Hosted by Enterprise Ireland and the Irish Venture Capital Association, this webinar “Women Entrepreneurs and Raising Venture Capital (VC) Funding” focuses on encouraging women-led companies to seek venture capital finance.
The purpose of this webinar is to support companies in all sectors and at all stages of growth that are seeking venture capital finance. There is a specific focus on encouraging and enabling women entrepreneurs to successfully raise VC finance.
It includes panel discussions with women funders and founders, which identifies and provides examples of successful fundraising strategies.
Recognising the under-representation of women in this space, the webinar is targeted at women-founders and co-founders in all sectors and at all stages of growth.
It provides a roadmap for women founders on their investment journey who wish to develop their investment skills and network with other women funders and founders.
https://globalambition.ie/wp-content/uploads/2022/09/Women-Enterpeneurs-Raising-Venture-Capital-Funding-Digital-Assets_Instagram_Generic_1080x1920_FA-002.png924937Lisa Farrellhttps://globalambition.ie/wp-content/uploads/2018/05/logo.svgLisa Farrell2022-07-07 14:48:152022-09-09 15:47:27Women Entrepreneurs and Raising Venture Capital Funding - Webinar
In 2020 the UK water sector embarked on AMP 7, its five-year infrastructural spending cycle worth £51 billion. This sum covers a wide array of areas, from decarbonisation to digital, with plenty of opportunities for businesses across the supply chain to get involved in the sector.
This webinar discusses the trends and opportunities in the sector across the regulator’s five key themes, as well as AMP 8.
Carbon Reduction and Resilience
Collaboration and Innovation
Value for Money
The Future of the Sector and AMP 8
https://globalambition.ie/wp-content/uploads/2022/05/UK-water_trends.jpg600661theresa quinnhttps://globalambition.ie/wp-content/uploads/2018/05/logo.svgtheresa quinn2022-05-28 12:42:152022-06-02 15:52:18UK Water Sector: Trends and Opportunities 2022-2025 - Webinar
In this webinar the speakers discuss some of the main legal and regulatory issues currently facing contractors, employers and suppliers in the construction sector across the Republic of Ireland, Northern Ireland and Great Britain.
This webinar also discusses the UKCA mark, the new UK product marking that will replace the CE mark on 1 January 2023 in Great Britain and Northern Ireland. The UKCA mark will be required for construction products being placed in the market. We will also discuss the process of how to certify your products with the UKCA marking.
Jamie Ritchie, Partner, LK Shields
Dominic Jones, Partner, Blake Morgan
Lisa Boyd, Construction and Procurement Lawyer, Gateley Tweed LLP and Gateley Legal
Robin Byrne, Head of UK Office, NSAI Certification UK
https://globalambition.ie/wp-content/uploads/2022/05/construction_UK_UKCA_mark.jpg600661theresa quinnhttps://globalambition.ie/wp-content/uploads/2018/05/logo.svgtheresa quinn2022-05-23 17:11:472022-06-02 15:53:34Construction in the UK: A Guide to Legal Challenges and the UKCA Mark - Webinar
Events over the past few years have made the business environment challenging to navigate but have also presented some unprecedented opportunities for Ireland’s innovative and dynamic entrepreneurs.
Enterprise Ireland’s aim to support start-ups
In a rapidly changing world, innovation is vital, making it so important for Enterprise Ireland to nurture and support promising ideas and those who produce them.
“We have a hotbed of talent and innovation in Ireland right now, so it’s more imperative than ever that our entrepreneurs are given the time, funding and advice to excel on a global scale,” says Jennifer Melia, Divisional Manager, Technology and Services Division at Enterprise Ireland.
“At Enterprise Ireland, we aim to support and enable Irish businesses to lead in a changing world – and an integral part of this is those ambitious start-ups with innovative solutions to tackle global problems.”
125 start-ups attend Start-Up Showcase 2022
Our strength in innovation was recently demonstrated in Enterprise Ireland’s 2022 Start-Up Showcase, which was held in the Aviva Stadium on Thursday, 7 April.
This number was on a par with previous years; considering the difficult business environment in 2020 and 2021, this is testament to the resilience of Irish start-ups and entrepreneurs.
