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How Payslip filled a gap in the multinational payroll market
“Enterprise Ireland provided great support through its fintech network. They enabled us to leverage international channels and acquire clients.”
Payslip Founder & CEO Fidelma McGuirk
Overview:
- Founded in 2015, Payslip empowers multinational companies to standardise global payroll processes and manage international data, resources and vendors on a single platform.
- Began its seed funding process and applied for High Potential Start-Up support in February 2018.
- Since then, Payslip has acquired 23 clients across Europe and the US, including LogMeIn, GetYourGuide and Airbus, and the company has plans to increase sales by 400% in 2020.
Overview:
- Founded in 2015, Payslip empowers multinational companies to standardise global payroll processes and manage international data, resources and vendors on a single platform.
- Began its seed funding process and applied for High Potential Start-Up support in February 2018.
- Since then, Payslip has acquired 23 clients across Europe and the US, including LogMeIn, GetYourGuide and Airbus, and the company has plans to increase sales by 400% in 2020.
Case Study: Payslip
As CEO and Director of Operations for an international tax company, Fidelma McGuirk was in charge of company growth and management across 21 countries. At the time, her company was using a variety of payroll service vendors. Frustratingly, she found no existing technology that could automate, integrate, and streamline their global payroll operations. So, she decided to create a platform to deliver this.
Payslip provides automation and integration technology to multi-national employers to standardise their global payroll management. Payslip technology integrates with human capital management and accounting/ERP systems, automating payroll processes and standardising global payroll data and reporting. With Payslip, multinational clients can centrally manage their global payroll operations with visibility, control and governance as they expand operations across borders.
Pre-launch, McGuirk and her team conducted robust market testing. They spoke to over 470 multinational employers, payroll providers, and international payroll associations, including the Global Payroll Management Institute in the US and the Global Payroll Association in the UK. McGuirk’s instincts were correct: there was a strong need for a new global payroll model with a focus on automation and standardisation.
In February 2018, Payslip began its seed funding process and applied for HPSU support. The start-up found solid support in its Enterprise Ireland Development Advisor (DA), who helped to guide Payslip through the application process. Once HPSU status was gained, the goal was to seek a strong investor partnership that would help grow the business and open international channels to multinational companies.
“HPSU offered us established, structured support,” says McGuirk. “As an organisation, they have international market experience—they’ve been through this journey before. They were able to arrange the specific introductions needed in foreign markets.”
Over the past two years, Payslip has acquired 23 clients headquartered across Ireland, Germany, The Netherlands, Denmark, and the US. Clients like Airbus, Teamwork, AMCS Group, Argon Medical Devices, LogMeIn, Phorest and others use the Payslip platform to manage and control global payroll for employees in over 60 countries. Sales increased 500% after the first year and McGuirk says the company has plans to increase by another 400% in 2020.
Educating the marketplace on the need for payroll innovation
Initially, the greatest challenge was helping potential investors and clients to understand how Payslip technology could disrupt and transform the market.
“What we were doing was different than what was done before, Payslip is a technology solution for global payroll, not a service for payroll calculations,” McGuirk says. “We had to educate the market and help people understand that we don’t compete with payroll service providers—we collaborate with them.”
Payslip brought something entirely new to the table: a technology solution to automate and standardise the global payroll process in a way that delivers central governance, while accommodating local country payroll nuances . Previously, the established industry players were traditional global payroll service offerings like ADP, Ceridian, and CloudPay. These service firms focus on delivering in-country payroll calculation and compliance expertise. According to McGuirk, there is no other platform that provides a single, end-to-end global payroll management solution like Payslip.
Payslip began acquiring early-adopter clients and interest was high among high-growth, technology-based companies. McGuirk says the first client was naturally the hardest to land. After that, things took off quickly. Thanks to the growing number of multinational companies who are going digital to achieve central governance, Payslip is now the leader in the new Gartner industry category of digital payroll services.
More markets, more clients
Payslip closed its Series A fundraising in February 2020 and, so far, all its initial investors have followed their investment in Payslip. McGuirk says that being a HPSU company will help it achieve its goal of continued international growth pointing out that Enterprise Ireland has resources in the right foreign markets. Their international teams have a good understanding of what is happening locally, which is crucial for market penetration.
“We intend to extend our reach into more markets and acquire more clients,” McGuirk says. “Our single focus is to continue growing our client base internationally from our headquarters in Westport, Co. Mayo. Enterprise Ireland is very supportive of this objective.”
Part of Payslip’s growth plan includes the expansion of its sales and engineering teams here in Ireland to support those global aspirations. Working together with Enterprise Ireland and the HPSU team, McGuirk is confident that her company can optimise its commercial capabilities to capitalise on growth opportunities and gain market share.
Click here to learn more about becoming a HPSU or contact our Start-Up Enquiries Team to find out more.
How Irish – UAE partnerships are shaping the future of healthcare
Imed Abnoun, market executive for Enterprise Ireland Dubai, outlines partnership opportunities for Irish medtech innovators in the UAE and across the Gulf region.
As part of its Brexit response, Enterprise Ireland has focused efforts on supporting Irish companies to identify new market diversification opportunities, including the Gulf region, which has become an important market for Ireland. Entering a new export market is an important strategic decision for any company but with the right preparation the rewards can be mutually beneficial.
