By John Hunt, Senior Market Advisor for Construction at Enterprise Ireland, UK
The UK construction industry currently faces a number of challenges, not least how to modernise, increase productivity and harness technological innovation. At the heart of overcoming these challenges will be an efficient marketplace for digital products and services that connects the needs of companies of all sizes with the most appropriate solutions. Further, the market must support an evolving innovation ecosystem that can attract, connect and support the investors, researchers, entrepreneurs, start-ups, and new entrants it needs.
Enterprise Ireland, as one of just a handful of early stage investors working across both construction and technology, understands that this ecosystem is globally still at a nascent stage. The underlying reasons for this are well documented, and we observe that they are closely aligned to the fragmentation and the lack of long-term thinking that have historically led to low levels of technology adoption and R&D spend. If the incumbents don’t see a commensurate return on investing, how can the industry attract new players?
A digital transition
Although the industrialisation of the sector falls well behind others, the potential for sustained growth, through the economic cycle, has been driven by a growing global drive for better utilisation of resources and lower emissions of carbon.
Nonetheless, the digital transition of the construction industry has begun, and the knowledge and capability to tackle waste, carbon and inefficiency, already exist, albeit poorly distributed across the globe. The challenge is not only to share this knowledge in the spirit of collaboration, but to help define new markets for the buyers and sellers of innovative digital products and services.
Government interventions have also helped considerably, beginning with the UK Government’s preparations for a building information modelling (BIM) mandate in 2016 standing out as one notable example.
Perhaps the single most significant consequence of the mandate was the focus and profile afforded to BS 1192 and the subsequent PAS1192-2 standard. A single, common process for the design and build of assets (let alone the connection of the asset to the user and the wider world of Internet Of Things) has this year been accelerated through to an international standard (ISO).
If implemented effectively, the ISO 19650 standard will not only provide a consistent technology interface to identify and replace inefficient processes between and across organisations, it has the added potential for scalability. The application of the standard across many other sector verticals and international markets is likely to drive nationally significant levels of investment.
Fostering the ecosystem
Enterprise Ireland’s investment in and support for start-ups, and even to mature organisations in neighbouring sectors that are diversifying, offer us lower volume than other sectors. But as the industry transitions, our engagements have been growing, and we are keen to appraise and work with other ambitious partners.
Currently, we are actively supporting a portfolio of more than 30 digital companies across international construction markets. These include a wide range of organisations that tackle customer requirements across areas including data analytics, VR and AR environments, asset data management, AI, PPM, logistics and site/field communication platforms.
Notwithstanding, the UK market for construction technology is becoming increasingly confused, as the needs and priorities of construction companies are still difficult to anticipate and capture. Huge variability in the decision-making process across the technology stack is leading to long and unpredictable sales cycles, which in many cases has seen our client companies prioritising North America over European countries as the market of choice to scale in.
Digital innovators in the spotlight
GoContractor is an example of a new sector entrant that now has operations in the UK, Ireland, US and Canada. An Enterprise Ireland start-up that has developed a world-class contractor induction platform, it now has over 300,000 users and hundreds of global customers.
Cora Systems is an example of an international client that has successfully diversified into the UK construction sector, having developed an industry specific Project and Programme Management application. WSP Global has over 50 UK offices and has partnered with Cora PPM to power a wide range of their projects and helping to make them ‘Future Ready’ – their program to see the future more clearly, and to work with clients to design for this future as well as for today’s needs.
This article originally appeared on BDaily.
More than 800 executives from the global medical technology and healthcare sectors will attend Med in Ireland, a major international business event taking place in Dublin, Ireland, on October 10, 2019.
The invite-only event, includes a full day’s conference with presentations from top executives and key opinion leaders from around the world. It provides an opportunity for international visitors to experience the future of medtech, in a country acknowledged as a global medtech hub.
Med in Ireland is a one-day event exploring how innovative Irish companies are transforming the future of healthcare and manufacturing. Discover the secrets behind the success of the Irish medtech ecosystem and meet the innovators changing what’s possible. The event brings together innovative Irish medtech companies with healthcare providers and manufacturing partners from around the world.
For many visitors, the primary attraction is the chance to participate in a tailored program of visits to some of Ireland’s most innovative medtech and healthcare companies, organized by Enterprise Ireland, the trade and innovation agency, for introductions to potential research, innovation, and manufacturing partners.
