Barry Napier, CEO Cubic Telecom

CASE: How automotive disruption offers huge opportunities for Irish tech companies

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The automotive industry is at a crossroads. In an era where digital technology is disrupting the status quo throughout the global economy, few industries are being so profoundly impacted as automotive.

Under pressure over emissions and sustainability, manufacturers are focused on transitioning from the internal combustion engine to a future of connected, autonomous, shared and electric vehicles,(CASE). Traditional supply chains are changing dramatically, as new technology providers force manufacturers to rethink where value can be created and by whom.

To assess the level of opportunity this offers Irish business, Enterprise Ireland asked a panel of experts what lies on the road head.

 

From hardware to software

Barry Napier, CEO of Irish company Cubic Telecom – who provides global mobile connectivity solutions for automotive manufacturers including Audi, Skoda and VW – believes the future will be driven by software rather than hardware.

“The mindset has changed,” he says. “Historically when you went to an OEM (original equipment manufacturer) and you said to them, we want to do something, there was panic in their faces because they had to go and change the hardware, and then there were multiple partners they had to talk to in order to do that.

“It’s easier to change software, so now they are looking to do as much as they can via software solutions, putting mainframe concepts into vehicles and then seeing how they can run that through the cloud. The mindset is there with the OEMs to make the car lighter, faster and doing it all via software.”says Napier.

Hiren Desai, Head of Strategy and Innovation North America for Continental, agrees that tier one suppliers will need to be able to create value by manufacturing intelligence rather than just parts.

Hiren says: “The supply chain is going to undergo disruption over the next 10 to 15 years significantly when it comes to software coming in and replacing all the hardware that companies are used to producing.

“Companies like Continental are experts in industrialisation, which essentially means manufacturing. Now, what we’re really talking about is having software factories able to produce intelligence, able to write code, able to produce artificial intelligence, that’s where it is heading.”

 

Automotive industry rethinks the car

Whether it is in vehicles that transport people, goods or freight, OEMs will be looking for partners who can help them meet this demand. Traditional players will have to adapt and make room for new entrants from non-automotive backgrounds.

For Dr Engelbert Wimmer, CEO and founder of German specialist automotive management consultancy and investment company E&Co (Entrepreneurs and Consultants), this level of disruption can be seized upon by Irish companies.

“We are reconsidering every bit and piece of the traditional car,” he says. “That means changing materials and a whole new supply chain because the concept and characteristics of a vehicle that you want to operate 90,000km a year on a shared mobility or on an autonomous platform will be completely different because the durability and ownership will be changing.

“This means we will need to change the materials that vehicles are made from – from the rubber in the tyres to the steel and the chassis. We need to do a lot on recycling and greening the car by what components we will need. For companies who have interesting materials, who operate in material science and can supply components that are recyclable, this is a massive opportunity.

“You’re not just talking about tech companies, you’re looking at companies such as plastic moulders, or in the textile sector. It could be somebody from surface technology. It could be somebody in glass technology. Glass is a super interesting surface with a lot of functions, such as integrated light and displays. All these technologies are being reborn at the moment.

“You’re looking at an awful lot of companies that couldn’t previously have looked at the automotive sector. Every time you have a disruption in that size and with this technology scope, new entrants will have a super chance.” says Napier.

 

Hub for CASE development

Many Irish companies enjoying success in the automotive sector are part of the Connected and Autonomous Vehicle (CAV) cluster, which is supported by Enterprise Ireland, IDA Ireland, Science Foundation Ireland, Department of Transport, and the Lero research centre.

With Jaguar Land Rover’s Centre for Networked and Autonomous Vehicles at Shannon and French vehicle technology giant Valeo’s facility in Tuam as members, CAV Ireland is fast establishing the West of Ireland as a hub for CASE vehicle development.

CAV companies collaborate to identify products and services which can capitalise on export opportunities in the automotive supply chain. It is an approach which Engelbert believes fits well with the future of mobility.

He says: “Whether it is software or materials, it is not about one company producing all this. It is about collaboration and partnership. The tool chain has many, many links that need to be linked together.”

5 ways to make the most of your Market Discovery Fund project 

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Learning that your business has been approved for a support like Enterprise Ireland’s Market Discovery Fund is great news. But it is followed by an important question. How can you make the best use of that financial support to maximise its value to your business?

 

1.    Make the most of Enterprise Ireland’s resources

Use all of the resources available to you as a company supported by Enterprise Ireland while you carry out the project and conduct your research.

Your Development Adviser 

Stay in touch with your Development Adviser throughout the project. Let them know you’re interested in attending relevant market and sector events and they will keep you top of mind.

39 overseas offices* 

Make time to visit Enterprise Ireland’s most relevant overseas offices as part of your project. With offices in 39 locations worldwide, our advisers have expert knowledge of the markets and sectors of most importance to Irish exporters.

If you alert the in-market team to your visit well in advance, they may be able to arrange meetings with valuable local contacts. After your visit, remember to stay in touch with the market advisers you know to stay up-to-date with local opportunities and developments.

(*39 correct as of 3 December 2019, date of publication)

Market Research Centre

Conducting the right market research is vital to maintaining your competitive edge and enjoying successful export growth – but it can also cost time, money and resources for which your business must budget.

The information specialists at Enterprise Ireland’s Market Research Centre offer a wealth of experience available to guide you to the most relevant reports and databases for your needs, and to provide support before and during your visit. They can help you to access current market research reports from some of the world’s leading publishers, such as Euromonitor International, Frost & Sullivan, and Mintel. The Centre is available free-of-charge to companies supported by Enterprise Ireland across the regional office network.

 

2.    Focus on your most promising markets

One important rule of thumb is to consider no more than three markets within a Market Discovery Fund project. Carrying out a market prioritisation exercise and comparing the potential of two or three markets within a region can be a smart use of this type of support.

Whichever markets you consider, remember that internet research alone will only take you so far. Travel to each market you are considering where feasible. You will learn far more on the ground than you can from behind a screen.

Also think carefully about the bandwidth (covering both people and finance) required to manage the project. Projects such as this typically take no more than six months, unless you recruit a graduate or entry-level executive to undertake a more substantial piece of research.

 

3.    Assess trade fair options

If you are planning to exhibit at a trade fair, try to visit the year or season before, so you can assess if it really is a good fit for your business. The most important factor to look out for is if the right kind of buyers and decision-makers attend.

If it is a big fair, spend some time establishing which is the right hall for your company to exhibit in. Being in the wrong hall is a waste of time and resources and can leave you and your team feeling frustrated.

If you decide to exhibit next time around, get in touch with the organisers as early as possible to find out costings or packages in addition to availability, as previous exhibitors are likely to be given priority.

