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Irish talent tech firms boost global engagement and productivity

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In this era of widespread remote working, employee engagement and wellbeing matter more than ever. Isolated workers need to feel a sense of community and get support from their employers in line with their company’s values.

Companies around the world are looking to Irish talent tech companies for cutting-edge digital solutions to enable streamlined, effective work by HR departments, managers and employees. From wellbeing apps to performance management tools, Irish companies are exporting best-in-class products to businesses in dozens of countries.

Most are also focused on integrating with the existing technologies used by companies, meaning those in charge of IT budgets can maximise their legacy investments. Discover how five of the best in Irish talent tech are meeting the needs of a global client base.

 

1. Workvivo: Engaging employees with a highly social experience

Cork-based Workvivo is an enterprise social network, designed to enable organisations to engage as well as communicate with their employee communities.

“We took activities such as posting, liking and sharing content to an activity feed, which people are used to on social media apps outside the workplace, but developed them in a business context, enabling people to more easily engage with one another and with their company.” says Pete Rawlinson, Chief Marketing Officer at Workvivo.

 

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“Disengagement was an issue for as many as 70% of businesses before the pandemic,” he adds. “One-to-one communication tools such as email or messaging facilitate communication but don’t do anything to provide that sense of community and culture.”

“People  need to feel part of something, especially when they are working remotely.” Pete Rawlinson, CMO at Workvivo

Since the pandemic spread, Workvivo has seen a significant increase in enquiries. “Companies are seeing that many remote workers can feel isolated. Our platform helps bring employees together through a highly social experience. We see customers using the platform to host activities such as quizzes and competitions that really help create that important sense of community….and fun!”

Woodies found that its Workvivo activity went up when its workers were furloughed due to Covid-19. “These were mainly employees with no work email account or company device, but they wanted to stay engaged,” says Rawlinson.

Workvivo has sought to ensure it can integrate with existing communication tools such as Slack, Zoom and Workday, and also includes built-in engagement analysis through pulse surveys, he says, adding that many customers report higher levels of employee satisfaction and engagement than before they implemented the platform. “Higher engagement typically leads to increases in talent retention and acquisition,” he said.

Established three years ago, Workvivo now has customers in 35 countries with over 150,000 users on the platform. The company is headquartered in Cork, Ireland and has recently opened an office in Sacramento, California. Having recently secured $16m (€14.2m) in Series A funding, it is now focused on expanding its US client base and accelerating its product development plans.

 

2. Frankli: automating continuous performance management

While performance review cycles can strike dread into both managers and employees, Frankli aims to make performance management easier and more intuitive with its end-to-end platform.

“Our product allows managers to have much more meaningful conversations with people and support their development,” says Noel Dykes, founder and CEO of Frankli. “This approach is transformative and agile — we don’t set out to be a once-a-year annual cycle of goal-setting and meetings.”

A software engineer by background, Dykes worked as a consultancy practice manager in New Zealand and saw first-hand that younger employees were particularly keen on continuous feedback and recognition. “People want to be truly connected to the work,” he says. “They want to understand their purpose. Why are they there? What is the company they are working for trying to achieve?”

He adds that purpose-driven organisations will thrive, especially as remote working opens up a global marketplace.

“Managers are going to become coaches, rather than engaging in direct management in the office where they can see employees and know what they are working on. From now on, they will have to trust people and give them much more autonomy.”

Within Frankli, managers can set up regular recurring one-to-one meetings with their team members, setting priorities, agreeing action items and supporting accountability on both sides. The software suggests recommended talking points, based on insights from organisational psychology. Employees can also contribute comments and suggestions.

The product also enables businesses to offer more tailored learning and development opportunities, including a two-sided mentor marketplace tool.

Frankli has customers of all sizes in Ireland, the UK, Poland and New Zealand. While its core focus is midsize companies looking to scale, it already supports workforces of as many as 70,000 employees.

 

3. Empeal: personalised employee wellbeing at scale

While many employee wellbeing platforms work on a one-to-many scale, says Sohini De, founder of data-driven start-up Empeal, her business aims to deliver 1:1 wellbeing support at scale.

“If someone is having trouble with sleep, perhaps not doing too much exercise, eating unhealthy food or generally falling into bad habits, they can go through the programme on our system,” she explains.

“They start by completing interactive questionnaires and we can also integrate data from their wearable devices. They could be given a personalised programme to improve their sleep hygiene, for example. If they continue to have problems, their case is escalated to a sleep expert.”

With users in Ireland and India, Empeal is now focused on expanding those markets and pushing into both the UAE and the UK, So far, it has seen engagement rates of 60% on average, which De says is high for a wellbeing app. “We have also seen very encouraging results in terms of people achieving their health goals,” she says.

In addition to helping employees improve their wellbeing, Empeal also provides anonymised aggregate data to employers to enable them make better decisions, improve staff retention rates and attract more talent.

To help companies navigate the coronavirus crisis, Empeal produced a free toolkit of resources and also made its community-level module free. “We were finding a lot of employers were asking, ‘How can we take care of our people at this time?’ — they were very concerned about how everyone in remote locations was coping not in touch with their workplace or workmates,” says De.

 

“The community engagement part of the platform, which includes fun challenges and community boards, helps employees feel connected and it’s very simple to roll out for HR teams.” Sohini De, Empeal founder

 

4. Peptalk: building community through connection and wellbeing

The three founders of workplace wellbeing platform Peptalk — all former sports stars — know more than most the value of wellbeing when it comes to performance.

“We had all been involved in high performance sports,” says CEO James Brogan, an all-Ireland winner himself and a cousin of Dublin GAA legend Bernard Brogan, another of the co-founders along with Michelle Fogarty, who represented Ireland at taekwondo. “We had seen that to get the best out of people, their lives need to be in balance. What you do off the pitch is as important as what you do on it.”

Peptalk aims to help companies build sustainable high performance cultures through its community-driven employee experience platform. The product includes an insights tool, management toolkits, an employee app and a real-time measurement dashboard.

“We’re helping organisations with those off-the-pitch activities. We’re helping humans to be better at what they do, to have more energy, and to be more focused and resilient,” says Brogan.

He adds that the Covid-19 crisis has exacerbated the issue of work-life balance: “Senior leaders have seen a different side to their staff. They’re now acutely aware that, unless people have proper support, they won’t be able to work to the best of their ability.”

