Founder & CEO Pharmapod

Pharmapod leads the way in reducing medication errors and improving patient safety

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“You need to be completely dedicated to finding the solution, and you need to sacrifice a lot. It doesn’t matter if you’re a man or a woman, you just have to have that fire in your belly.”

Founder and CEO, Leonora O’Brien

Key Takeouts:

  • Leonora O’Brien’s career as a pharmacist alerted her to issues regarding patient safety.
  • Pharmapod aims to be a worldwide solution to a global problem.
  • Local support has been invaluable for launching internationally.

Case Study: Pharmapod

If it takes a village to raise a child, as the saying goes, what exactly does it take to start and build a worldwide business? Support, dedication and even more support, says Leonora O’Brien, the founder of Pharmapod, a cloud-based system that aims to reduce medication errors by allowing healthcare professionals to record and share information with other healthcare professionals both within their country and globally.

“To succeed you need to make sacrifices and be dedicated to your business; it’s not for everyone,” she says. “There is support out there but you have to do the groundwork to find it. It’s up to you and your team to see what’s available and position yourselves to avail of it.”

 

Pharmapod offers a worldwide solution for a global problem

Pharmapod was established in 2012 with help and financial support from Enterprise Ireland, which has announced a new €750k Competitive Start Fund (CSF) for Women Entrepreneurs, opening for applications on 25 June 2019. The company aims to address what Leonora identified as a very real issue globally.

“Throughout my career as a pharmacist, I became aware of the issues regarding medication and patient safety,” Leonora explained. “At the same time, there was a growing legal obligation on pharmacists to record and analyse the risks to their patients. There was no solution in place, and being a chief pharmacist at Ireland’s biggest pharmacy chain at the time, I found that not having a system for recording patient safety issues was a real barrier for us as an organisation, and for the sector in general to learn and improve.

“You come across these issues on a daily basis, in pharmacies, hospitals and nursing homes, from the minor to the major, and many of these are preventable – we really needed a system that allowed healthcare professionals to learn from each other. Pharmapod is really fulfilling a need in the sector.”

The issue, Leonora says, is a global one – and Pharmapod is aiming to be the worldwide solution to the problem.

“To date, Pharmapod has been primarily active across three countries – Ireland, the UK and Canada – but we have recently signed a partnership agreement with the International Pharmaceutical Federation, The FIP, who has 144 members organisations internationally. We’re now starting to work through the different geographical regions with the FIP – for example the Middle East is a key focus area right now. No country is exempt from the issue – for instance, medical error is the third-leading cause of death in the United States – so this is a solution for a global issue.”

 

Global growth followed success in Ireland

The system grew steadily from its beginnings in Ireland – the secret to its success, Leonora says, is a great team dedicated to the solving the problem. “We launched initially onto the Irish market, and had some really excellent, brave and innovative pharmacists in Ireland who understood the benefits of such a system and took it on at an early stage. We have 30 people on our team now, and we are constantly evolving the system, keeping our ears to the ground for changes in regulations and responding to feedback and new requirements from users.”

A key turning point was the launch of Pharmapod into Canada. “At the moment, 58% of community pharmacies in Canada are using Pharmapod – and that number is growing. Ontario mandated for the system to be used in 2018; they have 45% of the pharmacies in the whole of Canada, but we already have pharmacy groups using it on a pan-Canadian basis too.”

Having local support has been invaluable when launching internationally, says Leonora – and this is where Enterprise Ireland came in. “We went for the Competitive Start Fund at the start of the business, and all the way through, Enterprise Ireland has been a great support to us. The Canadian office was fantastic when we were launching in the country, giving us advice on the local market, supplying contacts and connections, and including us in local activities. They really are an extension of your team, a great support for companies expanding internationally. They’re so well informed and helpful, an invaluable resource.

“Initiatives like the CSF for Women Entrepreneurs are addressing a real issue that’s still there. We have to remember, this is not only helping fix things for women, in terms of effective supports and role models, it’s benefitting the economy as a whole,” says O’Brien.

“For us, having that government backup has been really helpful. It lends weight to our offering and adds to our credibility in the eyes of customers and potential investors who might not have been familiar with the company before.”

Leonora’s experience has taught her that the support is there if you look for it. “I believe the biggest barrier is in your mind. You need to be completely dedicated to finding the solution, and you need to sacrifice a lot. Not everyone is prepared to do that. It doesn’t matter if you’re a man or a woman, you just have to have that fire in your belly.”

And for female entrepreneurs, the business world has never been more accessible or attractive. “In a very short period of time, we’ve made a lot of progress, and a lot of that is down to us as a country shining a light on the issue. Initiatives like the CSF for Women Entrepreneurs are addressing a real issue that’s still there; fixing this issue will not only benefit the economy as a whole, but will also help the next generation in terms of female role models – and very quickly the world can change in that way.”

Enterprise Ireland’s €750,000 Competitive Start Fund (CSF) for Women Entrepreneurs is open for applications between 25 June and 16 July 2019. Under this CSF, up to €50,000 in equity funding is available to a maximum of 15 successful women applicants with early stage start-up companies. In addition, up to 15 of the successful applicants will be offered a place on Dublin BIC’s INNOVATE accelerator programme.

Irish fintech

Nordics are embracing Irish fintech innovation

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Tom Holgersson, a senior fintech advisor based in Enterprise Ireland’s Stockholm Office, describes why Irish fintech is thriving in the Nordic region.

“Similar to the Irish approach, the Nordic financial services industry is quite innovative. They are willing to both leverage and embrace new technologies to drive revenue and reduce cost,” says Stephen Florence, Account Director at Fenergo.

Irish fintechs have been active in the Nordics for years, with an increasing number targeting growth in the region. Success has been built on shared attitudes to innovation and the potential of both markets to develop as globally significant fintech hubs.

Both benefit from thriving tech scenes. Sweden is second only to Silicon Valley in terms of the number of unicorns – multi-billion-dollar tech companies – produced per capita. According to data from OECD, Sweden has 20 start-ups per 1,000 employees, compared to five in the US. Companies like Spotify, King and Skype are household names.

 

Impressive growth of Irish fintech

Over the past few years, the Irish fintech sector has grown impressively. Since 2014, Enterprise Ireland has invested in more than 80 fintech start-ups. That portfolio generated more than €1 billion in revenue in 2016.

In the Nordics’ rapidly growing sector, Sweden stands out. According to Nordic Tech List, Swedish companies attracted over 75pc of total fintech capital invested in the region in 2017. Well-known fintechs include Klarna, iZettle, Trustly and Tink.

Established Irish players, including Fenergo, Monex, Rockall Technologies and Corvil are known to many in the Nordics. Meanwhile, a new breed of companies is emerging, which includes Ammeon, Boxever, Cambrist, Leveris, AQMetrics and Know Your Customer.