 

 

4.    Know the claims process and track everything

You can find all the information and forms you need to submit your claim(s) to the Market Discovery Fund here. This includes:

  • Instructions for making your claim
  • The claim form
  • A claim form checklist
  • A timesheet template
  • A Director’s Statement template
  • A progress report form
  • More information on the claims process.

 

While at this point your application has been approved, it is vital to keep detailed records of all expenditure relating to your project. This can include:

  • Timesheets for employees, as relevant wages and salaries can be covered, subject to conditions outlined here
  • Receipts and invoices for all foreign travel and subsistence expenses directly related to the project. Remember these must be incurred by company employees supported on the project
  • The cost of purchasing reports and databases relating to a new market or sector (when relevant and not accessible through the Market Research Centre).

 

5.    Understand the value of what you learn

At first, it might seem disappointing if research indicates that a valid opportunity to bring your product or service to a particular market or markets does not exist. But it is actually a great lesson.

It is far better to be aware of this insight before committing fully to a market, as discovering a lack of potential later will cost your business much more.

Knowing which markets not to prioritise can be just as important as understanding which ones are most worth investing your time and resources. Refining your overall market strategy is a valuable outcome of a successful Market Discovery Fund project.

Remember, you must contact your assigned Enterprise Ireland Adviser to discuss your Market Discovery Fund application before you submit it. If you’re a first-time applicant, you need to register on the Enterprise Ireland Online Application System.

To discover how your company can take the step into new markets, visit: globalambition.ie/steps.      

InvoiceFair: how their innovative financing platform proved to be a game changer for Human+Kind

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Experienced financial services professional Helen Cahill saw that SMEs were being restricted by financing barriers. Along with two like-minded colleagues, she set up an innovative financing platform to enable Irish businesses to reach their full potential. For a company like Human+Kind, the solution was a game changer.

Human+Kind began in a kitchen in Cork in 2013, where founders Jeroen Proos and René van Willigen first brewed their signature ‘family remedy’ cream.

“It was a shared passion for animals, nature and healthy living that made us want to develop a natural, vegan and cruelty-free skincare line,” explains Proos, “but we also wanted a product that is kind to humans: kind to skin, and kind to the wallet.”

By 2015, Human+Kind had extended its line of Irish-made skincare products and reached an eclectic range of customers from across the globe. Jeroen explains, “We really want to be affordable and accessible to as many people as possible.”

In 2016, they brought Jeremy Smith on board as an executive officer. Together, the Human+Kind team began to build their customer base. “We really put a lot into good, smart networking, at trade fairs and online, getting our products out there.”

The hard work paid off. With persistence and “a bit of luck”, the company has placed Human+Kind amenities in 50,000 hotel rooms, and has an annual lip balm order from Turkish Airlines.

The real break came last year, with a purchase order worth $2.2 million from a US subscription box company called FabFunFit. “They had seen some of our products and they approached us and asked us if our production capacity was big enough to do large numbers. We have always set our sights on building as a global brand so we said yes. But we didn’t actually have the capital to meet the order!” explains Jeroen.

“The problem was,” adds Jeremy, “not only did the order exceed our credit limits with our suppliers and manufacturers, it was also pushing our manufacturers to exceed their credit limits with their material suppliers. After talking to the bank, we realised there was no solution there. I even looked into whether I could swing financing it personally.”

Having exhausted these options, the team sought advice from Enterprise Ireland. “I reached out to our advisor,” says Jeremy, “and she put me in touch with someone who recommended a couple of companies that might be able to help. After talking to InvoiceFair, I very quickly realised that they could really help us, not only for this one deal but also in the long term.”

 

The final hurdle

“The most difficult thing in business should be winning the sales order, not financing it,” says InvoiceFair’s co-founder, Helen Cahill. She has spent her career working with SMEs in all sectors: “I saw companies blocked from expanding because they didn’t have access to progressive and relevant working capital finance solutions. At the same time, in the investment world there is a continuous search for yield, particularly returns that are not correlated to the broader market.”

With co-founders Peter Brady and Ivan Fox, Cahill set out to develop a solution. “We were all seeing what SMEs were struggling with,” says Helen, “Peter had spent much of his career in manufacturing, so he has been in the trenches with a deep understanding of the challenges associated with working capital.

“We knew the problem we needed to solve, but it was really working with SMEs that inspired us to develop solutions to their specific problems,” Helen Cahill, co-founder InvoiceFair

The resulting solution, InvoiceFair, is an online platform where SMEs with a funding need connect with a pool of institutional funders. The model is based on receivables trading. SMEs leverage their future receivables, such as invoices and purchase orders, as tradeable assets. Funding is secured on the back of these assets.

“SMEs can leverage their quality receivables when they need to release cash,” explains Cahill, “and not just at invoice stage, SMEs can do this at the very beginning of a contract”. This is known as ‘purchase order finance’, where up to 70% of the contract value is released to pay suppliers upfront and fulfil contract costs. This source of finance means that companies can tender for much larger orders. In addition, the model does not limit funding due to debtor concentration, transaction size or geography, for example country of export. The latter is of particular benefit to companies with global markets.

“In order to develop the best solution, we always meet our clients face-to-face,” says Helen. “Jeremy met with Peter, Ivan and I to discuss Human+Kind, their vision for the company and the opportunity with FabFitFun.”

The core of InvoiceFair’s work involves independently researching companies and their customers. “Our due diligence is often more thorough than a bank’s, both in terms of the SME and the funder. This ensures the integrity of the marketplace for everybody,” says Helen. Jeremy provided the purchase order and background financial information on Human+Kind, while InvoiceFair researched their US customer, FabFunFit. In this way, InvoiceFair enabled Human+Kind to leverage on the blue-chip purchase order from FabFunFit to finance the sales order. Within five days, Human+Kind had secured their funding.

 

InvoiceFair provides a launch pad

“This case study is what we are about,” says Helen, “connecting Human & Kind to a pool of institutional funders enabled them to leverage their high-quality purchase order to pay suppliers upfront. More importantly, it resulted in their skincare brand being in two million homes in the US. And now they have successfully scaled the business internationally, which is so exciting for them.”

“This deal has really provided a nice launch pad for us to grow the business in the US and Ireland,” says Jeremy, “and it’s changed things. Prior to this we were doing around a million in turnover, and now we are doing that several fold. That would not have happened without a partner like InvoiceFair.”

Senoptica aims to reduce food waste through smart packaging with Commercialisation Fund

Senoptica aims to reduce food waste through smart packaging with Commercialisation Fund

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Senoptica aims to reduce food waste through smart packaging with Commercialisation Fund 2

“The bottom line is that without the Commercialisation Fund, Senoptica wouldn’t exist.”