During the crisis, Peptalk has seen increased engagement from existing clients, while also doubling its usual number of demos to potential customers.

Set up in late 2016, Peptalk has users in 10 countries, including Mondelez, McDonald’s and Paypal. “This is a global challenge faced by multinationals. We offer one solution that works across an organisation, so there is no sense of disconnection with different offices doing different things,” says Brogan.

With serious plans to scale further, Peptalk expects to close out its current funding round later in 2020. “This is the time for us to get out and support as many organisations as we can,” says Brogan. “It’s a challenging time and the need has never been greater for the type of services we offer.”

 

5. Wrkit: easy to implement and clinically-backed 

Founded two decades ago, Wrkit was originally a group benefits scheme, which evolved into an employee discount scheme. While users can still access thousands of discounts on holidays, food, clothes and other products, Wrkit has expanded to offer other services, including a learning portal with 4,500 personal and professional courses, a recognition portal and a wellbeing portal called Powr.

“POWR stands for Positive Occupational Wellness Resources, offering tools such as meditation, breathing exercises and reflective journaling” explains Jason Brennan, Wrkit’s Director of Wellbeing and Leadership.

“The big differentiator between Powr and similar apps is that it offers 430 clinically based behavioural plans put together by psychologists,” says Brennan. “These are based on six paths — mind, sleep, work, life, food and active. When users answer the questionnaires for these paths, they are given a personalised plan.”

“POWR users begin by finding out how they score clinically in the 6 areas of wellbeing and are instantly provided with personalised clinically based plans to improve engagement and growth in each area. During covid for example we saw a huge up take in the activity, work and life plans, helping not only users but employers by feeding back what is happening in real time with their anonymised and aggregated dashboard.”

Wrkit is based in Dublin, but also has offices in London and Massachusetts. Its clients include multinationals such as KPMG, FedEx and Boston Scientific. Its internet-based application can be launched quickly as it requires no specific IT infrastructure, says Brennan.

“All we need to launch is the list of employee ID numbers, and we provide lots of webinars and video tutorials to help staff engage with the tool, which is of course completely confidential.”

When Covid-19 struck, Wrkit quickly found demand rose. “We launched to 60 companies in eight weeks,” says Brennan. “We also quickly created a Coping with Covid portal to help users.”

Market Entry title and businesswoman image

Export Journey: Step 5 – Market Entry

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Market Entry title and businesswoman image

Your next priority is for the execution of your company’s vision within new export markets. Key to this will be preparing the company for this change and subsequent increased demand from and servicing of new export markets.

Consideration for a successful market entry should include;

1.Identify and allocate adequate resources such as:

    • Financial resources i.e. cash required to sufficiently support overseas exports
    • Additional equipment or fixed assets needed to increase volume or backup global sales
    • People, including staff, suppliers or other valuable relationships in Ireland or overseas

2. Defining where your first sales will come from

Will your customers be a distributor which imports in larger quantities, or an overseas agenct or representative acting on your behalf or will it be a separate trading company of your own business?

3. Developing your lead generation strategy

Supports will need to be assigned to generate business leads. Will they be predominantly offline, online or a hybrid?

Offline: fairs, events, conferences, network meetings or

Online: website, social media, blogs etc.

You will need to qualify and validate the leads, managing them through a Customer Relationship Management (CMS) system such as Salesforce.

4. Marketing and communications

Implementing a successful marketing and communication plan is vital for sustained sales in export markets.

When developing a plan, it is important not to do a ‘copy and paste’ of the same marketing strategy from your domestic market as these are likely completely disparate territories. While it is logical that you should retain your company values and purpose, you will need to adapt your marketing and communications strategy to your new export market

5. Implementing a sales process

By implementing a sales process, you are creating a set of logical, repeatable steps that your sales team goes through to bring a potential buyer from an early stage of awareness to closing the sale. There are various stages that need to be considered in developing an effective sales process, such as;

a) How will your company cultivate your sales leads?

b) What preparation will you commit to in order to be ready to capture an overseas sale?

c) What will be your sales teams approach to a prospective buyer?

d) How will you adequately present or pitch your sales in an overseas market?

e) Is your team setup to deal with buyer objections or queries?

f) Have you experience in closing a sale in an overseas market?

g) What follow-up work will be done post buyer presentation?

6. Relationship building

Relationship building is a key factor in developing sustained sales in export markets. Any company considering to expand globally is undoubtedly looking for a return on their initial investment, and companies looking for better business returns are strongly encouraged to place an emphasis on relationship building.

Companies can quite often focus on the transactional, revenue generation portion before they consider relationship building. However, as is the case in much of the world, relationships based on mutual respect and trust outplay singular transactions. Relationships need to be worked on and require different approaches for different markets.

Take the next step in the Export Journey

New Frontiers: Turning great ideas into promising businesses

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Great ideas are in the Irish DNA, but turning these ideas into viable businesses takes time, ambition, hard work and support.

To help entrepreneurs turn their ideas into promising businesses, Ireland has built up a solid network of supports for early stage start-ups, with a high level of connectivity to ensure that businesses can access the right support at the right time.

Many entrepreneurs begin their business journey at the Local Enterprise Office (LEO), which offers a wide range of experience, skills and services.

Typical supports offered by the LEOs include training and mentoring programmes, access to financial support and microfinance loans, general business advice and help with business planning.  and with 31 LEOs nationwide, entrepreneurs don’t have to travel far to find business support.

The LEOs are also the front door into other support services such as the local authorities, Enterprise Ireland and State agencies, including the Department of Social Protection, Skillnets, Education and Training Boards, Microfinance Ireland, Revenue and Fáilte Ireland.

“The beauty of the structure is that it’s inter-connected,” explains Teri Smith, manager at Enterprise Ireland’s High Potential Start-Up (HPSU) division. 

“At the HPSU, we would communicate with the LEOs and other starter programmes like New Frontiers, so a suitable business can very readily come onto our radar if they’re going through those channels, which allows us to transition them at the right time.” 

“From an Enterprise Ireland point of view, a lot of entrepreneurs would have started out with LEO supports or New Frontiers; when they have their business plan, their prototype and their market opportunities mapped out, and ready to raise seed investment, that’s generally when they transition to Enterprise Ireland.”

