2021 virtual trade mission – Reaching a global audience

In the not-too-distant past, companies wishing to establish a successful business relationship with firms overseas, would have relied heavily on international travel and perhaps an office or ‘boots-on-the-ground’ in the country in question.

But these days, there is also another option as there are many international companies located across Ireland who are more than willing to do business with local businesses – and Gerard, Fenner, Senior Executive of Global Sourcing for Enterprise Ireland, says his team can help to bring Irish SMEs and multinational firms together.

“The combination of modern technology and accessible travel has made the world a much smaller place and opened up a myriad of global opportunities for Irish businesses,” he says.

 

Enterprise Ireland and IDA Ireland collaboration

“But travelling to or even selling out of this country isn’t the only means for companies at home to expand into the international market as there are hundreds of multinationals right here in Ireland, which are willing and able to engage with indigenous firms. Since its formation in 2012, the Enterprise Ireland Global Sourcing team has been working with colleagues in IDA Ireland to introduce Irish owned businesses to international firms to respond to their specific requirements.

“Working with companies across every sector, including pharma, medtech, ICT, engineering, financial services and energy, our team helps to develop relationships between Irish companies who are seeking to sell their product or service and multinational firms who wish to purchase same – so our particular focus is on providing sales opportunities and partnerships between Enterprise Ireland client companies and Ireland-based multinationals, predominantly IDA firms.”

According to Fenner, there are many benefits to both the seller and the buyer in these business relationships and apart from supporting industry at home, it can also lead to opportunities in export markets – and winning a contract with a multinational gives a scaling Irish company a valuable reference site for its move into export markets.

“We have found that one of the most productive means of securing relationships between Irish firms and multinationals based here is by means of events where introductions can be made, and sellers can have pre-arranged face to face meetings with potential buyers,” he says.

 

Developing international relationships

“In 2014 we organised the first Trade Mission in Ireland. The event was minister led and took place in various regional locations across the country over the course of a couple of days – and since then, it has taken place every year, apart from 2020, due to lockdown restrictions. It has always garnered a lot of interest and helped to develop contracts and future relationships.”

So it seems that trade missions have long been an effective means of introducing businesses to prospective clients, but since the onset of the pandemic, industry across every sector has had to pivot online and learn how to do business in a virtual world.

 

Online introductions and meetings

As current guidelines continue to prevent physical events of this nature taking place, this year, on May 12th, the first ever virtual Global Sourcing Trade Mission became the alternative.

Launched by the Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar, the event proved as popular as ever with 65 multinationals and 240 Irish companies registered with over 350 meetings. And according to Gerard Fenner, the online system was popular with both the variety of different international firms and indigenous companies looking to set up new business relationships.

“When the Enterprise Ireland companies registered on the event platform, they provided some company information about what they do and what their offer is, and this allowed suppliers to search through this information and put in a request for a meeting,” says the international trade expert. “Similarly, the supplier was also able to request a meeting with a buyer in order to pitch a product or service.

“Although these 15-minute meeting slots were different to how things normally work at a physical trade mission, it proved to be very successful with feedback from both sides indicating their positivity – and early signs show the possibility of new business relationships and further revenue to add to the €32 million in contracts which have been secured from these trade missions.”

The Global Sourcing Team lead says there was also the added positive bonus of no travel, which meant that the multinational could bring in individuals from different areas of their business to meet potential suppliers – so rather than just one representative attending the event, firms could bring in someone from finance or with technical expertise to liaise directly with companies pitching a particular service.

“Overall it was a great success and we have run smaller online events similar to this over the past year and many multinational firms have come back to us to say they were impressed with the fact that they got to meet so many different businesses,” he says.

“So, the trade mission, whether it takes place at a venue or online, is an important platform for raising awareness about the capabilities of innovative Irish SMEs and helping them to establish future business relationships. And given the interest in this year’s event, despite the difficulties surrounding the current global situation, the future looks bright.”