The Middle East’s largest healthcare exhibition, Arab Health 2020, took place in Dubai in January, demonstrating that the healthcare sector provides a strong example of how Irish pharmaceutical and medtech companies can enter the market or expand further to meet rapidly rising demand in the UAE and wider Gulf region for world-class innovative products, services and expertise across the full spectrum of the healthcare sector.
Healthcare opportunities in the UAE
In the UAE alone, this strong demand is clear with market analysis estimating that spending on healthcare will reach $3.6 billion by 2030. Irish healthcare companies are ready to forge new partnerships with healthcare providers in the UAE to provide patients with the latest world-leading innovations that further enhance the patient experience, improve patient outcomes, and supply lifesaving technologies that are used in healthcare systems worldwide.
Ireland and the UAE already have strong economic ties and mutually beneficial partnerships, including across the healthcare sector. Take, for example, the partnership in Dubai that Martin Dunne, the Director of Ireland’s National Ambulance Service has focused on. Martin has been actively supporting the Dubai Ambulance Service in the provision of training for paramedics, equipping them with world-class life-saving professional training and development. Ireland’s National Ambulance Service, in partnership with the Higher Colleges of Technology in Dubai, provides the curriculum and accreditation for diplomas in emergency medical services that train paramedics and advanced paramedics with life-saving skillsets that benefit Dubai and the UAE.
The partnership is a good example of health diplomacy in action, through country-to-country institutional collaboration that mutually benefits all parties, both public and private sector and country-to-country bilateral relations, and ultimately leads to lives being saved in Dubai.
However, the collaboration goes further than education and training. The Dubai Ambulance Service is equipped with cutting-edge Irish hardware and software related to patient and paramedic safety, operational efficiency, and fleet maintenance and diagnostics. Irish company Acetech, a global manufacturer of vehicle intelligence solutions for emergency service fleets, provide this hardware and software.
At Arab Health 2020, we saw further collaboration between the 14 Irish companies hosted on the Ireland pavilion in the medtech, digital health and pharmaceutical sectors and healthcare providers from across the region – resulting in 10 major contract signings. The companies showcasing their world-leading expertise included:
- Medentech (Kersia Group)
- myPatientSpace
- Empeal
- MEG Support Tools
- GetReferd
- Tapa Healthcare
- Aerogen
- Novaerus
- Theya Healthcare
- Profilo Smart
- Maria Medical Technology
- Precision Biotics
- CF Pharma
- Fleming Medical.
From its life sciences sector, with a vibrant pharmaceutical industry that exports almost €70 billion annually, through to the innovation of the medtech sector, with exports of €12.6 billion to over 100 countries worldwide, the Irish healthcare industry is a big success story. In the UAE alone, 40% of all Irish goods exports last year were pharma, wellness and medicines-related. Ireland is a global leader in the medtech industry and will seek to leverage its innovative expertise to meet the demand in the region in a sector estimated to be worth $31.6 billion by 2025.
The UAE and Ireland recognise the significant mutual benefits that arise from collaboration and partnership. Arab Health 2020 added a new chapter to this, helping to shape the healthcare services of both countries to benefit their people.
Dmac Media – attracting new talent with GradStart
“Tech graduates are highly desirable and form a key part of our growth plans. We had issues competing for that talent and GradStart allowed us to offer a much more attractive package to graduates.”
Dave McEvoy, Sales Director, Dmac Media
Overview:
- Dmac Media is a web design agency offering a full suite of web solutions including web design, eCommerce platforms, content management and digital marketing.
- With offices in Dublin, Sligo and Cork the company used Enterprise Ireland’s GradStart initiative to attract fresh graduate talent and drive business activity.
- The GradStart programme offers salary support of up to 70% for the employment of graduate talent to assist companies when expanding into new markets.
Overview:
- Dmac Media is a web design agency offering a full suite of web solutions including web design, eCommerce platforms, content management and digital marketing.
- With offices in Dublin, Sligo and Cork the company used Enterprise Ireland’s GradStart initiative to attract fresh graduate talent and drive business activity.
- The GradStart programme offers salary support of up to 70% for the employment of graduate talent to assist companies when expanding into new markets.
1. What attracted you to get involved in GradStart?
Tech graduates are highly desirable and form a key part of our growth plans. We had issues competing for that talent and Enterprise Ireland‘s GradStart allowed us to offer a much more attractive package to graduates.
2. What did GradStart allow you to do that you wouldn’t have done otherwise?
Bringing in fresh talent to our business allowed us to focus more heavily on business development as a daily activity rather than a paper based plan.
3. What challenges and/or opportunities did GradStart help you address?
With qualified personnel we had lower training and induction costs this allowed us to keep up in a fast paced sector in a sustainable way. The challenge (as always) was finding the right graduates.
4. Which areas of the business did the graduate contribute to?
Our graduates have broadened both our technical skillset as well as our graphic design and process management skills. The impact was noticeable from day one.
5. How did participating in GradStart impact your business positively?
GradStart gave us a headstart on developing new products which in turn has brought our entry into new markets considerably closer.
