Building resilient and sustainable supply chains to future-proof Irish business

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Having weathered the storms of Brexit, global trade divisions, the Covid-19 pandemic and energy inflation, the next challenge for Irish exporters is to future-proof their business by developing resilient and sustainable supply chains.

This will require rethinking supply chain strategy and adhering to new EU legislation on corporate sustainability reporting. The challenges and potential solutions involved were analysed at the ‘Building a Resilient and Sustainable Supply Chain’ webinar, the first webinar in the Client Solutions event series.

 

Pain-points and solutions

“The Covid-19 pandemic and other events have seen companies fundamentally re-examine their supply chains and certain themes have emerged including localisation, diversification, digitisation, sustainability and Just-in-Time versus Just-in-Case,” said Mike Hogan, Senior Executive Global Sourcing, Enterprise Ireland

Mike’s presentation focused on supply chain pain-points and solutions identified by Enterprise Ireland client companies.

 

Localisation and ‘Alt Asia’

“As companies begin to ‘nearshore’ more they’re beginning to look at what our local is and local for Ireland in many cases is two to three hours flying time or accessible points by sea from Ireland,” said Hogan.

Local also means looking to suppliers in the Balkans and the North African ‘Mediterranean Lake’ countries such as Morocco and Egypt. The new post-Brexit ferry and cargo routes into France, Holland and Spain “have opened up opportunities for a lot of our clients to examine new suppliers,” added Hogan.

And as labour costs rise in China, some businesses are reducing their dependence on China and looking to what are termed the ‘Alt Asia’ countries such as Vietnam (production) and the Philippines (back-end services) for suppliers.  “While they may not be able to supply all the aspects of China in terms of a one-stop-shop, suppliers in these countries can be combined to bring together the necessary inputs that people require for their businesses,” said Hogan.

“The key takeaway from our clients is that they are looking at combining longer and shorter supply chains and also that supply chain management is a continuous activity.  It’s not something you do because you lose a supplier – it’s something that should be going on in the background on a continuous basis.”

“The key takeaway from our clients is that they are looking at combining longer and shorter supply chains and also that supply chain management is a continuous activity.  It’s not something you do because you lose a supplier – it’s something that should be going on in the background on a continuous basis.”

 

Diversification and ‘Just-in-time’ versus ‘Just-in-Case’

Some Ireland client companies are beginning to reduce their over-reliance on specific suppliers. “Here we’re seeing examples of companies engaging with additional suppliers at a lower level to keep them on standby,” said Hogan.

He also predicts a shift from the ‘Just-in-Time’ supply strategy that has held sway for decades towards a more ‘Just-in-Case’ approach.  Companies are holding additional inventories to reduce risk, but this also creates challenges around raising capital and inventory management, he cautioned.

 

Resources for sourcing new suppliers

The Enterprise Ireland Market Research Centre should be the first stop for companies looking to source new suppliers, said Hogan. He added that trade shows, the commercial sections of foreign embassies based in Dublin and London, Chamber of Commerce networks in Eastern Europe and North Africa, and specialist British trade bodies are also valuable sources of leads.

And he emphasised that given the multinational profile of the Irish workforce, companies should look at tapping into their own reservoir of talent to liaise with suppliers in their employees’ native countries.

 

Sustainable supply chains

The impact on supply chains from climate change was addressed by Ingrid de Doncker, Co-founder and Head of Innovation, Future Planet.

“Climate change is the biggest challenge for this generation of business leaders to solve. The future of our businesses and the planet is in our hands. It all comes down to responsible production and consumption and how we can source and buy products and services better.”

“By embracing sustainability in supply chains, we not only secure a better future for our planet and society, but also create more resilient, innovative, and profitable businesses.”

De Doncker also outlined how new EU legislation on corporate sustainability reporting will impact how businesses operate.

“It’s going to be the most challenging business transformation we will ever see,” she said, adding that “an unstoppable legal train has left the EU station.”

The Corporate Sustainability Reporting Directive (CRSD), which came into force in January 2023, will require EU-based companies to strengthen and standardise their sustainability reporting from 2025 onwards.

The directive aims to eliminate greenwashing, and companies that fall under the CRSD will need to prioritise their sustainability reporting strategy around five key areas, said de Doncker. These are:

  • Double materiality This involves looking inwards to assess sustainability risks to the business and its impact on environment & society.
  • Looking both ahead and back Companies must provide retrospective and forward-looking sustainability analysis in their financial and management statements.
  • Stricter rules around climate-related disclosures in particular disclosure of Scope 3 emissions.
  • Third-party assurance Sustainability information must pass through an external audit process before publication.
  • Digital data and tagging Companies must prepare financial and management statements in XHTML or electronic format in accordance with the EU taxonomy.