 

Innovative solutions for global issues

Innovative fintechs have focused on solving problems across the global financial services industry. The mix of companies blending finance and tech has supported disruption, advancing new ways to understand, test and prove adherence to compliance regulations.

Solutions span a range of applications across regulatory reporting, risk management, Know Your Customer (KYC) compliance, anti-money laundering, secure messaging and transaction monitoring. The biggest opportunities stem from banking and finance regulations that apply globally.

Fenergo’s ability to solve challenges for global banks is proving an advantage in the Nordics. Stephen says, “The Nordic region has multiple regulatory jurisdictions, languages and currencies. Some form part of the European Union – Finland adopted the euro, Denmark and Sweden did not and neither Norway nor Iceland are members of the EU. This poses complex compliance challenges for financial institutions that are operating across the region. As we have a rules-based engine, we can support multiple regulatory demands with one instance of the solution. If we look at our current client base, most are global institutions who have experienced and solved the same challenges that financial institutions in the Nordics are currently facing.”

Beyond regtech, developments in big data, payments and cybersecurity are compelling.

Like other industries, banking faces the opportunity and challenge of leveraging real-time data and becoming more customer centric. Analysing large volumes of data will enable banks to better predict and tailor solutions for individual customers.

The area of payments is also creating challenges, with the landscape facing disruption due to changes in the value chain. Payments regulations are putting banks’ revenue under pressure and removing barriers to entry, as changes in customer behavior and increasing digitalization opens the field to new local and international players. Innovative fintech solutions are driving banks to offer customers more engaging and interactive services, with most exploring options in mobile wallets, loyalty cards, blockchain, account aggregation across multiple banks and foreign exchange services.

 

Regtech & Cybersecurity

The importance of cybersecurity continues to rise, as threats become more sophisticated. Most banks face challenges in malware, phishing attacks and fraud, complicated by the growing importance of customer centricity – providers must strike a balance between ease of use and security. Innovative products are emerging in biometric security, customer identification tools, malware detection and pattern recognition.

Enterprise Ireland has published a regtech white paper, which explores solutions beyond the customary compliance and regulatory requirements. It shows how regtech enables transformation across business functions by better utilising data and insights.

Download the white paper here.

This article was originally published in the Sunday Independent.

Asia Pac Conference

Ambition Asia Pacific is closer than you think

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Places are booking out fast for a major event bringing opportunities in Asia Pacific to Irish businesses.

Ambition Asia Pacific is a major Enterprise Ireland conference taking place in Dublin in June to provide Irish exporters with a roadmap to success in some of the region’s fastest-growing markets. The conference takes place on 13th June at the Aviva Stadium.

“The purpose of the event is to not only to raise awareness of the opportunities that exist in the APAC region, but to provide Irish companies with an understanding of how to do business there,” says Tom Cusack, Regional Director Asia Pacific at Enterprise Ireland.

Secure your place at Ambition Asia Pacific now.

 

Support for entering Asia Pacific

It’s one of a number of events Enterprise Ireland is hosting to support Irish businesses looking to trade there, including trade missions due to take place later this year in markets such as Japan, Korea, and China.

Enterprise Ireland is also opening two new offices, in Melbourne Australia and Ho Chi Minh City Vietnam. That brings to 10 the number of offices it has in the Asia Pacific region, a clear indication of the deepening of its support for Irish businesses looking to trade in the region.

“In the context of Brexit, expanding the Irish export footprint in markets beyond the UK is a key priority for Enterprise Ireland. The Ambition Asia Pacific event is about raising awareness in Irish companies – and the ambition – to pursue realisable opportunities throughout the Asia Pacific region,” says Cusack.

Traditionally, the biggest perceived barrier to Irish businesses in the region has been distance but ease of access has never been greater, he points out.

“Ireland now enjoys ease of connectivity to the region, with direct flights to destinations such as Hong Kong, Shenzhen and Beijing, meaning Irish companies can leave Dublin at lunch time and arrive in Asia in time for breakfast,” he says.

 

Big opportunities for Irish businesses

The scale of the opportunity for Irish businesses is unprecedented, too, and spans multiple sectors.

These include aviation. “Over the next 20 years, half of the world’s air traffic growth will be driven by travel to, from, or within, the Asia Pacific region. This rapid growth requires significant investment in infrastructure, products and services,” he says.

There are enormous opportunities for financial services and fintech too, thanks to a growing middle class, increased digitisation of financial products, and massive investor interest.

Within the past two years “fintech financing in Asia Pacific has eclipsed that of North America for the first time, and is now four times larger than the European market,” says Cusack.

“Weak legacy IT infrastructure in Asia Pacific countries incentivises quicker adoption of digital technologies, providing a great opportunity for Irish companies, not least in fintech and payments.”

The potential for education services is clear too, he says. What’s more, if the UK leaves the EU, Ireland will become the largest English-speaking education market in the EU at a time when demand for English third-level education across the APAC region is fast growing.

Construction and engineering services, healthcare products and services and agritech solutions are also in demand.

All these sectors, and more, stand to benefit from GDP growth rates across Asia, which average 6%, compared with growth rates of just 2% in Europe and the US. By 2030, Asia will account for two thirds of the world’s middle class, and Asian economies are predicted to be larger than the rest of the world combined in a matter of months.

 

Irish success in Asia Pacific

Very many Irish companies have already successfully capitalised on opportunities in the region. This means that, while opening up new markets in faraway places is always a challenge, first time exporters to the region will, in fact, be following a well established path.

“Most Irish companies’ first foray into the Asia Pacific region is via Australia, Singapore, and Hong Kong. These are familiar places in which to do business, with substantial and highly supportive diaspora networks,” he points out.

On top of that, is an array of Enterprise Ireland supports including business networking and introductions, market research and entry strategy advice, as well as financial support for market diversification.

Irish companies looking to enter the Asian market can also draw from the wealth of experience of those that have already done so. To date, more than 600 companies supported by Enterprise Ireland have exported to the region. In fact, exports by Irish companies to Asia Pacific now surpass €2 billion, having more than doubled since 2012.

 

Learn from the Irish experience in Asia Pacific

The upcoming Ambition Asia Pacific event is an opportunity to find out exactly how they did it, learn from their successes – and mistakes – and pick up invaluable tips.

In a packed programme of events, speakers include Denis Hickie, general manager ATA Group (Ireland & UK); Brian Mehigan, chief strategy officer Kerry Group, and Elaine Coughlan, managing partner and founder of Atlantic Bridge.

Niall Norton, CEO and board member of Openet Telecom; former chief digital and client experience officer at Citi Asia and EMEA Felimy Greene; and John Ferguson, director of country forecasting at the Economist Intelligence Unit will also make presentations.

The event features a number of dedicated breakout sessions, too, spanning financial services, aviation, digital technology, and international education.

