Why patents will help Neurent Medical crack the US market

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Innovation runs through Irish medtech firms like writing in a stick of rock. It’s in their DNA.

Innovation creates disruption, market advantage and growth – but unless firms take steps to protect the fruits of their R&D, their intellectual property (IP) is vulnerable – and so, too, the advantages it creates.

If you are a small, VC funded, medical device company with disruptive technology that will unlock a US $2 billion market opportunity, an IP strategy from the get-go is almost as important as the product itself.

 

Neurent Medical recognised need for IP strategy from the start

Neurent Medical, a Galway-based medtech start-up, is developing a novel office-based device solution for the acute allergic and chronic conditions of rhinitis. It is a market currently served by vested pharmaceutical solutions or lengthy and costly surgical intervention.

“With the size of the market that we have and how disruptive our technology is, we’re anticipating fast followers will emerge and try to move into our space,” says David Townley, Neurent Medical’s co-founder and CTO.

“In our case, It isn’t just traditional medical devices that we’re disrupting; there is also a disruptive pharma interest. So, because of that we’ve gone a little deeper into IP strategy and IP establishment than other medical device companies at the same stage of development, because we have a pretty significant market to address.”

The firm is aiming to address the tension that arises between its IP strategy and its market strategy, while at the same time working on what to patent – and when. Not only that but it also has to determine how long to keep its R&D protected internally as a trade secret and when to roll it out to file patents.

Maintaining a trade secret may give a technological competitive edge but a firm risks having its future market landscape inhibited by a rival showing up who patents in the area first, said Townley.

 

The race for first to file

It is particularly relevant for Neurent Medical because their target launch market, the US, has changed its patent designation from first to invent to first to file, effectively creating a race.

“Historically we were all religious about our lab notebooks and documenting our ideas and our inventions. Signing, dating, countersigning, and so forth. It showed we had a definitive point of proof of origin and date of establishment,” said Townley.

“So when filing a patent, this record keeping was useful in demonstrating inventive origin; It was all about who was first to invent and first to invent used to win.

“But in the last couple of years, the US PTO has converted their approach and transitioned to a first-to-file provision – so now it’s a race to the patent office and whoever gets there first wins, even if you came up with an idea first.”

This has spawned a culture of patent trolling as firms attempt to file and fill areas with patents, many without merit, but costly to unpick for an SME with a genuine innovation.

“It can be double edged because what the first-to-file provision has done is provide absolute clarity on what the disclosures are and simultaneously has established a sense of urgency to file because previously, if you were first to invent you could log and continue developing your innovation internally until it was robust. Then once it’s at a point of readiness you go to the USPTO. Now, because of the first-to-file provision, there’s a higher sense of urgency in getting your content into the USPTO, which creates genuine pressure, particularly for SMEs to file quickly” said Townley.

 

Aligning market strategy with IP strategy

This creates an even greater necessity to correctly align a firm’s market strategy with its IP strategy, he added.

This is why Townley and the senior management team at Neurent spent a serious amount of time and money at the very start of the company’s journey sourcing the best patent attorney advice for their firm. It led them to California and to one of the world’s leading medical device incubators, The Foundry, where they asked them the simple question: Who do YOU use?

“We knew we were novel and had created a world-leading technology and wanted the best attorneys reviewing our IP strategy and working with us on our positioning. When one of the biggest incubators in the world says this is their go-to guy, then it makes sense. An early robust review is important; there are a lot of dangers out there,” said Townley.

Getting the advice and using Enterprise Ireland’s IP Start programme has seen the firm develop a patent strategy that deals in multiple patent clusters that weave together to establish a robust portfolio, according to Townley, which offers greater protection in the market area.

“Our IP strategy is of fundamental strategic importance to us because it enables us to knit and grow our core technologies, R&D, and marketing with our commercial strategy and informs how we develop, deepen and expand our target markets,” he added.

It has helped Neurent Medical grow and develop its roadmap and its latest round of funding raised €9.3 million, led by Fountain Healthcare Partners; including funds from Enterprise Ireland, which Townley in part attributes to having a sound IP strategy in place.

“It’s absolutely fundamental. In fact, what you’ll see from the medtech investment community is that a poor IP strategy or a poor IP position; is simply a hard stop. Although it’s difficult to raise investment exclusively off the back of IP; it’s almost impossible to raise anything without it. That’s how critical this is.”

 

Read how Enterprise Ireland can support your R&D ambitions with our range of Innovation supports.

Agile support allows LaserTec KnightOwl to take flight

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Basil Cooney, Lasertec

“We made the application for the Agile fund in early December of 2017, we got approved by early January and we were up and running in February.”

Basil Cooney, Managing Director and Founder, LaserTec.

Key Takeouts:

  • Developing 3D technology meant breaking new ground for LaserTec and required a considerable amount of R&D. LaserTec contacted Enterprise Ireland about support for an R&D project around their plans and were advised to apply for the Agile Innovation Fund.
  • The Agile Innovation Fund application process made it much easier and quicker to configure what LaserTec needed and to get approval in a short time frame.
  • The new product has given LaserTec the ability to scale and solve multiple problems across multiple industries.

Case Study: LaserTec

LaserTec has always fostered a culture of innovation. Over 25 years in business, the Dublin engineering company has built an impressive reputation for excellence in electronic assembly tooling and process development. In particular, LaserTec has enjoyed outstanding success designing and manufacturing innovative test and automation solutions in the medical device and automotive industries.

Sometimes, however, it takes that little bit of extra support for a company to take the next big step. For LaserTec, that moment came when they decided to look into adding 3D capability to their services.

 

Focus on 3D gave LaserTec the power to scale

Basil Cooney, Managing Director and Founder of LaserTec, explains: “We use 2D vision in our applications for testing and quality checking components and parts on the production lines of our customers, but we wanted to start looking at adding that extra dimension of 3D capability.

“With 2D systems, you’re restricted in what you can measure – there’s X and Y but there’s no depth, so checking that certain components are in the right location, have the correct orientation, correct height is difficult to do. Also, our solutions are application-specific, so if you want to look at a different product or solve a different problem, you’re almost starting from scratch nearly every time because of the limitations of 2D.

“Scanning in 3D, having that extra dimension of depth, might not sound like that big a difference but it’s huge. It can measure depth and do different applications for you without having to devise a new solution for each process.”