 

New Frontiers

The highly regarded New Frontiers programme is a popular starting point for many entrepreneurs. Like the LEO supports, New Frontiers is available nationwide and is delivered on behalf of Enterprise Ireland by Institutes of Technology and Technological Universities in 16 locations around Ireland. Since Enterprise Ireland began managing the programme in 2012, 4,700 individuals have participated in New Frontiers, with 1,430 going on to the immersive Phase 2 of the programme.

“New Frontiers is a good starting point,” says Teri. “Phase 1 can be done while you’re still in your day job, so you don’t have to go ‘all in’ to progress your idea and see if it has the potential to turn into a business.” 

The programme is aimed at early-stage entrepreneurs with business ideas from across all sectors including food & consumer products; information & communication technology; engineering & electronics; medical devices; biotechnology; pharma, digital media; cleantech/renewable energy;

They could also be developing new solutions that would have export potential, or an innovative alternative to what is mainstream in the marketplace. Entrepreneurs would have to have qualified that there is market potential for their product in order to be eligible for a place on the programme.

New Frontiers is delivered in three phases. Currently offered online due to the ongoing Covid-19 situation, Phase I consists of weekend and evening workshops to research and test the market potential of the idea. By the end of this phase, participants should have a good idea as to whether their idea can become a viable business – and be confident enough to leave their job or take a career break to immerse themselves in their fledgling business.

Entrepreneurs who have successfully completed Phase 1 can apply for Phase 2, which is a full-time intensive programme that focuses on developing and validating the business proposition. Participants are supported throughout this phase with workshops, mentoring, regular milestone reviews, a free co-working space and guidance from the programme team.

In addition, a tax-free stipend of €15,000 is paid directly to the entrepreneur over a six-month period, along with web hosting and support worth $15,000 from Amazon.  No equity is taken in your business in exchange for this support package.

Upon successful completed of Phase 2, participants can also apply For Phase 3, which focuses on bringing the product/service to market and preparing to acquire further funding.

Many New Frontiers participants have progressed on to Enterprise Ireland supports such as the Competitive Start Fund and the High Potential Start-Up Fund; these include Wellola, Video Sherpa, Swyft Energy, Snapfix, Examfly, LiveCosts, Positive Carbon and Safecility. And from there, great things can be achieved.

For instance, Immersive VR Education in Waterford, one of the 2016 participants, raised €6.75 million following a successful IPO in 2018. In 2020, Cork ed-tech company and New Frontiers graduate TeachKloud raised €750,000, with investment led by Frontline Ventures and ed-tech investor Sean Tai. And in terms of creating employment, 2017 participants Xerotech has established an R&D centre in Claregalway with space for 40 engineers.

The highly connected nature of Ireland’s supports for early-stage entrepreneurs means that the sky really is the limit for ambitious innovators. Great ideas with huge potential are quickly identified and given the right support to bring them as far as possible, furthering our island’s reputation as a hotbed of promising start-ups.

For more information on New Frontiers, including a calendar of starting dates across the country, visit www.newfrontiers.ie

Paul McCloskey, Tyndall Institute

LEDLUM, a shining light in LED efficiency  

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LEDLUM

“Horizon 2020 was about putting together the right consortium that could do cutting-edge research and also produce something that can be commercialized in the near future.”

Paul McCloskey, Head of Integrated Magnetics group at Tyndall National Institute

Key Takeouts:

  • Tyndall Institute played a key role in a recently completed project that aimed to significantly reduce the size and weight of LED drivers while increasing their lifetime expectancy.
  • The ambitious 3.5-year project received €4.1m from the European Union’s Horizon 2020 research and innovation programme.
  • The outcomes included near-market LED driver prototypes with 40% volume and 59% weight reduction, a research prototype with a volume of just 12% of current best in class, and significant advancement in the field of magnetics on silicon.

H2020 Case Study: LEDLUM

As the world faces the imminent impact of climate change, there has never been a greater focus on environmental issues nor a greater sense of urgency. While governments debate macro issues, some researchers are looking at small concerns that can have a big impact. One of these is LED drivers.

LED light bulbs are much more energy efficient and environmentally friendly than traditional bulbs. They can last up to 20 times longer than standard forms of lighting, so fewer bulbs need to be manufactured, they can be up to 80% more energy efficient than conventional bulbs and they contain no toxic elements that require specialist disposal.

The fly in the ointment, however, is the LED AC/DC converter, known as a driver, which is not only much less reliable than the bulbs themselves but also bulky and difficult to integrate into the light fitting.

This driver was the focus of LEDLUM, a Horizon 2020-funded project involving seven European partners drawn from business and academia, and over €4 million in EU funding. LEDLUM’s objectives were to make major improvements to the volume, weight, lifetime and size of the driver to create a more environmentally friendly product.

Among the partners was Tyndall National Institute in County Cork, which brought its expertise in the area of magnetics on silicon to the table. Paul McCloskey, Head of Integrated Magnetics group at the Institute, led the ‘passive components’ work package. He explains how the consortium took a pragmatic approach to achieving the project’s aims.

“Horizon 2020 projects are a combination of research that pushes the boundaries and the development of something that companies can commercialise.” says McCloskey

“Within LEDLUM there was initially a little built of tension between those two objectives as the companies in the consortium were more focused on the commercialisation of a product and the universities on pushing the science. So as a consortium we came up with the idea of having two tracks. The development track aimed to get close to something that businesses could use in the near future to create a product, while the research track had a lower level of technology readiness and an emphasis on demonstrating how the challenging goals set might ultimately be achieved. I believe the project delivered on both.”

LEDLUM’s outcomes included the development of near-market LED driver prototypes with 40% volume and 59% weight reduction, a research prototype with a volume of just 12% of current best in class, and significant advancement in the field of magnetics on silicon.

“Horizon 2020 is a way of getting involved with companies that will ultimately use the science in a real-world application.” says McCloskey

“One of the outcomes of this project was the licensing of Tyndall’s magnetics on silicon technology. We’ve developed a capability and reputation in this area over many years. Through LEDLUM we further developed the technology and were able to transfer it to one of the biggest silicon foundries in the world with the production scale up at a facility in Europe. That’s a major achievement for us. That’s tying our research into a real-world product,” says McCloskey.