It will also include an event on opportunities in China with a panel discussion featuring a number of Irish success stories in the region. This particular breakout session will include a large business delegation from the China Hi-Tech Fair trade show in Shenzhen, who are actively interested in meeting Irish companies with ambition for China.

Admittance is limited and booking out fast so to secure your place at Ambition Asia Pacific register now.

 

Sourcing the right Eurozone market for your business

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Exporting to the Eurozone makes sense for Irish firms for several reasons. We share a common currency. Trade within the Eurozone benefits from the absence of tariffs and customs. A common regulatory environment means that Irish goods and services comply with EU legislation.

The Eurozone offers ease of access to 340 million people in the 19 states that share the single currency and a stable economy that, as a bloc, will continue to grow a further 1.3% through 2019.

Although the Eurozone’s population is five times that of the UK, it accounts for only 20% of all Irish exports. As such, it presents what Minister for Trade Pat Breen T.D. described as one of the greatest sources of “untapped export potential” at Enterprise Ireland’s Eurozone Summit earlier this year.

 

How to find the right Eurozone market for you

Finding the right market fit for your exports requires groundwork and an awareness that Europe is composed of different economies and markets, each with its own advantages and barriers to entry.

In order to successfully enter Eurozone markets, all elements of new market entry preparations are required: market research to select the market with the best opportunities, a value proposition that matches the new market and highlights your competitive advantage, the right route to market, and the resourcing of people, skills and funding to make it happen.

Some countries have well-known strengths and sectoral specialisms. At the Eurozone Summit, delegates heard from market experts who outlined some of the major opportunities – and some of the risks – that member state economies hold for Irish exporters.

 

Opportunities across the Eurozone

Germany is the largest Eurozone economy and the world’s fourth largest. Famed for its manufacturing sector, there are also opportunities for Irish exporters in the automotive, pharmaceuticals and medical device sectors. As one of the biggest foreign direct investors in the Irish medtech sector, German firms are familiar with Irish innovation and regard it highly.

Accessing Germany requires breaking into long-standing supply chains built on loyalty and quality, with consistency a key driver for German consumers. Decision making and order lead-in times can be protracted but the Irish reputation for flexibility stands exporters in good stead.

While many German brands are well known internationally, the domestic economy is driven by SMEs or ‘mittelstadts’, Angela Cullen, Senior Editor at Bloomberg Frankfurt, told the Eurozone Summit.

“Thousands of them form the backbone of the economy and they have honed their products to be market leaders. Partnering with a German sectoral partner may be necessary to get a market foothold.”

The nearby Benelux countries are some of the most densely populated areas of the Eurozone, allowing the rollout of a product to a large cross section within a small geographic area.

The Netherlands has long positioned itself as the number one logistics nation of the Eurozone with Rotterdam often referred to as ‘Germany’s largest port’.

As well as being the first point of entry for many physical goods, the Netherlands acts as a first point of entry for data as it is home to some of the largest data centres in Europe. Irish construction consultancy and build expertise is valued by the Dutch, with the sector continuing to show growth, and Dutch firms focused on securing their design and build supply chains post-Brexit.

“It is an extremely developed economy that is open to business and used to working with partners so it is natural for the Dutch to partner with fellow member states to bring off a project,” Willem Noë from the European Commission in Ireland said.

Belgium is often said to be one of the best test markets for products, given its population mix, and can be an ideal testbed, Ruben Hamilius, managing director of Businessgames Ireland, told the event.

“But be warned, the biggest mistake I see is exporters think ‘Build it once, sell it forever’ but that is not really the case. You need to do your research, as the product fit may not be right. Belgium is great for that.”

It certainly suited Irish parking marketplace start-up Parkpnp, who rolled out its parking app tech in Belgium first, eschewing its home market and the UK. The company has now honed its product into a franchising model already in place in the Netherlands and is rolling it out into France and Germany after learning valuable lessons in the testbed market.

In France, local language skills can be crucial, while supply chains are generally built on face-to-face contact rather than via the internet.

 

Enterprise Ireland supports can help

Enterprise Ireland’s world-class Market Research Centre has extensive resources to aid your research, while our Excel at Market Intelligence programme will advise how best to conduct market research.

Our Market Discovery fund is a key financial support for new market entry, ensuring you have funding to research, get expert advice and conduct market study visits. GradStart provides up to 70pc of two-year salaries for graduates with relevant market language skills.

Companies we support benefit from our market advisers’ near-unmatched knowledge of market dynamics, target buyers, networks and ecosystems across six Eurozone locations. When you’re ready to enter the market, we offer a key manager grant to help co-fund the salary of personnel with the right skills to work with market advisers and drive your diversification plans.

These supports will help ensure you find the right market fit and  “take advantage of the Eurozone”, as advised by the first President of the European Council, Count Herman Van Rompuy, at the Eurozone Summit.

 

 

FAITH: Improving mental health care for cancer survivors

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H2020 FAITH team image and case study heading

“FAITH is potentially life-changing research. To achieve the ambitious goals of the project we needed to leverage our networks in Europe and build a consortium of experts.”


Philip O’ Brien, Technical Co-ordinator, FAITH Horizon 2020 project

Key Takeouts:

  • Walton, part of the Waterford Institute of Technology, is leading a project that aims to develop a model for mental health monitoring of cancer patients, to improve their quality of life.
  • The FAITH project has received €4.8m in funding from the European Union’s Horizon 2020 research and innovation programme.
  • As well as co-ordinating FAITH, Walton is driving the development of artificial intelligence (AI) models and the deployment of a federated learning framework.

H2020 Case Study: FAITH

    Cancer remains the second leading cause of death globally and as many as one in five people living with cancer experiences depression and mood change post diagnosis. It’s a stark statistic and one that led researchers at Walton Institute, an ICT research and development centre within the Waterford Institute of Technology, to begin looking at the area of mental health in cancer patients to see if they could use their expertise to help. 

    “We believe the potential for ICT applications in health is massive. We had an initial idea about looking at markers of depression and when the Horizon 2020 call came out, which was specifically targeting improving the quality of life for cancer survivors, it was an opportunity to take the idea to the next level,” says Philip O’ Brien, technical co-ordinator of FAITH.

    The goal of FAITH (a Federated Artificial Intelligence solution for moniToring mental Health status after cancer treatment) is to provide an ‘AI Angel’ app that remotely analyses depression markers, such as changes in activity, outlook, sleep and appetite. When a negative trend is detected, an alert can be sent to the patient’s healthcare providers or other caregivers who can then offer support.

    The project uses the latest, secure AI and machine learning techniques within the interactive app located on patients’ phones. Key to the project is federated machine learning, which enables the patient’s personal data to stay within the AI model on each phone, guaranteeing privacy.

