graph with export data

Using market intelligence to inform your export plan

/0 Comments/in , , , , , , , , , , , , , , , , , , , , , , , /by

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

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

 

Market Research Centre

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

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

 

Using market intelligence to assess new markets

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

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

 

Using insights to make an impact

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

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

Growing your business

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

Contact the Market Research Centre today.

Key questions to ask at your Singaporean Market Advisor meeting

/0 Comments/in , , , , , , , , , /by

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

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

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

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

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

Doing Business in Mexico: Free Trade Agreement Webinar Series

/0 Comments/in , /by

With duty-free trade on most goods and a simplification of the customs procedures, the latest 2018 EU-Mexico trade agreement has improved the already positive and prosperous relationship between Ireland and […]

Read more

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

/0 Comments/in , , , , , , , , , /by

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

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

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

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

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

For more, download our Going Global Guide. 

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

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

/0 Comments/in , , , , , , , , , /by

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

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

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

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

Communication is key

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

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

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

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

Adapting your business

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

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

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

Preparing for the future

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

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

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

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

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

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

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

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

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

/0 Comments/in , , , , , , , , , /by

 

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

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

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

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

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

Sweden

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

Denmark

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

Norway

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

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

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

/0 Comments/in , , , , , , , , , /by

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

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

Set up a call with our team in Brussels today

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

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

fintech

Mexican market ripe for Irish fintech firms seeking to expand

/0 Comments/in , , , , , /by

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

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

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

 

Lending and payments lead the way

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

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

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

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

 

Irish businesses soaring in Mexico

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

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

 

A growing market for fintech

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

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

 

Understanding market challenges

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

 

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

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

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

 

Building lasting relationships

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

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

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

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

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

 

Enterprise Ireland’s top tips for entering the German market

/0 Comments/in , , , , , , , , , /by

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

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

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

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

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

    For more, download our Going Global Guide 

     

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

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

    Using market intelligence to inform your export plan

    /0 Comments/in , , , , , , , , , , , , , , , , , , , , , , , /by

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

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

     

    Market Research Centre

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

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

     

    Using market intelligence to assess new markets

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

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

     

    Using insights to make an impact

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

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

     

    Growing your business using market intelligence

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

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

    Contact the Market Research Centre today.

    Life Scientific: Partnerships powering success in a highly-regulated sector

    /0 Comments/in , , , , , , , , , /by

    The story of Life Scientific is one of perseverance in a complex industry, ingenious methods to prove a novel concept, and a leader with the utmost respect for the process and the people involved.

    Nicola Mitchell is the founder and CEO of Life Scientific: a company that develops high-quality, off-patent crop protection products, giving farmers a speedier, cost-effective option.

    We spoke with her shortly after she was announced as an EY Entrepreneur of the Year finalist to learn about the woman at the helm, the remarkable story of Life Scientific, and how Enterprise Ireland supports helped the company along the way.

    “Samantha Power is actually my first cousin,” Mitchell says as she describes the strong women in her family as her major influences. “Samantha’s mother really influenced me when I was younger. She went to the States, and was the first woman in Ireland to get a high court ruling that she was allowed to bring her children with her.” Vera Delaney, the Irish-American academic, author and Democratic Party member’s mother was a nephrologist who, after tenaciously climbing the ranks in a male-dominated sector during the 1970’s and 1980’s, refused a top job in a Manhattan hospital because it would mean giving up the face time she had with her patients. Mitchell cites this integrity as powerfully influencing decisions she made throughout her career.

    She credits her collegiate and later employment choices to her father, whose footsteps she followed by studying chemistry. He cautioned her not to accept a post in a large multinational corporation, but instead get a job in which she could learn and eventually build her own business. “In Ireland, for chemists, it’s all about multinationals, you’re doing manufacturing but have no sight of warranty or business aspects; you don’t do global stuff.” Her father had been what she describes as ‘a cog in a wheel’ in large multinationals, and Mitchell decided that she didn’t want to miss out on being global. “Why can’t we build a multinational in Ireland where we get to be global, where we get to do the R&D, where we get to build the brands?” With Life Scientific, Mitchell would go on to disrupt the regulatory landscape for off-patent agrochemicals from the unique R&D base she had built in Ireland.

    After spending 10 years working in a generic agrochemical manufacturing company, absorbing everything she could, Mitchell set her sights on starting her business, knowing that it needed to manufacture something of true value. “I started Life Scientific in 1995 and from the get-go knew it couldn’t be a service business. If you really want to be big, you have to have products, that’s how you’ll scale, that’s how you’ll be exponential.”

    Building a company with an expert offering

    Two decades of learning the tricks of the trade from leading multinationals allowed Life Scientific to pinpoint precisely where it was strong, and where it could add the most value. “We knew that if we’d built the capability around regulation — a new field at the time — we could not just understand it, but know more than anyone else about a very complex, strategic area of the industry.”