 

Agile Innovation Fund helped LaserTec to break new ground

LaserTecHowever, developing 3D technology would mean breaking new ground for LaserTec and would require a considerable amount of R&D.

“We spent a year and a half just researching and looking at the different applications and the types of technology involved before we were able to say it’s possible for us to bring these applications across to our processes,” Basil says.

LaserTec decided that they would need to develop both hardware and software: a 3D sensor that could be incorporated into manufacturing production lines, and an app for mobile devices that could process and relay the information from the sensor.

This would mean a considerable investment, so LaserTec contacted Enterprise Ireland about support for an R&D project around their plans and were advised to apply for the Agile Innovation Fund.

The Agile Innovation Fund offers up to 50% funding to a maximum of €150,000 in grant aid for projects with a total cost of up to €300,000. Designed to make it easier and quicker for smaller companies to access R&D funding, Agile has a fast turnaround time for applications that results in decisions being made in weeks rather than months.

 

From application to project launch in two months

“We made the application for the Agile Fund in early December of 2017, we got approved by early January and we were up and running in February. The application process made it much easier and quicker to configure what we wanted to get done and get approval in a short time frame.” Basil says.

 

“We received €90,000 – 45% funding for our project. It allowed us to go and hire resources, additional staff, to develop the product. We wouldn’t have been able to do that without Agile”

Basil Cooney, Managing Director and Founder, LaserTec

 

Developing the power to scale

John Traynor, R&D Director at LaserTec, says that the goal for LaserTec is for the company to develop a product which, for the first time, can be scaled.

“Technically, we’re very good at LaserTec but our problem was that we were doing a lot of custom solutions that couldn’t be scaled easily. There was a lot of commonality but not enough that you could really scale them.

“Now we’re designing a product for a wider audience, one that can be used for many applications across a number of industries. Instead of developing a product to solve a specific problem for a customer, we will be putting intelligence into their machines and production processes with this technology, so that it can solve multiple problems across multiple industries.”

“You’ll have the 3D sensor and you’ll use the app to tell it what to look for, and it will do just that. But that same sensor and same software algorithm can then be used very differently to scan, measure and provide guidance on a variety of other parts.

The next step for LaserTec is to start testing their new technology, named KnightOwl 3D, with customers.

John adds: “We’ve identified the market, done the research and have been developing the technology. The next stage will be to prove the technology, to engage with customers and get good insight into what their problems are and how we can solve those problems.

“You can sit in an R&D lab until the cows come home but unless you’re out there talking with customers, you’re not really getting real insight into the problems they’re facing.”

After 25 years, the desire to innovate and solve problems still burns brightly at LaserTec.

 

Learn how the Agile Innovation Fund can support your R&D ambitions.

Firefly puts best foot forward with Agile R&D funding

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“Without the Agile Innovation Fund, we just wouldn’t have had the capital to get the ball rolling on our R&D project. The funding has been central to streamlining our in-house processes and developing the app.”

Conor Lynch, Marketing and Sales Lead, Firefly Orthoses

Key Takeouts:

  • Firefly needed to streamline in-house processes and systems and invest in the development of new technology that would increase the speed and range of products they could supply.
  • Firefly recognised that support could help improve efficiencies and turnaround times by digitizing processes with the development of a bespoke solution.
  • Support from Enterprise Ireland’s Agile Innovation Fund is helping Firefly to reduce its reliance on third-party contract manufacturers, allowing the company to grow their margins while delivering faster turnaround times to customers.

Case Study: Firefly Orthoses

While success is what all companies strive for, it can also present challenges for a growing business. That was the case for Sligo company Firefly Orthoses, who, after 16 years had grown to employ over 20 people, designing, manufacturing and supplying custom-made foot orthoses. Its range of mostly UK customers included podiatrists, the NHS, sports clubs such as Liverpool FC and Chelsea FC, and British military Regional Rehabilitation Units.

Firefly was founded by podiatrist Martin McGeough in 2003. Martin has close to 30 years’ experience in clinical biomechanics and orthotic therapy. During his career, he has provided podiatric advice to a number of Premier League football teams, in addition to lecturing in podiatry at Trinity College Dublin and mentoring podiatrists internationally.

Firefly needed to invest time and resources to improve their internal ordering processes. The company also wanted to develop new technology that would increase the speed and range of products they could supply.

 

Agile innovation allowed Firefly Orthoses to leverage the potential of 3D printing technology

Conor Lynch, Marketing and Sales Lead at Firefly Orthoses, explains: “The company had grown since it was founded around 2007 and we were solving in-house problems as they came along. We had a lot of short-term fixes building on top of one another. Our in-house order processing system was becoming quite complicated and we were working off multiple spreadsheets to record and document all our order processes. As staff numbers increased, these systems became almost unmanageable, so we needed a software solution to streamline all our in-house processes and systems.

“We also wanted to harness the development of 3D printing technology for our customers, including creating an iPad app for our podiatrist customers to make it easier for them to scan and submit measurements and order products.

“Currently, our customers capture their patient’s data, the shape of the foot, by creating a plaster of Paris cast or using a foam box. The podiatrist would then send the cast of the patient’s foot or the foam box with the impression of the foot and we would manufacture the products from that model.

“Our products are already an exact match for the anatomy of each client, but there is tremendous scope for improving efficiencies and turnaround times by digitizing the whole process. We knew there were solutions out there and we also knew that we needed to research and develop a bespoke solution for our own needs.”

 

Support from Enterprise Ireland’s Agile Innovation Fund

Firefly looked at various grant schemes from different organisations before deciding to apply to Enterprise Ireland’s Agile Innovation Fund for support for their R&D programme in January 2018.

The Agile Innovation Fund offers up to 50% funding to a maximum of €150,000 in grant aid for projects with a total cost of up to €300,000. Firefly was approved for 45% funding shortly after applying in January 2018. However, the quick turnaround of their application wasn’t they only advantage of Agile.

“Enterprise Ireland was able to tell us what was and wasn’t going to work in terms of the criteria for funding the project,” Conor explains. “We knew what we wanted to achieve, we knew what goals we wanted to arrive at, but we weren’t quite sure of the steps that we needed to take to get there, so having that support during the application process was really helpful.