    “As the model collects data on a person’s phone it retrains itself to improve and personalize it for each individual.” explains O’Brien

    “As the model collects data on a person’s phone it retrains itself to improve and personalize it for each individual. But we also want to learn from all that data to gain insights that are beneficial to the broader population, so when a model updates, that update, rather than the person’s data is sent back to the cloud. All the updates are processed and a new, improved model is sent back out to everyone and that cycle repeats,”

     

    Another important aspect of the project is a focus on explainable AI, which is about ensuring that healthcare professionals can understand why the machine has reached a particular decision about the person’s mental health.

    “Explainable AI is extremely important for building trust. As AI impacts more and more on our lives the implications of this are huge,” says O’Brien.

     

    Why Horizon 2020?

    “It was clear from the start that to achieve the ambitious goals of the FAITH project we would need to leverage our networks in Europe and build a consortium of clinicians and technical experts. By breaking the project concept into a number of key objectives we then built our consortium based on specific expertise to achieve each objective,” says O’Brien.

    FAITH brings together partners from Ireland, Portugal, Spain, Italy and Cyprus into a strong multi-disciplinary team. Trial sites in eminent cancer hospitals in Madrid, Waterford and Lisbon, involving both clinicians and patients, are assessing the concept and feedback is being used to refine the model.

    As with most Horizon projects there are multiple dependencies across the various work packages and co-ordinating the whole presents some challenges. At the helm of FAITH is Gary McManus, Research Project Manager at Walton.

    “Different countries and organisations have different regulations and ways of operating so that’s one challenge. Also, from experience from previous projects, I knew it was important to remember that each partner, although working towards the global aim of the project, will have their own interests. Being cognisant of these sub-goals from the outset and, where possible, facilitating these in the overall planning process is essential,” says McManus.’

    “Different countries and organisations have different regulations and ways of operating so that’s one challenge. Also, from experience from previous projects, I knew it was important to remember that each partner, although working towards the global aim of the project, will have their own interests. Being cognisant of these sub-goals from the outset and, where possible, facilitating these in the overall planning process is essential,” says McManus.

    “But by having strong leaders for each work package, who are experts in their domain, we can be sure that delivery of each element will build towards the final offering.”

     

    Knowledge gain

    Having taken part in multiple Horizon 2020 projects, O’Brien believes that one of the great benefits is the extensive knowledge gain within a short period.

    “Being involved in a Horizon project is the opportunity to upskill rapidly and build on your underlying expertise. Through your links with other organisations across Europe you get an insight into different ways of working and you cross paths with people from many disciplines. For example, through FAITH we’ve been talking to a range of healthcare professionals and leveraging their experience.

    “The EU spends a lot of time and money with experts pinpointing the areas where we need to see technology improving to tackle specific challenges in the next five to ten years. By being involved in these projects you’re building on all of that knowledge rather than working in isolation. Then learning from the people you are working with across Europe pushes you up a level again.”

    Moreover, the end of a Horizon project is usually the beginning of something else.

    “One of our work packages is looking at what happens post project and how we take it to the next stage. We know bigger healthcare trials will be needed, for example. But from Walton’s point of view we’ve broken some new ground on explainable AI which has a lot of applications outside this project, so that’s an area we’d like to take forward. You need to be clear about how you build on the project, either in a well-defined follow-up project or by commercial exploitation of the output.”

     

    For further information about applying for support from Horizon Europe, the successor programme to Horizon 2020, please contact HorizonSupport@enterprise-ireland.com or consult www.horizoneurope.ie.

     

    Irish companies banking United States

    How to manage US banking, employees and legal fees

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    Two challenges that Irish companies sometimes experience when preparing to export to the United States for the first time involve banking and employment. The following pointers will help you to prepare.

    Download the full Going Global USA: Learn your Legals guide now.

    All US banks require an Employer Identification Number (EIN) confirmation letter, also known as Form SS4, before opening a business account in your company’s name.

     

    How to apply for an Employer Identification Number

    You can apply for an EIN online on the Internal Revenue Services website, if you already have a US social security number (SSN), or an individual taxpayer identification number (ITIN).

    If you don’t have an SSN, you can apply for an EIN from the IRS by fax or have a lawyer act as a ‘third-party designee’ to prepare and process an EIN application on your behalf.

     

    If you have an EIN

    Some banks will accept a copy of a fax from the IRS assigning your business entity with an EIN. Others will need to see the EIN verification letter sent by the IRS, which can take weeks to arrive.

    Most banks will also require a copy of the company’s formation documents – US business address and annual statement of officers and directors.

    To comply with mandatory anti-money laundering legislation, US banks need to verify the identity of those opening business accounts under Know Your Customer (KYC) rules. There are several ways the requirement can be met:

    • Get a visitor visa to travel to the US and personally open an account at your bank of choice
    • Use third-party services to help you set up an account
    • Some banks will set up an account without the relevant corporate officer being in the United States. If acting on a referral from a legal representative, the process can be completed via email.

     

    Employment considerations

    Irish companies should carefully plan their approach to hiring personnel in the US as there are a number of potential pitfalls to be aware of. For example, if you hire someone as a consultant or independent contractor, it could later be determined that they are actually an employee under US law. Improper classification risks exposing a company to penalties and liabilities, including the withholding of taxes, benefits, and the possibility of being sued by the employee.

    Laws governing US employment and benefits are complicated, which makes it vital for potential exporters to seek the advice of legal professionals.

    As US benefits packages vary widely and differ significantly from those in Ireland, companies should seek advice on what employees in specific roles are likely to expect when considering a job offer.

     

    Legal costs

    For small companies using a lawyer or legal service provider for help with company formation and setting up, fixed fee packages in the range US$3,000 to US$5,000 are available. Packages usually include general counsel, registration fees, and the creation of incorporation, confidentiality agreements and stock issuance.

    In general, you can expect to pay additional fees for operating and shareholder agreements, as they can be highly complex. While legal assistance with IP transfers can also be costly due to complexity, many Irish companies keep IP rights within the Irish parent, with the US entity established as a servicing company.

     

    Access more insights on doing business in the US.

    Digital Health icon

    Data is the road to digital health

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    Drive on any major road in Ireland and sooner or later you will pass a sign bearing the mark of the EU flag. Such signs mark Europe’s commitment to helping Ireland build a world-class road infrastructure.

    As the turn of the millennium saw the fulfilment of road projects deliver people and goods around the country, a new strategic infrastructure is now underway to deliver what is arguably the single most market-disrupting change to how we work, live and do business – the movement of data.

    Data, once housed in paper files or offline digital silos contained within organisations, now has the power to connect as never before and, with the advent of General Data Protection Regulations (GDPR), there is a protocol that enables for the first time the free, and safe, movement of data throughout Europe.

    For businesses, the implications are too important to ignore. The figures are truly astonishing and show the transformative nature of the growth of big data. It is estimated by the Dutch Datacenter Association that 90% of the world’s data was created in just the last two years alone. The total addressable market for the digital economy could be worth in the region of €415 billion a year, according to European Commission forecasts.