The CRSD will be introduced on a phased basis, beginning with companies and public interest entities already subject to the EU’s Non-financial Reporting Directive (NFRD). By 2027, all companies with 10 or more employees will need to be CRSD-compliant.

For now, said de Doncker, companies should consider two fundamental questions when planning their sustainable supply chain strategy:

  1. How will you adapt your business model and your supply chain to reduce the impact of climate change?

2. What measures will you take to mitigate the impact of your business on the environment and society?

To adapt or mitigate your business and your supply chain to climate change, your first port of call is assessing and improving these related material challenges:

  • Sustainable Procurement
  • Green Logistics
  • Human Rights and Stakeholder collaboration
  • GHG Scope 3 Management
  • Circular Economy and End of Life Waste
  • Sustainable Product & Packaging Design

Building a resilient and sustainable supply chain is not always easy, but always worthwhile. To ensure transparency, collaboration across the supply chain and compliance to reporting standards, ESG enabled software can guide the journey to sustainable growth to Live Better in your business, Buy Better from your supply chains and Design Better for your customers.

 

Building a Resilient and Sustainable Supply Chain

Building a resilient and sustainable supply chain was the first in a series of Client Solutions events and webinars being hosted by Enterprise Ireland. The webinars offer practical solutions to the acute challenges facing businesses.

To register for upcoming events and to watch the recordings, visit Client Solutions Events

 

Terence O'Rourke, Jennifer Melia and Leo Clancy at Enterprise Ireland Start-Up Showcase 2022

Start-Up Showcase: Demonstrating Ireland’s strength in supporting entrepreneurs

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Events over the past few years have made the business environment challenging to navigate but have also presented some unprecedented opportunities for Ireland’s innovative and dynamic entrepreneurs.

 

Enterprise Ireland’s aim to support start-ups

 

In a rapidly changing world, innovation is vital, making it so important for Enterprise Ireland to nurture and support promising ideas and those who produce them.

 “We have a hotbed of talent and innovation in Ireland right now, so it’s more imperative than ever that our entrepreneurs are given the time, funding and advice to excel on a global scale,” says Jennifer Melia, Divisional Manager, Technology and Services Division at Enterprise Ireland.

“At Enterprise Ireland, we aim to support and enable Irish businesses to lead in a changing world – and an integral part of this is those ambitious start-ups with innovative solutions to tackle global problems.”

 

125 start-ups attend Start-Up Showcase 2022

 

Our strength in innovation was recently demonstrated in Enterprise Ireland’s 2022 Start-Up Showcase, which was held in the Aviva Stadium on Thursday, 7 April.

Making a welcome return in person – last year’s Start-Up Showcase was wholly virtual – the event was attended by the ‘Class of 2021’. This included 82 new High Potential Start-Ups (HPSUs), 43 approved Competitive Start Fund companies (CSFs) and representatives from each of the 32 New Frontiers programmes we supported during the year.

This number was on a par with previous years; considering the difficult business environment in 2020 and 2021, this is testament to the resilience of Irish start-ups and entrepreneurs.

Interestingly, and reflecting Enterprise Ireland’s commitment to supporting diversity in leadership teams, 24 of the 82 HPSUs and 16 of the 43 CSFs were led by female founders.

 

Learning from other success stories

 

“Investment and funding is only part of the recipe for success for a start-up,” explains Jennifer. “Learning from peers and those who have been on the starting and scaling journey already plays an important role in future success.

As a result, this year’s conference element at Start-Up Showcase aimed to tackle two of the most important subjects for start-ups.

The first panel focused on ‘Disruption and Customer-Led Innovation’. It featured Silvercloud Co-Founder and CEO Ken Cahill, Novus Diagnostics Founder and CEO Elaine Spain, and ACT VC General Partner John O’Sullivan.

Centaur Fund Services Founding Partner and CEO Karen Malone, Kyte Powertech CEO Stephanie Leonard and Cubic Telecom CEO Barry Napier then shared their experiences on ‘Building a Strong Team and Funding for Scale’.

The conference then ended with a keynote speech from LearnUpon Co-Founder and CEO Brendan Noud as his company, a HPSU from the Class of 2013, goes from strength to strength.

 

Returning to an in-person Start-Up Showcase event

 

Due to the public health measures, last year’s event was wholly virtual due to the ongoing Covid-19 pandemic. But this year’s was both live streamed and in person.