6. Were there any learnings from your participation in GradStart that you have taken forward into your business?
We have evolved from a company with very standard and fixed methodologies to one that is now willing to experiment and develop better strategies.
7. Would you recommend GradStart to your business peers? If so, why?
Yes, it gives you time to focus on the business rather than just working in the business.
Learn more about GradStart and how it can support your business growth.
Joining the American tech revolution
When Alan Turing devised his eponymous computer he could have had no idea that it had set in motion multiple technological innovations so disruptive the effects will likely eclipse the last Industrial Revolution.
That’s according to SKOUT CYBERSECURITY CEO, Aidan Kehoe, whose foray into the US market 15 years ago led to the foundation of his global business. The technology set in train by Turing has led to seismic shifts that we have still yet to fully grasp and is fueling innovation in artificial intelligence, privacy, big data, blockchain, connected cities, cloud computing, voice, audio, augmented and virtual reality.
Innovation key to getting heard in US market
They are megatrends, according to Kehoe, who asked delegates at Enterprise Ireland’s Ambition North America event: “Do you want to be part of the megatrend or deal with the consequences of it?”
The question posed is important because, according to Kehoe, the US economy has embraced megatrends. Innovation is seen as a key driver in business and is part of the US business psyche. Any value proposition that speaks to innovation and solves megatrend problems and pain points will get a hearing in the US.
“To understand the American business mind, you have to realise they start from the perspective that they have no choice but to make it. That, in itself, acts a great driver for innovation,” says Kehoe.
In almost every sector, from AI, machine learning, fintech, medtech, agritech, pharma, life sciences and beyond, the US leads, and thrives on, innovation. More patents are filed in the US than any other country; in fact, it files three times as many as its nearest competitor, Japan.
It’s why, if you have an innovative solution, be prepared for the US to at the very least, give you facetime.
Don’t try to be all things to all people
As the world’s largest economy, currently enjoying a decade of unbroken growth – last year nudging 4.95% – and a GDP of $20.49trn, the US remains the prize export market. But exporters attempting to ‘break’ America can run into common pitfalls, not least viewing the United States as a single business monoculture.
David Walsh, CEO of Netwatch, which has 250,000 customers in North America, told delegates that the US is “where you go to scale” but warned:
“You simply cannot be all things to all people over there. You have to be clear what you can deliver and even clearer on what you can’t. It’s effectively 50 different markets sharing the same bit of land. We concentrated on four key markets and built on that. California is not the same as Texas and neither are the same as the East coast.” says Walsh.
Enterprise Ireland’s Market Research Centre at its Dublin HQ in EastPoint (and via eight regional hubs), together with grant funding such as the Market Discovery Fund, will help you to put boots, not only on the ground but in the right place to build your network.
Once in the US, do not fall into the trap of trying to bootstrap your operation, said Rob Rae, co-founder of Littus, the business development consultancy.
“Time and time again, the biggest and worst mistake we see is firms falling into the DIY trap, trying to do it all themselves. It’s only natural, Irish firms are entrepreneurial and it’s worked in other markets in the past and in Ireland but this is a different ball game. Spend your money on expertise at this early stage because it will save you many multiples later on, if what you did on your own goes wrong.”
He told the conference: “Above all bring a value proposition to the table. Don’t go to the US hoping to be the best Irish tech company there is. Go there to be the best tech company in the US that happens to be Irish.”
Key to planning is securing visas for your team in the early stages. Business visas will help for initial networking and sales but ultimately you will
need resident work visas and the paperwork can be lengthy and detailed both in time and scope, added Rebecca Mancini, Corporate Immigration Attorney at Clark Hill.
“The climate under the current administration is ‘buy American, hire American’ so in bringing skilled staff from abroad, you need to demonstrate why a US citizen could not do that.” For Irish firms with IP and trade secrets that cannot be replicated, this should be emphasised and should help the process to get key personnel in place, added Mancini.
If you have your market fit and personnel in place, be prepared for being able to scale, said SKOUT’s Aidan Kehoe, a sentiment echoed by Monaghan-based forklift manufacturer, Combilift.
“Our sales doubled in the last three years in North America,” said the firm’s North American Sales Director, Anthony Rooney.
For Kehoe, he had no doubt that riding the current internet megatrend was fundamental to the firm’s success.
“We’re in cybersecurity. Even if we weren’t any good, we would probably be doing very well indeed. That’s what riding the megatrend means.”
Learn more about doing business in the USA and Canada and the Enterprise Ireland supports available.
Why ‘no’ is the most common word used in French business
France is the most visited tourist destination in the world. Almost 83 million visitors a year make the trip to one of the most culturally rich and diverse countries in the world – and it’s easy to see why.
But visiting as a tourist, as many Irish people do, only scrapes the surface of the French psyche. How France deals with visitors is not always the same as how French business is conducted and it is important to discern the difference.
Irish business culture has evolved into an open, often informal and flexible solution-based environment, driven both by Irish innovation and the requirements of multinational partners. Given that we are an export-driven economy, we are outward facing by default and used to finding bespoke solutions.
How French business culture differs from Ireland
It could not be a more contrasting picture in France. French business culture can appear formal to the point of excess, governed by layered hierarchy and tiered bureaucracy.