Dr. Rachel Evans, Co-founder, Senoptica Technologies

Key Takeouts:

  • Senoptica Technologies has developed innovative technology that identifies the gas content of modified atmosphere packaging.
  • Enterprise Ireland’s Commercialisation Fund supported a feasibility study and technical and commercial development of the technology.
  • The company is currently negotiating a licensing agreement with Trinity College Dublin prior to spinning out from the university.

Case Study: Senoptica

As part of her PhD studies, Dr. Rachel Evans developed a novel idea for an optical sensor technology, but it wasn’t until one of Enterprise Ireland’s Commercialisation Specialists knocked on her door many years later that the transformation of the idea into a commercial product began.

“At the time I was a lecturer in Trinity College Dublin and one day a Commercialisation Specialist stopped by to find out if I was involved in anything that was appropriate for Enterprise Ireland funding. I had been thinking about how I could develop the sensor technology and identify a specific application for it.

“The Commercialisation Specialist advised me to carry out a feasibility study to test the market, which I did, with support from Enterprise Ireland. They helped me to find someone with experience in the food sector to act as a consultant on the study and he was critical in identifying where the market might be for the technology. We found that a lot of companies were interested.”

Senoptica aims to reduce food waste through smart packaging with Commercialisation Fund 3With strong indications that there was a market for the sensors, particularly in the meat industry, the next step was to do a proof of concept study. In 2013, Evans secured Commercialisation Fund support and in 2014 brought Dr. Steve Comby, a postdoctoral researcher and a specialist in molecular optical sensors, on board for the project.

“Rachel and I had matching and complementary skills so we had all the expertise we needed from the point of view of technology to make the project successful,” says Comby.

By the end of the project the technology was proved at a small scale but it was not industry ready.

 

Support to increase the technology readiness level

“We needed to adapt elements of our product to enable us to create something that is more industrially relevant and that could be manufactured in large quantities,” says Comby. “So we applied for a follow-on Commercialisation Fund.”

Evans explains: “The market isn’t interested in 5–10 years’ development time, they want the technology now. But there’s a huge leap from doing something in a lab on a small scale to doing it on an industrial level. In the first Commercialisation Fund project we were producing an A4 size of film, by the second we were producing 5km of film. We couldn’t have achieved that scaling without Enterprise Ireland’s support.”

Further support came from CRANN, the Centre for Research on Adaptive Nanostructures and Nanodevices and AMBER, the centre for Advanced Materials and Bio Engineering Research, both in Trinity College, which supplied bridge funding to keep the project going between the first and follow-on Commercialisation Funds. Importantly they also gave the team access to a portfolio of companies.

“As an academic you can be reluctant to speak to industry, but CRANN and AMBER knew how to do that, which was extremely helpful. They are still very supportive,” says Comby.

Senoptica aims to reduce food waste through smart packaging with Commercialisation Fund 4Evans admits that the pathway to commercialisation wasn’t straightforward.

“We needed to develop an approach to integrating our sensor formulations within food packaging. There are a lot of stakeholders in the food industry’s production and distribution chain so we had to talk to many different companies and that was really challenging.”

But the team found that with the project’s Commercialisation Specialist working in tandem with Trinity’s Technology Transfer Officers and the Commercialisation Manager at AMBER, they had a powerful network of support.

“The Commercialisation Specialist was very helpful in making contacts and setting up meetings. The support I got internally in Trinity from Technology Transfer Officers and the Commercialisation Managers at Amber was also hugely important in getting us to the stage we’re at,” says Evans.

Throughout the project the team met regularly with Enterprise Ireland advisors. “That was useful as they had an overall view while we were immersed in the technology, so they could see challenges or solutions to challenges that we’d overlooked,” says Comby.

 

From concept to company

Senoptica was incorporated in 2018 and, to complement Evans’s and Comby’s skills, Brendan Rice joined as Chief Executive Officer to focus on business development. His appointment was facilitated by Enterprise Ireland’s Business Partner Programme.

“Brendan’s appointment was essential for the development of the company. We needed to strengthen the business side of things and Brendan has extensive experience in the food industry. He was able to quantify the size of the opportunity,” says Comby.

By then Evans had taken up a full-time position in Cambridge University and although she remains a director and consultant to the company, its future development will be driven by Comby and Rice.

“I had to let go and that’s been really hard as the technology was my idea,” she says. “The reality is that there are few academics who will quit their jobs to become CEO of a company so someone else has to take it forward and you have to let go and look at the bigger picture. The important thing for me is to focus on what my motivation was in bringing my idea to market and how much satisfaction I will get from seeing it launched.”

Senoptica aims to reduce food waste through smart packaging with Commercialisation Fund 5Having taken the early stage research to successful industrial scale production, Comby is well placed to direct the future development of the technology. And he feels he has acquired new skills along the way.

“I’ve learnt about project development, scheduling, scaling up and achieving clear deliverables. I also learnt massively from the interactions with industry representatives,” he says.

“I’d say to others, if you think you have technology that could be commercialised start with the feasibility study and you will find out if people are interested in what you are doing. And don’t be afraid, because the Commercialisation Fund is a great support.”

For more information about applying for Enterprise Ireland’s Commercialisation Fund, contact your Technology Transfer Office.

Help your company grow by using the Market Research Centre

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With Brexit a reminder of the importance of diversifying and discovering exciting new export opportunities, Enterprise Ireland’s Market Research Centre can help.

Conducting the right market research is vital for businesses to maintain their competitive edge and enjoy successful export growth. According to a recent Enterprise Ireland survey, more than four out of five businesses plan to diversify into the Eurozone – a smart move given its potential export market value of €38bn alone.

Enterprise Ireland-supported companies can benefit from support in their plans to expand their reach. Here are five ways that our Market Research Centre can help.

 

1. Access world-class market research

Conducting market research before exporting into new markets can cost time, money and resources for which your business must budget. The Market Research Centre can help by providing access to up-to-date premium market research reports from some of the world’s leading market research publishers, such as Euromonitor International, Frost & Sullivan, and Mintel.

The Centre provides access to:

  • Country reports
  • Global company profiles
  • Industry sector reports
  • Trend forecasts.

The Centre is available free-of-charge to companies supported by Enterprise Ireland across the regional office network.

With some individual reports costing tens of thousands of euro, the potential value of using the service is immense.

 

2. Know your markets

When planning to export, the most important step is to learn as much about your new target market as possible. Accessing the latest research available through the Market Research Centre will help you to understand potential export regions and the competitors already operating there. Questions you should consider include:

  • What is the size of the market?
  • Who are the big players?
  • Is there a dominant brand in the market

       

      3. Know your channels

      When Abcon, an abrasives and industrial hose manufacturer from Co. Cavan wanted to increase exports to the Eurozone after the Brexit referendum, they needed to understand the markets that would help to grow the business.

      With a high volume of sales driven by internet searches, accurate information about the names of products in local languages proved essential to underpinning successful international digital marketing tactics.