“As the start-ups would have begun their journey during lengthy lockdowns and travel restrictions, this event, in many cases, was one of the first opportunities to meet such an influential group of people – as well as their peers – in person,” says Jennifer. “There was a real buzz in the air.”

“In total, there were 500 attendees including representatives from the Irish start-up ecosystem, including VCs and other funders, State support agencies, strategic company partners and professional and financial services, Government departments, academics, business mentors and Local Enterprise Offices.”

 

Innovation and resilience among the Start-Up Showcase Class of 2021

 

As companies that formed during the second year of the pandemic, the ‘Class of 2021’ have shown innovation and resilience like never before. Proving that Ireland is the “go to” country when it comes to finding global solutions, these companies produced a number of solutions in many sectors, including digital health, fintech, medtech, software, sustainability and more.

“The ‘Class of 2021’ is really impressive,” says Jennifer. “Take a look at Amnexis Digital Solutions, based in the Guinness Enterprise Centre, a digital health company that records patient data efficiently, therefore reducing the administration workload on hospital, homecare and nursing home staff.”

And there’s more to come. Although we are only a few months into 2022, already the easing of restrictions has resulted in a renewed energy in Ireland’s start-up community.

“Next year’s Start-Up Showcase is looking promising even now, with a strong pipeline of promising entrepreneurs with intriguing prospects making waves across Ireland, both first-time and repeat entrepreneurs.”

The future has never been more exciting for Irish entrepreneurs to Lead in a Changing World.

 

Find out more about Enterprise Ireland’s supports for High Potential Start-Ups or watch the recording of the Start-Up Showcase 2022 conference.

 

graph with export data

Using market intelligence to inform your export plan

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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.

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

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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.”

Global Ambition – Industry Insights: Retail webinar

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Enterprise Ireland hosted a series of Global Ambition – Industry Insights sector focused webinars to deliver market intelligence on the evolving international export opportunities across global markets.

This Retail webinar discusses:

  • The global opportunity for online retail, both now and longer term

  • Routes to market and regional differences

  • Implications for Irish brands and how to capitalise on the online opportunities

Hosted by Enterprise Ireland’s Allyson Stephen with expert insights from

  • Frank van den Berg, CEO of InfinityBlue Marketplace

  • Michael Walsh, Marketing Director of Dubarry of Ireland

Watch the webinar here.

Net Zero: Time for Irish companies in the UK to prioritise strategies to tackle climate change 

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Net Zero

Irish companies operating in the UK have had quite a turbulent few years. Not only have they worked through the Covid-19 pandemic, which has affected literally every part of the business world, but they have also come through the preparation and implementation of Brexit. But now there’s another issue that is becoming ever more urgent by the day – climate change – and it’s time now for Irish companies in the UK to start implementing strategies to make their business more sustainable and environmentally friendly.

While climate change is an urgent issue in every country, an even closer light has been cast on the changing environmental and sustainability conditions of the UK market. The UK was the first industrialised nation to enshrine its climate targets in law, pledging to cut carbon emissions from 1990 levels by 78% by 2035 and to reach net zero by 2050. This has been supplemented by recent UK government announcements including its ten-point plan for a green industrial revolution (published in December 2020), a new hydrogen strategy and an offshore wind sector deal. COP26 is taking place in Glasgow this autumn, and to coincide with its launch, the UK government is planning to publish a comprehensive cross-sectoral net zero roadmap, which should provide greater clarity for all sectors.

“By and large, net zero been welcomed by the market, as businesses can see the opportunities that come with such a move, but the details still need to be sorted out,” explains Darragh Cotter, Senior Market Advisor, Industrial and Cleantech, at Enterprise Ireland. “The comprehensive roadmap to be published ahead of COP in November is expected to include all the important steps to take the UK to their net zero target, including the level of investment the government is willing to put into it.”

 

Already an urgent issue

With such ambitious targets, it’s clear that this will result in fundamental changes across the business community. Already, the UK net zero challenge is rapidly impacting government policy and legislation, influencing consumer preferences, impacting investor decision making and changing the way major corporates work with supply chain partners.

“If you already have a presence in the UK, you must become conscious of the net zero ambitions of your customer base and the changing dynamics,” says Darragh. “For instance, already a lot of public procurement is building in environmental criteria into their tender assessments. That will be the same in the construction and agricultural sectors. So our message is that this is a critical issue for Irish businesses if they want to continue working in the UK because everything from procurement to the type of products and services will undergo fundamental change as we journey towards net zero.