Interestingly, and reflecting Enterprise Ireland’s commitment to supporting diversity in leadership teams, 24 of the 82 HPSUs and 16 of the 43 CSFs were led by female founders.
Learning from other success stories
“Investment and funding is only part of the recipe for success for a start-up,” explains Jennifer. “Learning from peers and those who have been on the starting and scaling journey already plays an important role in future success.
As a result, this year’s conference element at Start-Up Showcase aimed to tackle two of the most important subjects for start-ups.
The conference then ended with a keynote speech from LearnUpon Co-Founder and CEO Brendan Noud as his company, a HPSU from the Class of 2013, goes from strength to strength.
Returning to an in-person Start-Up Showcase event
Due to the public health measures, last year’s event was wholly virtual due to the ongoing Covid-19 pandemic. But this year’s was both live streamed and in person.
“As the start-ups would have begun their journey during lengthy lockdowns and travel restrictions, this event, in many cases, was one of the first opportunities to meet such an influential group of people – as well as their peers – in person,” says Jennifer. “There was a real buzz in the air.”
“In total, there were 500 attendees including representatives from the Irish start-up ecosystem, including VCs and other funders, State support agencies, strategic company partners and professional and financial services, Government departments, academics, business mentors and Local Enterprise Offices.”
Innovation and resilience among the Start-Up Showcase Class of 2021
As companies that formed during the second year of the pandemic, the ‘Class of 2021’ have shown innovation and resilience like never before. Proving that Ireland is the “go to” country when it comes to finding global solutions, these companies produced a number of solutions in many sectors, including digital health, fintech, medtech, software, sustainability and more.
“The ‘Class of 2021’ is really impressive,” says Jennifer. “Take a look at Amnexis Digital Solutions, based in the Guinness Enterprise Centre, a digital health company that records patient data efficiently, therefore reducing the administration workload on hospital, homecare and nursing home staff.”
And there’s more to come. Although we are only a few months into 2022, already the easing of restrictions has resulted in a renewed energy in Ireland’s start-up community.
“Next year’s Start-Up Showcase is looking promising even now, with a strong pipeline of promising entrepreneurs with intriguing prospects making waves across Ireland, both first-time and repeat entrepreneurs.”
The Covid-19 pandemic has had a significant effect on the way we work in Ireland. We were suddenly thrown into an emergency situation, during which many of us had to work remotely.
Thanks to the success of the vaccination rollout, we are now entering into the recovery phase of the pandemic. However, it’s clear that what’s normal in the world of work has shifted.
Changed working practices
Several surveys have indicated a strong preference by employees for continuing remote or hybrid working into the future, and many companies are now looking at how to make these new working practices sustainable into the future – both to attract and retain talent and to ensure that strategic goals are achieved. But with this change comes a number of challenges.
“One such concern is how to drive employee performance to continue to deliver business results as we move into the new world of work,” explains Lola Ade-Onojobi, People & Management Specialist at Enterprise Ireland.
“Pre-pandemic, performance management practices had already evolved significantly, and the pandemic only further accelerated this evolution. A sudden move to remote working, along with significant personal upheaval such as having childcare responsibilities during the day or looking after vulnerable family members, forced many employers to adjust their management and leadership practices to better support their employees during this time of uncertainty.”
“Now that we are moving into a period of recovery, it is essential for companies to focus their efforts on building sustainable practices to support employee engagement, performance and, ultimately, business growth.”
Implementing successful performance management
To help companies implement successful performance management in the new workplace, Enterprise Ireland has launched a new guide in partnership with performance management experts ‘Our Tandem’.
“While recognising that performance management requires a tailored approach by every company, this guide provides valuable information, based on best practice and latest business theory, that helps employers rethink their approach to performance management,” says Lola.
“The guide examines the evolution of performance management best practice over the years and how it has been affected by the pandemic. It also highlights the foundations of good performance management such as goal setting, check-in conversations, fluid feedback, performance reviews, and reward and recognition practices.”
“Crucially, the guide provides relevant tips on embedding a strong performance culture within a company, on how managers can become coaching leaders, and on building communication to ensure that the changes are implemented successfully.”