“Agile gave us a huge amount of control over how we wanted to spend the grant. We were able to hire a software developer and a research and development manager to lead the project. It made the pathway towards achieving our goals much clearer.

Firefly is now beta testing their app and 3D printing prototypes. The final step will be bringing their products to full 3D printer manufacturing and the company is in discussions with large industrial 3D printing operations throughout Europe to find the most suitable partner.

Firefly’s customer base is 90% in the UK and 7% in Ireland, with the remainder being occasional orders from places like Sweden or Spain. However, many of Firefly’s products have an extended turnaround time because they come from third-party contract manufacturers in Canada and the US. Conor says that this will change by moving to 3D printing, with significant benefits for both Firefly and its customers.

He comments: “Agile funding is helping us achieve the goal of producing our own products and reducing our reliance on third-party contract manufacturers. This will allow us to grow our margins, while our customers will benefit from faster turnaround times. Before the end of the year we would hope to be printing products for customers

“Over time, we also intend to develop novel design features within our product range that are not currently achievable using traditional manufacturing processes.

“Without the Agile Innovation Fund, we just wouldn’t have had the capital to get the ball rolling on our R&D project. The funding has been central to streamlining our in-house processes and developing the app.”

 

Learn how the Agile Innovation Fund can support your R&D ambitions.

Pestle & Mortar CEO Sonia Deasy

Read how Irish skincare company Pestle & Mortar is perfecting sales around the world

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Kildare woman Sonia Deasy and her husband Padraic have always had global ambition in business. Unfortunately, their first enterprise, a highly successful photographic studio, couldn’t deliver it.

“No matter how much we did, we knew we couldn’t scale it,” says Sonia.

Photography did, however, provide the inspiration for a business that could scale. In 2010, while attending a trade conference in the US, Sonia watched other photographers at work.

“We were always photographing normal people but at these events, other photographers were photographing models and they’d bring along make-up artists. I’d see them prepping their skin before the shoot. I noticed that a lot of models don’t have good skin. They’re up late and work really long hours.”

The make-up artists were using a product that seemed to have a transformative effect.  On further investigation, she discovered it contained a super ingredient, hyaluronic acid.

Though HA is common now, at the time it was almost unknown in Ireland. Where it was available, it cost hundreds of euro.

Deasy reckoned there was enough of a gap in the market to make it worth her while to develop her own product, initially working with a laboratory in Taiwan, a contact she got through her brother.Pestle & Mortar product range

After three years in development, in 2014 she had a product ready to bring to market. She called the brand Pestle & Mortar, a nod to her heritage. Deasy’s parents are Indian and a family member was a ‘medicine man’, whose work crushing herbs inspired the name. It also captured both the best of what is natural with the innovation of science.

She and Padraic built an e-commerce website for what would be, she fully expected, an online only business.

 

Pestle & Mortar goes global

An early slot on a TV magazine show resulted in immediate sales however and calls from Brown Thomas and Arnotts followed. A subsequent stand taken at a cosmetics trade show at the RDS sold out and attracted 120 more retail stockists nationwide.

But it was an appearance on US shopping channel QVC that provided the business with its biggest fillip. It was the channel’s first Irish skincare brand and Pestle & Mortar sold out in just seven minutes. “It was monumental,” she says.

That led to its first international retail order, to supply Bloomingdale’s throughout the US. Today, Deasy regularly appears on QVC in London, helping to grow UK sales too.

Pestle & Mortar HQ in KildareWith the help of Local Enterprise Office Kildare, the business took on new staff and, in 2017, the couple closed the photography studio completely to concentrate on Pestle & Mortar.

Within 18 months, it had launched a second product. Today, it has an entire range, some of which were developed and manufactured in Germany but most of which are made in Ireland. “Because we are Irish-based, we felt we should have products that are made in Ireland and which use Irish ingredients. We are very proud of that,” she says.

Pestle & Mortar was the overall winner of the LEO National Enterprise Awards in 2019 but by the time it received the award it had already attained Enterprise Ireland High Performance Start-Up status.

In 2018, the company had revenues of €3 million, which Deasy predicts will double by the end of 2019. Some 30% of its revenues are generated online, with the rest coming via distributors and wholesale customers worldwide.

With Enterprise Ireland’s help, Deasy spent much of 2018 and 2019 developing its international distributor networks. “My commercial team was out in Indonesia, Dubai and China,” says Deasy, who today employs 27 staff.

The business moved from its original base, a 1500 sq ft converted photographic studio, into a new 10,000 sq ft facility in Kildare, giving it space to grow. She invested €500,000 in the fit out alone, to create a showroom fit for a worldwide brand.

 

Get support for market discovery

“Ireland has just 4.5 million people, our ambition is to think global,” says Deasy, who retains public relations agencies in London and New York to support the brand in those markets. Every three months she travels to both to meet with bloggers and influencers. “It’s all personal, it’s all hands on,” she says.

Enterprise Ireland facilitates this. “We wanted to transition from the LEO to Enterprise Ireland as soon as possible because we knew we could really use Enterprise Ireland’s resources. Thanks to its Market Discovery Fund, my commercial team has been out to its China office six times, which provides us with both contacts and office space,” she says.

“Distribution is key for us and Enterprise Ireland’s team helps us with contacts. If you choose the wrong distributor it can ruin your business in a country and even worldwide. Enterprise Ireland’s offices became our eyes and ears on the ground.”

When Pestle & Mortar recently won a global beauty product award in Dubai, at a ceremony she couldn’t attend, “Enterprise Ireland staff collected our award for us”.

All of the support Enterprise Ireland provides helped to reinforce Deasy’s belief that she was doing the right things. “It confirms the fact that this is what you should be doing, you should be going global, and ‘we can help you do that’. That is the message you get from Enterprise Ireland.”

Today Pestle & Mortar retails in the US, UK, Sweden, Denmark, Thailand, Indonesia, Russia, Hong Kong and China, as well as the UAE. What’s more, “We’re only starting,” says Deasy, whose medium term plan is to grow turnover to €40 million.

From there, the sky’s the limit. That’s the beauty of a scalable business. “If you can get to €40 million you can get to €100 million. After that it’s just numbers.”

Learn how the Market Discovery Fund can support your diversification plans.