     

    Data is central to digital health

    It is no less than utterly transformative, and one of the biggest areas to see massive change is healthcare and patient data. Connected devices, wearables and the Internet of Things, together with cloud computing and pooled data is putting patients at the centre of their healthcare journey.

    “Ten years ago, digital health in those days was an option,” says Brian O’Connor, chair of the Irish-based European Connected Health Alliance (ECHA). “Today digital health is a must. The world has moved on tremendously in the past five years and we need to embrace this revolution.”

    This revolution, says O’Connor, is redefining how states interact with citizens and their personal data, not least in health. Consumers regularly hand over personal and financial details and there appears to be a growing acceptance for doing so with confidential medical data, he says.

     

    Countries leading by example

    He cites Estonia, which fully embraced digital citizenship and eHealth after 95% of the populace said they approved of digitised medical information. “The only thing you cannot do online in Estonia is get married or divorced,” says O’Connor. “Getting your blood results, booking a GP appointment or seeing which consultant at which hospital is available can all be done by citizens online. It’s as simple as booking a cinema ticket.”

    But the power of joined-up connected data sharing becomes apparent when O’Connor explains that it works across national borders, most notably with Finland. Many Finns commute to Estonia and their digital records move with them, allowing them to see their GP in their home country but pick up the prescription at work in Estonia.

    Similar cross-border data-sharing is already underway on the island of Ireland. Ambulance crews on both sides of the border are able to pick-up a patient and check out bed space and resources in hospitals either side of the border before transfer, with benefits for both patient and healthcare provider.

     

    Ireland’s journey to a digital health system

    Just over two years ago, Ireland unveiled the first national electronic patient chart for maternity anywhere in the world with the birth of daughter Emily to Ellen Shine and Aidan Cotter at Cork University Hospital. The scheme is now being rolled out nationally.

    It is in an early stage but Health Minister Simon Harris called it the first step in a ‘national journey’ towards a digital health system. The Government has committed to implementing its vision of a digital health system, as outlined in its 2017 Slaintecare strategy and, much like the road infrastructure, Ireland has availed of a €225 million loan from the European Investment Bank to aid some of the implementation, while the State itself has earmarked some €85 million for 2019 for eHealth, €100 million for 2020 rising to €120 million by 2021.

    “The EU funded bridges, roads and tunnels in the last century. Now it is funding infrastructure for the free movement of data,” adds O’Connor.

    One of the key planks for this medical data sharing is the approval within the last six months of a European Patient Summary Record, a digital record that stores standard information

    “Ireland is in the lead in my opinion in this area. The ECHA has linked that digital maternity programme with other countries such as Netherlands, Finland, Spain, Estonia, France and Denmark. There is huge interest in our system.”

    Now there exists a real opportunity for the private sector to introduce its innovation into the HSE and beyond, says O’Connor.

     

    Sourcing innovative solutions

    Enterprise Ireland has also been supporting the ecosystem at its grass roots.

    “We have to acknowledge the role of Enterprise Ireland here,” adds O’Connor. “It is working directly with the HSE to find out their needs in relation to Slaintecare. Then they work closely to introduce indigenous Irish companies who might have a solution.”

    This builds on work by ECHA, which also reaches out to healthcare providers across its 78 member countries to link innovative eHealth products and solutions to clinical teams that need a solution.

    Introducing innovation and enterprise into the supply chain is exactly where we want to be, added O’Connor.

    The knock-on effect, he says, is that the healthcare procurement process is vastly improved as it builds in previously unknown innovation, innovation which may never have crossed the desk in any other event.

    It remains to be seen if a GP waiting room or a hospital cloud server will carry the ubiquitous EU flag sign but one thing is certain, data infrastructure is as important for this century as roads were to the last.

     

    Learn more about the innovation supports available from Enterprise Ireland.

    FlowPhotoChem helping to green the chemical industry

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    “Innovation activities in the area of solar energy conversion technology, including solar chemicals, are key to achieving the decarbonisation targets set by the EU.”

    Dr Pau Farràs, coordinator of the FlowPhotoChem project

    Key Takeouts:

    • NUI Galway is leading a major project that is developing innovative, sustainable ways to manufacture ethylene using artificial photosynthesis.
    • The four-year project has received €6.99m from the European Union’s Horizon 2020 research and innovation programme.
    • The FlowPhotoChem project will pave the way for a range of other green chemicals to be produced solely from sunlight, water and CO2.

    Case Study: FlowPhotoChem

    If the European Union is to achieve its target of a climate neutral economy by 2050, which will involve reducing carbon dioxide (CO2) emissions by 80–95%, new and disruptive approaches and technologies is needed across all sectors. Reducing emissions is a challenge, in particular, for the chemical industry, one of Europe’s largest manufacturing sectors but also one of the most polluting, emitting over 145 million tonnes of CO2 equivalents each year.

    The Horizon 2020-funded FlowPhotoChem project is one of many innovative projects currently developing technology that will help to reduce the chemical sector’s CO2 emissions. The project aims to develop an integrated system of modular reactors that consumes CO2 and uses concentrated sunlight to form ethylene.

    Involving 14 partners from eight countries, €6.99 million in EU funding and led by Dr Pau Farràs from the Ryan Institute, NUI Galway, FlowPhotoChem will produce ethylene as a proof-of-concept and will pave the way for a range of other green chemicals to be produced solely from sunlight, water and CO2.

    “Innovation activities in the area of solar energy conversion technology, including solar chemicals, are key to achieving the decarbonisation targets set by the EU,” says Dr Farràs.

    Combining the expertise of research teams from Ireland, Germany, Hungary, Spain, Switzerland, the Netherlands, Uganda and the UK, FlowPhotoChem’s technology is innovative and so too is the overall aim of the project. “Our new technologies will enable the production of chemicals using solar energy to be carried out in small-scale installations and not just in large-scale infrastructures as at present,” says Dr Farràs. For example, this technology can be used to create small devices that could produce hydrogen peroxide to purify water, responding to the needs of rural, isolated areas in sun-rich countries.”

     

    Unique platform for collaboration

    Alongside FlowPhotoChem, Dr Farràs is involved in a number of other EU-funded projects related to green energy and chemicals, including Solar2C­­­­­­hem, SeaFuel and HUGE, and recognises that funding mechanisms such as Horizon 2020 offer a unique platform.

    “A wide range of skills is needed on an ambitious project like this, beyond what an individual organisation would have, so collaboration with different partners is compulsory to achieving our goals,” says Dr Farràs

    As coordinator of the project, Dr Farràs is tasked not only with keeping on top of the development of the technology but also with managing the integration of academics and industry with different skills.

    “Our approach is to manage the individual work packages through monthly conference calls to keep everyone engaged and make sure we are on track with the work. This means that when we have larger meetings with all partners, we can talk about the bigger picture because the technical details have already been covered. This kind of management structure is working well. I feel it’s important to have face-to-face interactions; at the moment it’s all virtual meetings but we’re planning for physical workshops next year.”

