Amidst the evolving trading relationship with the UK, agile Irish businesses have maintained a positive outlook on the market and taken proactive measures to mitigate the impact of Brexit on their operations.
Contrary to initial concerns, businesses have demonstrated resilience during this transition. Exports to the UK from companies supported by Enterprise Ireland have remained robust, experiencing a 13% increase last year. These exports now account for 29% of all exports.
While this is positive, there is no doubt that the impact of Brexit has varied across sectors and it is evident that certain companies require support to explore diversification opportunities in new markets. In response, the Post-Brexit Market Growth and Diversification Grant was launched earlier this year, to help businesses research and plan for expansion into markets beyond the UK.
The grant, developed under the Brexit Adjustment Reserve fund, can cover up to 80% of the expenses incurred in hiring a consultant, with a maximum grant limit of €36,000.
Through the guidance and expertise of an expert industry consultant, this grant provides recipients with the opportunity to develop their market entry strategies including:
- Market research / market intelligence gathering
- Identification of market segments and end customers
- Examining the best routes to market
- Value proposition and message development for each of the identified market segments
- Developing a market entry strategy
- Development of market launch strategy including tactical marketing activities
Companies receiving the grant can select an experienced consultant based in Ireland or seek assistance from Enterprise Ireland’s overseas offices to find a suitable consultant in their desired market.
To qualify, companies must have experienced a sales reduction of 5% or more in the UK market during 2020, 2021, or 2022 compared to their 2019 sales.
Learn more about the Post Brexit Market Growth and Diversification grant, and apply before 31st July.