Hong Kong

How Irish companies can leverage fintech disruption in Asia Pacific

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Digital disruption in Asia Pacific offers opportunity for Irish fintechs. The Asia Pacific region is leading the way when it comes to the use of financial technology innovations. For Irish fintechs, opportunities abound, suggested Felimy Greene, former digital officer Asia and EMEA at Citi.

Social platforms are disrupting banking in Asia Pacific

Speaking about digital disruption in the world’s most dynamic region for Ambition Asia Pacific, a major conference organised by Enterprise Ireland, Greene described how social networking platforms are leading the charge when it comes to disrupting the banking sector in Asia.

Korean messaging application Kakao, which the average Korean person is using for 14 hours a month for daily communication, is a primary case in point, he said. In 2017, it launched a highly anticipated digital-only bank, which provided a “real shock to the banks in the country and an eye opener for the banks around the region,” he said. Within 24 hours of the launch of Kakaobank, a quarter of a million people had opened an account.  By the end of the first month, that number was three million. “All of it digitally without a single branch, and with a very novel and fun approach to the user experience,” said Green.

The trend in Asia is clear.

“Consumers love the super apps” such as WeChat, Grab, GoJek and Line, all of which started variously as social media messaging or ride sharing apps in the region but segued into payments, “and so do the investors that are financing them,” he said.

“These apps are going to have a huge impact on many industries, not just banking, across Asia and this model is something you can start to see being replicated in Europe and in the rest of the world.”

 

Paytech innovations in China

China is already home to what is “probably the scariest vision of the future possible for a banker,” he said, given how success platforms such as Alipay and WeChat are achieving in China, where they are already moving beyond payments into areas such as investments and insurance.

“It’s staggering to see what they’re doing, the ease with which they’re doing it and the efficiency – using custom-built cloud-based technology.”

Massive disruption around payments has already taken place across the region. Among the most prominent features to emerge is the use of QR codes and phone camera for payments, which allows many Asians to go through their entire day without ever needing cash, or indeed cards.

“This is turning some of the fundamentals of banking upside down,” he said, not least for bank branches that have become redundant right across Asia Pacific.

“The incumbent banks have a lot to do to optimise their footprint and get out of the business of physical business. In many cases, branches are only necessary for face-to-face meetings to open an account but regulators are now starting to move quite quickly to recognise the opportunity for financial inclusion (which these new platforms offer) and so are changing the laws, changing the rules.” The result is that, increasingly, face-to-face meetings are no longer required at all.

“The advantage is going to the digital disruptors and the banks are really scrambling to catch up,” said Green.

 

Regulators helping to drive change in Singapore and Hong Kong

Locations such as Singapore and Hong Kong are leading the trend, where regulators are helping to drive change. The monetary authorities of both have launched significant initiatives and compete with one another on this front, driving change, he said.

“Singapore went very big early on and introduced legislation around sandboxing to enable banks to experiment, and to use cloud, for example, which was forbidden in most countries as little as three four years ago.”

Its fintech festival now draws 45,000 people from around the world every year and is recognised as the largest and one of the most influential of its kind.

Hong Kong’s fintech event is starting to get similar scale, with about 15,000 people attending last year.

“Everyone in Asia is coming to these events. It’s a fantastic opportunity to network, to recruit talent and just to feel out the market, I’d highly recommended it,” said Greene, who lives in Singapore.

 

Financial inclusion driving fintech in Asia Pacific

Financial inclusion is one of the biggest drivers of fintech in the region and demand for it includes not just major centres such as Singapore and Hong Kong but places such as Vietnam, Cambodia and Laos.

It represents a huge opportunity for Irish fintechs.

“Banks are so focused on the transformation that they’ve got to go through that there has never been easier to get through the door with a new solution or a new idea. Most of the banks have dedicated innovation teams that are looking for solutions. Regulators even have such groups. And inward investment authorities are offering significant incentives to companies that want to establish in Asia,” he said.

Fintechs looking to establish a base in Asia Pacific will find Hong Kong and Singapore “for starters” vying with each other to get you to establish a base in their country. “They are going to give you subsidies on payroll, grants, and may even give you free office space. It’s extraordinary what the possibilities are for those who are willing to venture out,” said Greene.

“This is a huge opportunity for Irish companies because all this change requires massive amounts of technology that banks cannot possibly build themselves as they would have done in the past.”

 

Learn more about opportunities in the fintech sector and how Enteprise Ireland can support your ambition.

Farmer using tech

USA is a new frontier for Irish agritech companies

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Ryan J. Shaughnessy, SVP Industrial Technology based in Enterprise Ireland’s Chicago office, outlines why the North American market should be firmly on the horizons of Irish agritech companies.

Disruptive digital technologies are opening up a new frontier of possibilities for Irish companies in the North American agricultural market, particularly across the Midwestern states.

The scale of the opportunity for Irish agritech companies is as vast as the landscape. Of the top ten US states with the highest number of farms, six are located in the Midwest. A 2015 report indicates that South Dakota, Minnesota, Nebraska and Wisconsin are together home to more than 16 million cattle, compared to 6.3 million in Ireland.

The Midwest is also home to John Deere, the global agricultural machinery giant with a US $44.5 billion market cap.

In 2018, Enterprise Ireland opened a Chicago office to assist companies to target opportunities in the US Midwest.

 

Irish agritech companies are using innovation to solve global challenges

Two major global trends are directing traditional farming practices towards new frontiers in the digital age and proving a good match for Irish agritech companies.

With the world population expected to exceed 9.6 billion by 2050, the Food and Agriculture Organization of the United Nations estimates that food production must increase by 70% over that period. At the same time, farmers are under pressure to optimise efficiency, reduce costs and maximise profitability. How can farmers cut costs while meeting rising demand?

Digitisation is one solution that Irish agritech companies are increasingly pursuing. Technologies based on intelligent machine control, telematics, big data and farm management software are helping farmers to achieve these goals. With the US unemployment rate at 3.9%, automation is also helping to address low labour availability and improve farm efficiencies.

Irish agritech companies have a number of advantages that are helping US farmers to solve their most pressing problems. Ireland’s rich agricultural history continues, while it has also emerged as a global hub for digital technologies. Dublin is home to EMEA headquarters for Twitter, LinkedIn, Google and Facebook, while HP, Intel, Dell and Microsoft also have locations in Ireland.