 

Competition and support

Running from 2021 to 2027, Horizon 2020’s successor, Horizon Europe, has a €95 billion funding pot and the triple aim of developing scientific excellence, tackling global and industrial challenges and supporting innovation and inclusivity across Europe. And like Horizon 2020, it is a highly competitive arena.

“There are a lot of organizations chasing this funding. But Ireland performs above average in terms of winning this type of EU funding and Tyndall is one of the most successful institutes. We’ve been involved in these kinds of projects for many years as our research depends on securing this type of funding,” says McCloskey

To help research institutes and businesses to secure Horizon Europe funding, Enterprise Ireland regularly gives talks highlighting what Horizon calls are coming up, how to go about getting involved and how to build a consortium. They also fund travel costs associated with building the consortium and offer support to write the proposal.

 

Advantages of collaboration

“Horizon 2020, and now Horizon Europe, is about putting together the right consortium that can do cutting-edge research and also produce something that can be commercialized in the near future.

“That opportunity for collaboration is hugely important. You get the chance to work with other universities and businesses throughout Europe. When you talk to companies you hear what the real-world problems are; understanding that is a terrific insight for a researcher. Overall, I found the LEDLUM project to be an enjoyable and instructive process,” says McCloskey.

For advice or further information about applying for Horizon Europe support, please contact HorizonSupport@enterprise-ireland.com or consult www.horizoneurope.ie

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Celebrating half a century in Belgium

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Established in 1971 as the Irish Trade and Technology Board Belgian department, the Enterprise Ireland office in Brussels is celebrating its fiftieth birthday. And while there have been many changes in the five decades since its opening, one thing has remained constant and that is the level of support and assistance Irish companies continue to receive as they enter and scale the Belgian markets.

There has long been a strong relationship between the two countries and Richard Engelkes, Interim Manager of Enterprise Ireland Benelux Region, says for Irish companies wanting to expand their portfolio into Europe, Belgium, with its large ports at Antwerp and Zeebrugge, is the gateway.

“Belgium is Ireland’s second largest trading partner globally (the first being the US), with a total of €17.8 billion in 2020,” says Engelkes.

“In fact, it goes both ways as imports of Belgian goods to Ireland was €2.4bn in 2020 – so there is a very good bilateral trade agreement between Ireland and Belgium.

“Equally important for Irish exporters, Belgium is the 4th largest export market in the Eurozone and the 8th largest globally. The EU, in particular the Eurozone, is of great importance to Irish exporters as its proximity, the single market and single currency, a large customer base, supply chain patterns and our longstanding relationship are just some of the reasons why the region is crucial.”

 

Location is key

And, according to Engelkes, thanks to its location at the heart of Europe, Belgium, is key.

“It boasts four ports, three airports, very good rail and road links and water connections, making it a gateway for markets all across the zone – it is also the headquarters of the European Union and NATO,” he says. “So continuing a strong business relationship with Brussels is very important for Irish companies.

“And despite the difficulties faced by every sector during the pandemic, the world is slowly rebuilding and there are many opportunities for Irish SMEs wanting to enter the market or scale their business in the Benelux countries and beyond. There is already an advantage for Irish companies as their reputation is good, with many firms well established in the pharma and life sciences sectors. There is also a lot of opportunity in the construction sector as well as engineering, precision engineering and packaging. Hydrogen is also a growing opportunity and there is a strong interest in building smart cities with an emphasis on sustainability, so innovative solutions will do well in the region.”

A reputation for innovation

The acting regional manager says innovation is something which Irish companies are known for, so this reputation is advantageous to firms who are looking to enter the market. They are also known for being flexible, reliable, and adaptable, qualities respected by Belgian companies.

“Irish firms have also shown a strong commitment to EU standards and regulations as well as being adept at solving complex technical challenges.” says Engelkes.

“But I would say that while for the most part, doing business in Belgium is similar to Ireland, the main difference is the language (with French, Dutch and German spoken). So Irish firms doing business here, should be aware that although most Belgians are highly proficient in English, it is advisable not to assume so and to at least attempt to learn a word or two – this will serve as an icebreaker and can be very helpful in building a relationship.”

 

Enterprise Ireland support

Irish companies which are already established in Belgium include RKD Architects, PM Group, Combilift, CXV Global PPI Adhesive, and DPS Engineering, to name a few – and the role of the Enterprise Ireland Office in Brussels is to assist companies like this in scaling their business but also to help others enter the market. This could involve market research, consultancy, getting involved with events (live or virtual), introductions and promotions or publicity – so if they have an idea, Richard and his colleagues can help with getting it into newspapers and online.

“We also work in conjunction with our Enterprise Ireland colleagues in Amsterdam and have strong relationships with the Embassy of Ireland in Belgium, the Embassy of Belgium in Ireland and the trade agency, Flanders Investment and Trade, as well as close cooperation with Belgian ports, such as the Port of Antwerp and Zeebrugge,” he says.  “In addition to this, Enterprise Ireland also supports expansion into the Eurozone with award-winning training courses, which are available to clients.

“Robert Troy, Minister for Trade Promotion, opened an Enterprise Ireland webinar in March, entitled ‘Belgian/Irish trade:  Maximising Trade Flows in a new European Union’. He also visited Antwerp in May which shows the Irish government’s dedication to fostering strong bilateral trade relations with Belgium.

“So, after 50 years in Brussels, the future for Irish businesses continues to look bright and we at the Enterprise Ireland office, are looking forward to continuing success for the next 50 years and beyond.”

Click here to learn more about trading in Belgium or download our Going Global guide.

Global Ambition – Industry Insights webinar series

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Enterprise Ireland will host a series of Global Ambition – Industry Insights sector focused webinars for clients, to deliver market intelligence on the evolving international export opportunities across global markets. The five sector market webinars will focus on:

  • Construction – 15th September, 9:30am – 10:45am

  • Lifesciences – 15th September, 2pm – 3pm

  • Travel Tech – 16th September, 3pm – 4pm

  • Agritech – 17th September, 11am – 12pm

  • Consumer Retail – 17th September, 2pm – 3pm

 

This webinar series will draw on Enterprise Ireland’s unique insight into key markets for Irish exporters lead by the Market Advisor in that sector and will explore crucial issues such as relationship strategies and the shift in consumer behaviour in the context of Covid-19.