      Lyn Sharkey, Sales and Marketing Director for Abcon, says that the Market Research Centre’s information specialists helped the company to obtain such information, in addition to lists of potential leads and trade events to attend – all of which would have been far more difficult to source alone.

       

      4. Insights about your customers

      Understanding the demographics of a market and the competitors already succeeding there is of little value unless you also understand your new potential customers, and how your offerings should be tweaked or positioned to best appeal to them.

      One of the most vital considerations for any company is: “what does your customer want, and how does it differ from what you’re already doing and delivering?”.

      When Irish Dog Foods, the Naas-based pet food manufacturer, was planning to enter the South Korean market, they asked these same questions. The company turned to the Market Research Centre to learn which customers it should sell to.

      “One of the things we learned during our market research is that there are practically no large dogs in Korea,” says Darren Keating, Marketing Manager of Irish Dog Foods. “That meant we specifically targeted the owners of small dogs. That information came from the Market Research Centre.”

       

      5. Guidance from information specialists

      The Market Research Centre’s information specialists have a wealth of experience and are available to guide you to the most relevant reports and databases for your needs, and to provide support before and during your visit.

      Sometimes the best support is reassurance from a specialist that you are heading in the right direction, allowing you to use your time efficiently.

       

      Contact Us

      Contact the Market Research Centre to discuss your research request and to arrange a visit to our centre in Dublin or to any of our eight regional office hubs.

      Phone: +353 (1) 727 2324

      Email: market.research@enterprise-ireland.com

      Opening Hours: Monday-Friday 9am-5pm

      AudioSource 2

      Revolutionary sound separation technology takes AudioSourceRE from the Beach Boys to commercial success

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      Key Takeouts:

      • AudioSourceRE, a recent spin-out from Cork institute of Technology, has developed innovative audio separation technology.
      • Enterprise Ireland’s Commercialisation Fund supported the development of the product and research into its commercial potential.
      • The company has launched three products and is developing the technology for wider application.

      Case Study: AudioSourceRE on Enterprise Ireland’s Commercialisation Fund

      When the Beach Boys come calling to ask if they can use your technology, you know you’ve done something right. In 2012, Dr. Derry Fitzgerald, who had spent 12 years researching the manipulation of audio in Cork Institute of Technology, got such a request.

      “They asked me to use the audio separation technology that I’d developed to split some songs that had been recorded in mono and remix them in stereo. I ended up getting credited on four Beach Boys reissues!” says Fitzgerald.

      It was more than enough to convince him that he was on to something that had commercial value.

      “I knew then that the tech was ready to be used in the real world and I began thinking about how I could make it commercially useful, because at that stage it was just a bunch of scripts on my computer that nobody else could use.”

      Fitzgerald applied for Enterprise Ireland’s Commercialisation Feasibility Study, which enabled him to do some market research. He then embarked on a Commercialisation Fund project, carried out in Cork School of Music in CIT, to develop his first commercial product.

       

      Preparing for spin-out

      “I’m not a business guy, I’m a tech guy. So as part of the project I had to find a business partner and I did that through Enterprise Ireland’s Business Partners Programme,” says Fitzgerald.

      Businessman John O’ Connell, now CEO of AudioSourceRE, was one of the business partners contacted by Enterprise Ireland. He recognised that there was potential in the technology but that more needed to be done.

      “I met Derry and he showed me what the technology was,” says O’Connell. “It was in a very raw state so I gave some feedback and asked him to give me a call when it reached the beta stage, when it could be shown to some people in the market. Nine months later, I got the call and went back and started working with Derry to create a minimum viable product.”

      The team focused on creating a prototype and got the opportunity to demonstrate it at Abbey Road Studios in London. The feedback was very positive.

      AudioSourceRE, a recent spin-out from Cork institute of Technology, has developed innovative audio separation technology

      “At that stage, John came on board full time and started to develop the business plan for the company, so that left me able to focus on making the software as good as possible. He pushed us to clarify what we were trying to get out of the project,” says Fitzgerald.

      O’ Connell explains: “There’s a lot of research required to find out if something that’s created in a university can be developed into a commercial product. So, it takes a lot of work to get to spin-out stage. One of the biggest challenges is that the world of academia and the commercial world are poles apart in terms of mindset.”

      It’s a sentiment echoed by Fitzgerald. “Personally I found the biggest challenge was getting things done faster, and moving on to the next thing. It was about changing the way I worked.  I learnt an awful lot about things I never expected to learn about – how business plans are structured, financial aspects, day-to-day business operations. So I went relatively quickly from being a very traditional academic researcher to someone who had a strong business head.”

      With O’Connell’s input the project became more focused, developing a strong commercial roadmap that enabled the team to progress quickly towards a commercially feasible product. Feedback from musicians and audio professionals helped clarify what the market wanted and just three months after setting up the company in 2018, AudioSourceRE launched its first two products, DeMIX Pro and Essentials, at a major music fair in New York.

      AudioSourceRE, a recent spin-out from Cork institute of Technology, has developed innovative audio separation technology

      The journey continues

      “We’ve been selling products for the last year, relying on the initial seed fund money that John and I put in and funding we got through Enterprise Ireland’s Competitive Start Fund, but we know there is still a way to go to make a profitable business,” says Fitzgerald. AudioSourceRE on Enterprise Ireland’s Commercialisation Fund

      O’Connell and Fitzgerald are now in discussions with venture capitalists and Enterprise Ireland about getting investment to grow. “We feel that we’re at the point now that with a little more R&D we can open up a whole range of creativity for audio manipulation,” says O’ Connell.

      With plans to have nine employees by the end of year one, and to use AI to complement Fitzgerald’s skills, the company has a strong sense of where it is going.

      Reflecting on the journey so far, Fitzgerald says: “My experience of spinning out AudioSourceRE has been overwhelmingly positive, so my advice to other academics would be, be brave and go for it. Start off with the objective of creating something that can be sold in the real world, not just completing an academic project.”

      O’ Connell adds: “Getting a business person on board as early as possible on the journey will really help with guiding the direction of the project, deciding where the funding should be spent, and where the research should be focused to find out if it’s really suitable for commercialisation.

      “Enterprise Ireland’s support was invaluable. We were able to ask for advice and get introductions to other people who have done something in a similar field. They give you the opportunity to take something and with a little bit of investment see what the commercial potential is.”

      For more information about applying for Enterprise Ireland’s Commercialisation Fund, contact your Technology Transfer Office.

      Launch of Cybersecurity report in Enterprise Ireland

      CyberEurope spotlights opportunities for Irish cybersecurity companies in Europe

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      Irish cybersecurity companies and market experts from all over Europe gathered last week in Enterprise Ireland’s East Point campus for CyberEurope – a conference that explored opportunities, challenges and strategies for Irish businesses exporting to the UK and Europe.