Irish agritech companies should consider their strategy for the US agricultural market. If your product is in the area of hydraulic componentry, you might believe it is best suited to direct sales to a large Original Equipment Manufacturer (OEM). But you should also consider that your route-to-market could be retail distribution or direct sales to end users in the market.

Enterprise Ireland can help you to plan and execute a strategy for the US Midwest. Supports like our Market Discovery Fund can help you to define and answer questions like, what percentage of the US market can you serve? Advisors in our Chicago office can also help to make introductions to prospective partners and buyers in the Midwest.

Several Irish companies have made impressive progress in the US agricultural market. Moocall provides wearable sensors to the bovine industry to solve issues relating to calving and heat detection. Moocall’s go-to-market strategy focuses primarily on distribution, coupled with new technology and image marketing strategies.

Dairymaster, with a US location in Cincinnati’s Ohio, develops products including milking equipment, feeding systems, automatic scrapers, and MooMonitor animal health and fertility monitoring systems. Dairymaster’s technically-informed sales force sells directly to farmers and through a network of dealers, offering unique solutions to increase milk production and optimise the operation of dairy farms.

MagGrow has enjoyed success in California and the Southeastern US, offering a spraying technology that helps farmers grow more by using less. The system, which spent three years in development, gives better coverage than conventional crop spraying systems and reduces spray drift by up to 70%, benefitting both farmers and the environment. The company’s strategy is to sell via dealers who resell to growers.

These innovative solutions show that the horizon looks bright for Irish agritech companies focused on agriculture’s new frontiers. Enterprise Ireland’s #IrishAdvantage export promotion campaign will help ensure that Irish capabilities remain firmly in the sights of international customers, as we continue to support exporters in the sector.

This article was originally published in the Sunday Independent.

John Ferguson Ambition Asia Pacific 2

‘Phenomenal’ middle class growth in Asia Pacific an opportunity for Irish companies

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The growth of the middle class throughout Asia Pacific presents ambitious Irish companies with unprecedented opportunities, delegates at the recent Ambition Asia Pacific conference in Dublin heard.

Some 23 million new ASEAN households are on track to earn more than US $35,000 a year by 2030 in what is “the fastest-growing, most dynamic region in the world,” said John Ferguson, Director of Country Analysis at the Economist Intelligence Unit, who provided an overview of growth trends and opportunities in the region.

 

Growth rates in Asia Pacific countries

In China, major strategic programmes such as Made in China 2025 and the long term Belt and Road construction initiative “are not going away”, he said.

“Chinese growth is still just very modestly slowing down to around 6%,” he said. The government there is using monetary goals and fiscal policy to maintain that growth.

Even allowing for the challenges facing China, “it’s still going to grow pretty reasonably well over the next couple of years,” he said.

Growth prospects in Japan, at 1%, are much smaller, however. As a huge, developed and rich economy, it’s one in which there are still “a lot of opportunities” for Irish companies, he suggested.

Much of that opportunity relates to Japan’s Society 5.0 initiative, the Japanese government’s focus on artificial intelligence, sensor technology and automation.

“This is a huge initiative for the Japanese. That’s where some of the growth opportunities will present themselves in Japan, already a highly developed economy but really trying to push themselves with this fourth industrial revolution.”

India represents a particularly “bright spot” in the global economy, said Ferguson, who predicted growth of around 7% on average likely over the next five years.John Ferguson Ambition Asia Pacific

This compares with global growth of around 2% and Asian growth of between 4% and 5%. India’s growth outlook is “extraordinary”, he said.

The primary opportunity in India, as in Asia Pacific countries such as Vietnam and Cambodia, is one of population development and subsequent growth in demand for consumer goods and services.

With predicted growth levels of 5% and a large population, Indonesia is another really strong performer, again driven by the fast growth of its middle, or consuming, class, he said.

Indonesia’s five-year growth rate forecast is almost double that of Singapore’s, at 2.9%. However, the additional opportunity in Singapore comes from its ease of doing business and its popular status as a launchpad from which to do business elsewhere in the Asia Pacific region, he said.

So, while Singapore is growing a more slowly than some of the less well developed countries in the region, it’s still growing at “a pretty impressive rate of growth for economy at its stage of development.”

South Korea is another mature market but still likely to show average growth of 2.7% over the next five years. “In our view, that’s a pretty reasonable growth for a country at that stage of development.”

“The rising middle class in the Asia Pacific region is phenomenal. The world is moving east.” Kevin Sherry, executive director Global Business Development, Enterprise Ireland

Australia – another frequent launchpad into the wider region for Irish companies – and New Zealand are both stable economies but, cautioned Ferguson, both are seeing climate change and immigration becoming significant political issues.

Kevin Sherry at Ambition Asia Pacific Conf.For Irish businesses looking at these markets, either as part of their supply chain or as end markets, it’s worth keeping an eye on regulatory initiatives in relation to either, he said.

Enterprise Ireland is working with more than 600 companies who are doing business in the Asia Pacific region.  “Irish companies are used to winning in the Asia Pacific markets,” said Kevin Sherry, executive director Global Business Development at Enterprise Ireland.  “The rising middle class in the Asia Pacific region is phenomenal. The world is moving east.”

Depending on what happens in October in relation to Brexit, Ireland may be the only English speaking country in the EU, a fact that presents challenges but opportunities too, he pointed out.

Enterprise Ireland is expanding its footprint in the Asia Pacific region to help support Irish companies looking to capitalise on the growing level of opportunities there, opening new offices in Auckland, in Ho Chi Minh City, Vietnam, in Melbourne, Australia and in Shenzhen, China, he said.

 

Read more Global Ambition articles on the opportunities for Irish companies in Asia.

Founder & CEO Pharmapod

Pharmapod leads the way in reducing medication errors and improving patient safety

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“You need to be completely dedicated to finding the solution, and you need to sacrifice a lot. It doesn’t matter if you’re a man or a woman, you just have to have that fire in your belly.”

Founder and CEO, Leonora O’Brien

Key Takeouts:

  • Leonora O’Brien’s career as a pharmacist alerted her to issues regarding patient safety.
  • Pharmapod aims to be a worldwide solution to a global problem.
  • Local support has been invaluable for launching internationally.

