Agreement with the EU.

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

  • Flexibility to visit the market as face-to-face meetings are highly recommended. It is extremely difficult to conduct business virtually as business is primarily done over a handshake, having coffee or dinner.
  • Negotiations in Vietnam’s business setting are time-consuming: things take time and require patience. You will need to go through several business meetings before inking a deal. Decisions are usually thought through carefully and every stakeholder is consulted before a decision is reached.
  • Relationship-based business culture. The relationship is key in Vietnam; one good connection can often go a very long way. Always invest time in building a good relationship based on both personal and business lines.
  • It is preferable to establish new business contacts via an introduction from Enterprise Ireland and subsequently set up a business meeting face-to-face. The Vietnamese prefer to do business with people that they know, and businesses are not likely to answer impromptu phone calls or emails.
  • Vietnamese businesses tend to favour tailored, flexible deals rather than firmly standardised arrangements as a way of showing a long-term commitment, so be prepared to navigate through the discussion process.
  • Regulations and laws – although the country is undergoing huge economic transformation, bureaucracy and lack of transparency of regulations remain common. Recurring theme: doing business in Vietnam requires patience. However, as Vietnam becomes more and more attractive to international businesses and FDIs, infrastructure has been put in place to ease such difficulties. Irish companies can expect further improvements in doing business in Vietnam.
  • Having a local partner – with all the above said, having a trustworthy local partner (whether a legal partner or business partner) is encouraged; it can save you a lot of headaches.
  • EU-Vietnam Free Trade Agreement has come into effect in August 2020. This has opened doors for Irish companies exporting to the country, particularly in the sector of Healthcare (Pharmaceuticals, Hospital Supplies) and Agricultural products with preferable tax exemptions.
  • Do note that Vietnam joined the global marketplace with the trade embargo lifted only in 1994. This means that Vietnamese businesses are very eager to learn about cutting edge software, technology and secrets to success from international firms.
  • Being a developing market means that there are many opportunities to tap into, with much less saturated sectors compared to developed countries. It is useful to do market intelligence to understand the market structure and identify competitors/already-established giants in the market beforehand.

 

Enterprise Ireland is committed to helping Irish firms succeed in global markets and have industry experts on hand, ready to help you access the Vietnamese market. Our Market Advisors are always available to support you and provide business expertise and on-the-ground knowledge.

For more, download our Going Global Guide

 

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

Enterprise Ireland’s top tips for entering the Swiss market

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The Swiss market is attractive to Irish exporters for numerous reasons, including its high purchasing power and good payment habits.

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

  • Expect 18-24 months timeline for market penetration in this region
  • Familiarise yourself with the various cultures and languages in Switzerland. With some regions speaking either German, French or Italian. The business culture and etiquette also differs between said regions, which should influence your approach.
  • Speaking English is usually not a problem for the Swiss, however, having technical materials available in the local language is very important.
  • Switzerland is a federal country of 26 cantons. Legal regulations, taxes and other differences may occur between different states and this must be accounted for when planning business there.
  • The Swiss are early adopters of innovative products and services. However, expect to be thoroughly vetted and asked to provide proof of any claims you make.
  • Switzerland is not an EU-member but very closely aligned with the EU. It also has it’s own currency, the Swiss franc, which will have an exchange rate against the euro.
  • The Swiss are long-term planners and as such a commitment to the market goes a long way. This may be in the form of a local GmbH entity, a .ch web address available in local languages or regular attendance at trade fairs in your sector of interest.
  • Switzerland is a very-high income country, known for its quality of exports and as such are more likely to choose high-price and sophisticated suppliers as opposed to the cheapest.
  • Switzerland is home to many multinationals’ European Headquarters, particularly in the Life Sciences and Banking sectors.
  • Many Irish firms are already active in Switzerland thanks to EI assistance, contact the local Manager who will be delighted to guide you in entering the Swiss market.

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

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

For more, download our Going Global Guide

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

Enterprise Ireland’s top tips for entering the Canadian market

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Canada is the tenth-largest economy in the world and Ireland’s 7th biggest trade partner outside the EU

If you are considering doing business in Canada, please be sure to reach out to our team in Toronto.