“For us in the Enterprise Ireland London office, it’s the number one issue facing businesses today; we want to educate our clients on the issues facing them, find out what’s required by their customers and potential customers in the UK and relay that information to our client companies. For instance, we are seeing more and more UK corporates looking for their supply chain to have achieved environmental accreditation through certification such as ISO 50001 and ISO 14001. Our client companies need to be aware of the criteria they need to fulfil in order to continue doing business in the UK.”

To help, Enterprise Ireland has launched Net Zero UK: Ready for a Green Future, a proactive market intelligence and insights campaign that is designed to keep Irish business informed of the UK’s net zero plans and their impact on business. Through webinars, podcasts and reports, the campaign will highlight technologies and verticals that are likely to decline and those that will grow and emerge, along with the evolving expectations of major UK corporates. These insights can inform the strategic planning and R&D activities of Irish companies operating in the UK to both protect and to grow their business over the coming years.

Opportunities

Of course, with every change there’s opportunity, and working with Irish SMEs to identify new and relevant business opportunities is a key goal of Enterprise Ireland’s Net Zero UK campaign. “Net Zero will affect every sector, but some sectors would require different measures to others,” says Darragh. “For Irish companies, there are opportunities across all sectors related to net zero, not just in renewable energy – there are also opportunities in construction, engineering, manufacturing, local authorities, finance, business technology and more.”

Enterprise Ireland’s Net Zero UK campaign is complemented by the €10 million Climate Enterprise Action Fund, which provides a suite of products to help Irish companies assess their current carbon footprint and develop a concrete decarbonisation strategy to help future-proof their business. These financial aids work alongside the focused sector insights provided by the Net Zero UK campaign.

Despite Brexit, the UK remains one of Ireland’s most important export partners, and it’s vital that Irish companies take action now to address the opportunities and risks brought about by the growth of UK’s green economy. Enterprise Ireland’s Net Zero UK campaign aims to support Irish exporters and help them to emerge stronger, more successful and more sustainable than ever.

Net Zero UK is part of Enterprise Ireland’s Evolve UK campaign. Find out more here.

Showcase - Irish craft and design expo at RDS, Dublin

Irish craft and design in the spotlight at Showcase 2022

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The return of Showcase to the RDS in Dublin was cause for celebration for Ireland’s craft and design sector.

While 2021 saw a virtual-only trade event, which brought the country’s makers together with international buyers online, Showcase 2022 proved better than ever because it blended the benefits of a traditional in-person trade show with lessons learned about online B2B sales.

 

How Showcase benefits the Irish craft and design sector

 

The event is the most important date on the craft and design sector’s calendar.

“If Showcase didn’t exist, it would have to be invented,” says Brian McGee, Market Development Director of Design & Crafts Council Ireland (DCCI).

“It was established by what was then the Crafts Council nearly 50 years ago on the basis that it is very difficult to bring the whole craft and design sector overseas, and much easier to bring buyers here.”

The Local Enterprise Office Showcase features first-time exhibitors. “For any small producer starting out, who wants to sell outside of their studio, Showcase provides them with the ability to do that,” Brian explains.

“All sorts of retailers, from pharmacies in Dublin to gift shops in Donegal, exhibit to overseas buyers who travel to find products they won’t see anywhere but at Showcase.”

 

Unique craft and design

 

The originality of the products is an important part of Showcase’s appeal.

“Buyers from the likes of QVC, LL Bean and the Tate Gallery know they won’t find these goods in Frankfurt or Birmingham.”

“Buyers come to Showcase because they get unique products of a very high quality with a story attached.”

Its purpose is not to generate profit, but to strategically develop the craft and design sector. However, serious business is done. At Showcase 2020, €25 million worth of orders were made, up 6% on 2019.

400 exhibitors took part in that show which was visited by 4,187 individuals, representing 2,600 businesses/shops.

McGee correctly anticipated a strong showing at Showcase 2022. “We saw high levels of anticipation and excitement because buyers hadn’t been anywhere for two years,” he points out.

While there were fewer buyers from long haul locations such as Asia and the Middle East, those present were very serious about buying.

 

 

A digitally enhanced expo

 

Because the future is likely to see an increase in online marketplaces, Showcase 2022 was digitally enhanced.

The Showcase Connect digital platform opened to buyers two weeks before Showcase 2022 launched at the RDS, enabling exhibitors to organise meetings and pitch products.

The platform remained open for two weeks after the show to allow exhibitors to answer queries.