Case Study: Pharmapod

If it takes a village to raise a child, as the saying goes, what exactly does it take to start and build a worldwide business? Support, dedication and even more support, says Leonora O’Brien, the founder of Pharmapod, a cloud-based system that aims to reduce medication errors by allowing healthcare professionals to record and share information with other healthcare professionals both within their country and globally.

“To succeed you need to make sacrifices and be dedicated to your business; it’s not for everyone,” she says. “There is support out there but you have to do the groundwork to find it. It’s up to you and your team to see what’s available and position yourselves to avail of it.”

 

Pharmapod offers a worldwide solution for a global problem

Pharmapod was established in 2012 with help and financial support from Enterprise Ireland, which has announced a new €750k Competitive Start Fund (CSF) for Women Entrepreneurs, opening for applications on 25 June 2019. The company aims to address what Leonora identified as a very real issue globally.

“Throughout my career as a pharmacist, I became aware of the issues regarding medication and patient safety,” Leonora explained. “At the same time, there was a growing legal obligation on pharmacists to record and analyse the risks to their patients. There was no solution in place, and being a chief pharmacist at Ireland’s biggest pharmacy chain at the time, I found that not having a system for recording patient safety issues was a real barrier for us as an organisation, and for the sector in general to learn and improve.

“You come across these issues on a daily basis, in pharmacies, hospitals and nursing homes, from the minor to the major, and many of these are preventable – we really needed a system that allowed healthcare professionals to learn from each other. Pharmapod is really fulfilling a need in the sector.”

The issue, Leonora says, is a global one – and Pharmapod is aiming to be the worldwide solution to the problem.

“To date, Pharmapod has been primarily active across three countries – Ireland, the UK and Canada – but we have recently signed a partnership agreement with the International Pharmaceutical Federation, The FIP, who has 144 members organisations internationally. We’re now starting to work through the different geographical regions with the FIP – for example the Middle East is a key focus area right now. No country is exempt from the issue – for instance, medical error is the third-leading cause of death in the United States – so this is a solution for a global issue.”

 

Global growth followed success in Ireland

The system grew steadily from its beginnings in Ireland – the secret to its success, Leonora says, is a great team dedicated to the solving the problem. “We launched initially onto the Irish market, and had some really excellent, brave and innovative pharmacists in Ireland who understood the benefits of such a system and took it on at an early stage. We have 30 people on our team now, and we are constantly evolving the system, keeping our ears to the ground for changes in regulations and responding to feedback and new requirements from users.”

A key turning point was the launch of Pharmapod into Canada. “At the moment, 58% of community pharmacies in Canada are using Pharmapod – and that number is growing. Ontario mandated for the system to be used in 2018; they have 45% of the pharmacies in the whole of Canada, but we already have pharmacy groups using it on a pan-Canadian basis too.”

Having local support has been invaluable when launching internationally, says Leonora – and this is where Enterprise Ireland came in. “We went for the Competitive Start Fund at the start of the business, and all the way through, Enterprise Ireland has been a great support to us. The Canadian office was fantastic when we were launching in the country, giving us advice on the local market, supplying contacts and connections, and including us in local activities. They really are an extension of your team, a great support for companies expanding internationally. They’re so well informed and helpful, an invaluable resource.

“Initiatives like the CSF for Women Entrepreneurs are addressing a real issue that’s still there. We have to remember, this is not only helping fix things for women, in terms of effective supports and role models, it’s benefitting the economy as a whole,” says O’Brien.

“For us, having that government backup has been really helpful. It lends weight to our offering and adds to our credibility in the eyes of customers and potential investors who might not have been familiar with the company before.”

Leonora’s experience has taught her that the support is there if you look for it. “I believe the biggest barrier is in your mind. You need to be completely dedicated to finding the solution, and you need to sacrifice a lot. Not everyone is prepared to do that. It doesn’t matter if you’re a man or a woman, you just have to have that fire in your belly.”

And for female entrepreneurs, the business world has never been more accessible or attractive. “In a very short period of time, we’ve made a lot of progress, and a lot of that is down to us as a country shining a light on the issue. Initiatives like the CSF for Women Entrepreneurs are addressing a real issue that’s still there; fixing this issue will not only benefit the economy as a whole, but will also help the next generation in terms of female role models – and very quickly the world can change in that way.”

Enterprise Ireland’s €750,000 Competitive Start Fund (CSF) for Women Entrepreneurs is open for applications between 25 June and 16 July 2019. Under this CSF, up to €50,000 in equity funding is available to a maximum of 15 successful women applicants with early stage start-up companies. In addition, up to 15 of the successful applicants will be offered a place on Dublin BIC’s INNOVATE accelerator programme.

Asia Pac Conference

Ambition Asia Pacific is closer than you think

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Places are booking out fast for a major event bringing opportunities in Asia Pacific to Irish businesses.

Ambition Asia Pacific is a major Enterprise Ireland conference taking place in Dublin in June to provide Irish exporters with a roadmap to success in some of the region’s fastest-growing markets. The conference takes place on 13th June at the Aviva Stadium.

“The purpose of the event is to not only to raise awareness of the opportunities that exist in the APAC region, but to provide Irish companies with an understanding of how to do business there,” says Tom Cusack, Regional Director Asia Pacific at Enterprise Ireland.

Secure your place at Ambition Asia Pacific now.

 

Support for entering Asia Pacific

It’s one of a number of events Enterprise Ireland is hosting to support Irish businesses looking to trade there, including trade missions due to take place later this year in markets such as Japan, Korea, and China.

Enterprise Ireland is also opening two new offices, in Melbourne Australia and Ho Chi Minh City Vietnam. That brings to 10 the number of offices it has in the Asia Pacific region, a clear indication of the deepening of its support for Irish businesses looking to trade in the region.

“In the context of Brexit, expanding the Irish export footprint in markets beyond the UK is a key priority for Enterprise Ireland. The Ambition Asia Pacific event is about raising awareness in Irish companies – and the ambition – to pursue realisable opportunities throughout the Asia Pacific region,” says Cusack.

Traditionally, the biggest perceived barrier to Irish businesses in the region has been distance but ease of access has never been greater, he points out.