Med in Ireland provides a chance for visitors to experience first-hand Ireland’s highly innovative medtech sector and to understand how a small country on the western periphery of Europe is producing so many groundbreaking medtech companies.
The country’s achievements in the sector are rooted in a unique government-backed, industry-supported, and research-led ecosystem, which helps to create, grow and scale Irish medtech innovators around the world. This approach has enabled Ireland to become internationally recognised as a location of choice for medtech activity, exporting £11.2 billion worth of goods to 100 countries each year.
That’s why at the last biennial Med in Ireland event in 2017, buyers from 43 countries visited the RDS in Dublin, at which 1,200 business partnering meetings took place. In addition, over 140 bespoke buyer visits to Irish company sites took place.
Medtech sales worldwide are forecast to reach more than £470 billion by 2024. It’s the most innovative sector in Europe, resulting in 13,795 patents filed with the European Patent Office. Digital health alone is forecast to have sales of £13.9 billion by 2024.
Irish companies will make a significant contribution to this growth, helping to define the future of healthcare globally. The country hosts almost 300 homegrown medtech businesses supported by IDA Ireland and Enterprise Ireland, the biggest seed investor of start-ups in Europe.
Med in Ireland 2019 will deliver opportunities to network with innovative Irish medtech companies transforming the future of the industry, and the chance to conduct on-site visits with exhibitors and arrange one-to-one meetings. Insights into medtech trends from inspiring keynote speakers and exciting innovations within the sector will help provide a deeper understanding of the collaborative medtech research taking place in Ireland’s Higher Education Institutes.
For more information on Med in Ireland 2019, please visit https://medinireland.ie/.
Celebrating its 23rd year, the annual Timber Trade Journal Awards were held in London’s Bankside Hotel to recognise the achievements of the Timber Trade Industry. Amongst the winners on the evening was Enterprise Ireland-backed company, Glennon Brothers.
Glennon Brothers, with three sites in Ireland and three more in the UK, was nominated for two prestigious awards: Softwood Trader of the Year Award, and the Smart Manufacturing Award.
Softwood Trader of the Year Award
Softwood Trader of the Year is one of the TTJ’s most coveted awards and is open to companies across the UK and Ireland, who were given the chance to vote for their choice of ‘Best in Class’ timber supplier. Glennon Brothers went on to win Softwood Trader of the Year and is the first ever Irish timber supplier to do so.
Speaking of the win, Mike Glennon, Joint Managing Director said: “This is the first time Glennon Brothers entered the TTJ Awards. We are delighted to be nominated for the ‘Softwood Trader of the Year’ Award, as providing excellent customer support and reliability to our customers is key. It’s a great reflection of the hard work and effort everyone in Glennon Brothers puts in, as we strive to deliver high quality products and excellent customer service, from forest to front door.”
Smart Manufacturing Award
The Smart Manufacturing Award is open to all companies who are involved in the timber products supply chain, and recognises both UK and global companies who have undertaken investment initiatives in machinery and technology which have delivered significant improvement in production efficiency in the timber trade.
One of only three finalists in this category, Glennon Brothers earned their nomination following the creation of a £14 million biomass Combined Heat and Power (CHP) Plant project at their Troon facility in Scotland. The plant, which was completed in 2018, produces 2.5MW of electrical power, sufficient to supply the entire site. Surplus energy generated is exported to the UK national grid. As part of the project, a new progressive kiln was installed which considerably increased annual timber drying capacity.
The state-of-the-art low emission plant conserves fossil fuels and significantly reduces the company’s carbon footprint. By using renewable materials such as wood chip, buttchip and bark to generate the heat for drying timber, it replaces the need for gas in the process. The use of renewables onsite, has also resulted in reducing road haulage by 50%, which further helps reduce CO2 emissions.
Pat Glennon, Joint Managing Director, commented on the nomination; “It is a recognition of the focus we put on pushing the boundaries of innovation and quality of home-grown timber, through the early adoption of new technology and state of the art equipment. The biomass CHP completed in the Troon facility is a great example of where we endeavour to improve our efficiency and product quality.”
Counsellor for Economic and Trade Affairs, Páraig Hennessy, and Enterprise Ireland last night welcomed 20 young women to the Embassy of Ireland to break the stereotypes in today’s construction industry and to showcase the diverse range of career paths available. Designed to address the skills gap and lack of awareness currently challenging the UK construction sector, Enterprise Ireland assembled an audience from Newham Workplace alongside a panel of leading experts to shine a spotlight on the breadth and diversity of career opportunities available to them.