Combined with French pride in putting their native tongue foremost, it may appear, at first, a difficult cultural barrier to overcome.
At Enterprise Ireland’s most recent Ambition France event, Irish exporters shared first-hand experience of French business culture.
By following the well-trod path to the UK, the US and the English-language friendly Benelux regions, Irish firms could be missing out on opportunities to break into one of the world’s richest countries. France remains a €2.5trn economy, with consistent growth. It is the world’s seventh-largest economy and the third biggest in the Eurozone.
However, for an Irish business keen to enter France, who has done its market research and established its product fit, it will soon become clear why the formality and ‘red tape’ exists.
France loves detail. Bureaucracy is there to establish – and protect – quality. Rather than act as a barrier for entry to the market, it levels the playing field for all competitors. It also means negotiations can be lengthy, and unlike the transactional price-based nature of, for example, the Netherlands, quality and attention to detail will be weighted highly in French business.
“It can seem bewildering,” Michael Stack, Managing Director of Tricel, the Killarney-based composites manufacturer told the conference.
“But the rules are applied fairly and squarely. No-one is trading within our market outside of the regulatory system. It’s not just a rules-based country, it’s a rules-based country where rules are enforced. That makes it fair for everyone.” says Stack.
How to do business in France
It’s why, when doing business in France, one of the most common words heard in meetings will be “Non”. This is not a negative but actually the first step on the road to “Oui”. “Non” forms the basis of a discussion with your intended partner or client that will deal heavily with specifics and navigating French regulatory compliance.
“No doesn’t always mean ‘no’,” Nicola-Marie O’Donovan, Senior Agile Coach from BlaBlaCar, told delegates. “It will likely be the start of a conversation. In Ireland, we tend to say ‘yes’ too quickly. In France, an argument is usually the precursor to a discussion.”
Formality must not be disregarded, even in looser cultural environments, such as the tech sector. Resist the urge for small talk and never ask personal questions unless invited to do so.
Within French organisations, it would be expected to inform senior figures ahead of team members of developments, even if it would seem to be non-essential information. Protocol matters.
Language skills will be mandatory if an Irish firm is to deal successfully in France or deal with French business partners. French is preferred and having a native French speaker on staff sends a very strong signal of your intent. It is quite normal to have a presentation deck in English but the discussion in French.
Do not underestimate French pride in their language. Make the effort to have marketing and web material accurately translated, preferably by a native French speaker.
“We went to a trade show early on in our venture in France and set up our display with our banner in French but it contained a grammatical error. Every single person who walked by our stand stopped and pointed it out,” Stack told the conference.
Get support from Enterprise Ireland
Language can be resolved, of course, with key hires and outsourced translation. Enterprise Ireland’s own GradStart programme will part-fund salaries of individual graduates with a language qualification in the key market helping to get your own boots on the ground in-country, something the French value highly.
Being there matters, agreed Eoin Licken, the Grenoble-based Commercial Manager of Tekelek:
“There is often surprise when a prospect sees me ringing on a French mobile, in French, and you can see the change of tone in the conversation as a result.” Eoin Licken explains.
If your product fit is right for France and you are prepared to adapt to French culture, be prepared for a rewarding foray into the market, said Stack. He added: “If you a want a market where you can compete, where quality is valued rather than cost, then you should seriously consider doing business in France.”
Access premium business intelligence reports with the Market Research Centre
The main ways client companies can utilise the Enterprise Ireland Market Research Centre
If you are interested in entering a new market or diversifying into a new sector, Enterprise Ireland’s Market Research Centre can help. Read how you can best use this Enterprise Ireland support.
Conducting market research can help to reduce business risks and assist your company to map out its journey to growing exports. To support client companies, Enterprise Ireland has invested in access to premium business intelligence databases in Market Research Centres in Dublin and eight regional hubs.
But how can you best access the Market Research Centre? Follow these five steps to make the most of your time there.
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Create your research objective
First, consider what the information you need will be used for and in what type of resource it is likely to be found. Resources provided by the Market Research Centre include:
- Market reports
- Country reports
- Industry and sector reports
- Company listings for lead generation
- Trend forecasts
- Journal articles
All of this information and research is provided by respected publishers and can only be accessed by clients within the Market Research Centre. The Centre’s information specialists work with a range of providers to ensure your company has access to the most up-to-date knowledge available. Once your research objectives are clear, then you are ready to take the next step.
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Explore the databases online
Get a sense of the databases you would most like to access at the Market Research Centre online before you make an appointment. You can even search for specific report titles here. By preparing in advance, and checking in with the Market Research Centre before your visit, you can ensure that relevant material is available when you need it and that your time is spent efficiently.
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Book an appointment
Contact the Market Research Centre to discuss your research request and to arrange a visit to the main centre in Dublin or to any of the eight regional office hubs. Currently there are facilities in the following Enterprise Ireland regional offices: Athlone, Cork, Dundalk, Galway, Shannon, Sligo, Tralee and Waterford.
To book your appointment, contact:
Phone: (01) 727 2324
Email: market.research@enterprise-ireland.com
Opening Hours: Monday-Friday, 9am-5pm.