     

    Advice for Horizon 2020 applicants

    Horizon 2020 had a budget of over €80 billion over seven years and its successor, Horizon Europe, will have a significantly bigger budget offering immense opportunities for individuals and consortia to secure funding for cutting-edge research.

    However, some potential applicants are wary of the paperwork involved in securing funding.

    “It’s true that there is a lot of work involved in putting together projects like this,” admits Dr Farràs. “But my advice would be to use the help that’s available. The support from Enterprise Ireland is fantastic. For both the FlowPhotoChem and the Solar2Chem projects, I applied for and received the Enterprise Ireland Coordinator Grant.

    “I needed someone not only to review the proposals but also to help write them. Thanks to the Coordinator Grant I was able to work with a consultant who had a lot of experience in this area, and who also helped with the administrative side of things,” says Dr Farràs

    “It was also good that FlowPhotoChem was a two-stage call so the shorter document that we had written for the first stage helped with the longer second stage proposal.”

     

    Personal and professional benefits

    Helping to create world-changing technologies brings its own rewards but beyond that the Horizon experience offers personal and professional benefits.

    “First of all, when you undertake research with other groups the impact of your research is improved. We’re also seeing that the Horizon proposals increasingly ask for information on the social aspects of the project as well as technical content, so it’s a great way to meet people from both your own discipline and from others,” says Dr Farràs.

    “No matter what stage you are at in your career there are benefits to being involved in these projects. For example, there are eight PhD students involved in the FlowPhotoChem research. It’s a great opportunity for them as they will see their individual tasks converge at the end into the final system contributing to a specific and significant application.”

    For advice or further information about applying for Horizon 2020 support please contact h2020support@enterprise-ireland.com or consult www.horizon2020.ie

    H2020 success stories banner link

     

    Salaso CEO Aoife ni Mhuiri

    Salaso: Using market research to hone your growth strategy

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    Salaso CEO Aoife ni Mhuiri

    Market research is important at every stage of building a business, not just when you’re exploring new markets and verticals. For Aoife Ní Mhuirí and Salaso, market research was vital when their precision exercise digital platform was inundated with requests from new customers over the last 12 months – and this is where Enterprise Ireland’s Market Research Centre proved so useful.

    “The last year has been an absolute gamechanger in terms of digital health, we experienced a large increase in inbound customer queries because we had the digital platform to deliver to patients under COVID restrictions.” explains Salaso CEO Aoife Ní Mhuirí

    “As a small company, we had to focus on the right opportunities and we found the Market Research Centre particularly useful in understanding these customers. More strategically it is has helped us hone our market expansion strategy in the US.”

     

    The growth of digital health

    In business for 10 years, Salaso is a well-established digital platform designed for health professionals to make precision exercise prescriptions easily accessible for patients. The idea was born out of Aoife’s experience as a working chartered physiotherapist and her interest in e-learning and digital technology.

    “I did the Endeavour Programme back in 2011 at the Institute of Technology in Tralee (now Munster Technological University), and that was essentially the start of Salaso. The company’s aim was to use technology and multimedia to make exercise a core part of healthcare and this led to the development of the Salaso platform . Physiotherapists, occupational therapists, primary care therapists, nurses, physicians and so on can use the infrastructure to engage their patients in exercise and physical activity programmes in order to  improve outcomes both for the patient and the clinic, hospital or practice.”

    The platform can be used in countless scenarios, as Aoife explains. “It’s really for every patient; one of our clients in the US said that our infrastructure will benefit every person coming through their doors – and that’s true. No matter who you are or what you do, there’s always an exercise programme that can benefit your health and wellbeing – whether you have breast cancer, you’re recovering from a stroke, you have a pain in your back, you want to play sport and need to recover from a hamstring strain, there’s always an exercise programme for you.”

    “We like to think of ourselves as pioneers in precision exercise, delivering the smart infrastructure that allows practitioners select and guide the patient in choosing the right exercise, at the right time and in the amount of time the patient has to engage in exercise.”

     

    US growth ambitions

    Headquartered in Kerry with offices in the UK and the US, Salaso is going from strength to strength. “There are huge opportunities for our platform in the US due to the direction that healthcare is taking over there – it’s very much about keeping people out of hospitals and surgeries, and that’s what our platform feeds into. We have an office on the East Coast and also in Nevada, working to target the value-based care market on the West Coast.”

    That opportunity has grown even more due to the Covid-19 pandemic, as Aoife explains. “The pandemic changed the delivery and the consumption of healthcare forever, which is a good thing for many people, as there’s easier access to the care that they need – because the technology is  available and the infrastructure is there in the hospitals. The behaviour has changed too, now that digital healthcare is accessible. Think of someone who’s had a stroke or suffers from Parkinson’s disease who needs to access care or follow-up physiotherapy – before they would have been reliant on someone driving them there, maybe a son or daughter who has to take time off work, now they can access the care they need from the comfort of their own home.”

    This, coupled with the fact that patients are becoming more educated about the many different forms of healthcare, has resulted in Salaso becoming a much sought-after platform.

    “More patients are also now more involved and informed about their options; if there’s an exercise programme that might help postpone a surgery or improve recovery, then they want to know about it.”

    “All of the evidence shows that if you engage with prehabilitation before surgery, the outcomes post-surgery are better. Even if you look at an area like cancer, exercise not only improves quality of life but it can also have a positive effect on survivorship.”

    As Salaso grew, so did its need for market research; as Enterprise Ireland clients, the company was able to avail of the Market Research Centre to help them recognise opportunities and understand new markets. “We used the Market Research Centre for accessing a lot of the reports for the overseas markets, the US in particular,” Aoife explains.

    “The centre was very useful for segmenting the industry, as well as identifying the possible leads that we could go after. It also helped us in understanding the market in the US, how reimbursement worked, and what has changed in the last 12 months. ” says Aoife

    “The centre was very useful for segmenting the industry, as well as identifying the possible leads that we could go after. It also helped us in understanding the market in the US, how reimbursement worked, and what has changed in the last 12 months. For instance, a year ago, tele-health wasn’t reimbursed, but during the pandemic, reimbursement for tele health was brought in temporarily, and now it appears to be here for the long-haul. Getting information on topics like this is so useful when navigating a complicated market like the US healthcare market.”

    The pandemic has accelerated Salaso’s growth as a company but expanding too fast can have its pitfalls too – and again, the data provided by the Market Research Centre can be invaluable. “There’s great opportunity for us to expand right now but we’re still an SME with limited resources, so knowing the best use of those resources is critical for the future of the company. And that’s where market research really comes in for a company like us.”

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

    Diversity in Blockchain

    Diversity key to blockchain success

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    Some of the most senior figures in Irish blockchain are succeeding, not despite moving from a tech background but because of it, delegates at the Blockchain for Finance Conference heard.