    Mitchell was always drawn to complexity. It’s what led her to challenge her team to reverse engineer the Coca-Cola recipe; to prove that they could not only take apart and recreate it but that they could take a fresh view with their product offering. In proving the point, they showed that they could offer farmers an identical product at a lower cost, and get it to them sooner being first to market.

    Mitchell is quick to point out that it wasn’t just about capability; it was also about humility. “There’s a phenomenal level of innovation and professionalism in our industry, and it’s a privilege to be in it. So why would we think we could do anything better than the multinationals?”

    Changing the rule book

    Challenging the status quo meant more than having an impressive story to tell, it meant calling for the rules of the game to be changed, rules that to date, had been largely written by and for the big multinationals. The world is new; we have capabilities here we didn’t have before. We have an LC-MS [liquid chromatography-mass spectrometry] system that wouldn’t fit a room when I was growing up, that was almost prohibitive for a multinational or a university to have. Now, they sit on benchtops, and we can’t keep up with the capability. We had to take a fresh view.”

    With a value proposition that was impossible to contest, doors that were to-date slammed shut began to open. The multinationals could no longer deny the science or the methods, and the business side of things started to make sense. “They could see we were much more nimble, flexible, fast, and entrepreneurial. So we’ve got some very good contracts, and that allowed me to pivot the model.”

    Yet even with new contracts in place, Life Scientific felt the squeeze from the regulators. With the weight of a global brand and status behind them, the multinationals would attempt to get Life Scientific’s products withdrawn. “Multinationals are very clever, and they don’t want us really, we’re competitors.”

    With an identical product and a transparent business came a sort of freedom; an ability to operate by different rules. “Regulatory submissions are complex. Knowing how to communicate, giving them a sense of who you are, your integrity, that you want the best, that you believe in your role as being a competitive choice for the farmer. So we thought if we put in the identical product, they don’t have to do any evaluation. If we can get them to accept an identical item molecularly, aren’t we simplifying things?”

    Life Scientific ended its beginnings as a contract research organisation, offering services in product development and regulation, becoming an independent product company. “We got our first product authorised in France in 2012 and have gone from €2 million in revenue to €60 million today.”

    Not the average day-to-day

    Mitchell is proud of her EY Entrepreneur of the Year nomination and hopes that in entering the competition, she can raise the profile of Life Scientific and the innovative science they have developed.

    During these turbulent times, the company is lucky to be mostly unaffected by COVID-19. They are operating in a space with one selling season, and thankfully, that had come and gone by the time the pandemic hit. Mitchell tells us that it has given companies like Life Scientific the opportunity to be appreciated once again. “The link between science and nutritious, sustainable food got lost. But now it’s becoming valued again.” But she feels that culturally, the company is suffering and will continue to suffer until they can operate together again. “Normally, I just look at somebody, and we have 10 ideas. Now I can’t see them, and for the new people coming in, who would normally absorb the energy and mimic what they’re seeing, that’s gone.”

    Partnering for a successful future

    Mitchell continues to look confidently towards the future. Her focus is on nurturing close relationships with company partners: the customers, suppliers and regulators with whom she speaks daily. Keeping these relationships blooming allows her to set and realise big goals, work with the best, move fast and scale.

    “In the next five years, we’ll be at €250 million. We’ll be building capability, relationships and new markets. It’s quite a visible roadmap.”

    Life Scientific will build important relationships in the area of big distribution to open up new markets; specifically, North and South America, though with different strategic approaches.

    “We work with the best which will allow us to realise South America, which is rapidly growing and hugely exciting for us.”

    For distribution companies in the already-established North American region, Life Scientific is offering the technology and putting the choice of operating or failing in the distributor’s hands. “We’re offering mirror images of the multinationals’ latest and greatest products to do with them what they will, working on their side to empower them in the face of big multinational suppliers.”

    Supported by Enterprise Ireland at each step

    Along the road to success, Mitchell says that the support she received from EI has been indispensable. “They gave us our first R&D grant, they’ve helped us and believed in us since 2006.”

    As well as financial grants, Mitchell took part in EI’s Leadership 4 Growth Programme and International Selling Programme, which she says equipped her with the knowledge she needed at the time. “The programmes have been hugely influential, connecting with people who are at the top of their game can set you upright.”

    Currently, as well as working towards adopting Enterprise Ireland’s Agile Lean approach, Mitchell is thinking about what winning the EY Entrepreneur of the Year award would mean. She tells us that it would provide visibility for Life Scientific and for anyone like her who had no expectations at a young age. “I’d be an ambassador for girls like I was: if you see it, you can be it.”

    Click here to watch the opening of Enterprise Ireland’s International Markets Week 2020, featuring Nicola Mitchell.