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Stay up-to-date and social
The Market Research Centre blog is the best place to find the latest information about resources. This includes the most recent reports available to Enterprise Ireland clients, arranged into categories that are easy to search. From country-specific reports to individual sector research and Brexit-focused news, visiting the blog regularly will give you a sense of the breadth and depth of research and information available to consult during your visit.
You can also follow the Market Research Centre on Twitter to stay up-to-date with its latest news.
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Get guidance from information specialists
One big advantage of using the Market Research Centre is that you’re no longer alone. The Centre’s knowledgeable information specialists are readily available to guide you towards the most relevant reports and databases for your needs. The Market Research Centre’s information specialists can also help you to determine which reports are most relevant to your needs, or assist you with developing a plan of action on which sector or country you should start researching.
Conducting the right market research is vital for businesses to maintain their competitive edge and enjoy successful export growth. With Brexit a reminder of the importance of diversifying and discovering exciting new export opportunities, get the right support from Enterprise Ireland’s Market Research Centre.
5 ways GradStart can help you to attract and retain graduates
Talent is one of the business world’s most valuable resources. The ability to attract, recruit and retain, ambitious, highly skilled employees is a must for every Irish company aiming for success in exporting markets.
Irish companies with the ambition to grow exports, will benefit from developing a competitive edge to attract the motivated and highly skilled talent they need. Enterprise Ireland’s GradStart offers just that. In addition to financial support, GradStart provides invaluable guidance on how to attract, retain and build long-term relationships with graduates.
Here are five ways GradStart can help you.
1. Know your strengths
Competing for top talent can be difficult for SMEs, due to competition for skills in the marketplace. In some cases, smaller businesses can also lack a dedicated department to focus on skills attraction and promoting the company brand. However, it’s important for Irish companies to develop a talent attraction strategy and articulate the strengths that make them attractive employers for many graduates.
Helen McMahon, senior executive for Client Skills with Enterprise Ireland, comments:
“There’s something really exciting about working for an SME. Employees have access to more business areas than they might in large multinationals, where roles are often strictly defined. Graduates get the opportunity to work with senior management teams, have more exposure to a range of processes and systems, and the potential for more responsibility at an earlier stage in their career development. Above all, there’s a chance to really make a difference in a smaller company.”
Accessing GradStart helps companies to gain confidence and expertise in these benefits in order to market them to the highly skilled people that can help their business to reach the next level.
2. Define the role
Be clear about the skills your company needs and remember that it should include both hard and soft skills. Hard skills include technical expertise and knowledge of a particular system or a way of working. Soft skills, such as the ability to build relationships; work as part of a team, manage people effectively, and creative problem solving, are just as important.
Helen explains: “To apply for GradStart, a company needs to have defined a specific role for a graduate, and there must be an underlying business case for the role.”
For example, a company may want to attract a graduate with specific skills attached to a particular project. Not only must the company be clear in their GradStart application about why those skills are needed, but it should also be clear on the importance of the project to the company’s overall development and export growth. Clarity on the job role and project will make your company more attractive to discerning potential employees.
3. Build a career path
Bright ambitious candidates are interested in more than salary and perks. Particularly at the outset of their career, good candidates want to know that a job will enable them to develop their skills and expertise.
Helen adds: “It’s vital to show graduates that you are thinking of their career path as much as they are. You’re looking to build a long-term relationship and you need to show them that you are committed to helping them grow and develop.”
Investing in a good employee’s development is one of the best ways of ensuring they stay with your company. Research indicates one common reason people leave companies is that they feel they have stopped learning and developing. Very often, they go in search of new challenges, rather than more money.
As part of the GradStart programme, you are required to plan a career path for your potential recruit, the focus on which can also be attractive to potential candidates.
4. Think long term
If a graduate employee eventually leaves your company, it is often wise to maintain a strong relationship with them. Opportunities to collaborate may appear later, or a role that suits them perfectly may be created within your company in the future. A strong relationship with previous graduate employees can also be an on-going source of valuable industry intelligence.
Helen comments: “When you’re recruiting a graduate, you aren’t just selling the idea of joining your company, you’re selling the idea of becoming part of an industry or sector. You want them to feel that this is an exciting industry with lots of opportunities. Even if they do someday move on from your company, it can be very beneficial if they stay within your industry.”
5. Use recruitment tools
As part of GradStart, you will be supported through the graduate recruitment process. You will be encouraged to advertise your new position on Enterprise Ireland’s dedicated website for graduate offers and initiatives – gradhub.ie. This site is directly linked to GradIreland, which has access to 80,000 graduates approximately. You can, of course, source a graduate yourself. It is important to remember that, to qualify for GradStart, the employee can’t have previously worked with the company or be working there currently.
What does GradStart offer?
GradStart provides financial support for a company to recruit up to three graduates for a duration of two years each. The support covers 50% of a graduate’s yearly salary, up to a maximum of €15,000 a year in grant aid (ie a salary of €30,000) for two years.
For graduates with proficiency in a language relevant to the business role, the grant increases to 70% of the salary, up to a maximum of €21,000 a year for two years.
It is available for Irish graduates or for overseas graduates, based either in Ireland or overseas. The graduate must be paid by an Irish company to access GradStart funding.
Get the support you need to step into new markets. Check your company’s eligibility on this link below.