This is a practical guide, with templates that are useful for every company, regardless of sector, size or maturity, to identify the changes needed within their own performance management process and implement them successfully and sustainably.
Supports to complement our performance management guide
For Enterprise Ireland-supported companies, the guide complements a range of financial and non-financial supports currently available.
“Non-financial support includes access to our e-learning platform (eiLearn.ie), which contains many articles, podcasts, videos and downloadable content on people management,” Lola says.
It’s clear that every company must carefully examine the way in which they operate and ensure that it’s suitable for the new world of work – and to do this as soon as possible in order to maintain optimal performance and retain and attract talent.
A key part of this, according to Lola, is enacting the right performance management framework, both for the company’s sake and to support employees during this time of change.
“The benefits of a performance management framework are clear – for employee engagement, retention, team spirit and ultimately positive bottom-line results for the business.”
https://globalambition.ie/wp-content/uploads/2022/03/Managing-people-driving-performance-Implementing-successful-performance-management-practices.png600600Aoife Smithhttps://globalambition.ie/wp-content/uploads/2018/05/logo.svgAoife Smith2022-03-09 11:31:522022-03-09 11:31:52Implementing successful performance management practices in the new workplace
There’s no doubt that the Covid-19 pandemic has changed the world of work forever. While we’re not out of the woods just yet, slowly but surely we are all looking to recovery and what work might look like post-pandemic. And it’s looking like a whole new world for many.
The guide recognised that company owners are now aware that offering a degree of flexibility has many advantages for their business in attracting and retaining talent, as well as for the Irish economy overall.
However, most are still in the early stages of working out how these can be optimised within their own companies.
The right to request remote work
What’s more, the matter is becoming more urgent, thanks to the upcoming legislation on the right to request remote work. When enacted, it will act as a lynchpin for HR strategy and implementation.
This legislation is due to come into effect in 2022, so it’s essential that every employer considers the best solution for their company sooner rather than later.
The National Hub Network
An integral part of the new world of work is the growth of the National Hub Network, which enables workers to carry out their jobs in a social space with excellent amenities.
The networks also play a valuable role in driving vibrant regional economies across Ireland, as Clare Power, Enterprise Ireland’s lead on Regional Remote Working, explains.
“These hubs are far more than just buildings for workers,” Clare explains.
“They are part of the regional ecosystem, a go-to place for local start-ups through to established SMEs looking to grow and scale their businesses.”
“These co-working hubs are a valuable contributor to a vibrant local economy, a wonderful opportunity for employees from diverse backgrounds who want to progress their careers outside of the big cities, and an important enabler for collaboration and networking across sectors and disciplines.”
“In short, these hubs will play a crucial role in Ireland’s future of work landscape.”
“The Quality Standards Framework aims to provide a world-class facility and service for enterprise at all stages of growth, enable hub owners and managers deliver excellent service to their users, and help the National Hub Network to work collectively towards future self-sustainability.”
According to Clare, “it’s clear that regional hubs have a vital role to play as we slowly get back to ‘the new normal’.
Perhaps the growth and development of these hubs – and the subsequent positive effect on our lifestyles, families and rural areas – will emerge as something positive to come out of the last two years of upheaval and change.”
Download Enterprise Ireland’s ‘Designing the workplace of the future’ guide here.
https://globalambition.ie/wp-content/uploads/2022/02/National-Hub-Network-GA.png600600Aoife Smithhttps://globalambition.ie/wp-content/uploads/2018/05/logo.svgAoife Smith2022-02-11 14:10:512022-02-11 14:10:51National Hub Network: Bringing Irish workplaces into a new era
As an island nation, the export economy is essential for the health and growth of Irish companies. Our reputation for innovation and entrepreneurship has served us well in that regard, with Irish companies finding huge success in every corner of the world. Key markets such as the UK, the US, France and Germany remain hugely important, but ambitious Irish exporters are exploring other countries that are actively looking for the products and solutions produced by Irish entrepreneurs – and finding a whole new world of opportunity. A region that is growing rapidly in importance for Irish business is the Nordics, an area made up of Sweden, Denmark, Norway, Finland, and Iceland.