  • Canada is the 2nd largest country in the world with 10 Provinces and 3 Territories – companies approaching the market often have to think region by region in sourcing distribution, identifying partners, winning customers and setting-up beachhead sales operations.
  • Canada is officially a bilingual country which means many products and services must offer English and French to participate in procurement or Request for Proposal processes – for example, there are strict bilingual labelling requirements across Canada and which are not just confined to French-speaking Quebec.
  • While Canada is often seen as an excellent proving ground and valuable reference site for the wider North America market, it is crucial to display knowledge and responsiveness to the distinct needs of Canadian customers, local regulatory requirements and differences in business practice, something which applies to the complex, multi-stakeholder buying processes we see in the Healthcare and Telco sectors.
  • The Comprehensive Economic and Trade Agreement (CETA) is a trade deal between Canada and the EU which reduces friction for Irish companies doing business in Canada – 99% of tariffs no longer apply for physical goods which is a real cost saving for the apparel, engineering and construction sectors among others.
  • Canadians prefer to work with a company that has already established a presence in the market. The importance of demonstrating local presence can be an important way to gain trust and to reassure potential customers of the availability of your on-going support. Canada is a welcoming country when it comes to entrepreneurs, investors, and talent, including from Ireland, and is, as a result, attracting significant business to tech hubs such as Toronto, Montreal, Vancouver and Calgary.

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

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

For more, download our Going Global Guide

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

Enterprise Ireland’s top tips for entering the Japanese market

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The Japanese market is a rewarding one for products and services, with ample opportunities for export-ready Irish firms.

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

 

  • Japan is open to world-class innovation and technology from Irish companies that have a clear and validated market fit for Japan.
  • The starting point for Japan is good market research, which if positive, can be further validated by visiting or having representation on the ground.
  • Irish companies that can offer innovative niche solutions coupled with a very customised and committed approach tend to succeed.
  • Digital, Fintech/Financial Services, Life Sciences, Renewable Energy and Industrial Applications are broad areas with growth potential.
  • A high level of patient care combined with the growing elderly population makes Japan an attractive end-market for medical device companies particularly those with strong diagnostic or finished device offerings.
  • Major policy changes in Japan’s financial sector, along with the heretofore strong growth in inbound tourism, has opened doors for Irish Fintech payment companies.
  • A push towards renewable energy sources along with the Japanese Government’s Feed-In Tariff (FIT) scheme, provides opportunities for innovative offerings in the energy sector.
  • Business decisions in Japan generally take much longer than Irish businesspeople are used to.
  • It is important to visit Japan regularly in the initial stages to build an understanding of the market.
  • Depending on the nature of the business, aiming for in-market representation in the longer-term tends to be a key success fact.
  • Japan is a demanding market for Irish exporters but one that offers the twin rewards of market scale and customer loyalty.

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

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

For more, download our going global guide

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

UK financial services buildings in London, England

UK financial services: A lucrative market for Irish companies looking for growth

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Consumers and companies are still coming to terms with the new restrictions, rules and regulations in the post-Brexit world. The added disruption of the Covid-19 pandemic added even more change into Ireland’s economic relationship with the UK.

Slowly, things are beginning to settle down. We can see more clearly how our relationship with our most important trading partner has altered since their withdrawal from the EU.

One industry that has attracted many headlines is financial services, especially in London, which has long been seen as one of the most important financial hubs in the world.

 

Overview of the UK financial services market

In the run-up to Brexit, there was much talk of London losing its dominance in financial services as Brexit played out, but this has certainly not been the case.

Covid-19 had little effect on the sector too. A 3% reduction in output, 2% of eligible staff furloughed – is negligible when compared to other industries such as hospitality.

The UK remains one of the biggest financial services markets in the sector globally, and there are many exciting opportunities there for ambitious Irish companies.

 

Areas of opportunity in the UK financial services market

“One of the biggest areas of opportunity is in technology, as the financial services industry in the UK is undergoing a rapid and wide-ranging modernisation cycle,” explains Jack Finucane Clarke, Senior Market Advisor, UK Financial Services/Fintech.

“This is partly driven by the pandemic as companies grapple with remote working, retaining or attracting good staff and partly driven by exponential operability offered by AI, natural language processing and API connections.

“This is great news for Ireland, as we have a strong reputation for innovative technology solutions, especially in fintech and cybersecurity.”

“The UK financial services industry is looking for a wide range of technology solutions including HR technology, compliance and regtech, payments, bionic underwriting in insurance, process optimisation and especially technology that can open up new revenue streams.”