CASE: How automotive disruption offers huge opportunities for Irish tech companies
The automotive industry is at a crossroads. In an era where digital technology is disrupting the status quo throughout the global economy, few industries are being so profoundly impacted as automotive.
Under pressure over emissions and sustainability, manufacturers are focused on transitioning from the internal combustion engine to a future of connected, autonomous, shared and electric vehicles,(CASE). Traditional supply chains are changing dramatically, as new technology providers force manufacturers to rethink where value can be created and by whom.
To assess the level of opportunity this offers Irish business, Enterprise Ireland asked a panel of experts what lies on the road head.
From hardware to software
Barry Napier, CEO of Irish company Cubic Telecom – who provides global mobile connectivity solutions for automotive manufacturers including Audi, Skoda and VW – believes the future will be driven by software rather than hardware.
“The mindset has changed,” he says. “Historically when you went to an OEM (original equipment manufacturer) and you said to them, we want to do something, there was panic in their faces because they had to go and change the hardware, and then there were multiple partners they had to talk to in order to do that.
“It’s easier to change software, so now they are looking to do as much as they can via software solutions, putting mainframe concepts into vehicles and then seeing how they can run that through the cloud. The mindset is there with the OEMs to make the car lighter, faster and doing it all via software.”says Napier.
Hiren Desai, Head of Strategy and Innovation North America for Continental, agrees that tier one suppliers will need to be able to create value by manufacturing intelligence rather than just parts.
Hiren says: “The supply chain is going to undergo disruption over the next 10 to 15 years significantly when it comes to software coming in and replacing all the hardware that companies are used to producing.
“Companies like Continental are experts in industrialisation, which essentially means manufacturing. Now, what we’re really talking about is having software factories able to produce intelligence, able to write code, able to produce artificial intelligence, that’s where it is heading.”
Automotive industry rethinks the car
Whether it is in vehicles that transport people, goods or freight, OEMs will be looking for partners who can help them meet this demand. Traditional players will have to adapt and make room for new entrants from non-automotive backgrounds.
For Dr Engelbert Wimmer, CEO and founder of German specialist automotive management consultancy and investment company E&Co (Entrepreneurs and Consultants), this level of disruption can be seized upon by Irish companies.
“We are reconsidering every bit and piece of the traditional car,” he says. “That means changing materials and a whole new supply chain because the concept and characteristics of a vehicle that you want to operate 90,000km a year on a shared mobility or on an autonomous platform will be completely different because the durability and ownership will be changing.
“This means we will need to change the materials that vehicles are made from – from the rubber in the tyres to the steel and the chassis. We need to do a lot on recycling and greening the car by what components we will need. For companies who have interesting materials, who operate in material science and can supply components that are recyclable, this is a massive opportunity.
“You’re not just talking about tech companies, you’re looking at companies such as plastic moulders, or in the textile sector. It could be somebody from surface technology. It could be somebody in glass technology. Glass is a super interesting surface with a lot of functions, such as integrated light and displays. All these technologies are being reborn at the moment.
“You’re looking at an awful lot of companies that couldn’t previously have looked at the automotive sector. Every time you have a disruption in that size and with this technology scope, new entrants will have a super chance.” says Napier.
Hub for CASE development
Many Irish companies enjoying success in the automotive sector are part of the Connected and Autonomous Vehicle (CAV) cluster, which is supported by Enterprise Ireland, IDA Ireland, Science Foundation Ireland, Department of Transport, and the Lero research centre.
With Jaguar Land Rover’s Centre for Networked and Autonomous Vehicles at Shannon and French vehicle technology giant Valeo’s facility in Tuam as members, CAV Ireland is fast establishing the West of Ireland as a hub for CASE vehicle development.
CAV companies collaborate to identify products and services which can capitalise on export opportunities in the automotive supply chain. It is an approach which Engelbert believes fits well with the future of mobility.
He says: “Whether it is software or materials, it is not about one company producing all this. It is about collaboration and partnership. The tool chain has many, many links that need to be linked together.”
5 ways to make the most of your Market Discovery Fund project
Learning that your business has been approved for a support like Enterprise Ireland’s Market Discovery Fund is great news. But it is followed by an important question. How can you make the best use of that financial support to maximise its value to your business?
1. Make the most of Enterprise Ireland’s resources
Use all of the resources available to you as a company supported by Enterprise Ireland while you carry out the project and conduct your research.
Your Development Adviser
Stay in touch with your Development Adviser throughout the project. Let them know you’re interested in attending relevant market and sector events and they will keep you top of mind.
39 overseas offices*
Make time to visit Enterprise Ireland’s most relevant overseas offices as part of your project. With offices in 39 locations worldwide, our advisers have expert knowledge of the markets and sectors of most importance to Irish exporters.
If you alert the in-market team to your visit well in advance, they may be able to arrange meetings with valuable local contacts. After your visit, remember to stay in touch with the market advisers you know to stay up-to-date with local opportunities and developments.
(*39 correct as of 3 December 2019, date of publication)
Market Research Centre
Conducting the right market research is vital to maintaining your competitive edge and enjoying successful export growth – but it can also cost time, money and resources for which your business must budget.