 

Craft and design innovation

 

Another reason why international buyers visit Showcase each year is because Irish craft and design companies are consistently bringing forward new products, says Enterprise Ireland’s Ross O’Colmain.

Examples include Allied Imports’ new collection from designer Orla Kiely and the sustainable range from Rathborne Candles.

“For any business that is developing new product lines, a physical trade show is the best way to keep existing buyers interested, to win new buyers, and to get feedback,” Ross says.

The craft and design sector encompasses everything from jewellery and homewares to gifts. What most have in common is growing export orientation.

 

Strength in stories

 

Showcase 2022 exhibitor Copperfish uses timbers reclaimed from the decking planks at Belfast harbour, where ships like the Titanic were built. These are authentic, traceable timbers with a story attached, which is why luxury stores in the US want them.

“Buyers are looking for things that aren’t available anywhere else,” explains McGee.

The apparel and fashion side of the sector is performing well too, says O’Colmain, who points to a rise in interest in items such as Aran sweaters, driven by influencers such as singer Taylor Swift.

“Many businesses in the sector have posted strong sales results throughout the pandemic, which in itself is encouraging. But for companies that are launching new products, doing so without meeting, engaging with, or presenting to buyers in person is very hard. That is what has been most difficult over the past two years,” says O’Colmain.

“People wanted to get back to those kinds of interactions, and that’s why Showcase was so important.”

 

Showcase 2022 took place from 27 February – 2 March in Dublin.

To enquire about exhibiting during 2023, contact Showcase Ireland.

The Level Project: Promoting gender balance in leadership teams

The Level Project: Promoting gender balance in leadership roles

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Gender balance, diversity and inclusion is something we strive to promote as much as possible as a society, but in the world of business, having gender balance in a leadership team has been proved to have a very real and positive impact on a company.

As a result, gender balance in management is something that Enterprise Ireland is widely advocating and supporting through a major new initiative, The Level Project.

 

What is The Level Project?

Sheelagh Daly, Enterprise IrelandThe Level Project has its origins in Enterprise Ireland’s Action Plan for Women in Business, which recognised that increasing the number of women in middle and senior management, as well as on boards, leads to more successful, sustainable and profitable businesses. “The Plan saw that there are considerable economic benefits that lie, untapped, in women in their roles both as customers and as talent,” says Sheelagh Daly, Entrepreneurship Manager at Enterprise Ireland. “In essence, by achieving gender balance, a company is tapping into 100% of the talent pool and 100% of the market.”

The findings of the report is reflected in numerous studies that show that gender-balanced leadership teams can help businesses grow on a global scale. But despite all these studies and their clear conclusions, Irish companies are a long way from achieving gender balance in senior teams.

There are numerous reasons why, but in the interests of helping companies progress and work towards their own individual gender-balance goals, The Level Project is a practical initiative that includes an online Action Planning Toolkit. Free to all companies, this toolkit helps companies assess their current situation and put in place real actions to enhance gender balance in senior teams.

“Achieving gender balance is certainly harder in some industries than others, but simply taking some steps to enhance the gender balance of your leadership team can have tangible benefits for your business,” explains Sheelagh.

“For example, visibly championing gender balance can have a positive effect on attracting and retaining talent. Gender balance in leadership also leads to increased creativity and innovation, thanks to diversity in thought and mindset, as well as a greater understanding of your customer base.”

 

Striving for better

These advantages are already being experienced by four early champions of The Level Project.

VRAI is a fast-growing tech firm in the field of data-driven VR simulation training, and believes that a diversity of mindset is essential to help mitigate the complexity of what they are trying to achieve.

Similarly, Spearline, a leader in telecommunication technology, credits a better understanding of their diverse customer base to diversity within their senior teams.

For CLS, Ireland’s largest contract laboratory, having gender balance throughout the company, especially in leadership teams, creates harmony in the workplace, which can only lead to success.

Vivian Farrell, CEO Modular AutomationHowever, achieving gender balance is very much a long-term plan for a lot of companies, especially those in industries that are traditionally male dominated. For example, Shannon-based Modular Automation has recognised that gender balance is hard to reach if girls are not seeing engineering as a viable career choice in school – a key part of their strategy is therefore demonstrating the advantages of studying engineering to girls at Junior Cert stage and lower.

“All four of these companies have implemented very real strategies to enhance gender balance in senior leadership,” says Sheelagh. “While they recognise that this is a long-term project, the advantages of such strategies are already being experienced.”