Currently, over 450 Enterprise Ireland supported companies export to the Nordics, with exports reaching a remarkable €1.16 billion in 2020. It’s easy to see why this region is so attractive, home to 26 million inhabitants, the Nordic region is the 11th largest economy in the world.
The Nordic market
Irish companies have a strong track record and reputation here, says Eoghan O’Connor, Market Executive, ICT & Start Ups, Enterprise Ireland. “The Nordics are known for being progressive, stable, and open to new technology.”
“As a region that is culturally and geographically close to Ireland, Nordic countries should be considered our home markets and natural partners in terms of trade and business cooperation. English is widely spoken and like Ireland, a huge emphasis is placed on innovation.”
This innovation can be seen in the number of household names from the Nordics. For instance, within the Nordic ecosystem are global companies like H&M, Nokia, Volvo, Maersk, and Ericsson. In addition, outside of Silicon Valley, the Nordics have generated the highest number of unicorns per capita globally, including companies like Spotify, Mojang (creators of Minecraft), Oatly, and Klarna.
“The success of these companies is down to the ecosystem, which is a fertile ground for innovation and entrepreneurship,” explains Eoghan. “Their comprehensive welfare state provides citizens with free education, healthcare, and social security and their public sector provides a strong framework for the ecosystem with opportunities for funding and other supports. There is also a dedicated focus on R&D and in general they are a population of early adopters of new technology.”
“This makes the Nordic region a great starting point for Irish companies looking to establish a foothold in the European markets and scale their businesses internationally from here.”
Success for Irish companies in the Nordics
Already there are several very successful Irish companies in the region, all of which offer clever solutions in several different areas. “These include WAZP, an Enterprise Ireland High Potential Start-Up (HPSU) that specialises in the production of 3D printing materials, which has forged a partnership with IKEA, one of the most globally recognised brands,” says Eoghan.
“In addition, iCabbi, a Dublin cloud-based taxi firm, have a contract with Finnish taxi company Meneva, which has grown its fleet from 100 cars to over 1,500 since joining iCabbi over two years ago.”
A key term in today’s global business world is sustainability, a significant area of growth as we race towards ambitious goals of net zero emissions. The Nordic countries have been long considered leaders in this field, especially in the area of environmentally friendly transport options, such as public scooter schemes.
“Irish companies are playing their part here also,” says Eoghan. “For instance, Luna Technologies, which develops AI tech for the e-scooter market, has partnered with Swedish scooter giant Voi, while Zeus has rolled out scooters in Oslo, Halmstad, and Karlstad.”
Springboard to success
These Irish companies have found huge success in the region – but there’s plenty more opportunity for ambitious Irish exporters who will find an open and welcoming market for their innovative products and solutions. To demonstrate the Irish Advantage to the Nordics, Enterprise Ireland showcased Irish innovation at SLUSH, a global-leading event for start-ups and the largest of its kind in the Nordics, which took place in December 2021 in Helsinki.
The event is considered a hotbed of start-up talent; the sold-out 2021 event attracted 8,000 attendees, over 3,200 start-up founders, and 1,500 investors, all of whom travelled from every part of the world. Irish attendees included seven companies, some already successful in the region along with some newcomers that have compelling offerings for this market.
The event acted as a springboard for Irish companies looking to expand their offerings in this prosperous region, keen to avail of the positives of trading in an area that values innovation, flexible working relationships and timely solutions to the issues that really matter in today’s world – everything that Irish enterprise is revered for.
Gender balance, diversity and inclusion is something we strive to promote as much as possible as a society, but in the world of business, having gender balance in a leadership team has been proved to have a very real and positive impact on a company.
As a result, gender balance in management is something that Enterprise Ireland is widely advocating and supporting through a major new initiative, The Level Project.
What is The Level Project?
The Level Project has its origins in Enterprise Ireland’s Action Plan for Women in Business, which recognised that increasing the number of women in middle and senior management, as well as on boards, leads to more successful, sustainable and profitable businesses. “The Plan saw that there are considerable economic benefits that lie, untapped, in women in their roles both as customers and as talent,” says Sheelagh Daly, Entrepreneurship Manager at Enterprise Ireland. “In essence, by achieving gender balance, a company is tapping into 100% of the talent pool and 100% of the market.”