You can register using this link. You can register for multiple webinars and all registrants will receive a copy of the webinar recording and slides.

Rising from the ashes

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Photo of Manus Rooney

As industry around the world slowly begins to get back on its feet after an unprecedented period of instability, Manus Rooney, Enterprise Ireland, Country Manager for the DACH region (Austria, Germany, and Switzerland), says the green shoots of regrowth are already beginning to take shape.

“Like companies in many countries across Europe and indeed around the world, Irish firms have faced several challenging years with Covid and Brexit and more recently the disruption to supply chains and price increases in raw materials,” he says.

“But despite this, exports to the Eurozone grew in 2020 by 1.6% to €5.85 billion and 23% of Enterprise Ireland supported companies’ exports are to the region. In addition, Ireland was the only EU state in 2020 which experienced positive economic growth. So despite the challenges, there are plenty of opportunities available for Irish companies across the region, which comprises of 440 million people and is the biggest free trading area in the world.”

 

Benefits of being part of the Eurozone

According to Rooney, the single market and customs union is an extension to our domestic market, which is of huge benefit to Irish firms – particularly as the EU is investing over €2 trillion to make Europe greener, more digital, and more resilient.

In addition, each member state has committed investment in a range of their own national priority issues – providing great opportunities to leverage the increase in investment.

“Of course, like a lot of markets around the world, Covid has had a big impact, particularly on travel and tourism – but numbers have shown that Irish companies have been very resilient throughout the pandemic,” he says.

“The region, as a whole, is now in recovery with a lot of strong optimism, which has been fuelled by the opening up of the leisure and tourism sector – and recovery in Asia is driving business across the Eurozone.” says Rooney. 

“Vaccination and the easing of restrictions is also leading to a faster than expected recovery, so the EU and the Eurozone are set to expand at equal rates of 4.8% this year and 4.5% in 2022.”

 

Supports for business

Enterprise Ireland supports clients across its eight offices in the region and while Ireland’s good reputation has traditionally stemmed from our food and drink exports, the region expert says Irish firms are increasingly gaining a reputation for innovation and flexibility.

“A lot of the markets in the region are sophisticated with local incumbents and alternatives so the key, for Irish companies wanting to scale, is to translate this innovation into value and a language the customer understands, which often needs to be tailored market-for-market,” he says.

“Planning is also so important, and we have seen time and time again that companies which take part in our Enter the Eurozone programme or put in the effort to plan early, will reap rewards in the end. This also applies to selecting the right market – not all are the same – so I would encourage SMEs not to focus simply on size but to look at what makes it attractive to them and whether or not they have the resources and skills to access it.

“They should test and validate their findings and then determine the value proposition for the local market by working out who the target customer will be and what they will be looking for. Then they can determine what value they, as a company, can bring to the table, whether that involves benefits around price, speed, simplicity, or compliance. And as nothing happens without resources, plans should be costed and agreed in advance.”

 

Success in the region

While Manus Rooney and his team are on hand to offer advice and support to companies wishing to enter the market in the DACH region, there are already a number Irish firms with a strong foothold in the market.

“There are many Irish companies who have already reached success in the DACH region, and each have taken different approaches to build scale across Europe,” Rooney says. 

“These include Dennison Trailers who have recruited locally and the Watershed Group in Germany, the latter who have grown by acquisition to build and scale quickly.

“In France, PEL Waste Reduction Equipment use a local distributor and recently won a tender with Metropole of Marseille – and in Benelux, Druid Software work with their partner Koning & Hartman – who have enabled them to sell into the Port of Rotterdam.”

 

Opportunity and digital information

It is clear that there is a lot of opportunity for Irish businesses across the Eurozone and Enterprise Ireland is currently running a webinar series, Europe is our Future, the most recent of which looked specifically at Building Sales and Marketing for a European Audience.

“It is very relevant for companies looking to start and scale in the Eurozone,” Rooney explains. “And it uniquely offers insights from both European and Irish company perspectives on how they approached building European sales and marketing capability.

Learn more about Enterprise Ireland’s Enter the Eurozone programme and watch our webinar Europe is our Future: Developing Sales and Marketing for a European Audience.

Market Watch – A view from Manchester

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Key Takeaways

• The UK is the largest export market for Enterprise Ireland clients
• The North West of England has been growing at a faster rate than London in recent years.
• The Manchester office for Enterprise Ireland opened in 2019 and is providing support for many Irish firms operating into and in the region.
• Despite Covid and Brexit, business is still moving.
• There are opportunities for Irish companies in many areas including construction, healthcare, digital technology, and life sciences
• Irish companies may also achieve contracts with local authorities

As our closest neighbour, the UK has long been a crucial trading partner for Ireland and as one of the fastest growing regions of the country, the North West of England was the obvious choice for Enterprise Ireland to open up a second UK office last year.

Headed up by Laura Brocklebank and her colleague Kevin Fennelly, the Manchester branch focuses on opportunities for Irish clients in manufacturing – covering areas such as pharmaceutical and food and drink as well as paper, print and packaging. It is also leading on UK local authorities with major spending budgets across infrastructure, transport, healthcare and more.

“The UK is the largest export market for Enterprise Ireland clients, which, despite the challenges of Brexit, grew 2% to €7.9 billion in 2019, with all non-food sectors recording growth of 6%,” says the senior marketing advisor.”

And the market continued to perform strongly in spite of uncertainty, demonstrating that client companies have remained committed to the UK market and its short/medium-term growth potential.

“Adding to this, the north west of England is a particularly dynamic region which actually grew at a faster rate than London in recent years – in fact, if it were a country, it would be the 12th largest economy in Europe. And this was the key driver for Enterprise Ireland when selecting Manchester to locate its new office last year.”

Brocklebank says the Greater Manchester region alone is the size of the Irish market and the combined authorities of Greater Manchester, the Liverpool City Region, North of Tyne, Sheffield City Region and Tees Valley have devolved powers which means that decision-making powers and funding are transferred from Westminster to these regions.

“The UK remains a key first export market for Irish industry to enable them to innovate and diversify and for these reasons, many Irish companies look to the North of England to set up a presence in the UK and it is often their first overseas presence,” she says.