      CyberEurope also saw the release of a research report commissioned by Enterprise Ireland, with market scoping analysis delivered by strategy and risk-management consultancy CEIS.

      This new detailed report, titled The European Cybersecurity Market: Mapping the Opportunities and Route to Market for Irish SMEs, presents an overview of export opportunities for Enterprise Ireland-backed companies in eight target countries: Belgium, France, Germany, Italy, the Netherlands, Poland, Spain and the UK, and international institutions: European Union and NATO.

      Download the report’s key summaries now

       

      CyberEurope report highlights

      While there are significant differences between the cybersecurity markets of the eight countries studied, Enterprise Ireland’s research demonstrates continued levels of growth across each.

      The report identifies three “opportunity clusters” that can be used as a guide when assessing markets: the first groups the UK, France, Germany and the Netherlands, the second is Belgium, and the third includes Poland, Spain and Italy. Each cluster market is categorised based on macro factors including market size and maturity, competition level, policy framework and market accessibility.

      These opportunity clusters are intended to help Irish businesses to prioritise target export markets and to inform their decision to invest in either more challenging and more mature high value-added markets, or to focus efforts on less mature and less saturated markets. Cybersecurity Report

      The report also makes recommendations for companies entering a new market, such as establishing a local presence, obtaining relevant European or national certifications, and to leverage hot and trending topics of interest in the cybersecurity sector’s sub-segments.

      Download the full report: The European Cybersecurity Market: Mapping the Opportunities and Route to Market for Irish SMEs 

       

      Exciting time for the Irish cybersecurity sector

      The report and related event are part of a drive to create visibility for Irish cybersecurity companies among potential overseas buyers, partners and customersaccording to Enterprise Ireland’s Senior Market Advisor for Benelux, Matthijs Egger.

      Egger, who led the project for Enterprise Ireland, says: “The report, and hosting a conference on this scale, really is a milestone for the sector in Ireland.”

      The publication of the report marks the culmination of an Enterprise Ireland market scoping project, which aims to give client companies an overview of opportunities in the sector in these markets, and to establish how best to support them.

      Sarah McNabb, Market Advisor for the UK at Enterprise Ireland, says that the cybersecurity industry is seeing such growth because it’s becoming a board-level issue: “It’s shifting from a reactive to a proactive issue and companies aren’t sitting back anymore waiting for an attack to happen.”

       

      Making valuable connections

      Presentations and panel discussions at the East Point event allowed attendees to explore the detail behind the data. Panel members gave their views on the findings and discussed the report’s impact. Egger says: “By having real discussions with experts from the markets studied, participants could check and validate the realities on the ground in each market.”

      CyberEurope event in Enterprise Ireland, DublinPanel member Manfredi Blasucci, IT Security Manager for Auchan Retail Italy, agrees with the importance of the clusters identified and adds that he sees the European cyber market as being split by the north and south of Europe – with the north valuing quality of service most, and the south valuing price.

      One of the most valuable elements of the event, Egger says, was the opportunity for networking. “Along with Enterprise Ireland Market Advisors at the event, we had buyers from six markets, so there were lots of introduction opportunities for client companies.”

      The day concluded with a workshop, which gave attendants the key criteria and next steps for finding the best routes to market in Europe, and a site visit to UCD’s Centre for Cybersecurity and Cybercrime Investigation (CCI).

       

      Importance of the report for cybersecurity in Ireland

      Speaker Pat Larkin, CEO of information security company Ward Solutions, and Board Member of Cyber Ireland, an organisation uniting resources between government, academia and industry, says that the report offers valuable insights for resource-strapped SMEs in Ireland when making informed decisions.

      “It’s very important that any decisions we make in the context of exporting to new markets are based on the most up-to-date information and advice, to maximise the likelihood of success and shorten the time to return on investment.”

      Larkin says that the report “presents a very clear set of market information to any prospective Irish cyber SME planning on exporting to Europe”.

      He expands on the relevance of the report saying that the information helps narrow-in on markets that are most suitable for each company’s offering: “It saves us the time and effort in performing this research. It offers a higher level of data quality, and it’s a clear pathway to making decisions on which market to focus on and why.”

      Iberia

      Ambition Spain & Portugal: How we got Iberia to work for us

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      Easy to get to, easy to get around, but a tough nut to crack. It’s sometimes thought that the Iberian markets of Spain and Portugal are challenging to take on. Language barriers and differences in business culture are cited as barriers to a combined market with a GDP of almost €1.5trn.

      But both countries not only actively trade with Eurozone neighbours including Ireland but enjoy legacy links with growing, dynamic markets in South America and Africa, acting as bridges for firms active in the Iberian market. It’s no wonder the region is home to global giants such as Banco Santander and Telefónica.

      The economic downturn changed the region’s business landscape, and structural reforms opened up new opportunities for firms looking for a route to market. Along with reforms in labour and employment, a cultural shift towards innovation has helped Irish firms to enter this valuable market.

       

      Formula for Irish success in Spain and Portugal

      At Enterprise Ireland’s Ambition Spain and Portugal event, Irish firms that have made successful entries to the market outlined why it had worked for them. The common ingredients for successful exporting included getting boots on the ground, perseverance, and robust planning.

      Research and planning was a major exercise for Atlantic Therapeutics, the Galway-based rehabilitative medical devices firm. The company already has a presence beyond Ireland in the UK, France, Germany and the USA, and wanted to move into Spain. Market research threw up interesting market segments.

      “When we started out 18 months ago looking at the Spanish market, we looked at the medical device space to start with. Through Enterprise Ireland, we were introduced to people who could focus our route to the Spanish market,” Alan O’Shea, Head of Distribution Markets for Atlantic Therapeutics.

      During discussions, the company realised that their rehab devices could get market share by using the well-developed TV home shopping channels in a very buoyant private home use market.

      “It isn’t traditionally the usual distribution channel for our technology,” he told delegates. “We’re two months in and so far it’s a very positive experience.”

      Finding a complementary partner with local market knowledge and contacts can provide a lift to securing new exports. That was the route that helped accelerate growth for Tullamore-based emergency vehicle kit-out specialists Acetech. Enterprise Ireland helped to introduce the firm to a Spanish ambulance manufacturer who was interested in their vehicle intelligence systems.

      “They will now represent us, in terms of putting our equipment in the vehicles they are providing to the Spanish marketplace, and also the Latin American marketplace as well,” Acetech sales director Fergus Claffey told delegates.

      By 2020, Spanish business will account for 10% of turnover for Acetech as a result, he said.

       

      What to do after market entry

      Once in the market, Irish firms should get boots on the ground as regularly as possible, the conference was told. Not only will you get a handle on the business culture but it can help with honing your product fit, and generate new market opportunities.