Global Recovery. Irish Opportunity

International Markets Week 2021: Green agenda and digitalisation key areas for growth  

Global Recovery - Irish Opportunity

It’s been said many times that exports are crucial to Ireland’s recovery in the post-pandemic world – and Enterprise Ireland is committed to ensuring that Irish companies take advantage of the many opportunities around the world to increase their business and bolster our economy as a result.

A crucial event in the Enterprise Ireland year is International Markets Week, and this year, for the second year running, it was held as a virtual event over five busy days in October 2021.

“When Covid hit, we decided that the event was too important to miss, particularly in the context of a global pandemic,” explains Anne Lanigan, Regional Director, Eurozone, at Enterprise Ireland. “This is a time when it’s even more important for our clients to keep their exports going, so we decided to go onto a virtual platform, with our market advisors available for a full week.

“The market advisors are the boots on the floor, the people who can introduce client companies to potential buyers, so it’s a very practical week for people who want to do business.”

This year, the theme of the event was Global Recovery. Irish Opportunity, recognising that the global economy is experiencing significant disruption – but while this disruption brings challenges, there are also significant opportunities.

“Enterprise Ireland client companies enjoyed excellent overall export growth in 2019 of 8%,  with particularly strong growth in the Eurozone and North America of 15% and 16% respectively,” says Anne

 “In 2020, these figures stabilised, which was a very good result in the context of a global pandemic, but now we need to get back to 2019 levels of growth.”

Opportunities for Irish companies lie in many areas, including the green agenda and digitisation. Throughout the world, companies are investing in green and digital strategies and governments are putting stimulus packages in place to drive a recovery based on a green and digital future. This investment represents huge opportunity for innovative Irish companies.

“The current disruption in global supply chains also poses significant opportunity,” says Anne. “The drive by manufacturers in developed economies, in particular, to strengthen the reliability of their supply chains so that they are more easily accessed from a geographic and an administrative perspective, creates the opportunity for Ireland to embed themselves in these new supply chains. Ireland’s location on the edge of Europe puts us in a key position to capitalise on this move towards regionalisation of supply chains.”

 

Finding opportunities

It’s clear from this year’s International Markets Week that Enterprise Ireland client companies have recognised the importance of building a robust strategy to take advantage of these growth opportunities. A total of 710 Enterprise Ireland client companies registered for the event, booking a total of 1,663 meetings with market advisors from across the world.

To get an indication of how companies were faring as the world’s economy recovers from the challenges of Brexit and the Covid-19 pandemic, Enterprise Ireland conducted a survey of the participants ahead of the event. The results were positive: 56% of businesses indicated that they have seen an increase in exports in 2021 compared to 2020, with only 11% reporting a decrease. And, 91% of companies expect sales to increase again in 2022. In terms of trends, the survey revealed that 80% of businesses viewed digitalisation as vital over the next 12 months, while 63% said that advancing their sustainability agenda was a priority.

These results proved accurate throughout the event, which was officially launched by Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar, and Enterprise Ireland CEO Leo Clancy. Lydia Rogers, country manager for Enterprise Ireland in Canada, reported a real hunger in Irish companies to take advantage of the many opportunities out there. “I met many client companies at various stages of their export journey, from those accelerating their international growth and diversifying into new global markets to ambitious start-ups keen to explore the export opportunities in Canada. The week proved that Canada is a very attractive market for Irish companies in many sectors, including cleantech, consumer retail, engineering, life sciences, fintech and BPO, and a large proportion of digital technologies companies.

“In addition, Canada was also identified by many client companies as an entry point and as a lower-cost gateway into the wider North America market.”

And, as predicted, the green agenda and digitalisation opportunities were noted by Lydia as strong trends for Irish companies looking to Canada for growth. “Our team met many companies with innovative digitalisation solutions across travel tech, retail tech, ed tech, digital health, fintech, HR & talent tech, and IoT. There were also many SMEs with innovative solutions in areas including cleantech, mobility, smart energy and environment. Consumer retail was also a significant area of interest – a sector that experienced growth in 2020 despite the challenges of Covid-19. All in all, it was clear from this year’s International Markets Week that Irish companies have recognised Ireland and Canada make great business partners and are ready to reap the rewards from this vibrant and welcoming country.”