The information specialists at Enterprise Ireland’s Market Research Centre offer a wealth of experience available to guide you to the most relevant reports and databases for your needs, and to provide support before and during your visit. They can help you to access current market research reports from some of the world’s leading publishers, such as Euromonitor International, Frost & Sullivan, and Mintel. The Centre is available free-of-charge to companies supported by Enterprise Ireland across the regional office network.
2. Focus on your most promising markets
One important rule of thumb is to consider no more than three markets within a Market Discovery Fund project. Carrying out a market prioritisation exercise and comparing the potential of two or three markets within a region can be a smart use of this type of support.
Whichever markets you consider, remember that internet research alone will only take you so far. Travel to each market you are considering where feasible. You will learn far more on the ground than you can from behind a screen.
Also think carefully about the bandwidth (covering both people and finance) required to manage the project. Projects such as this typically take no more than six months, unless you recruit a graduate or entry-level executive to undertake a more substantial piece of research.
3. Assess trade fair options
If you are planning to exhibit at a trade fair, try to visit the year or season before, so you can assess if it really is a good fit for your business. The most important factor to look out for is if the right kind of buyers and decision-makers attend.
If it is a big fair, spend some time establishing which is the right hall for your company to exhibit in. Being in the wrong hall is a waste of time and resources and can leave you and your team feeling frustrated.
If you decide to exhibit next time around, get in touch with the organisers as early as possible to find out costings or packages in addition to availability, as previous exhibitors are likely to be given priority.
4. Know the claims process and track everything
You can find all the information and forms you need to submit your claim(s) to the Market Discovery Fund here. This includes:
- Instructions for making your claim
- The claim form
- A claim form checklist
- A timesheet template
- A Director’s Statement template
- A progress report form
- More information on the claims process.
While at this point your application has been approved, it is vital to keep detailed records of all expenditure relating to your project. This can include:
- Timesheets for employees, as relevant wages and salaries can be covered, subject to conditions outlined here
- Receipts and invoices for all foreign travel and subsistence expenses directly related to the project. Remember these must be incurred by company employees supported on the project
- The cost of purchasing reports and databases relating to a new market or sector (when relevant and not accessible through the Market Research Centre).
5. Understand the value of what you learn
At first, it might seem disappointing if research indicates that a valid opportunity to bring your product or service to a particular market or markets does not exist. But it is actually a great lesson.
It is far better to be aware of this insight before committing fully to a market, as discovering a lack of potential later will cost your business much more.
Knowing which markets not to prioritise can be just as important as understanding which ones are most worth investing your time and resources. Refining your overall market strategy is a valuable outcome of a successful Market Discovery Fund project.
Remember, you must contact your assigned Enterprise Ireland Adviser to discuss your Market Discovery Fund application before you submit it. If you’re a first-time applicant, you need to register on the Enterprise Ireland Online Application System.
To discover how your company can take the step into new markets, visit: globalambition.ie/steps.
Help your company grow by using the Market Research Centre
With Brexit a reminder of the importance of diversifying and discovering exciting new export opportunities, Enterprise Ireland’s Market Research Centre can help.
Conducting the right market research is vital for businesses to maintain their competitive edge and enjoy successful export growth. According to a recent Enterprise Ireland survey, more than four out of five businesses plan to diversify into the Eurozone – a smart move given its potential export market value of €38bn alone.
Enterprise Ireland-supported companies can benefit from support in their plans to expand their reach. Here are five ways that our Market Research Centre can help.
1. Access world-class market research
Conducting market research before exporting into new markets can cost time, money and resources for which your business must budget. The Market Research Centre can help by providing access to up-to-date premium market research reports from some of the world’s leading market research publishers, such as Euromonitor International, Frost & Sullivan, and Mintel.
The Centre provides access to:
- Country reports
- Global company profiles
- Industry sector reports
- Trend forecasts.
The Centre is available free-of-charge to companies supported by Enterprise Ireland across the regional office network.
With some individual reports costing tens of thousands of euro, the potential value of using the service is immense.
2. Know your markets
When planning to export, the most important step is to learn as much about your new target market as possible. Accessing the latest research available through the Market Research Centre will help you to understand potential export regions and the competitors already operating there. Questions you should consider include:
- What is the size of the market?
- Who are the big players?
- Is there a dominant brand in the market
3. Know your channels
When Abcon, an abrasives and industrial hose manufacturer from Co. Cavan wanted to increase exports to the Eurozone after the Brexit referendum, they needed to understand the markets that would help to grow the business.
With a high volume of sales driven by internet searches, accurate information about the names of products in local languages proved essential to underpinning successful international digital marketing tactics.
Lyn Sharkey, Sales and Marketing Director for Abcon, says that the Market Research Centre’s information specialists helped the company to obtain such information, in addition to lists of potential leads and trade events to attend – all of which would have been far more difficult to source alone.
4. Insights about your customers
Understanding the demographics of a market and the competitors already succeeding there is of little value unless you also understand your new potential customers, and how your offerings should be tweaked or positioned to best appeal to them.
One of the most vital considerations for any company is: “what does your customer want, and how does it differ from what you’re already doing and delivering?”.