      Eamonn MacLughadha, founder of Spanish-based import company Machemac and based in Spain for the past 23 years, said Irish firms should get their feet on the ground if only to get an idea of scale.

      “If you are capable of supplying 50% of the Irish market, that may only equate to 5% of the Spanish market. If your product takes, do you even the capability to deliver?”

      With six months being a typical timeframe for payment in Spain, resourcing your route to entry is vital, he added.

      “The closer you stick to a Spanish customer, the better the feedback you get on a problem. Getting to see them face to face will get you what you need to know. A phone call or email just won’t cut it.” says MacLughadha.

      Likewise in Portugal, being in the market is seen as a commitment to the customer, said Helder Palhas, country manager for Aspire Technology. “Keep your relationship alive. Don’t just abandon a customer after a sale, keep in touch. Go for lunch, even if you don’t have a product to sell them right now – it will make a difference.”

      The sentiment was echoed by Mr Claffey: “We thought we knew what we were doing with the research but we learnt more from a three-hour plane trip to Spain than three months of planning. Stop relying on Skype.”

      One of the biggest pitfalls that befalls Irish firms trying to enter the market in Spain, according to MacLughadha, is not appreciating the length of the average sales cycle.

      “In my experience here, the sales cycle is a lot longer than Irish companies are used to, or comfortable with. They give up too soon. The sales cycle is a lot longer. I’ve seen agri sales take two years from trade show to sale. That wouldn’t be unusual. You have to persevere.”

      For Acetech, entering the Spanish market was a revelation even with all the steep learnings: “The cultural fit between Ireland and Spain is very, very good. I don’t know why we didn’t do it earlier,” said Mr Claffey.

      Learn more on trading in the Spanish and Portuguese markets and the Enterprise Ireland supports available with our Going Global guide.

      GradStart Programme

      GradStart: 3 reasons why your company should apply

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      With Irish companies increasingly urged to step into new markets, the benefits are clear – new opportunities can equal new customers to deliver big growth.

      The challenges of communication and cultural understanding are sometimes a barrier that can make companies nervous about pursuing those rewards.

      But support is available to help you attract top talent that will enable your business to succeed and scale in new export markets. Top among these is a unique programme called GradStart, which has helped many Irish companies to overcome the challenges of communicating with customers and partners overseas. It provides funding for Enterprise Ireland-backed companies, across a broad range of business sectors, to employ graduates in a variety of positions.

      Why apply for GradStart?

      1. Attract top graduate talent

      Get the tools your company needs to successfully compete for graduate talent in a crowded marketplace. Helen McMahon, senior executive for Client Skills with Enterprise Ireland, advises:

      “Having the right skills in a company is a huge issue in an era of low unemployment. To get the skills they need, Irish SMEs also have to compete with multinational companies and overseas employers for candidates. GradStart can really help with attracting the right talent into a company.”

      The benefits of GradStart can also extend beyond meeting the immediate skills needs of a company. Long term, Irish companies can build relationships, not just with graduates in their sector but with relevant education and training institutes. These relationships can position you at the very cutting edge of your industry not just now, but into the future.

      1. Build your company’s capability

      Using GradStart helps Irish companies to build capabilities across a broad range of disciplines, including engineering, ICT, operations, technology, and finance. In fact, the only two areas for which GradStart support is not available is for graduates working in direct sales and marketing.

      Helen adds, “With graduates, people often immediately think of sales and marketing. But language graduates have a great deal more to offer. For example, they can work in market analysis or customer analysis. They can help develop a business case or have input to the new product development or adaptations to existing products.”

      1. Stimulate innovative thinking

      A recruit with a fresh perspective can help your business to approach challenges and opportunities in new ways, by questioning the way things are done and introducing new ideas about products, processes and business models.

      Helen says, “To succeed in European and global markets, Irish companies need the confidence of knowing they have the best talent, the most innovative thinkers and the freshest ideas in their sector. By enabling them to attract, retain and build long-term relationships with ambitious, talented individuals, GradStart helps Irish SMEs develop a real competitive edge in new markets.”

       

      Special support for languages

      The Eurozone should be high on the list of markets targeted by Irish exporters. The scale of the opportunity is immense. Enterprise Ireland-backed companies currently send €7.9bn in exports to the UK.* If they were to export the same amount per head of population to the Eurozone, that figure would rise to €38bn. [*Source]

      If the Eurozone is a market you have yet to explore, GradStart can help. While the programme is available for graduates in a wide variety of disciplines, there is a particular focus on language graduates given their importance in developing export markets.

      “Irish companies have traditionally focused on English-speaking markets and it’s true to say that, as a country, we don’t generally have great foreign language skills,” explains Helen.

      Research shows that Ireland lags behind our European neighbours on language proficiency and that can impede a company’s ability to succeed in non-English speaking markets.

      “It’s not just about being able to speak to clients and business partners in their own language, although that’s important,” says Helen. “At a deeper level, it’s about understanding the cultural nuances and having a clear picture of the business environment as it is, not as you think it might be.”

      “You can have a brilliant product or service but if you have no grasp of sometimes quite subtle differences in, for example, marketing norms, visual preferences or business processes you won’t meet with the same success. The only way to truly understand a customer is to speak their language.

      “To really build relationships in non-English speaking export markets, the companies and clients you’re dealing with really need to feel you understand where they’re coming from in terms of language and culture. They’ll appreciate you putting that energy into understanding them which can make all the difference in a new market.”

       

      What does GradStart offer?

      GradStart provides financial support for a company to recruit up to three graduates. That covers 50% of a graduate’s yearly salary, up to a maximum of €15,000 a year in grant aid (ie a salary of €30,000) for two years, depending on certain conditions.

      For graduates with proficiency in a language relevant to the business role, the grant increases to 70% of the salary, up to a maximum of €21,000 a year for two years.

      It is available for Irish graduates or for overseas graduates, based either here or overseas. As long as the graduate is being paid by an Irish company, GradStart can provide funding.

      Get the support you need to step into new markets. Apply for GradStart now.

      Commitment to excellence keeps Takumi at cutting edge of engineering manufacturing

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      When Takumi Precision Engineering wanted to grow its capability, its management team realised that it would require a significant investment in capital equipment, innovation, and staff training.

      Investing for the future is not new for Takumi. Founded in 1998 by Gerry Reynolds, the Limerick-based engineering manufacturer is a leading supplier of components to a wide variety of multinational aerospace and medical device companies. Over the years, Takumi has accumulated a unique range of CNC precision machining equipment and invested in its staff to a level that has positioned the company at the cutting edge of their sector.