 

View the virtual launch event from Enterprise Ireland’s International Markets Week 2021 below:

 

 

 

 

 

The Climate Enterprise Action Fund: helping firms to boost low-carbon agendas

The Climate Enterprise Action Fund is a new initiative that was recently launched by Tánaiste Leo Varadkar and Minister Eamon Ryan with an initial allocation of €10m. The fund, which will be administered by Enterprise Ireland, is designed to help businesses take action to drive down their emissions and embed sustainability in how they work.

Aidan McKenna, manager of the Climate Enterprise Action Fund at Enterprise Ireland, says the fund is one of a number of actions underway to ensure that Ireland reaches its ambition of reducing emissions by 51% by the end of this decade.

“The fund builds on work Enterprise Ireland is already carrying out with companies throughout Ireland,” says Aidan. “We know the initiatives that work well and embed change in companies.”

 

Low-carbon future

Reducing emissions will contribute to a more sustainable future for us all. However, along with the moral and political imperative, there is a very strong business case for Irish companies to adopt a low-carbon, sustainable agenda. One of the most important emerging market demands today is the need for companies to demonstrate their commitment to low-carbon production and sustainable business processes. It is vital that these companies are responsive to emerging market conditions.”

“Many Irish companies sell products and services to larger, international companies at home and abroad. Increasingly, these companies are requiring suppliers to have sustainability at the core of their operations. A failure to show real progress can lock you out of the market.

“Likewise, many consumers are placing environmental standards at a premium when making purchasing decisions. Issues such as using recyclable packaging, adhering to international sustainability standards and having transparent supply chains are now important factors for more and more consumers. Those that don’t change will miss out on the significant opportunities emerging from the low-carbon transition and risk being left behind.”

Aidan McKenna says another important factor is that investors and capital funds – which are critical to start-up and growing companies – increasingly factor in environmental impact into their investment decisions.  “What is termed ‘green finance’ is now a reality and will shape investment decisions into the future,” explains Aidan.

 

Climate Enterprise Action Fund

Enterprise Ireland’s new Climate Enterprise Action Fund is designed to assist companies at various stages of engagement with this agenda. It comprises of three main offers:

  • Climate Action Voucher – a €1,800 grant to engage consultants to develop plans in areas such as resource efficiency and renewable energy.
  • GreenStart – up to €5,000 to measure carbon footprint and identify ways to reduce emissions and operate more sustainably.
  • GreenPlus – a fund of up to 50% to develop a multi-annual climate change plan aligned to international standards and frameworks.

“The first two offers are driven by the principle of ‘what gets measured gets done’,” explains Aidan. “Establishing a baseline of current resource consumption and emissions profile is essential to begin a change process. These offers will be particularly attractive to companies beginning their low-carbon journey. The third offer, Green Plus, is aimed at companies further along the journey align to international standards and frameworks.”

The Local Enterprise Offices (LEO) network has also recently launched a new scheme, called Green For Micro, designed to help smaller companies prepare for a low-carbon, sustainable future. With the help of a Green Consultant, small businesses with up to ten employees can get free advice and technical support on resource efficiency, how to better understand their carbon footprint and how to implement an environmental management system to reduce costs and lower greenhouse gas emissions.

 

Driving change

“We are acutely aware of the pressure that companies have been under facing up to the impact of the Covid-19 pandemic and our fundamentally changed trading relationship with the UK. While companies see the value in adopting more sustainable processes in principle, finding the time and resources to dedicate to that mission can be difficult. That is why our new initiative is designed to provide companies with tangible baseline information and a route map of what a low-carbon, sustainable future looks like for them. Having the low-carbon concept broken down into achievable actions makes the journey all that more realistic and the business wins all that more attainable.”