Speaking at the event, Enterprise Ireland Construction Market Advisor, Anne Corr, said, “Many people think careers in construction are limited to working on-site in hard hats and steel-toe boots. With She Built That, we wanted to highlight that there is so much more in the sector for young people to consider – be it interior fit-out, offsite construction, planning or design, to name but a few.”
The evening opened with welcome addresses from Counsellor Hennessy, and Enterprise Ireland UK Manager, Deirdre McPartlin, before moving onto a panel discussion exploring the varied career paths available in construction.
Irish contributions to the UK construction industry are strong, with exports increasing by 14% in 2018. The Enterprise Ireland panel convened leading talents from the UK construction sector together, including, Eilis McShane, Façade Specialist; Jacqui O’Donovan, Managing Director at O’Donovan Waste; Alison Nicholl, Head of Constructing Excellence; and Kate McMillan, Development Consultant.
Nuala Forsey, Facilitator and Coach at Being The Change, closed the session with an inspirational speech before attendees had the chance to network and discuss the ideas raised during a networking session.
Enterprise Ireland works with a range of Irish construction client companies in the UK market which enjoy success and create jobs country-wide. Several of these companies, such as ESS Modular, Castlebrook and Techcrete also attended She Built That, and kindly offered work experience opportunities to candidates at the event, as well as tours of current and completed projects, and visits to their factories.
Anne Corr remarked, “We have been overwhelmed by the generosity of our client companies. They have put together stimulating tours and work experience programmes which will be offered to candidates from Newham Workplace.
“In overcoming the skills gap facing the UK construction industry, it’s so important that young people are given the chance to understand first-hand how many career paths are available to them within the wider construction industry.”
UK Financial Institutions and Irish Fintechs Demonstrate the Profits of Collaboration
Written by: Jack F. Clarke, Financial Services and FinTech Market Advisor at Enterprise Ireland
The UK is the largest export market for Enterprise Ireland clients (€7.9 billion in 2018). The market grew by 4% in 2018 with all sectors recording growth most interestingly, fintech grew by 17%.
The very strong growth in fintech is in no small part a result of the IFS2020 strategy document, that has driven growth in the Irish financial services sector. The strategy document gave a clear mandate to the government agencies – Enterprise Ireland, IDA and Science Foundation Ireland – to grow and harness the financial services acumen within the economy.
The results we are seeing now are the culmination of many years of hard work and the many wonderful entrepreneurs who drive exports in this sector.
Enterprise Ireland client companies have remained committed to the UK market and it’s short/medium-term growth potential. This commitment manifests itself in a number of ways; more companies are opening UK offices than before, more companies are applying for regulation with the FCA to mitigate the end of the equivalency regime that governs all EU member regulators and finally, more people – roughly 100,000 employed in the UK by exporting Irish companies.
Collaboration from Fintechs and large Financial Institutions (FI) is the trend we are seeing with more Irish companies achieving strategic partnerships with UK based firms.
Looking a little closer at that number of 17% growth in Fintech exports we can see a number of interesting trends. Namely, Ireland has developed a strong cluster of Regtech firms. Geraldine Gibson, AQ Metrics CEO has described the current climate as an ‘Era of unprecedented regulatory change.’ This has certainly been a driving factor in the widespread adoption of Regtech software.
On the larger side, companies like Fenergo are gaining global traction with their client lifecycle management software solution. Corlytics, another Irish Regtech firm views regulatory compliance as a risk, an approach that resonates with many in the finance world.
In fact, 15% of all fintech exports to the UK last year came from the Regtech cluster. That is quite a significant amount for a subsector that didn’t really exist 10 years ago.
There is no doubt that the largest driver of fintech growth from the Irish market is in the FX and payments sector. Market giants like Fexco, Monex and the quickly growing Transfermate are driving very large export numbers in the sector. Irish companies have been at the forefront of the Direct Currency Conversion (DCC). Transfermate, a spin out of Taxback is very quickly gaining traction in the UK market and were very busy in 2018 adding an e-wallet functionality for users and announcing a strategic partnership with ING.
Growth in FX and payments was in the region of 40% last year. An eye watering figure that will enhance the reputation of the companies in that sector internationally.