      Takumi’s revenues have doubled to €10m in the four years since it moved into the aerospace market in 2015. Aerospace now accounts for 60% of its business but the medical devices sector is also a vitally important market segment, which continues to offer ongoing opportunities – and Takumi’s management team is confident that the company will be a €20m business by 2025.

      In order to continue its strong growth trajectory, Takumi had to put solid foundations in place. The company sought assistance from Enterprise Ireland’s Operational Excellence offer, a large-scale holistic company transformation programme that is designed to deliver a change in company culture and raise productivity.

      Culture can be one of the most difficult elements in an organisation to change and even more difficult to sustain. The Operational Excellence offer is focused on embedding competencies necessary to achieve ongoing productivity and efficiency gains, thereby creating sustainable improvements in the business and across its supply chain throughout its one to two-year assignment period.

      This is not an easy task for businesses and requires full commitment at every level of management, in every department, at every stage of the transformation. Operational Excellence assignments must be built around an identifiable project plan. This can include support for business innovation, capability building, and/or capital expenditure.

      Companies benefit from a streamlined process whereby they can apply for these supports within the one Operational Excellence offer, as opposed to the usual process of applying to Enterprise Ireland for them separately.

      Business innovation support includes the implementation of new production, delivery or organisational methods in the company, while capability training is offered to support the plan along with capital expenditure related to production or operations.

       

      How Takumi used Enterprise Ireland’s Operational Excellence offer

      The result is a one-off application to transform the business, and Takumi sought assistance through Operational Excellence in the following headings:

      1. Acquisition of new capital equipment
      2. Introduction of a new Nadcap approved metal treatment plant for aerospace components
      3. Refinement and strengthening of the key core competence of metal cutting/machining through an R&D project on discovering and adopting the latest 5-axis CAM technology
      4. Adoption of Lean methodologies into the business operating systems, particularly through fine-tuning the ERP system and adopting Industry 4.0 practices across the entire bandwidth of the business, including processing orders, scheduling and planning, reporting and metrics
      5. Growing further tiers of management and supervisors so that the business can continue to expand while preserving the ethos of ‘growing our own’.

      Takumi has involved its entire management team in its Operational Excellence offer, which is running from 2018-2021.

      Managing Director Gerry Reynolds said: “It might be a new programme but I believe that Operational Excellence will be widely adopted by industry. It affords companies an opportunity to put together a comprehensive business plan that really can transform businesses. The application process is really no more difficult than previous programmes.

      “There has been some apprehension that some business are not ‘ready’ for OpEx but, in reality, what business is not ready for a comprehensive plan? Being all encompassing, OpEx can deliver a more coherent business plan. Some previous programmes could be somewhat fragmented and lack cohesiveness. I look forward to the experience of transforming and growing Takumi into a bigger, high tech, modern, Industry 4.0 factory.”

      Enterprise Ireland’s Operational Excellence offer provides the best possible support to companies that wish to transform their business. Not only does it systematically change the way work is performed, it enables companies to change the culture and mindset of how they do business. By offering more than one support option, it encourages managers to view the business in holistic terms and, as Takumi has shown, what business isn’t ready for a cohesive and comprehensive plan?

       

      Learn how Enterprise Ireland’s competitiveness supports can help transform your business.

      Ambition Benelux: How to find the right export partner

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      There are challenges to breaking into new export markets like Benelux. These include determining if your products are the right fit for your target market, cultural and linguistic barriers, and the costs of establishing a presence in a new country.

      While support from resources like Enterprise Ireland’s overseas offices and Market Research Centre will help you to find solutions for these challenges, sourcing indigenous partners for sales channels is one way that Irish companies gain footholds in new regions.

      As an exporting nation, Ireland’s track record in building bridges to new markets is strong. Right now, one of the most exciting market opportunities lies in the nearby Eurozone. As well as offering attractive markets individually, the Benelux region, covering the open economies Belgium, Luxembourg and the Netherlands, offers a valuable proving ground for, and gateway to, that wider Eurozone market.

       

      Why you should consider sourcing an export partner for Benelux

      Choosing the right export partner is a significant undertaking. Care must be taken to ensure that the partnership will be adequately beneficial. When done well, it will give your business a solid foundation in the new market.

      The potential benefits and risks were expertly outlined by QuPact’s Brian English at Enterprise Ireland’s Ambition Benelux event in Athlone. English advised that the usual route to market channels for Benelux are similar to those that work in Ireland, and include partners, distributors and wholesalers, agents and reps, direct sales, franchising, and licensing to referral partners.

      Initially, bypassing your own direct salesforce to get up and running can offer advantages, English told attendees: “I encourage people to think about using channels for two big reasons. First, is the time to get your product to market. If you compare the amount of time that you can get to sales, invoicing and collecting money in a market using channels, compared to setting up and going directly or acquiring customers directly, that is a big win.”

      Enterprise Ireland Benelux team“Secondly, there is a saving on direct costs. Think about the cashflow impact that putting a direct salesperson into the Benelux region has from day one: payroll costs, expenses, and associated costs.

      “Whereas, if you can leverage the right channel, it’s quite feasible that you can source a partner who owns the relationship with your target customer. That can help you to get to sales quicker, and with more conserved cash.”

      While Enterprise Ireland’s in-country market advisors are always available to assist with networking with potential partners, English advised that options are also often found within the company’s existing network.

       

      Get inspired by Azpiral and Over-C’s successful partnerships in Benelux

      The conference heard that Limerick’s Azpiral, creators of the AzpiralPRO integrated real-time loyalty platform, had just concluded a deal that will see their cloud-based solution positioned in 350 AVIA service stations in the Netherlands, representing 10% of the market. AVIA is an international leader in the European forecourt sector, with over 3,000 stations across 15 European countries.

      After exploring opportunities in the market last year, Sales Director Kevin Nolan reported that he is “hopeful that being the first choice in loyalty software for international brands like Circle K, Gulf Oil, Spar and AVIA will present opportunities for Azpiral to continue to expand internationally.”

      A second success story is Cork’s Over-C, who deploys an integrated digital platform providing transparency for all functions relating to the upkeep of high-footfall, high-risk public facilities, such as shopping centres, stadia and transit hubs, with operations in Amsterdam.

      Over-C leveraged existing links with Dutch-owned client ScotRail when targeting the market. James Murphy, Head of Partnerships, told delegates: “I see the Netherlands as a gateway to the rest of Europe. The Netherlands are early software adopters, and Germany looks at the Netherlands and what works there, so it’s good preparation for new markets.”

      Over-C’s innovative software uses artificial intelligence, data and analytics to provide industry professionals with key insights for time-critical decision-making. It has been operating in the Dutch market for two years, with customers including Facilicom, Trigion, Koopgoot, Plaza Nieuwegein Shopping Centre, and Wereldhave. Over-C is currently working with KPN to identify further opportunities through their customer base.