“Ireland now enjoys ease of connectivity to the region, with direct flights to destinations such as Hong Kong, Shenzhen and Beijing, meaning Irish companies can leave Dublin at lunch time and arrive in Asia in time for breakfast,” he says.

 

Big opportunities for Irish businesses

The scale of the opportunity for Irish businesses is unprecedented, too, and spans multiple sectors.

These include aviation. “Over the next 20 years, half of the world’s air traffic growth will be driven by travel to, from, or within, the Asia Pacific region. This rapid growth requires significant investment in infrastructure, products and services,” he says.

There are enormous opportunities for financial services and fintech too, thanks to a growing middle class, increased digitisation of financial products, and massive investor interest.

Within the past two years “fintech financing in Asia Pacific has eclipsed that of North America for the first time, and is now four times larger than the European market,” says Cusack.

“Weak legacy IT infrastructure in Asia Pacific countries incentivises quicker adoption of digital technologies, providing a great opportunity for Irish companies, not least in fintech and payments.”

The potential for education services is clear too, he says. What’s more, if the UK leaves the EU, Ireland will become the largest English-speaking education market in the EU at a time when demand for English third-level education across the APAC region is fast growing.

Construction and engineering services, healthcare products and services and agritech solutions are also in demand.

All these sectors, and more, stand to benefit from GDP growth rates across Asia, which average 6%, compared with growth rates of just 2% in Europe and the US. By 2030, Asia will account for two thirds of the world’s middle class, and Asian economies are predicted to be larger than the rest of the world combined in a matter of months.

 

Irish success in Asia Pacific

Very many Irish companies have already successfully capitalised on opportunities in the region. This means that, while opening up new markets in faraway places is always a challenge, first time exporters to the region will, in fact, be following a well established path.

“Most Irish companies’ first foray into the Asia Pacific region is via Australia, Singapore, and Hong Kong. These are familiar places in which to do business, with substantial and highly supportive diaspora networks,” he points out.

On top of that, is an array of Enterprise Ireland supports including business networking and introductions, market research and entry strategy advice, as well as financial support for market diversification.

Irish companies looking to enter the Asian market can also draw from the wealth of experience of those that have already done so. To date, more than 600 companies supported by Enterprise Ireland have exported to the region. In fact, exports by Irish companies to Asia Pacific now surpass €2 billion, having more than doubled since 2012.

 

Learn from the Irish experience in Asia Pacific

The upcoming Ambition Asia Pacific event is an opportunity to find out exactly how they did it, learn from their successes – and mistakes – and pick up invaluable tips.

In a packed programme of events, speakers include Denis Hickie, general manager ATA Group (Ireland & UK); Brian Mehigan, chief strategy officer Kerry Group, and Elaine Coughlan, managing partner and founder of Atlantic Bridge.

Niall Norton, CEO and board member of Openet Telecom; former chief digital and client experience officer at Citi Asia and EMEA Felimy Greene; and John Ferguson, director of country forecasting at the Economist Intelligence Unit will also make presentations.

The event features a number of dedicated breakout sessions, too, spanning financial services, aviation, digital technology, and international education.

It will also include an event on opportunities in China with a panel discussion featuring a number of Irish success stories in the region. This particular breakout session will include a large business delegation from the China Hi-Tech Fair trade show in Shenzhen, who are actively interested in meeting Irish companies with ambition for China.

Admittance is limited and booking out fast so to secure your place at Ambition Asia Pacific register now.

 

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.

Swiss time

Smart Swiss production creates opportunity for Irish suppliers

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Jens Altmann, a market adviser based in Enterprise Ireland’s Dusseldorf office, explains why Irish exporters are looking to Switzerland.

Fittingly for an alpine country, Switzerland offers a mountain of opportunity for Irish businesses. Although small, at just over half the size of Ireland, Switzerland is highly business-focused, boasting the second-highest gross domestic product (GDP) per capita in the world.

The Swiss manufacturing sector includes many familiar names due to an Irish presence. These include ABB Technologies, a global leader in power, robotics and automation technology, and Liebherr, one of the world’s largest manufacturers of construction machinery, helping to shape technological advances across many industries.

The development and implementation of digital applications is supported by the country’s infrastructure, data governance, education and workforce, subsidies, and other factors. Continuous development at Switzerland’s high level requires a comprehensive and reliable supply chain. That creates a variety of opportunities, particularly for companies developing smart manufacturing and industrial internet of things (IIoT) solutions.

Ralf Guenthner, Senior Partner at Swiss consultancy TEAM-FACTORY, comments, “Most technology companies in Switzerland are aware of the value IIoT and digitalisation could create for them. Developing a new mindset and holistic approach, combining technology, organisational changes and human behaviours, as well as building up a strong ecosystem, would boost value realisation.”

Ireland’s IoT industry is one of the most dynamic in the world, with companies largely focused on the industrial space, and providing software, platforms, sensors, integrated circuits, antennas, and more. Irish companies target a range of sectors including manufacturing, transport, logistics and engineering, with the aim of increasing operational efficiency, improving productivity, and enhancing health and safety.

 

Focus on Innovation

Last year, Enterprise Ireland hosted a trade mission to Zurich to help Irish companies explore IIoT opportunities in Switzerland. Over two days, 10 Irish companies engaged with industry associations, visited Swiss world-class manufacturers, and attended a targeted workshop and networking session.

Swiss multinational Schindler was one company Irish attendees visited during the trade mission. Schindler is well known for its elevators, escalators, and moving walk-ways, carrying both people and materials, and connecting vertical and horizontal transport systems through intelligent mobility solutions. Schindler’s futuristic PORT Technology lab in Switzerland showcases their ideas for innovative new transit management systems and urban living concepts.

Based in Zurich, ETH University is famous for cutting-edge research in areas such as microelectronics and robotics, and is one of the world’s top ten institutions. Enterprise Ireland collaborated with the university to host an afternoon workshop that brought together Irish companies and Swiss industry experts.

Compelling questions addressed during the session include – How do machines optimally collect and share data with other machines? How can they operate with increasing autonomy? Which applications are most impacting the development of IIoT and Machine to Machine (M2M)? How can opportunities for suppliers of everything from antennae and chips, to sensors and software, be captured?