Some challenges for clients in the market remain and can be grouped as follows:
- overall Brexit uncertainty in terms of evolution of UK sectors and UK customer response in the short and medium-term
- possibility that Brexit will make our least challenging export market more complex to trade with than has been the case to date
- all of the other known challenges that start-ups, SMEs and early mid-cap companies face when starting in a market or seek to maximise their potential and market share (understanding the market, how it is structured, competitor mix, best route to market etc)
Now, more than ever before, Enterprise Ireland’s presence and activity in the UK is critical for client success, particularly as the UK will continue to be the market to start in and achieve scale for the majority of clients due to its proximity, common language and business culture.
Enterprise Ireland’s response in the marketplace is threefold:
- assist clients accessing growth opportunities in their sector or adjacent sectors/sub-sectors
- work with clients on a cluster basis to maximise impact and on an individual level to address specific needs
- assist clients to expand their customer reach and diversify their geographic footprint in the UK
We are on the wave of a technology boom. The wave hasn’t broken yet, advances in quantum computing, AI and ML will drive innovation in the next 5 years. By then, Ireland will have a new strategy – Ireland for Finance 2025 – to work off. If it is as successful as the last document, Minister Michael D’Arcy, chief patron of the strategy can be very proud of his work.
The strong tech focus of the Irish economy coupled with the large numbers of professionals working in Ireland’s International Financial Services Centre, (IFSC) means there will always be a fertile breeding ground for innovative Irish Fintech firms to sprout up and flourish.
UK financial services remains a pillar of the UK economy and is an industry that should be protected as much as possible throughout any Brexit process. According to the British Venture Capital Association, £32bn has been invested in over 2,500 companies in the past 5 years.
Sustained economic growth, rising interest rates and higher investment incomes are among the positive factors bolstering results in the insurance industry – another major export subsector for Irish fintech.
Compliance, Regtech and Security continue to grow as the regulator expands the reach of sandboxes and as new legislation such as open banking comes into effect.
Now, more than ever before, it is of the greatest importance to demonstrate the value Ireland places in maintaining the closest possible trading relationship and business ties between Ireland and the UK. This is best achieved through partnership and collaboration.
Dynamic regions need dynamic partners – Ireland is the highest growth economy in the EU and has characteristics which make it a strong partner for collaboration and knowledge exchange:
- most innovative SMEs in the EU
- Irish workforce ranked as most productive workforce in the world by OECD
- 1st in the EU for getting economic value out of research
- 10th in global rankings for quality of its scientific research
With such strong historic, cultural and heritage ties between Ireland and the UK, we are hoping that Brexit can embolden companies to drive cross-border collaboration, partnership and investment.
Enterprise Ireland will use its presence here to ensure that the UK remains a strategic and successful market for its Irish company base. The new strategy should give a mandate to companies to grow and innovate in this market.
This article originally appeared on the The Fintech Times.
Enterprise Ireland’s experienced market advisors (MAs) provide expert guidance to Irish businesses expanding into the UK market and engaging with their British clients. In the first of our series of MA Q & As, we get to know David Corcoran, Senior UK Market Advisor for the talent and technology sectors.
Hi David, let’s jump straight in – what can you tell us about the talent and technology sector?
“Well, talent affects every single industry – so the first thing I would say is, that makes it a really interesting space to work in. Right now, there is a strong cluster of Irish businesses coming through at the intersection between talent and technology with impressive solutions to offer in supporting UK companies to realise their potential.
“The UK is usually the first port of call for these Irish companies looking to grow overseas. Where I come in is helping to facilitate the relationships between those UK businesses with talent challenges and the Irish technology companies who can solve these challenges for them.”
That does sound like an interesting role. What led you to it?
“My background is in technology and business. Before moving to the UK, I lived in the Netherlands for 9 years, and have worked in a number of different industries including financial services and pharma.
“I joined Enterprise Ireland originally in 2008, and what I really enjoy is that my role pulls together those different skill sets, interests and experiences I have. Specialising in talent management allows me to work closely with an impressive group of entrepreneurs, innovators, and thought leaders, while taking deep dives into a range of businesses. The technology side is fast-paced; it’s always evolving and never gets boring.”
And what does a typical day look like working for Enterprise Ireland?
“I try and structure my days in two halves. In the morning I work with Irish companies, advising strategically on how to develop and scale into the UK, or strengthen their existing UK presence. I try to help them craft their value proposition and validate opportunities within the British marketplace.