      Some firms can view channels as an afterthought, and still see direct sales as the best option, but they are missing out on leveraging a partner’s boots on the ground, English said.

      “Think about putting them at the center of your business. They have an input into the sales process, into marketing, into new product development, into engineering. If you can bring the channels, as your eyes and ears in the local market, into your business and get contributions into those critical areas, you’ll end up with a much better sales ecosystem.”

      Vetting your prospective partners, be they agents or distributors, is vital, said English. Make sure you understand the laws and compensation due to an agent should you eventually terminate the arrangement as it covers not only existing customers but those you may subsequently acquire based on agent work.

      Distributors of your product should be vetted to ensure they have the capital or secured credit in place to acquire your stock, a frequent oversight by many, said English.

      Whichever route you choose, make sure you’re partnering with someone who owns that end relationship with your target customer, he added.

      “Look at all of their routes to market and find out who owns the relationships with those end customers. It’s a labour of love that takes about 30 days. But once it’s done, you can make really informed decisions about your strategy to go into the markers and about which channels you want to work with.”

      Cubic Telecom is Helping Germany’s Biggest Carmakers to Drive Forward

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      “Enterprise Ireland is always extremely helpful in terms of providing meeting space and setting up partner meetings, finding out beforehand who we want to make contact with and enabling those briefings at the show.” Gerry McQuaid, CCO Cubic Telecom

      Overview:

      • Sector: IoT
      • Markets: APAC, China, Europe, USA, Canada, Australia, New Zealand, Middle East
      • Supports: Trade Missions & Events, International Office Network

      Case Study: Cubic Telecom

      In an always-on world where consumers expect instant access to information and experiences, car manufacturers are clamouring to ensure that 24/7 connectivity is provided behind the wheel — and Dublin-based Cubic Telecom is supplying the solution.

      Cubic’s global connectivity platform PACE enables cars and other devices to automatically connect to high-speed local mobile networks around the world. The company is a fully licensed mobile services provider powering high-quality connectivity worldwide for global manufacturers, including six brands within Volkswagen Group, e.GO Electric Vehicles and Panasonic Automotive, among others.

      Not to mention, Cubic’s connected car solution supports 2.5 million cars in 93 markets globally, with capabilities across Europe, North America, Latin America, the Middle East, Russia, Africa and Asia-Pacific.

      “Our focus spans wider than the Irish market,” reveals CCO Gerry McQuaid, who has been part of the Cubic Telecom team from its beginning in 2009. “Obviously we support the sale of our partners’ products in Ireland but we are focused on the global market and we have had that global focus from the start.”

      But scaling internationally requires more than identifying a global customer base and Gerry says Enterprise Ireland’s assistance has been critical in helping Cubic to forge strategic partnerships every step of the way.

       

      Powering global connections

      When Cubic Telecom made its first foray into the international market, it was with a SIM card that let travellers make low-cost phone calls from anywhere in the world without incurring huge roaming charges. But the company soon switched gears to focus on creating technology that would connect any device to the internet while abroad and in 2012 took part in a major trade mission to China, helmed by Enterprise Ireland and then Taoiseach Enda Kenny.

      “Enterprise Ireland helped to arrange private meetings in China with the Taoiseach which gave a fantastic boost to our fledging profile in China,” Gerry says, noting that the trip ultimately helped to cement our business relationships with Qualcomm, Lenovo and China Unicom.

      At the same time, demand for vehicle connectivity was on the rise. Automakers wanted to transform cars into infotainment centres on wheels and Cubic Telecom’s technology, which is embedded at the manufacturing stage, could enable standardised vehicles to offer connected services anywhere in the world.

      “We’ve always attended MWC and exhibited as part of Enterprise Ireland’s pavilion stand. That’s where we meet our customers, prospects, mobile operator partners, technology partners and important industry analysts every year,” Gerry says. “We are delighted with the support provided to us by Enterprise Ireland in regard to exhibition stand facilities and the arrangement of key meetings ahead of each event.”

      Cubic’s first auto contract was with German car giant Audi, which was looking to provide its drivers with a fully digital experience — something that traditional mobile operators were struggling to achieve.

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

      As a result, Germany is one of Cubic’s biggest overseas markets.

      “It’s important to point out that we did not select Germany as a generic target market,” Gerry says. “Instead, we looked at the world’s biggest automotive manufacturers and decided which companies we wished to build a partnership with. This naturally led us to Germany, the home of some of the world’s top auto manufacturers. We were very careful to take the time to understand what is required to do business successfully with large prestigious German companies and we had excellent support from the Enterprise Ireland team in Germany.”

      Enterprise Ireland still works closely with Cubic Telecom to support its continued growth in other international markets.

      “As well as being part of Enterprise Ireland’s pavilion at MWC Barcelona annually, last year we participated with Enterprise Ireland in MWC Americas in Los Angeles for the first time. That proved to be a great success,” shares Elaine Murray, Cubic Telecom’s External Communications Manager, adding, “Enterprise Ireland is always extremely helpful in terms of providing meeting space and setting up partner meetings, finding out beforehand who we want to make contact with and enabling those briefings at the show.”

      Besides trade shows and networking opportunities, Cubic Telecom is often invited to sit on conference panels hosted by Enterprise Ireland, which Elaine describes as “integral” to the company’s exposure in foreign markets. Gerry agrees: “We’re always more than happy to participate because it’s a win-win situation.”

      Brazil, Brexit and beyond

      One of the next stops on Cubic’s path to world domination is Brazil, a notoriously tough nut for non-Brazilian car manufacturers to crack in terms of IoT connected device services.

      “We have received excellent advice from Enterprise Ireland to assist with setting up our local presence in Brazil,” Gerry says. “Like in Germany, we align ourselves with the markets that our customers have prioritised. As all of the world’s major automotive companies want to sell connected cars in Brazil, we prioritised establishing a unique locally compliant solution for global automotive and IoT companies there.”

      Speaking of complicated, while the UK is not a dominant market for Cubic, it is an important one for many of the company’s customers.

      “If you’re driving on the motorways in the UK, most of the cars are German-built cars, so Brexit does have a concern for us in terms of what’s going to happen to the ease of doing business but we’re not as exposed as other companies because we are used to dealing with complicated market conditions around the world,” Gerry says.

      His advice: Irish companies must reduce their dependence on the UK market, regardless of the Brexit outcome.

      “Any Irish company that’s trying to do business in overseas markets has a very valuable resource that is always there to help in Enterprise Ireland,”

      “Start by considering the needs of the customer you are selling to, what solution you are selling, who you need to sell it to and what markets those target customers are in. Then leverage the Enterprise Ireland regional offices to get introductions to the people in that market who you need to meet.”

      Read more on the supports available to help your business diversify into new markets or speak to your Development Advisor today.