“Our Manchester team focuses on opportunities in manufacturing, along with partnerships with UK local authorities who have major spending budgets. We collaborate extensively with our London office and work as one team with our 20 colleagues who are specialists in various sectors including Construction, Life Sciences, Healthcare, Digital Technologies, Cleantech and Renewables – all of which are of strategic importance and opportunity across the region. In effect, we are also the eyes and ears on the ground for our colleagues leading these sectors.

“As the North of England is traditionally the industrial heartlands of the UK, having a base here shows our commitment to the region and we are attuned to the needs of Irish companies, which are active all across the area.”

Accessibility is key and the Irish Sea has long been an important link between the UK and Ireland. So as the Port of Liverpool has submitted a bid to become established as a UK freeport, the regional lead says this could provide an opportunity for Irish companies with relevant smart ports solutions and automated and high-tech solutions which facilitate maritime trade and logistics.

“Ireland’s strong marine and civil engineering companies will be keen to collaborate with UK partners in the North West to help facilitate the necessary infrastructural upgrades required to cater for increased trading and customs realities,” she says.

“In addition, over the past number of years the area has experienced a boom in new building and infrastructure projects and there are many Irish companies leading in the Construction sector – John Sisk & Son have created a major landmark with Manchester’s Circle Square Affinity Living Project, ESS Modular opened their Manchester office in July 2020, having completed a number of projects in Leeds and Oldham, and have a current project with North Manchester General Hospital. And Techrete’s architectural precast concrete cladding can be seen on the iconic One and Two St. Peter’s Square.”

Manchester is also home to a fast-growing £5 billion digital ecosystem and has been officially ranked as the UK’s Top Digital Tech City, while Newcastle became Smart City of the Year 2019 for its innovative approach in using technology to help transform services and improve the lives of residents.

The marketing expert says there is a lot happening in the region which could provide opportunities for Irish firms.

“Digital tech company, Gamma Location Intelligence has recently opened their first overseas office in Manchester as they expand into the UK, having established in Ireland in 1993,” she says. “They have become a market leader in the provision of location intelligence systems and services which drive innovation across many sectors including insurance and retail, focusing heavily on cutting-edge research and development projects, leveraging Artificial Intelligence and machine learning.

“And in October 2020, VRAI, a data driven VR stimulation training for high hazard environments, announced their expansion into the UK with their first overseas office in Gateshead’s PROTO Centre, the UK’s immersive technology cluster.

“There are also opportunities for Irish businesses who can support local authorities in digital transformation, smart cities, connectivity, transport, housing, infrastructure, roads and highways and adult and social care. And a great example of this is SilverCloud which works with Greater Manchester Health and Social Care Partnership, providing support for those who may be feeling stressed and anxious due to the current pandemic.”

Of course, there are still some challenges, with uncertainty surrounding both Covid-19 and Brexit but the UK will continue to be an important and attractive market for Irish enterprise.

“Earlier this month, we had a rich and productive meeting with Greater Manchester Mayor, Andy Burnham and Liverpool City Region Mayor, Steve Rotherham, to discuss and agree the strongly aligned sectors of which Enterprise Ireland clients have strong supply chain capability,” says Brocklebank. “So we are looking forward to further collaboration and to have deeper engagement across these sectors.

“Enterprise Ireland also warmly welcomes the announcement of a new Consulate General for the North of England and we are looking forward to working together to strengthen Ireland’s presence in the region.”

To learn more about UK opportunities see the Evolve UK page here 

Webinar Series: Free Trade Agreements

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EU Free Trade Agreements (FTAs) with Canada, Japan, Mexico and South Korea enable Ireland to increase its trade, GDP and national income. The FTAs allow Irish exporters to explore new opportunities as market access increases and they benefit from competitive advantage in doing business in these countries.

Join Enterprise Ireland as it hosts a webinar series on Free Trade Agreements and doing business in these four export markets: Canada, Japan, Mexico and South Korea.

Each webinar will be opened by Robert Troy TD, Minister of State Department of Enterprise, Trade and Employment with responsibility for Trade Promotion. The webinars feature contributions from market experts and guest speakers from Irish companies who will share their experiences on doing business in specific markets.

If you’re considering exporting to these markets, or scaling your existing export business, these webinars are for you.

Click on the links below to register for upcoming webinars.

Doing Business in Japan

Thursday, 17 June 2021, 9am BST

The EU Japan Economic Partnership Agreement provides a positive backdrop to Ireland Japan trading relations. This webinar will explore the experiences of key Irish business interests in Japan, and will outline the knowledge, networks and access supports available to capitalise on what is an increasingly important market for ambitious Irish exporters.

For the full agenda and to register, click here.

 

Doing Business in Mexico

Tuesday, 22 June 2021, 3pm BST

With duty-free trade on most goods and a simplification of the customs procedures, the latest 2018 EU-Mexico trade agreement has improved the already positive and prosperous relationship between Ireland and Mexico. This webinar features two market experts who will highlight opportunities and explain business culture and processes, as well as providing practical guidance for market entry.

For the full agenda and to register, click here.

 

Doing Business in South Korea

Thursday, 24 June 2021, 9am BST

The EU-South Korea FTA can provide enhanced business opportunities for Irish businesses. This webinar brings together experts on the topic to provide knowledge and insights on key elements of the FTA, and to enable Irish businesses to make use of the FTA to its fullest in doing business in South Korea.

For the full agenda and to register, click here.

Doing Business in Canada


Tuesday, 25 May 2021, 3pm BST

Attendees will learn more about the opportunities available in the Greater Montreal region, the Comprehensive Economic and Trade Agreement (CETA) between Canada and Europe, and what incentives are available to Irish companies looking to expand in North America.

Watch back on-demand, available here.

Out of their comfort zone and into the Eurozone

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Industry across every sector of the country has been affected in some way or other by Brexit. But Ireland is still very much a part of the Eurozone and Anne Lanigan, Regional Director of the Eurozone for Enterprise Ireland, says it is vital that businesses in this country realise how valuable the European market is.

To validate this, Enterprise Ireland and the IIEA (Institute of International and European Affairs) have come together to deliver a series of three events entitled ‘Europe is our Future’, aiming to change how Irish business views the EU.

“The EU represents the biggest free trading area in the world, giving Ireland full access to this large marketplace and the three events, the first of which took on May 28th – with the second and third coming in July and September – aim to draw attention to this,” she says.