“In the afternoons I make time to research industries and engage with my broader network to connect capable Irish businesses with UK opportunities. A couple of evenings a week I can be be found at peer-to-peer and technology networking events.”
You’re a busy man! What are you working on at the moment?
“I’m helping redesign our talent management portfolio at the moment and to identify the Irish companies who have the capacity to scale and diversify further internationally, and as part of this I’m in regular contact with my Enterprise Ireland counterparts in the US and Ireland to share knowledge and develop a strategy for the redesign.
“I’m really excited about an employee engagement focused event that I’m developing in Ireland. I’m organizing the agenda and topics at the moment and identifying UK companies who have an interest in this topic and would be keen to travel to Ireland to meet with companies in our portfolio.
“Later this year, we will have an Irish area at the well known TRU recruitment conference in the UK, which will enable our client companies to demo their technology to talent acquisition directors so I’m planning our approach for this event, and already beginning to lay the foundations for our own talent event in London, NexTech20 in January 2020, which will be a follow up to our very successful NexTech19 event earlier this year.”
You mention industry trends – what are the main ones you’re seeing right now?
“It’s hard to avoid AI at the moment as it is discussed at every technology and talent conference. How it can be used to aid the recruitment process and find the best talent ahead of the competition is very relevant. Any technology that can automate and accelerate processes that will, in turn, allow recruiters to free up time to focus on securing the best fit, will always be appealing to industry.
“Engaging and retaining talent is another focus point for Irish companies in this sector, particularly programmes and solutions built around developing employee wellbeing and recognition. I’ve also seen a huge amount of growth for companies and technologies that are specialising in remote working. More and more people seek flexible working environments and having the right tech to support and enable this is essential.”
Are there any companies you’re really excited about working with right now?
“I support over 120 Irish talent management companies operating in the UK – so it’s hard to make a choice like that! My portfolio spans everything from employee engagement, and professional learning to talent acquisition, and workforce management.
“Some of the most innovative companies that I’m currently working with are a number of our high potential start-up companies, including BidRecruit, HireUp, and Wrkit, all of whom have made impressive entries to the UK market. BidRecruit is smart, fast and cost-effective A.I. and automation recruitment software for HR and hiring managers. HireUp provides a cloud-based solution that simplifies and revolutionises employee referral programmes, and Wrkit has developed an employee engagement platform that inspires better, healthier, working environments and counts Deliveroo as one of their leading clients in the UK.
“All three are at a really exciting point in their UK growth and are just a snapshot of the impressive calibre of Irish companies we have in our talent management portfolio.”
And your thoughts on industry challenges in the future?
“The war for talent will continue, but it has evolved into a war for skilled workers. The power in the recruitment process has certainly switched sides to the candidate, so employers will need to distinguish themselves throughout the recruitment and onboarding process, and then offer flexible solutions, such as remote working to retain their best talent once they find it.
This will be a challenge for some traditional employers in the UK initially, but there is a wealth of innovative talent technologies available, with Irish companies leading the charge, and the UK companies who adapt to the new world of work will have a bright future in these uncertain times.”
Following a meeting of the British Irish Council this morning in Manchester, Ireland’s Prime Minister, An Taoiseach, Leo Varadkar will this afternoon meet with six CEOs of leading Irish companies who are growing their business in Manchester, part of the dynamic growing ‘Northern Powerhouse’ region of the UK. The Enterprise Ireland roundtable event will take place at ESB Energy’s new office in Manchester, which An Taoiseach will officially open today.
The Irish companies taking part in the roundtable engagement with An Taoiseach include; Malone Group, John Sisk & Son, Glanbia Cheese, ESB Energy, TTM Healthcare, Nolan Transport who all have a strong and growing presence in Manchester. Discussions at the roundtable will focus on Irish capability and achievements in the region as well discussions on the current view of the market, including future challenges and opportunities.
The Taoiseach will also visit Sisk’s ‘Circle Square’ development, which is one of the largest schemes in Central Manchester. Sisk is due to complete all current contract works on the project during 2021. Valued at £240 million, at its peak the project will employ a workforce of 1,300.
This visit comes at a time when Enterprise Ireland recently announced its Irish client base increased exports to the UK by 4% to €7.9bn in 2018. The Irish construction sector recorded the fastest growth up 14% on 2017, while Ireland’s fintech sector exports grew by 15%, cleantech grew by 9% and engineering grew by 5%. Enterprise Ireland client companies are employing more than 100,000 people in the UK.