“The global trading environment is tough and competitive,” says Aidan. “To succeed, companies need to think not just about the next order, but about how their sector will develop in the next five to ten years. Environmental sustainability and responsible production will be key drivers of business success into the future. Now is the time for all Irish businesses to prepare for that future.”

To get your business ready for a green future visit Climate Enterprise Action Fund or contact the Climate Action Team

 

UK Super Deduction: How it affects your UK customers

As part of the 2021 UK budget, the British government has introduced the largest tax incentive on plant and equipment capital investments in their history.

This incentive, known as the super deduction, allows UK companies to claim 130% capital allowances on qualifying plant and machinery investments. This is an increase on the 18% ordinary relief prior and came into effect on 1st April 2021 running until the end of March 2023.

Alongside the super deduction, the UK government also introduced a 50% first year allowance (FYA) on for special rate assets until 31 March, up from a 6% allowance previously. These changes make the UK capital allowance regime more internationally competitive, lifting the net present value of UK plant and machinery allowances from 30th to 1st in the OECD.

What does this mean for you and your UK customers?

This incentive reduces the effective cost of equipment for UK manufacturers, thus making plant and machinery investments more attractive.

For example, under current rules, if a company invests £100,000 in a piece of equipment they can write off the cost of that equipment against their tax bill. i.e. Since 19% of £100,000 is £19,000, the effective cost of their equipment is £81,000.

With the new super deduction, you can write off 130% of your investment in “plant and machinery” against your tax bill. i.e. 130% of £100,000 is £130,000, which at the 19% corporate tax rate allows you to write off £24,700. This means the effective cost of your equipment is now £75,300. Therefore, companies are incentivised to move forward or make additional capital investments.

This is necessary as investment has dropped significantly due to the pandemic in the UK which was on top of historically low business investment relative to the UK’s peers. Chancellor Rishi Sunak reiterated this need for increased investment “With the lowest corporation tax in the G7, we need to do even more to encourage businesses to invest – for decades we have lagged behind our international peers”.

It is expected that these incentives should act as a catalyst to the return of capital investment in the UK post pandemic with Stephen Phipson of MAKE UK (The UK manufacturer’s association) stating that the super deduction should “turbocharge investment”.

For many manufacturers in the UK investment cycles have stalled or been delayed due to Covid-19 and Brexit and may now be looking at capital investments for the first time in several years. According to a MAKE UK survey following the budget announcement, almost a quarter (22.6%) of manufacturers stated plans to increase investments in response to the super deduction. Furthermore, 28.1% of those surveyed said they will bring forward planned investments in response.

This indicates the impact that these incentives will have on investments in 2021 and beyond, potentially making your customer base more receptive to your offering.

This is one of the first major supports brought in for manufacturers since the UK industrial strategy was axed earlier this year and it is expected that there is further supports to come for UK manufacturers. There has been calls for an overarching plan for business to replace the industrial strategy, bringing together policies around sustainability, skills and trade, but it is uncertain whether such a plan will be put in place.

Nevertheless, the introduction of incentives like the super deduction are sure to be welcomed by manufacturers in the UK and Irish companies should ensure they are up to date with any supports their customers may be receiving for their product/service. To learn more about Tax super deduction visit www.gov.uk.

Stay up to date with Enterprise Ireland UK on LinkedIn or get in touch here.

Aeriel shot of a large boat with containers in a port

Incoterms – Defining the responsibilities between buyer and seller

 Now that the UK is a third country, there is an extra administration burden on those who trade between the EU and the UK. Import and export declarations now have to be completed for all shipments, and duties may have to be paid. But who is responsible for carrying this extra burden and cost? Is it the buyer or the seller? This is where Incoterms come in.

What are Incoterms?

International commercial terms, or ‘Incoterms’ as they are often called, define where the responsibility lies between the buyer and the seller. Incoterms set rules for the delivery of goods between trading partners and are recognised globally. These rules help to clarify; who is responsible for the costs involved in the delivery of goods, such costs include insurance, freight/shipping and duty and who is responsible for the import/ export declarations and the associated filing costs.