The findings of the report is reflected in numerous studies that show that gender-balanced leadership teams can help businesses grow on a global scale. But despite all these studies and their clear conclusions, Irish companies are a long way from achieving gender balance in senior teams.
There are numerous reasons why, but in the interests of helping companies progress and work towards their own individual gender-balance goals, The Level Project is a practical initiative that includes an online Action Planning Toolkit. Free to all companies, this toolkit helps companies assess their current situation and put in place real actions to enhance gender balance in senior teams.
“Achieving gender balance is certainly harder in some industries than others, but simply taking some steps to enhance the gender balance of your leadership team can have tangible benefits for your business,” explains Sheelagh.
“For example, visibly championing gender balance can have a positive effect on attracting and retaining talent. Gender balance in leadership also leads to increased creativity and innovation, thanks to diversity in thought and mindset, as well as a greater understanding of your customer base.”
Striving for better
These advantages are already being experienced by four early champions of The Level Project.
VRAI is a fast-growing tech firm in the field of data-driven VR simulation training, and believes that a diversity of mindset is essential to help mitigate the complexity of what they are trying to achieve.
Similarly, Spearline, a leader in telecommunication technology, credits a better understanding of their diverse customer base to diversity within their senior teams.
For CLS, Ireland’s largest contract laboratory, having gender balance throughout the company, especially in leadership teams, creates harmony in the workplace, which can only lead to success.
However, achieving gender balance is very much a long-term plan for a lot of companies, especially those in industries that are traditionally male dominated. For example, Shannon-based Modular Automation has recognised that gender balance is hard to reach if girls are not seeing engineering as a viable career choice in school – a key part of their strategy is therefore demonstrating the advantages of studying engineering to girls at Junior Cert stage and lower.
“All four of these companies have implemented very real strategies to enhance gender balance in senior leadership,” says Sheelagh. “While they recognise that this is a long-term project, the advantages of such strategies are already being experienced.”
Introducing the Toolkit
A key part of The Level Project is the Action Planning Toolkit, which is suitable for all companies, big and small, whether they are just starting out on their gender balance journey or want to improve and target their efforts even further. The Toolkit consists of six themes (Strategy, Attract, Retain, Develop, Engage, Measure), each of which is divided into two levels according to how advanced a company is. “We recommend that every company should start with the Strategy theme,” explains Sheelagh.
A series of questions is included within each theme; answering ‘No’ to a question presents the user with suggested actions to include in their plan. Each theme also includes links to helpful resources such as guides, templates and expert insights. Once finished, an editable Action Plan for the company can be downloaded, which includes all the actions chosen as well as space for notes.
The online toolkit can be used free of charge by ALL companies.
Enterprise Ireland client companies can also apply for several supports to help develop and implement their gender balance plan. Details of these supports can be found here or by talking to your Development Advisor.
More information on The Level Project, including access to the Action Planning Toolkit and details of financial aids available, can be found here.
The Covid-19 pandemic saw a rapid shift for many to virtual ways of doing work – and the recognition – finally – that remote and hybrid working is a very viable possibility in many industries. And, that offering flexible ways of working can actually give companies an edge when it comes to attracting talent. Unfortunately, however, with more flexibility comes a very real problem – the increased risk of cybercrime and cyberattacks. And the need for effective cybersecurity solutions is becoming more urgent by the day.
According to a study by McKinsey & Co, only 16% of executives felt that their organisations are well prepared to deal with cyber risk. Plus, the United Nations has warned that cybercrime increased by nearly 600% during the pandemic.
“Globally, there has never been a more challenging time for organisations in relation to cybersecurity,” says Pat O’Grady, Senior Business Advisor and Global Lead for Cybersecurity at Enterprise Ireland. “A higher level of cyber threats and attacks, security challenges linked to remote working, and increasingly sophisticated attacks on personal accounts have all put systems under immense pressure.”