    Co-author of the recent Government discussion paper on the subject of blockchain, Mai Santamaria spoke at a ‘lunch and learn’ panel discussion about her background as a native of Barcelona who studied and qualified as an accountant. She worked for a number of banks and insurance companies before joining the Department of Finance over 18 months ago as a senior financial advisor.

    Canadian Coral Movasseli is managing director of Girls in Tech Dublin, a global not-for-profit that runs a number of programmes designed to encourage more women to enter the tech sector. She previously worked for the Canadian government’s foreign office, as well as in telecoms and banking before coming to Ireland to work as a professional services consultant.

    Laura Clifford, industry partnership manger at the ADAPT Centre based at Trinity College Dublin, told the audience how she had studied biology at university and how this led to work in the medtech and subsequently the tech sectors. She now drives fintech collaboration at ADAPT, acting as the broker bringing industry and academia together to commercialise academic research.

     

    Great opportunities in blockchain today

    “One of the reasons I’m focused on blockchain is because of the opportunity it represents for bigger things and further collaboration,” said Clifford, who, along with others on the panel, co-created Blockchain Women Ireland, an initiative designed to encourage women to participate in this still nascent but fast-growing sector.

    Fellow panellist Emma Walker, who is managing director of Wachsman, a dedicated professional services firm for the blockchain sector, spoke of her background as a Spanish and sociology graduate. The opportunity she was given, at age 25, to set up the European office of what at the time, three years ago, was a two-person operation based in New York, gives some indication of the opportunities that exist in blockchain, she said. Today the company employs 120 people globally.

    Speaker Luana Cavalcanti is a UX/UI designer at TradeIX, a blockchain technology company who started out in the hospitality sector working on cruise ships. She changed careers three years ago by retraining first in localisation and has progressed rapidly, thanks in part, she said, to mentoring she received by other women in tech.

     

    Careers for professionals of all backgrounds in blockchain

    People from all backgrounds are required in the fast-growing blockchain sector, and not just as technologists, but as people who can best communicate the use cases to a wide audience, delegates heard. 

    “Blockchain is fragmented and, as it is emerging, questions are arising in relation to regulation, to interoperability with legacy systems, to transitions and how to manage them,” said Clifford.

    It requires people with change management experience, who have transitioned initiatives before, as much as it does financial experts and tech experts, she said. “That’s why I got involved in Women in Blockchain,” she told delegates. “As you can see from the panel, not one of us has taken a linear path into the blockchain realm. It’s a very enjoyable space and I wanted to be part of that journey.”

    The ‘penny drop’ moment came for her in relation to blockchain while attending an earlier conference, where a speaker called blockchain the ‘TCPIP’ of our day.

    Realising that cryptocurrencies are simply to blockchain what email is to internet, “I thought, here’s an opportunity for me to be part of something and not feel like an imposter. It’s emerging. The barriers to entry aren’t there and I don’t have to try and retrofit myself into it,” she said.

    Blockchain represents a paradigm change, said Movasseli, and as such it requires a diverse set of skills to drive it forward commercially.

    To succeed, it requires diversity around more than gender, said Santamaria. “If you’re the kind of person that is driven by learning something new every day, you can’t go wrong with blockchain because you don’t stop learning,” she said.

    It also offers a clear sense of purpose. “It really does feel there is a wider purpose to the blockchain project because it is all about collaborating to actually improve things.”

     

    Enjoyed this article? Read more fintech insights here.

    Irish fintech sector poised for growth

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    Fintech brings together two areas in which Ireland has traditional strengths – technology and financial services, Minister Michael D’Arcy told delegates at Towards 2025: Trends in Financial Services and Fintech.

    Introducing the panel discussion, part of Enterprise Ireland’s International Markets Week in October, Minister Darcy said fintech is a natural evolution for Ireland, thanks to these strengths, as well as a deep talent pool, and unfettered access to European markets.

    The strengths give Ireland a platform to build on, enabling it to be at the forefront of fintech development globally.

     

    Driving Ireland’s thriving fintech sector

    Several recent developments support the position, he said, including the establishment in April of the Central Bank of Ireland’s Innovation Hub and industry engagement programme, designed to ensure evolving fintech and the regulatory landscape keep apace.

    In June, Enterprise Ireland launched a €750,000 Competitive Start Fund for fintech and deep tech. Earlier this year Enterprise Ireland, an active investor in fintech, began a fintech census to accurately map Ireland’s fintech sector.

    In May 2019, Ireland will host a meeting of the International Organisation for Standardisation (ISO), at which global standards pertaining to blockchain technology will be determined.

    The Department of Finance has a working group dedicated to blockchain and virtual currencies and is commencing work on a successor to IFS 2020 – the national Strategy for Ireland’s International Financial Services sector.

    Panel members at the event included Mo Harvey, fintech and financial services lead with Enterprise Ireland for Asia Pacific, based in Hong Kong, and Mai Santamaria, member of the Department of Finance working group on blockchain and digital currencies.

    Joining them in the discussion, facilitated by Eoin Fitzgerald, Enterprise Ireland Senior Development Advisor for fintech, was Denise Delaney of the Central Bank of Ireland, and Laura Clifford, industry partner manager at the Adapt Centre – the Science Foundation Ireland-funded centre for digital content technology at Trinity College Dublin.

     

    Growing interest in blockchain

    Growing interest in blockchain was a key theme. When Laura Clifford began talking to businesses just 18 months ago about the potential of their blockchain technology, initially none of the 13 she canvassed were initially interested in doing collaborative research. That rose to three, with two more now wanting to be involved. “Appetite is increasing for blockchain,” she said.

    Mo Harvey’s experience in Asia backs this up. “When we’re in the market and we talk to major corporates, banks and insurers, invariably when we are bringing in our companies (blockchain) is one of the first questions asked about – the second is AI. When a company doesn’t answer in the positive, it’s a case of ‘Why not?’”

    The Central Bank’s interest is in the application of technology, rather than the technology itself, said Denise Delaney.

    “We are talking regularly to all the various kinds of firms that we regulate, so we know how the business models are changing and so we know what they are doing. For us, the difficulty is firms outside of the regulatory perimeter, because we’re not accessing them.”

    It’s one of the reasons it has created its Innovation Hub, to provide a direct point of contact with the sector’s leading edge.

    As well as being able to answer regulatory questions, the Hub allows the Central Bank to gain intelligence on where the market is going. “That’s really useful for us and for ourselves internally. We have to build up our own expertise. We have to be able to use that data, analyse it, to be able to assess authorisations, particularly when they start coming in different technologies,” she said.

     

    Moving from fintech to techfin in Asia

    The move from fintech to techfin is gathering pace, delegates heard. The activities of Chinese companies such as Alibaba, WeChat and TenCent is driving this, and in the process forcing regulators to play catch up.