 

Introducing the Toolkit

A key part of The Level Project is the Action Planning Toolkit, which is suitable for all companies, big and small, whether they are just starting out on their gender balance journey or want to improve and target their efforts even further. The Toolkit consists of six themes (Strategy, Attract, Retain, Develop, Engage, Measure), each of which is divided into two levels according to how advanced a company is. “We recommend that every company should start with the Strategy theme,” explains Sheelagh.

A series of questions is included within each theme; answering ‘No’ to a question presents the user with suggested actions to include in their plan. Each theme also includes links to helpful resources such as guides, templates and expert insights. Once finished, an editable Action Plan for the company can be downloaded, which includes all the actions chosen  as well as space for notes.

The online toolkit can be used free of charge by ALL companies.

Enterprise Ireland client companies can also apply for several supports to help develop and implement their gender balance plan. Details of these supports can be found here or by talking to your Development Advisor.

 

More information on The Level Project, including access to the Action Planning Toolkit and details of financial aids available, can be found here. 

TriviumVet – Innovating with an Eye on Global Pet Healthcare

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“The research and validation work we embarked on with the Innovation Voucher Scheme from Enterprise Ireland gave us a very data-driven solid foundation as a platform to be able to make sound strategic decisions and move to the next stages of our ambitions” – Dr Liam Byrne, Head of Technical and Business Development, TriviumVet

The global companion animal health sector market has been growing like never before, along with the rising numbers in the adoption and purchase of pets. This has created a need for more sophisticated and efficient therapies for animals and the mission of TriviumVet is to deliver ground-breaking innovative healthcare solutions to bridge the treatment gaps in veterinary healthcare for these companion animals.

Founded by a seasoned group of entrepreneurial experts, the Waterford-based company now has many breakthrough veterinary therapeutics in the pipeline and has been named in Ireland’s top 100 start-ups for the second year running. Dr Liam Byrne, Head of Technical and Business Development at TriviumVet, who has a background in chemistry, joined the company two years ago and from his time in Waterford company EirGen Pharma was familiar with the Enterprise Ireland Innovation Voucher Scheme.

The company is on a fast-moving trajectory around product development and needed to push research and development around formulation, good manufacturing process, scale-up plans and more. This stage was crucial before moving to the clinical aspects and proof of concept, safety studies and field studies before approval to ensure all safety and standards are being met along with regulatory and licensing requirements for the European and US markets.

Working with three academic institutions – TU Tallaght, Waterford IT and Liam’s alma mater Dublin City University, TriviumVet used the Enterprise Ireland Innovation scheme vouchers to embark on proof of concept research for a number of their products. As part of this product development, TriviumVet used an Enterprise Ireland Innovation Voucher and worked with the PMBRC Gateway in WIT to carry out research allowing them to proceed with clinical studies of their treatment – an exciting project which is currently underway.

“The work we did through the voucher scheme went from an idea that we were examining, to us being able to validate that theory with lots of data and reports that we could use to then create a portable point of care test. We were in a position to avail of specialist skills that we did not have in-house,” explained Liam. “We were able to research and investigate and without this process it wouldn’t have been possible to know if this would work. It went from a concept we were talking about to reality”.

Liam Byrne points out that the innovations have helped TriviumVet to build up the foundations of their business and they hope in the future to be able to develop a suite of diagnostic tools and have not just one test but a range of them. “The innovation vouchers allowed us to find our feet in a relatively risk free way. We now benefit with a clear path forward and are in a position to move to the next steps of development of these biosensors and their commercial development”.

“I would highly recommend companies to get involved in the Enterprise Ireland Innovation Voucher process,” says Liam. “The process is very user friendly and they are happy to guide you. It is also very beneficial to partner with an academic institution. If you’re trying to answer a technical problem or trouble shoot an issue or if you are trying to test whether a concept is valid, the innovation voucher can be invaluable”.

To take your next step towards Innovation visit Innovation Vouchers.

Cubic Telecom - MRC case study title

Market research vital for success in the German automotive industry

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Cubic Telecom - MRC case study - Gerry McQuaid CCO

With businesses facing more and more challenges by the day, the need to find growth areas within your chosen sectors has become even more important.

For life sciences, pharmaceuticals, automotive and e-commerce, the DACH region, consisting of Germany, Austria and Switzerland, is a growing market actively looking for innovative solutions to push the sectors forward. In fact, in 2020 companies supported by Enterprise Ireland had exports from Ireland to DACH totalling over €1.8 billion.