 

Negotiating Incoterms

Companies should try to negotiate the best terms, ensuring that they strike the right balance of keeping buyers satisfied while also ensuring that they are not taking on any extra expenses which they cannot afford or that would make their sales unprofitable. It is important to consider how you will process any declarations and if you can afford to take on the extra costs associated with any of the methods available.

When agreeing on Incoterms, it can often be the case that the buyer has the greatest say and may dictate the terms. Some companies may take on responsibility for the declarations and duties in order to avoid passing the burden on to their end customer especially where it could be easy to find an alternative supplier locally.

 

Incoterms in Practice

There are currently 11 categories of Incoterms but we will look at two to understand how they work in practice.

EX Works (EXW) typically involves the buyer taking on the majority of the risk and costs involved. The seller agrees to have the goods available for collection at an agreed location. The buyer collects the goods and is responsible for both export and import declarations, shipping costs and the payment of duties.

Take for example, a French car manufacturer selling cars to a UK car dealership, under the term ‘Ex Works Paris’. The car manufacturer (the seller) will have the goods available for collection at their factory in Paris. The UK dealership (the buyer) will collect these goods. They will bring them to the port, ensure that they have the correct export documentation submitted. They must pay for the shipping and insurance cost. When they reach the UK, they are responsible for having the correct import documentation completed and that duties are paid. Finally, the UK dealership must pay for the transport from the point of entry at the port to their premises.

Delivered Duty Paid (DDP) is another term that is used regularly. Many large supermarket chains, for example, have stipulated to their suppliers that they must continue to supply goods under DDP terms post- Brexit. This term requires that the seller accepts all responsibility and costs for delivering the goods to the named place of destination. The seller must pay for both the export and import declarations along with taxes, duties, insurance and transport costs.

Take for example, an Irish vegetable producer supplying a supermarket in the UK under the term ‘DDP Birmingham’. The Irish supplier will now have to submit an export declaration for the goods to leave the country. They will have to pay for transport costs and insurance to get the goods to the UK. In order for the goods to be allowed into the UK, the supplier must ensure that they have the correct import documentation and that all duties and taxes have been paid. Once the goods have been imported, the Irish supplier must deliver the goods to the premises of the supermarket (the buyer) in Birmingham.

It is important that all companies are aware of the potential impact and extra cost that an Incoterm may have on their business before agreeing terms with their supplier or buyer.

For companies that feel that their customers could easily find an alternative supplier, it is vital that they take the necessary steps to increase their competitive advantage. Through continued innovation and engagement with their UK customers, companies can ensure that they provide not only a superior product but also better quality service than that of their competitors, making customers less likely to switch.

Further information on incoterms can be found on the International Chamber of Commerce’s website.

Conor Fahy, Enterprise Ireland

Market Watch – A view from the Middle East, India and Africa

The Middle East is expected to return to business sooner than Africa and India with the tech industry being the first to recover.

Key Takeaways

  • Companies need to closely monitor the changing business environment and be prepared to quickly pivot their offer or business model if the market demands.
  • Business is severely affected in the region even though the spread of the virus in Africa and India is weeks behind Europe.
  • Borders have been closed, international events cancelled, and most companies are looking to cut costs.
  • The Middle East is expected to return to business sooner than Africa and India with the tech industry being the first to recover.
  • Communication is vital for to maintain long term relationships.

The global pandemic has indeed affected every corner of the world and according to Conor Fahy, Regional Director, Enterprise Ireland, India, the Middle East, and Africa is no different.

“The area encompasses over 40% of the world population so lockdown and self-isolation presents many challenges,” says the regional director. “The situation in the Middle East is similar to Europe in timing and response and most companies are expecting a decrease in revenue and are looking to cut costs and consider cost containment and defer or pause investments.

“The double whammy of an oil price war and Covid-19 will affect budgets and Dubai has introduced highly restrictive measures, including closing its airport, so there is a risk of a sharp increase in business defaults and liquidations in the travel and tourism industry. Also borders have closed across the region and major international events have been cancelled or delayed.