Untapped trade opportunities

“The webinars will highlight the unique trade opportunities for Irish business in Europe, particularly in relation to the single market and the single currency. They will also look at the untapped opportunities for Irish owned businesses in the EU and the strong reputation which Ireland, and indeed, Irish products and services, enjoy in Europe.

“It will also help to increase Irish business’ understanding of the EU and position the Eurozone as an extension of Ireland’s domestic market as well as highlighting the supports available to Enterprise Ireland clients.”

The single market was designed to enable frictionless trade between member states with no customs, tariffs or other barriers to trade and regulatory alignment across the region. With a population of over 440 million people this is the biggest free trading area in the world. And Lanigan says, this makes it a very big extension to our domestic market.

“There are so many benefits to trading in a single currency as it introduces transparency and removes costs related to foreign exchange and the associated risks,” she says. “And Ireland’s adoption of the Euro has given Irish business access to a huge single currency market and an economy with a combined GDP of $13tr.

“Of course, Europe is also a close neighbour and proximity has been proven to increase trade opportunities, while the increased direct maritime links to France, The Netherlands, Belgium, Spain and Portugal in recent months have brought us even closer.”

This closeness has never been more important as when Brexit finally happened in December, it highlighted the challenges which had arisen regarding trading with the UK in their new status outside the single market.

But, while Irish firms will continue to do business with the UK, there is no doubt that the benefits of the single market now make the EU very attractive, including the benefits of ongoing regulatory alignment. And Brexit or no Brexit, the Eurozone offers the cost and transparency benefits of a single currency as well as access to a very large market.

 

Exports to the Eurozone

“However, while the multinational sector in Ireland has reaped the benefits of the single market, Irish owned businesses have yet to take full advantage of what is the biggest free trading area in the world,” says Lanigan. “According to 2019 data, Enterprise Ireland client exports to the Eurozone (2019: €5.6bn) were equal to just 70% of the value of those to the UK (2019: €7.9bn). This is despite the fact that the Eurozone population and Eurozone GDP is 5 times that of the UK – this is an untapped and immediate opportunity. So, the Eurozone markets are now a key element of Enterprise Ireland’s strategy and in fact since the launch of our Eurozone strategy in 2017, exports to the Eurozone have increased by over 33% and growth in Enterprise Ireland client exports increased by 15% in 2019 alone. And exports to the Eurozone are steadily increasing as a percentage of over exports – in 2019 this was 22%, up from 20% in 2017.”

With this in mind, the Eurozone expert says Enterprise Ireland is uniquely positioned and financed to help Irish companies to both enter and scale in Eurozone markets by offering one-to-one support, through its world class market research centre, financial support and promotion of innovative Irish produce and services.

 

Enter the Eurozone

There is also a programme of events to introduce European buyers to the innovative capabilities of Irish companies in sectors such as internationally traded services, high-tech construction, engineering, ICT and life sciences. And the four-month Enterprise Ireland Enter the Eurozone training programme, now in its 3rd iteration, brings a group of 25 CEOs and their sales and marketing teams through the necessary steps in successfully entering a Eurozone market.

“In addition, the IIEA, which is Ireland’s leading international affairs think tank, aims to provide a forum for all those interested in EU and International Affairs to engage in debate and discussion, and to evaluate and share policy options,” adds Lanigan. “They celebrate their 30th anniversary this year and there is also a benefit for Irish companies to become members of the IIEA, so they can stay abreast of European affairs which may impact or present opportunities for their business in addition to networking with senior figures in business and government. “So, all in all, the future for Irish companies looking to do business in the Eurozone, is looking bright.”

Pricing Excellence: Irish exporters need to develop a robust pricing structure to safeguard their business

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We are currently entering a period of high inflation, with prices rising in the EU, the UK and the US. Even at home, the Irish Consumer Price Index rose to 1.7% for the year to May 2021. But after several years of stable prices, many companies are unprepared for the commercial implications of inflation, leaving them vulnerable both now and in the future – and this, according to the results of the Pricing Excellence study recently commissioned by Enterprise Ireland, is a very real worry for Irish companies operating in every country.

Having a robust pricing strategy is important in every sector, but thanks to a prolonged period of low inflation, this skill has been underused and underdeveloped. “Pricing is a fundamental capability and relevant in every market,” says Deirdre McPartlin, Director UK at Enterprise Ireland. “It’s not a dark art or something mysterious, it’s a strategy that companies need to develop and fine-tune over many years. It has even been described as a ‘memory muscle’ that unfortunately has weakened over the years of low inflation. A pricing strategy requires both skill and confidence, and these can – and must – be learned and developed.”

Why a good pricing strategy is so vital

“For business to business companies, many of the SMEs we look after are dealing with powerful procurement departments that are highly skilled at getting the lowest prices,” says Deirdre. “Or they may be going up against bigger corporates that have very sophisticated pricing systems and strategies. And with online marketplaces and increased digitalisation, pricing is more transparent than ever – but it’s hard to explain value in those instances or compare like with like. And then there are companies with something completely new – how do you set a pricing strategy in a brand-new market?”

 

Not charging enough

An increasing number of Enterprise Ireland client companies have reported that they are finding the subject of pricing strategy more challenging recently. “We see clients that are so skilled at innovating, that work incredibly hard in winning a customer and in keeping a customer,” says Deirdre. “But they say that trying to monetise that innovation requires skill and confidence, so that pricing is not just ‘cost plus’.

“We see customers with order books going out 18 months and yet they’re operating on the thinnest of margins – so they clearly have a very valuable product or they have customers that they’ve maintained for 10 years but they’re not getting the profit margin.” says McPartlin

If you are struggling to find the margin to invest in sales & marketing or R&D to grow and protect your business, but you’re keeping your customers, then maybe you’re not charging for all you provide.”

To look at the challenges being face by Irish companies around the area of pricing, Enterprise Ireland partnered with international pricing and strategy consultancy Simon-Kucher & Partners to conduct a survey of Enterprise Ireland client companies on pricing strategy. This was the first multi-sectoral pricing survey of Irish companies, and the results were compared with the global averages from Simon-Kucher & Partner’s Global Pricing Study 2021, which evaluates the pricing and growth strategies of companies across all industries worldwide.