One Irish company that has seen the opportunity within the DACH region is Cubic Telecom, a business that produces an innovative platform called PACE to bring 24/7 connected software in cars to a new level. The opportunities for such a platform are huge – in 2019, the global connected car market was valued at $63.03 billion, and it’s projected to reach $225.16 billion by 2027. Not surprisingly, as the centre of the automotive industry in Europe and home to many world-leading car makers, the German market has a significant share in this growth.

But when entering such a huge market as the German automotive industry, research is vital to ensure that any partnerships formed are strategic and sustainable – as Cubic understood from the very start. This is where Enterprise Ireland, and specifically its Market Research Centre and the Enterprise Ireland team in Dusseldorf, were able to help.

“We did not simply select Germany as a generic target market,” Cubic Telecom CCO Gerry McQuaid says. “We looked at the world’s biggest automotive manufacturers and decided which companies we wished to build a partnership with. This naturally led us to Germany, the home of some of the world’s top auto manufacturers.”

“We were very careful to take the time to understand what is required to do business successfully with large prestigious German companies and we had excellent support from the Enterprise Ireland team in Germany.” Cubic Telecom CCO Gerry McQuaid

Platform for success

Cubic Telecom’s solutions are indispensable for the whole range of services used by Original Equipment Manufacturers (OEMs) through the connectivity of cars, including entertainment, safety, driver assistance and vehicle management. Specifically, Cubic’s PACE platform enables cars and other devices to automatically connect to high-speed local mobile networks around the world securely and compliantly, while the PLXOR solution offers a single view of how content services are consumed across global fleets. And, its newest product, INSIGHTS, provides the business intelligence needed to see exactly how a fleet is performing, with real-time monitoring and alerting capabilities.

Already, Cubic has enjoyed much success, connecting over 7 million devices and vehicles in 103 markets across Europe, North America, Latin America, the Middle East, Russia, Africa and Asia-Pacific. The company’s major opportunity in the automotive market is in its current partnership with the Volkswagen Group; already the company has established roll outs with OEMs like Skoda or Porsche, with more models to be added.

“We were delighted to partner with the leading automotive brands within Volkswagen Group and this partnership has been an intrinsic part of developing our business success in Germany,” says McQuaid

This strategic partnership was carefully planned and researched by the Cubic team. From their initial introduction into Germany, the Enterprise Ireland office in Germany supported Cubic’s progress within the automotive industry. With important connections across the German automotive and future mobility ecosystem, and a comprehensive overview of the economic landscape, the German office can advise companies not only in the early phases with finding the right approach and direction, but also with advanced business development when pivoting new sub-sectors or intensify current activities.

Guidance from the German office proved very supportive for Cubic when it was entering the market in the early days. It now provides German brands such as Audi, Volkswagen, Porsche with a fully digital experience for their drivers.

Enterprise Ireland’s Market Research Centre also played a key role. Client companies can use the centre to gain access to company, sector, market and country information needed to explore opportunities and compete in international markets. This allows companies like Cubic to assess and validate a market before developing an export strategy with support from the local office.

In fact, the approach proved so successful that Gerry recommends it to any company seeking to enter new markets. “Start by considering the needs of the customer you are selling to, what solution you are selling, who you need to sell it to and what markets those target customers are in. Then leverage the Enterprise Ireland regional offices to get introductions to the people in that market who you need to meet.”

Learn how Enterprise Ireland’s Market Research Centre can support your company’s export ambitions.

Designing the workplace of the future – A new guide for all employers

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    The world of work was shaken to its core in March 2020 when the Covid-19 pandemic hit Ireland and hundreds of thousands of Irish workers had to suddenly work from home.

    The slow and steady drive towards digitalisation accelerated sharply, and virtual meeting programmes such as Zoom and Microsoft Teams became commonplace. Now, 15 months on, and with the vaccination programme well underway, employers can begin to think about a return to the workplace – hopefully permanently. But the many lessons learned during the pandemic has had both employers and employees thinking about the future workplace – will we ever go back to the way it was? And do we want to?

    Enterprise Ireland has produced a new guide, ‘Emerging Through Covid-19 – The future of work’, which aims to help business owners think about the positives and negatives from the last 15 months and to use these to build a sustainable business model for the future. With many employees welcoming the idea of remote working into the future, either full-time or for part of the week, is it time for employers to recognise the positives of remote working and tie it into their company policy on a permanent basis? And if so, how can they make it sustainable?