“Insurance is a sector that is really starting to embrace digitalisation. With more MGAs coming to the market that are entirely technology-based, there are plenty of opportunities.”

“Irish companies – such as CodeEast, who recently announced a partnership with WTW and Unitek, an early-stage company based out of Malahide – are getting lucrative deals in the space. The reputation of Irish insurtech is growing in the city, and we hope to see more entrepreneurs developing scalable solutions in the future.”

The growing influence of technology in financial services can be seen in the make-up of financial services boards of management. Previously, these boards were dominated by accountants, lawyers and bankers. Now, there is strong representation from experts in technology, often coming from other industries.

“This gives a strong indication of the way in which the industry is going,” says Jack.

“Technology companies should always be careful to focus on the ‘fin’ rather than the ‘tech’ to ensure the solutions are suitable for financial services.”

 

Remote working in the UK financial services market

According to Jack, remote working in the industry has also produced plenty of opportunity for Irish companies.

“While remote working, project managing remotely, and communicating and selling remotely were considered ‘nice to haves’ before the Covid-19 pandemic, it’s now becoming clear that they are here to stay and are now considered essential to compete within the industry and to attract talent.”

“At Enterprise Ireland, we are working with financial services clients on adjusting their products and processes to suit remote selling.”

This is still an area with plenty of opportunities for Irish companies with innovative solutions.

 

Sustainability in the UK financial services market

“Sustainability is also an important area for innovation,” Jack continues. “The market is ripe with opportunities for Irish businesses to take advantage of this development.”

At a number of recent events in the UK, Enterprise Ireland executives noted that this is a consistent topic of conversation among the most senior personnel in the industry.

“There is clearly a strong and increasingly urgent need for solutions in the areas of sustainability and environmental, social and corporate governance.”

 

Entering the UK financial services market

A growing trend – and one that underlines once again the growing importance of the market for Irish companies – is the move by some Irish companies to set up a presence in the UK.

This is generally done either to be regulated in the market or to keep a close proximity to their buyers. Most recently, Global Shares and CurrencyFair have established offices in the UK.

 

Contact Enterprise Ireland’s Jack Finucane Clarke to learn more about the opportunities for Irish companies in the UK financial services market.

John Teeling

Storyworlds Podcast #1 – Teelings Whiskey

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JohnTeeling_Podcast_SC

In a new podcast series, Storyworlds explores the inner life of Irish food and beverage as it goes global.

In our first episode, storyteller James McCabe talks to whiskey innovator and lifelong entrepreneur John Teeling, founder of the Coolea Distillery, the Kilbeggan Distillery and the Great Northern Distillery, about the tribulations and triumphs of restarting Irish whiskey as a truly global enterprise.

Practically single-handedly, John strove successfully over decades to restart the global success of a diverse whiskey industry – after the early world lead had been lost to sluggish innovation uptake and the Scottish contingent.

John and James dive deep into the backstory of a unique world beverage and, in the process, discuss enterprise in crisis times and how Ireland might not only host the world economy, but help it reinvent itself.

Industry Bulletin – Agritech & Machinery Dealership view

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Reporting from across world markets, Enterprise Ireland’s Agritech Market Advisors have compiled this buyer sentiment update consisting of case studies from importers, distributors and leading dealerships of agricultural equipment.

As part of our Market Watch series, we have interviewed 23 companies to provide first-hand updates of the situation on the ground in key regions across the world.

Read the full report.

Evolve UK Podcast – Aerospace and Aviation

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Enterprise Ireland’s Evolve UK podcast series shares market insights to help Irish businesses identify opportunities across the UK.

Senior Market Advisor Sean Long speaks with Gerry Reynolds, MD, Takumi Precision Engineering and Chairman of Emerald Aero Group about the Irish Aerospace Sector and the challenges and opportunities it presents to Irish suppliers.

German Healthcare System: Telekom Healthcare Cloud

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The German healthcare market is the largest in Europe offering a wide range of opportunities for Irish medtech and e-health businesses.

This Enterprise Ireland webinar discusses the importance of using a reliable cloud provider when providing business services to the German Healthcare System.

Watch the webinar to hear insights from Alexander Gerlach,  Telekom Healthcare Solutions on:

  • Why businesses should use a trusted cloud provider in the German healthcare sector?

  • What makes the German market so unique?

  • Open Telekom Cloud: Public LaaS for European Enterprises

  • Importance of Data protection and compliance – Certifications