Irish cybersecurity solutions
Ireland has long been a leader in technology innovation, with our advances in medtech, agritech, fintech and more in high demand across the globe. So it comes as no surprise that an increasing number of ambitious Irish companies is coming up with some very clever solutions to cybercrime. As an example, Cork-based Velona Systems has developed a solution that protects large call centres in the US against brute force call spam attacks, ghost calling and robocalling, a growing challenge in this sector.
Velona is just an example of our strength in the area, which is highlighted in the Enterprise Ireland Cybersecurity Innovation Series 2021, which this year is titled ‘Creating Innovative Solutions to New and Emerging Threats’. Taking place over six separate events in November and December, covering different world regions, the series features talks by leading cybersecurity experts, pitches by innovative Enterprise Ireland client companies, and opportunities for individual client-buyer meetings.
“All the participating Irish companies have identified the most urgent areas within cybersecurity and come up with intelligent solutions that potentially have a worldwide customer base,” says Pat. “For instance, one of the biggest issues now is the sharp rise in phishing emails. Cyber Risk Aware is an Irish business offering learning platforms that can build training programmes within Microsoft Office 365 to raise staff awareness regarding phishing and teach them how to spot a dangerous email. The company also offers a phishing simulation platform, which can build email templates and schedule simulation campaigns to test the level of awareness within the organisation and to offer additional focused learning for staff when required.”
Like all good responses to security threats, many solutions are based on prevention rather than cure – and with the cost of cyber crime rising sharply as the attacks get more sophisticated, this is sure to be a massive area of growth. “EdgeScan is leading the way in pen testing, or vulnerability scanning,” says Pat. “This includes scanning company IPs or carrying out pen tests on company websites or client portals to find any potential weaknesses – therefore stopping the threat before it happens.”
Remote working challenges
With remote and hybrid working looking likely to stay in the long term, many companies are looking for ways to boost their security with staff working on devices away from the office and even out on the road. “Remote working has brought with it many challenges; one issue is providing the same amount of security as in the office,” says Pat. “Web and email filtering identifies new malware sites and can block specific categories of websites, such as gambling sites. Galway-based TitanHQ offers advanced solutions for this issue, currently helping businesses in over 120 countries.”
A big issue for companies is our increasing reliance on mobile phones for work purposes – now a company has to look into protecting these as well as laptops and computers. “Many companies have introduced a controlled ‘Bring Your Own Device’, or BYOD, policy in which company apps are locked down or secured on the device, while others have restricted access to only corporate devices to allow for full control. And yes, there’s an Irish company involved in this area too: CWSI are experts in the field of mobile device management and offer guidance on both policy and the technical aspects of managing devices.”
It’s clear that Irish companies are leading the way in cybersecurity solutions. Many companies are finding it difficult to acquire and retain staff with skills in the areas of compliance, ISO certification, incident response, forensics and investigations – and, as Pat explains, there are several Irish companies in a great position to help. “Irish innovators such as Integrity360, SmartTech 24/7, Kontex and Evros are providing a solution to this issue by providing expert security consultant services. These companies’ Security Operations Centre (SOC service) offers uninterrupted monitoring of their clients‘ IT networks.”
Details of the Enterprise Ireland Cybersecurity Innovation Series 2021 can be found here.
https://globalambition.ie/wp-content/uploads/2021/11/GA-cybersecurity-tile-1.png600600Aoife Smithhttps://globalambition.ie/wp-content/uploads/2018/05/logo.svgAoife Smith2021-12-06 09:00:322021-11-19 12:56:37Cybersecurity solutions that address new and emerging threats
The saying that ‘knowledge is power’ is certainly true of successful exporting. Companies must use market intelligence to understand their customers’ requirements, cultural considerations, market trends and what competitors are doing, in order to succeed.
Insights gained from high-quality market research are essential for good business decisions for companies with the ambition to grow, export and, indeed, survive. While successful products and services are built on sound market research, a continual process of keeping up-to-date with business intelligence is required, which can be time-consuming and costly.
Market Research Centre
That is one reason Enterprise Ireland’s Market Research Centre is such a valuable resource. It is the largest repository of business intelligence in Ireland and contains thousands of world-class market research insights, available to Enterprise Ireland supported companies.