 

Irish Swiss relations

Enterprise Ireland’s Dusseldorf office is focused on helping IoT companies to identify and exploit opportunities arising from the digitalisation of Swiss industry, and across the wider German-language region. We are extending our engagement with Swiss companies and industry leaders to actively promote Ireland as a technology provider for the IIoT value chain.

Switzerland’s high-tech leadership and the collaboration with suppliers from an international value chain, combine to make it a high-potential market for growing new business and technology partnerships.

Brigid O’Donovan, technology business consultant facilitating collaboration between world-class Swiss and Irish technology organisations, confirmed the potential of Swiss-Irish collaboration, noting, “Both countries are well positioned to take advantage of the productivity and economic growth opportunities of digitalisation.”

There is now a significant opportunity for Irish companies to become part of Switzerland’s enhanced value chain. That is a summit worth achieving.

 

This article was originally published in the Sunday Independent.

FAITH: Improving mental health care for cancer survivors

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H2020 FAITH team image and case study heading

“FAITH is potentially life-changing research. To achieve the ambitious goals of the project we needed to leverage our networks in Europe and build a consortium of experts.”


Philip O’ Brien, Technical Co-ordinator, FAITH Horizon 2020 project

Key Takeouts:

  • Walton, part of the Waterford Institute of Technology, is leading a project that aims to develop a model for mental health monitoring of cancer patients, to improve their quality of life.
  • The FAITH project has received €4.8m in funding from the European Union’s Horizon 2020 research and innovation programme.
  • As well as co-ordinating FAITH, Walton is driving the development of artificial intelligence (AI) models and the deployment of a federated learning framework.

H2020 Case Study: FAITH

    Cancer remains the second leading cause of death globally and as many as one in five people living with cancer experiences depression and mood change post diagnosis. It’s a stark statistic and one that led researchers at Walton Institute, an ICT research and development centre within the Waterford Institute of Technology, to begin looking at the area of mental health in cancer patients to see if they could use their expertise to help. 

    “We believe the potential for ICT applications in health is massive. We had an initial idea about looking at markers of depression and when the Horizon 2020 call came out, which was specifically targeting improving the quality of life for cancer survivors, it was an opportunity to take the idea to the next level,” says Philip O’ Brien, technical co-ordinator of FAITH.

    The goal of FAITH (a Federated Artificial Intelligence solution for moniToring mental Health status after cancer treatment) is to provide an ‘AI Angel’ app that remotely analyses depression markers, such as changes in activity, outlook, sleep and appetite. When a negative trend is detected, an alert can be sent to the patient’s healthcare providers or other caregivers who can then offer support.

    The project uses the latest, secure AI and machine learning techniques within the interactive app located on patients’ phones. Key to the project is federated machine learning, which enables the patient’s personal data to stay within the AI model on each phone, guaranteeing privacy.

    “As the model collects data on a person’s phone it retrains itself to improve and personalize it for each individual.” explains O’Brien

    “As the model collects data on a person’s phone it retrains itself to improve and personalize it for each individual. But we also want to learn from all that data to gain insights that are beneficial to the broader population, so when a model updates, that update, rather than the person’s data is sent back to the cloud. All the updates are processed and a new, improved model is sent back out to everyone and that cycle repeats,”

     

    Another important aspect of the project is a focus on explainable AI, which is about ensuring that healthcare professionals can understand why the machine has reached a particular decision about the person’s mental health.

    “Explainable AI is extremely important for building trust. As AI impacts more and more on our lives the implications of this are huge,” says O’Brien.

     

    Why Horizon 2020?

    “It was clear from the start that to achieve the ambitious goals of the FAITH project we would need to leverage our networks in Europe and build a consortium of clinicians and technical experts. By breaking the project concept into a number of key objectives we then built our consortium based on specific expertise to achieve each objective,” says O’Brien.

    FAITH brings together partners from Ireland, Portugal, Spain, Italy and Cyprus into a strong multi-disciplinary team. Trial sites in eminent cancer hospitals in Madrid, Waterford and Lisbon, involving both clinicians and patients, are assessing the concept and feedback is being used to refine the model.

    As with most Horizon projects there are multiple dependencies across the various work packages and co-ordinating the whole presents some challenges. At the helm of FAITH is Gary McManus, Research Project Manager at Walton.

    “Different countries and organisations have different regulations and ways of operating so that’s one challenge. Also, from experience from previous projects, I knew it was important to remember that each partner, although working towards the global aim of the project, will have their own interests. Being cognisant of these sub-goals from the outset and, where possible, facilitating these in the overall planning process is essential,” says McManus.’

    “Different countries and organisations have different regulations and ways of operating so that’s one challenge. Also, from experience from previous projects, I knew it was important to remember that each partner, although working towards the global aim of the project, will have their own interests. Being cognisant of these sub-goals from the outset and, where possible, facilitating these in the overall planning process is essential,” says McManus.

    “But by having strong leaders for each work package, who are experts in their domain, we can be sure that delivery of each element will build towards the final offering.”

     

    Knowledge gain

    Having taken part in multiple Horizon 2020 projects, O’Brien believes that one of the great benefits is the extensive knowledge gain within a short period.

    “Being involved in a Horizon project is the opportunity to upskill rapidly and build on your underlying expertise. Through your links with other organisations across Europe you get an insight into different ways of working and you cross paths with people from many disciplines. For example, through FAITH we’ve been talking to a range of healthcare professionals and leveraging their experience.

    “The EU spends a lot of time and money with experts pinpointing the areas where we need to see technology improving to tackle specific challenges in the next five to ten years. By being involved in these projects you’re building on all of that knowledge rather than working in isolation. Then learning from the people you are working with across Europe pushes you up a level again.”

    Moreover, the end of a Horizon project is usually the beginning of something else.

    “One of our work packages is looking at what happens post project and how we take it to the next stage. We know bigger healthcare trials will be needed, for example. But from Walton’s point of view we’ve broken some new ground on explainable AI which has a lot of applications outside this project, so that’s an area we’d like to take forward. You need to be clear about how you build on the project, either in a well-defined follow-up project or by commercial exploitation of the output.”

     

    For further information about applying for support from Horizon Europe, the successor programme to Horizon 2020, please contact HorizonSupport@enterprise-ireland.com or consult www.horizoneurope.ie.