    “This is a follow-on from last year’s Covid-19 employer guide; last year we looked at the health and safety aspects of returning to work, while the theme of this year’s guide is around the future of work,” explains Karen Hernández, Senior Executive, Client Management Development at Enterprise Ireland. “During Covid, the workplace has changed, the nature of work has changed for a lot of people, and what employees expect from their employers has changed. Our aim is for all companies to be prepared to put in place the right structures and practices that suit their business needs and also the needs of their employees.

    “A large portion of our client base experienced the need to rush into remote working when Covid-19 hit Ireland in 2020. There have been some advantages and opportunities associated with this; some businesses found they’re as productive, if not more productive when working remotely. This guide aims to help companies take what’s worked well over the last 15 months and create some sustainable practices and processes that work for everybody.”

    The guide was developed in partnership with Fredericka Sheppard and Joyce Rigby-Jones of Voltedge, a highly regarded HR consultancy based in Dublin. “The objective with the guide is that it gives you a framework to start developing your own plan for the return to the office,” explains Fredericka. “All organisations are going to have their own dynamic, their own set of circumstances, so there is no one-size-fits-all solution to this. Our aim was to identify key pillars for organisations to use to develop structure and a suitable framework for their business.”

     

    The importance of asking questions

    A huge emphasis is placed on the need for communication with employees when making these decisions. “Employers need to engage with and actively listen to their employees, while also driving their business forward,” says Joyce. “This is intended as a broad guide, where employers can pick and choose the relevant pieces to them.”

    “It’s very important that employees feel that they’re being heard,” adds Fredericka. “However, decisions need to be made based on a number of factors, and employee input is just one of those factors. Obviously it’s really important to manage expectations and sometimes it’s just down to how you ask the questions. Give them some context from a business point of view. It’s not just about the employees’ wish-list, it’s also about creating a sustainable workplace for the future.”

     

    Managing remote workers

    Many employers are looking at keeping some sort of remote or flexible working practices in place – and offering this flexibility can be very positive when it comes to attracting talent. “Almost two-thirds of our client base are saying they find it hard to attract, engage and retain talent,” says Karen. “Companies need to consult and stay close to their employees and ask them what they want – and include aspects like flexibility as part of a value proposition to attract candidates.

    “Many companies that we are working with are looking at some sort of hybrid model, where employees combine time working in the office and time spent working remotely, at home or in co-working spaces. There are huge upsides, such as accessing skills from different parts of the country that they never would have before – offering remote, flexible or hybrid working is attractive to employees.

    However, this can be difficult to manage, and companies need to consider what works for the team as a whole as well as what’s right for individuals within those teams.”

    “There’s a big need for management support and training, especially for middle and line managers and supervisors who are dealing with a remote workforce,” explains Joyce. “It’s difficult for them, but it’s important that they get it right. Ensuring your managers are confident in what they do, and in their engagement with their teams. We are hearing that companies are looking to bring their employees into the office more, but it’s about getting that blend right between remote working and the office. One aspect that we emphasised in the guide is the need to make sure you are not discriminating against employees who are not in the office environment.”

    Identifying and managing issues such as burn-out and isolation is essential if companies are to offer some sort of remote working policy. “Companies that have regular check-ins and meetings with staff and use different methods of communication, such as video calls, emails and direct messaging are more likely to keep employees engaged when working remotely.  It’s also important for employees to have individual focus time, where they are able to detach from colleagues and concentrate on getting their work done without interruption”, says Karen.  “Long term, we don’t know enough about hybrid working for a definite ‘best practice’ but instead companies should pilot different ways of working – for instance, we have some companies who are trialling a ‘team days’ concept – having the whole team in for certain days of the week, then for the rest of the week, they’re working from home.”

     

    Piloting the new workplace

    The aim of the guide is to pose those broad questions that will help employers in every sector decide on the right workplace for the future of their business – but there is no need to rush into a decision. “The biggest challenge for employers is making the decision as to how you’re going to handle this working environment,” says Joyce. “Are you going to fully return, are you going for a hybrid, can you facilitate a full return in the workspace that you have? Employers need to make very big decisions, and very strategic, long-term decisions, so we’re suggesting that they talk to their employees about what they want and then piloting whatever they plan to do before they make any strategic decisions that will impact on the business going forward.”

    Covid-19 has had a huge effect on how we work – but now is the time to use what we have learned since March 2020 to create a more inclusive, sustainable business model, one that pushes the business forward while creating a culture that values employees and their health and wellbeing more than ever before. This can only be a positive thing.

     

    To download Enterprise Ireland’s new guide, ‘Emerging Through Covid-19 – The future of work’, click here.

    fintech

    Mexican market ripe for Irish fintech firms seeking to expand

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    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.