When Irish Dog Foods, the Naas-based pet food manufacturer, was planning to enter the South Korean market, they asked these same questions. The company turned to the Market Research Centre to learn which customers it should sell to.
“One of the things we learned during our market research is that there are practically no large dogs in Korea,” says Darren Keating, Marketing Manager of Irish Dog Foods. “That meant we specifically targeted the owners of small dogs. That information came from the Market Research Centre.”
5. Guidance from information specialists
The Market Research Centre’s information specialists have a wealth of experience and are available to guide you to the most relevant reports and databases for your needs, and to provide support before and during your visit.
Sometimes the best support is reassurance from a specialist that you are heading in the right direction, allowing you to use your time efficiently.
Contact Us
Contact the Market Research Centre to discuss your research request and to arrange a visit to our centre in Dublin or to any of our eight regional office hubs.
Phone: +353 (1) 727 2324
Email: market.research@enterprise-ireland.com
Opening Hours: Monday-Friday 9am-5pm
Ambition Spain & Portugal: How we got Iberia to work for us
Easy to get to, easy to get around, but a tough nut to crack. It’s sometimes thought that the Iberian markets of Spain and Portugal are challenging to take on. Language barriers and differences in business culture are cited as barriers to a combined market with a GDP of almost €1.5trn.
But both countries not only actively trade with Eurozone neighbours including Ireland but enjoy legacy links with growing, dynamic markets in South America and Africa, acting as bridges for firms active in the Iberian market. It’s no wonder the region is home to global giants such as Banco Santander and Telefónica.
The economic downturn changed the region’s business landscape, and structural reforms opened up new opportunities for firms looking for a route to market. Along with reforms in labour and employment, a cultural shift towards innovation has helped Irish firms to enter this valuable market.
Formula for Irish success in Spain and Portugal
At Enterprise Ireland’s Ambition Spain and Portugal event, Irish firms that have made successful entries to the market outlined why it had worked for them. The common ingredients for successful exporting included getting boots on the ground, perseverance, and robust planning.
Research and planning was a major exercise for Atlantic Therapeutics, the Galway-based rehabilitative medical devices firm. The company already has a presence beyond Ireland in the UK, France, Germany and the USA, and wanted to move into Spain. Market research threw up interesting market segments.
“When we started out 18 months ago looking at the Spanish market, we looked at the medical device space to start with. Through Enterprise Ireland, we were introduced to people who could focus our route to the Spanish market,” Alan O’Shea, Head of Distribution Markets for Atlantic Therapeutics.
During discussions, the company realised that their rehab devices could get market share by using the well-developed TV home shopping channels in a very buoyant private home use market.
“It isn’t traditionally the usual distribution channel for our technology,” he told delegates. “We’re two months in and so far it’s a very positive experience.”
Finding a complementary partner with local market knowledge and contacts can provide a lift to securing new exports. That was the route that helped accelerate growth for Tullamore-based emergency vehicle kit-out specialists Acetech. Enterprise Ireland helped to introduce the firm to a Spanish ambulance manufacturer who was interested in their vehicle intelligence systems.
“They will now represent us, in terms of putting our equipment in the vehicles they are providing to the Spanish marketplace, and also the Latin American marketplace as well,” Acetech sales director Fergus Claffey told delegates.
By 2020, Spanish business will account for 10% of turnover for Acetech as a result, he said.
What to do after market entry
Once in the market, Irish firms should get boots on the ground as regularly as possible, the conference was told. Not only will you get a handle on the business culture but it can help with honing your product fit, and generate new market opportunities.
Eamonn MacLughadha, founder of Spanish-based import company Machemac and based in Spain for the past 23 years, said Irish firms should get their feet on the ground if only to get an idea of scale.
“If you are capable of supplying 50% of the Irish market, that may only equate to 5% of the Spanish market. If your product takes, do you even the capability to deliver?”
With six months being a typical timeframe for payment in Spain, resourcing your route to entry is vital, he added.
“The closer you stick to a Spanish customer, the better the feedback you get on a problem. Getting to see them face to face will get you what you need to know. A phone call or email just won’t cut it.” says MacLughadha.
Likewise in Portugal, being in the market is seen as a commitment to the customer, said Helder Palhas, country manager for Aspire Technology. “Keep your relationship alive. Don’t just abandon a customer after a sale, keep in touch. Go for lunch, even if you don’t have a product to sell them right now – it will make a difference.”
The sentiment was echoed by Mr Claffey: “We thought we knew what we were doing with the research but we learnt more from a three-hour plane trip to Spain than three months of planning. Stop relying on Skype.”
One of the biggest pitfalls that befalls Irish firms trying to enter the market in Spain, according to MacLughadha, is not appreciating the length of the average sales cycle.
“In my experience here, the sales cycle is a lot longer than Irish companies are used to, or comfortable with. They give up too soon. The sales cycle is a lot longer. I’ve seen agri sales take two years from trade show to sale. That wouldn’t be unusual. You have to persevere.”
For Acetech, entering the Spanish market was a revelation even with all the steep learnings: “The cultural fit between Ireland and Spain is very, very good. I don’t know why we didn’t do it earlier,” said Mr Claffey.
Learn more on trading in the Spanish and Portuguese markets and the Enterprise Ireland supports available with our Going Global guide.