    With a recent survey showing two thirds of Amazon Prime customers would bank with Amazon, how do regulators view the fact that businesses that are not typically regulated, and which don’t even present themselves as financial services companies, are encroaching into the area? asked Eoin Fitzgerald.

    “Once they come into that space, they will come into the regulatory space and then they will be like any other regulated entity and will go through the same processes,” said Denise Delaney of the Central Bank.

    “The same principles of consumer protection and sustainable business models and resilience will apply to any firm that begins to fall into that, whether they are big tech or otherwise.”

    While everybody is aware of the scale of companies such as AliPay and WeChat, some of Asia’s predominance is down to the fact that the market is bigger, “it’s easier to do the 1 billion transactions”, said Mai Santamaria.

    Neither do such companies have to contend with legacy systems. “Sometimes that’s the elephant in the room,” she said.

    Moreover, with China, “we’re not really talking about private sector banks. We’re probably talking about publically owned banks,” she said. That makes direct comparisons difficult.

    The other side of that coin is that Irish companies benefit by not having to go out and compete with a giant like WeChat or AliPay, she pointed out.

    In Asia, ecommerce giants are applying for virtual banking licences, “so they are bringing themselves under the regulatory area, very much so, in partnerships,” said Mo Harvey.

    This presents significant opportunities for Irish companies in areas such as digital onboarding and risk monitoring, she said.

    The fact that Ireland is a small country is to our advantage, said Santamaria. “What I have seen in the blockchain work in the last six months is that when we get our heads around it, and sit around a table, we get to do things and we do them fast enough. That is where there is opportunity for us.”

    This is particularly so because of the increasingly rapid pace of technological change. However, the challenge for fintech is that it is hard for the decision makers, those with the purse strings, “to understand what you are selling,” she cautioned.

    “You can’t ask someone to look at potentially what it could do for them, if they don’t understand it. We take for granted that the tech is moving fast and getting complex, so the challenge is simple: as a seller of fintech or regtech, you need to be better at making sense of that message.”

    For the future, the opportunity is clear, said Mo Harvey. “We are known as a tech hub, we are also known as a financial services hub. The opportunity is there to build on that. The foundations have been laid, the blocks have been built. Let’s see where we can go with that. Let’s be ambitious from an Irish perspective, as to where we sit on a global stage. That’s the opportunity.”

     

    Read more about the Irish companies growing exports in the fintech space.

    XOCEAN marine vessel gathering data

    XOCEAN fills ocean data deficit with unmanned robot fleet

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    In his previous life, James Ives was a customer of ocean data – but not a particularly satisfied one. As head of a marine energy company for more than 10 years, Ives relied on high-quality, accurate ocean data but found the process of getting that information both time-consuming and expensive.

    “There is huge growth in the marine sector and the foundation of that growth is data. As a customer,” he says, “I thought there had to be a better way.”

    Ives, who comes from an engineering background, decided his hunch was worth following. Last year, with the help of Enterprise Ireland, he set up his own ocean data services company: XOCEAN.

    Based in Carlingford, Co. Louth, the company offers a range of turnkey data collection services for industrial, environmental and other commercial interests including data harvesting, fish stock monitoring, hydrographic surveys, environmental analysis and met ocean data.

    “The big difference between XOCEAN and most other ocean data service providers is that we use marine robots known as Unmanned Surface Vessels (USVs),” says Ives. “This approach offers three major advantages. First, it’s safer, as no humans have to go offshore. Second, it’s more efficient as our USVs can operate and collect data non-stop, 24/7. And thirdly, it’s around one-third the cost of conventional methods.”

    The company’s XO-450 model looks like a miniature catamaran. It’s about the same size as an average car (but around half the weight) with a solar hybrid power system that provides a range of around 1,500 nautical miles, operating continuously for up to 18 days at a time. The system includes a wave-piercing hull design to ensure stability for a payload of up to 100kg of sensors and other equipment necessary for commercial ocean data capture.

     

    XOCEAN’s journey to commercialisation

    XOCEAN began with a planning and innovation stage, followed by building and testing the prototypes. According to founder Ives, the company is now transitioning into phase three, which is commercialisation of the product.

    “At the moment we’re focused on industrial users including companies in the oil and gas sector and government agencies responsible for monitoring fisheries and the environment,” he says. “Our sweet spot is the continental shelf region where most ocean-based economic activity takes place, for example offshore wind farm developments.”

    “We’re in discussion with some very large companies and there is a lot of excitement in the market, so things look bright,” he says. “Clients have told us that we’re just what the market needs, which is great to hear.”

    The XOCEAN story took off when the company was taken into the High Potential Start-Up (HPSU) portfolio at Enterprise Ireland.

     

    How XOCEAN was supported by Enterprise Ireland

    “The funding is the obvious one but where Enterprise Ireland really adds value is in the expertise and experience they offer,” says James Ives. “When you go to them first with your idea, they really ask questions and challenge your business plan – it’s such an important and valuable way of knowing if the plan is viable. After that, if the potential is there, you have access to their support and that can make a difference for start-ups.

    “Our decision to base the company in Ireland was a conscious one, and it was facilitated in no small way by Enterprise Ireland’s support,” he adds. “They are also great at opening doors and providing introductions, which has been a massive help in gaining traction in markets like Canada and the UK.”

    XOCEAN’s successful start, he adds, is down to his “fantastically talented” team – and an urgent need for more and better-quality ocean data.

    “According to the OECD, the ocean economy has the potential to double in value to $3 trillion by 2030,” says Ives. “So, the potential is vast but it’s all underpinned by a need for sensible development and that is dependent on a supply of high-quality, accurate information. More data leads to better decisions and that is crucial to the development of the marine environment.”

    As an example of how the company works, in summer 2018, XOCEAN partnered with Ireland’s Marine Institute to collect data as part of the management of Irish fish stock resources. “The USV travelled 100 nautical miles out into the Celtic Sea and performed an acoustic survey that generated 110 gigabytes of high-quality data,” says Ives. “That information is now being used to provide a better understanding of our fish stock levels.”

    In October and November last year, XOCEAN successfully completed demonstrations of their USVs over the horizon bathymetric survey capability. Surveys were performed in Carlingford Lough and the Irish Sea, controlled over a satellite internet connection by a team of USV Pilots in XOCEAN’s Operations Centre. XOCEAN’s XO-450 was demonstrated to be a robust platform for multibeam echo sounder surveys.

    With the company also exploring international markets, it’s interesting to note that all missions are managed from XOCEAN’s base in Carlingford. While the USVs are designed to be transported by road, they can also be packaged up with a bespoke trailer and shipped anywhere in the world.

    “We’ve been well received everywhere we’ve gone,” Ives says. “I think the international market recognises that Ireland is a hub for technology and innovation. Irish companies have a great reputation for innovative thinking, for hard work, for being easy to work with.”

     

    For more information, visit xocean.com.