“India and Africa are currently around three weeks behind in terms of cases and government response. But business is severely affected, while economic activity is suffering from the initial phases of lockdown. The medium-term impacts will be severe and combined with oil-price shock and reduced demand for commodities, the region is likely to tip into an economic contraction in 2020/21, in the absence of major fiscal stimulus.”

There are eight Enterprise Ireland offices across the region which are helping Irish companies stay informed, connected and exporting. And Fahy says it’s crucial for people to avail of this support and keep communications lines open in order to survive the challenges.

“We are providing in-depth customer engagement, virtual itineraries, bespoke buyer webinars and one-to-one advice and guidance,” he says. “Personal connection is vital to winning and retaining business so it’s essential to stay connected with existing customers. Be the trusted source of information: and proactively communicate with accurate market information and insights from your industry contacts, and from Enterprise Ireland’s Market Research Centre.”

“When things get tough, the temptation is to become acutely focused on immediate problems but while these should be addressed, developing a strategy for recovery is just as vital. So extend your timeline assumptions and planning-against scenarios, even if it appears difficult. Now is the time to invest in strategic planning and to start thinking through decision criteria and conditions for return to business.”

Many organisations are still dealing with immediate concerns around the availability of cash.

While all sectors are being affected across the region, Tourism, Aviation, Construction, Industrial Manufacturing and Mining and Oil industries have been hardest hit but technology related businesses will be the first to make a recovery.

“CFOs in the Middle East are expecting to get back to normal sooner rather than later; pausing or delaying investments instead of cancelling them altogether,” he says. “In fact, the majority expect to return to business as usual within three months if COVID-19 were to end today.

“Investments in digital transformation, customer experience and cyber security are most likely to be protected as a result of Covid-19 and all indicators point to a technology-led recovery as AI is becoming pivotal in managing the huge amounts of data needed to deliver services and product.”

While there are certainly challenges facing Irish exporters, Fahy says there are also some emerging opportunities, particularly for digital payments and cloud services.

“The near collapse of many online grocery retail platforms is driving demand for process automation and intelligent self-service and Irish companies quickly recognize the changing market dynamics,” he says. “But while positivity may be in short supply, there is optimism in around returning to business and continuing to invest where it matters.

“Business leaders need to invest time away from crisis management to show leadership and strategically look to future opportunities which will emerge when these economies rebound.”

Conor Fahy is Enterprise Ireland’s Regional Director of the Middle East, India and Africa. To learn more about the steps companies can take to address the impact of Covid-19 visit our business supports page.

happy employee

Irish talent tech firms boost global engagement and productivity

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.

 

Describe your business

“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

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

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

Image of Mo Harvey

 The future looks regulated – regtech report

Photo of Mo Harvey, fintech advisor

The Irish fintech sector has long been dominated by the payments industry but the regtech (regulatory technology) sector in particular has been quietly achieving great heights globally and without much fanfare, until now.

Mo Harvey, Financial Services & FinTech Advisor, Hong Kong, says the sector is often overlooked as it is not consumer-facing, but in fact regtech has been steadily growing in sophistication and applicability.

“There are varying definitions out there (as to what regtech is) but, at its core, it is the use of new technologies by institutions, banks, insurance companies or any regulated entity to meet regulatory compliance challenges in a more efficient way,” she explains. “It transforms risk management and compliance functions and enables companies to strategise and grow while complying with even the most complex regulations.

“Ireland is an important centre for international financial services with a high-quality talent pool working in legal, risk and compliance functions – currently, regtech is the largest indigenous fintech sub-sector and it is bubbling with promise.” says Harvey. 

 

Global Regtech Market

According to Harvey, regtech is the ‘unsung hero’ of the fintech sector and the Asia-Pacific region is ripe for Irish firms within in the sector.