Reports include company, sector, market and country information, which help businesses to explore opportunities and compete in international markets. We use databases from blue-chip information providers such as Gartner, Frost & Sullivan, Mintel and others, which provide authoritative, verified information that is independent and reliable. Some of these reports cost tens of thousands of euro individually, so the value of accessing the service is immense.
Using market intelligence to assess new markets
The Market Research Centre is staffed by information specialists who help clients locate the most appropriate sources of knowledge for their requirements. The specialists can track down niche market intelligence that is not available through internet research and can also facilitate access to industry analysts to provide bespoke briefings that deep-dive into subject areas.
While the UK and European markets remain vitally important for exporters, increasingly diversification into more distant markets is a strategic option. Critical to all such business decisions is access to authoritative market research.
Using insights to make an impact
An example of how the centre helps companies to explore opportunities in overseas markets is workforce travel company Roomex. Over the last two years, the company has targeted the UK and Germany and is now looking at the huge potential of the US market. Information specialists helped the company gain valuable insights by providing access to global company, country, market and sector data which helped the Roomex to analyse their target customer and competitor base.
Enterprise Ireland’s research hub offers access to extensive predictive research on future trends, which is invaluable for companies interested in innovation. Knowledge of what might impact a market next provides an opportunity to develop new products or solutions. There are huge opportunities arising from disruptive technologies, such as driver-less cars, but also risks to companies which are not looking ahead.
Growing your business using market intelligence
Companies which are serious about exporting, growing and future-proofing their business should put continuous research at the heart of their strategy.
If your company is considering expanding into new markets the Market Research Centre’s extensive resources and expertise should be your first port of call.
https://globalambition.ie/wp-content/uploads/2021/10/A-person-gathering-market-intelligence-by-analysing-graphs-and-statistics-on-a-sheet-of-paper.jpg6001033Aoife Smithhttps://globalambition.ie/wp-content/uploads/2018/05/logo.svgAoife Smith2021-11-02 15:05:262021-10-13 15:09:26Using market intelligence to inform your export plan
In a post-Covid world access to international markets, buyers, distributors and information is now at the fingertips of Irish SMEs thanks to increased digitalisation.
When looking towards new markets, it is important to consider the potential benefits of exporting for your company such as;
1. Diversification of market and reduced vunerability
A well considered diversification plan can minimise a dependency on the domestic market and the potential exposure to domestic downturn.
2. Increased revenue and scale
Exporting opens channels to exponentially expand the home market and identify new markets to take advantage of globally. A larger market base delivers economies of scale, enabling you to maximise your resources.
3. Improved profitability
Your ongoing domestic operation should cover business-as-usual fixed costs, either directly or via other types of business financing, which should, in turn, facilitate a faster growth in your export profits.
4. Best practice and knowledge
Accessing global markets will provide additional benefits to an exporter, aside from increased revenues such as new ways of doing business, increased awareness of global best practice, cultural and international competitiveness, that could also bring benefits to your market offering in Ireland.
5. Domestic competitiveness
Considering your company’s export potential will increase its resilience against potential competition within the domestic market.
Before beginning your export journey you must clearly identify your target market. You may have preferences based on previous experience, understanding of the language or culture or simply some connection with the market, though a good starting point it’s not enough of a reason to export to this market.
Market Research will form the backbone of your export strategy as you begin to validate your plans.
The key elements for consideration are:
What makes your product unique
Who are your competitors in your selected research market?
Who are the buyers in that market?
How does your product compare in terms of pricing?
How is the product sold in that market?
What are the local regulations, certification for selling your product and can you currently comply?
A clear understanding as to why you have selected this market as the potential first market.
What supports are available?
If your business is at an early development stage the Local Enterprise Office has the supports to help you plan, start and grow
If you are are already supported by Enterprise Ireland you can contact your Development Advisor here.
The Market Research Centre provides access to world class research databases to help client companies make better, more informed business decisions. Contact the Market Research Centre here.
Enterprise Ireland hosts events to assist companies’ growth plans – See ourevents calendar for details.