The study involved a survey of nearly 500 Enterprise Ireland client companies covering 12 industries. The sample included respondents across top and middle management positions in a range of B2B and B2C industries. And the results echoed what Enterprise Ireland has been hearing since the end of 2000 – that Irish companies were still producing goods and solutions valued by the market, but that profit margins were increasingly under pressure.

According to the survey, Irish exporters have shown great resilience through the challenges posed by both Brexit and Covid-19, with 54% of companies reporting improving profits in 2020, comparing well with the global average of 59%. 

According to the survey, Irish exporters have shown great resilience through the challenges posed by both Brexit and Covid-19, with 54% of companies reporting improving profits in 2020, comparing well with the global average of 59%.

But with volume gain consistently identified as the key profit driver, and only 8% predicting that these improvements in profits will be sustainable in the long term, any profit gains are highly vulnerable to the impact of inflation rises.

From the survey, 71% of respondents were planning a price increase in 2021, with 35% of respondents targeting price increases above the inflation rate and 34% planning a price increase in line with inflation. But the average realisation rate for price increases was 21%, which means that a company trying to raise prices by 2% would only achieve around a 0.4% increase on average. This puts many companies at risk of significant margin erosion – even if they were targeting for increases above inflation rates.

 

Building skills and confidence in pricing strategy

Price is the strongest profit lever for companies ahead of cost control and increase in sales volume, and these results clearly show that Irish exporters need to develop a sustainable pricing strategy. Not only is this important to protect profit margins, but it’s also needed to future-proof the business, by giving them the resources to invest in research and development, as well as the means to invest in important business functions like sales and marketing activities.

“It’s not price gouging or exploitation, it’s about getting a fair price for the value that you are delivering,” says Deirdre. “We’re living in a time of inflation, which is relatively new for a lot of companies – for instance, we talked to some clients who hadn’t put in place a price increase for nine years. The study clearly shows the need for companies to invest time and skills into a pricing strategy that will equip the company for future growth and success.”

Watch our on-demand webinar with Mark Billige, CEO of Simon-Kucher & Partners to learn the steps needed to implement a price increase process.

Plenty to celebrate stateside this St Patrick’s Day

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St Patrick’s Day offers an unrivalled opportunity to showcase Irish business innovation to a US audience.

The traditional meeting between the Taoiseach and US President is taking place virtually this year, leveraging our important ties and connectivity with our trans-Atlantic neighbour more than ever.  

The USA remains the world’s largest consumer market, a $22 trillion dollar economy. It grew by 4% in Q4 last year and early projections for 2021 indicate further growth of 3.2%, a strong performance for a developed economy.

Increasingly Irish companies succeed here by recognising that the USA is no more one market than Europe is, and that to penetrate it they must go in state by state. California’s economy is, after all, approximately the same size as that of the UK. New York’s is approximately the same size as South Korea.

 

The Pandemic Pivot

The Covid-19 pandemic has had a significant impact, with unemployment currently at 6.9%, up from 3.5% prior to Covid, which was a 50-year low. Lockdowns vary by state but as a whole the US is a market where the pivot happened fast, and the return will too.

One of the biggest trends we see is how major US multinationals, such as Facebook, Microsoft, and many others are embracing the lessons learned. They have ‘leaned in’ to the opportunities that remote working, accelerated technology adoption and virtual collaboration have presented.

Interestingly, this has also led to a level of economic migration and mobility not seen in generations as more and more people also take advantage of operating remotely and move to less dense population centres.

The crossing of the digital Rubicon has also led to accelerated growth in sectors that were once described as emerging, these include ecommerce, cybersecurity, and digital health. There has also been a marked increase in the demand for content driven by the rapid growth in usage and choice across stream platforms. These relatively sudden supply and demand shifts always result in direct and tangential opportunities, and threats.

As people live more online, those providing back end solutions, such as data management (provision and support products and services) and security, are seeing potential for robust growth.

 

Building Back Better

Further bolstering the optimism for strong 2021 GDP growth is the economic stimulus plan put forth by President Biden, further supplemented by significant planned investment in infrastructure and the green economy. At time of writing the $1.9 Trillion stimulus plan has moved back to the US House of Representatives for final ratification, this is expected to provide significant economic stimulus across the US.

Other sectors are of course challenged. International student numbers from the US to Ireland have fallen for obvious reasons. Consumer retail, for those that have not embraced ecommerce, is struggling, and other sectors that have historically relied on a tactile or physical element to the sales process, e.g. machinery, will naturally struggle more in a virtual environment.

A big question affecting businesses, and unknown in terms of our ‘new normal’, is what airline travel will look like. Capacity is certainly not what it was pre-Covid and there are complex variables that impact this supply and demand dynamic, not least of which are staff and equipment availability. Thankfully we continue to be relatively well served on the trans-Atlantic route.

Over the past 12 months Enterprise Ireland has also leaned in to supporting our clients to stabilise, reset and recover. Supports such as the Sustaining Enterprise Fund, Online Retail Scheme, Virtual Selling programme, Competitive Start, our many management training programmes and others have enabled companies not just to cope with the challenges of selling into the US and globally, but to compete for and capture the opportunities that now exist in our new normal.

 

Virtual St Patrick’s Day Celebrations

Enterprise Ireland is walking this walk too in our traditional St Patricks Day events, having taken the traditional week-long programme of events for St Patrick’s Day and working with our Team Ireland colleagues migrating it online. Where Team Ireland would normally have the Taoiseach, Ministers, and a programme of economic, political, social and cultural events from coast to coast and border to border, we have pivoted entirely and will instead be hosting a multi-faceted programme including a series of in-depth sectoral webinars.

We are running high profile mainstream media and social campaigns this week too, to maximise the impact of St Patrick’s Day, raising the profile of Irish companies and of the Irish Advantage.

None of us knows what the new normal will look like. We do know that it will not be a simple snapping back into the old ways. Over the past 12 months we have crossed the digital Rubicon. It is now up to all of us to embrace the digital opportunities on the other side. As Henry Ford said, “Whether you think you can, or whether you think you cannot, you are right”. We can.

 

Join Enterprise Ireland USA for the ‘Ireland and the US: On Track to Getting Back’ virtual event on 16th March where senior business leaders from both sides of the Atlantic will discuss learnings from 2020, and powering growth in 2021. Register here.