“Pre-pandemic, the global regtech market was predicted to grow from USD$6.3 billion in 2020 to USD$16.0 billion by 2025, a rate of over 20% per year, with Asia-Pacific accounting for the highest growth rate over this period,” she says.  “However, COVID-19 caused an acceleration in adoption in tandem with a fintech boom so the market could hit as high as USD$30 billion by 2025.

“Market and industry drivers such as the 2008 financial crisis, increasing regulatory enforcement actions and fines, proactive regulators encouraging regtech adoption, digital banks, payments and lending, virtual assets and remote onboarding are just some of the contributing factors which have created opportunity for specialised solutions.

“Regtech adoption is mature in Europe and the USA, but Asia-Pacific presents an interesting opportunity for regtech companies. It is a uniquely fragmented region of developed and developing markets, with a number of sophisticated financial ecosystems and complex regulatory environments.” confirms Harvey. 

 

Expanding the Irish Regtech Footprint

Enterprise Ireland began its Asia-Pacific wide regtech initiative over three years ago and has just released its ground-breaking report on The State of RegTech in APAC, and Mo Harvey says the report has even garnered support from all the key fintech ecosystem players throwing their weight behind it, from the APAC RegTech Network and The Regtech Association of Australia to the FinTech Associations of Singapore, Hong Kong, Japan, and Malaysia.

“We could see an increasing number of regtech companies coming out of Ireland and an alignment in terms of potential and opportunity in Asia-Pacific,” she says. “What started as an exclusive market research for Irish regtech companies to help them understand the nuances of the region, has now become the authority on regtech in Asia-Pacific.

“Consequently, people are starting to take note of what Irish regtechs have to offer out here.”

 

Plenty of opportunity for Irish firms

Covid 19 may have caused many problems for industry in every sector across the globe but the fintech expert says it has brought about some positivity for companies in the regtech sector.

Right now, we have a perfect storm of opportunity,” says Harvey. “Regtech adoption in Australia is well-advanced but it is at a relatively early stage in the Asian banking market with opportunities for further growth.

“While many banks have started using regtech, most commonly in financial crime, regtech is employed in a low percentage of risk management and regulatory compliance activities.

“The breadth of regtech adoption is expected to increase over the next year, especially in the areas of conduct, customer protection, regulatory and tax reporting, and regulatory compliance obligations.” says Harvey. 

“In addition, we are seeing regulators in key markets such as Australia, Singapore, Hong Kong, and Japan, all encouraging the adoption of regtech (some regulators going as far as incentivising banks to buy regtech solutions). So now is a good time for regtechs to start building at least one Asia-Pacific market into their expansion strategy.”

 

 Ireland’s Regtech Cluster of Excellence

In outposts around the world, Enterprise Ireland is working hard on behalf of Irish businesses and its strategy with regard to regtech is to help the sector cluster in Ireland to be synonymous with excellence.

“There are a number of Irish companies already enjoying global success,” says Mo Harvey. “These include Fenergo, Vizor, Daon, MyComplianceOffice and Know Your Customer, while AQMetrics, Cerebreon, Sedicii and DX Compliance are gaining international traction. Hopefully more can follow in their footsteps.

“Marrying Europe’s position as a global leader in regulatory and compliance standards with Enterprise Ireland’s investment in innovative technology-driven companies, has provided fertile soil for Ireland to have a world-class regtech cluster and support the imminent global regtech boom.”

 

To learn more download our State of Regtech APAC report.

Doing Business in Mexico: Leveraging Fintech Opportunities between Ireland & Mexico

 

The Irish Mexican Chamber in collaboration with Enterprise Ireland, and the Irish Embassy in Mexico, is delighted to share with you the recording of the second webinar of the series “Ireland Doing Business in Mexico”, featuring in the inaugural message, the Ambassador Of Ireland to Mexico, H.E. Maeve von Heynitz, and as speakers, José Antonio Quesada, VP of Regulatory Policy, Comisión Nacional Bancaria y de Valores, Guillermo Güemez, CTO, Grupo Financiero Banorte, and Patrick Sheehan, Head of Americas, Fenergo.

Global Ambition – Industry Insights webinar series

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.