Speaking during the visit to Manchester today, An Taoiseach, Leo Varadkar TD, said: “This afternoon’s meetings provide me with a valuable opportunity to hear directly from a number of top Irish companies who are among our biggest exporters to the UK. The UK market is evolving and there are significant opportunities for Irish companies operating in the growing Northern Powerhouse region. Despite the major challenges posed by Brexit, Irish companies are part of the UK business landscape, and the Government, through Enterprise Ireland, wants to help them diversify and grow that business in the years ahead.”
Hosting Enterprise Ireland’s CEO Roundtable, Marina Donohoe, Enterprise Ireland’s Director of UK, Nordics, CEECIS & Russia, said “An Taoiseach’s trade visit to Manchester, supports Enterprise Ireland’s diversification agenda by raising awareness of the opportunities in the UK, particularly in Manchester. Although Brexit introduces challenges and complexity to the market, the UK will continue to be a key market for Irish companies and our exports results to the UK in 2018 reflect this, with a 4% increase on 2017. The opening of Enterprise Ireland’s office in Manchester this year highlights our commitment to the region and the new office will be dedicated to securing business in areas of growth throughout the Northern Powerhouse region.”
Today, An Taoiseach will also officially open the new ESB Energy offices in Manchester during his visit. In 2017 ESB Energy was launched in Great Britain, offering electricity and gas supply to residential customers. The opening of the new ESB Energy office in Manchester provides a base for their UK team to support growth in the Northern UK region, with over 50,000 customers and plans to grow substantially over the next 3 years.
Marguerite Sayers, ESB Executive Director, Customer Solutions, says that the opening of the ESB Energy’s Manchester office by Taoiseach Leo Varadkar TD marks a significant milestone in the company’s longstanding presence in the UK: “ESB Energy entered the UK retail energy market in 2017 with a pledge to be the most innovative, responsible and easy-to-deal-with energy supplier for electricity and gas customers in Great Britain. With a customer base now in excess of 50,000, ESB Energy’s presence builds on our investment in Britain’s energy sector for over the last 27 years. In that time, we have invested in flexible and renewable generation assets in gas, wind and biomass, including the UK’s most efficient thermal power plant at nearby Carrington. With ESB electric vehicle rapid chargers already on the streets of London and Coventry, we are also developing an extensive network of car charging points across Great Britain. This network – along with the services offered by our new low carbon heating team based in Coventry – supports ESB’s vision of a brighter, low-carbon future for all the communities we serve.”
Enterprise Ireland, Ireland’s trade and innovation agency, today announced that its Irish client base increased exports to the UK by 4% to €7.9bn in 2018. With increased business to the UK, Irish companies continue to contribute significantly to the economic success of the UK, with Enterprise Ireland clients employing over 100,000 people in the UK.
Commenting on the results, Marina Donohoe, Enterprise Ireland Director of the UK, Nordics, CEECIS & Russia said: “Irish companies are proven to be dynamic partners to their UK counterparts and in a post-Brexit era, Ireland wants the closest possible trading relationship with the UK as this benefits business on both sides of the Irish sea. Irish companies’ commitment to the UK market and maintaining the strongest trading relationship with the UK, is very much reflected in our clients export results and the opportunities that we see in the market. Despite the backdrop of Brexit uncertainty, we are pleased to see that exports to the UK, our number one trading partner, have remained steady and have increased by 4%. The growth was particularly strong across a number of key sectors for Irish exporters including construction and cleantech infrastructure, fintech, digital, aerospace and lifesciences. We are also seeing strong growth in the Northern Powerhouse region, and this year Enterprise Ireland opened a second office in the UK, based in Manchester, to support growth opportunities in this region.”
Globally, Enterprise Ireland announced that the agency’s clients recorded export sales of €23.8bn in 2018, representing a 6 percent increase on 2017. The Irish construction sector recorded the fastest growth up 14% on 2017. Ireland’s fintech sector exports grew by 15%, while cleantech grew by 9%and engineering grew by 5%. Consumer retail saw growth of 6%.
Enterprise Ireland Award recognises most impressive emerging disruptive technology companies
London: EdgeTier, a cutting-edge artificial intelligence company whose technology revolutionises customer care organisation, has won the prestigious Digital Disruptor Award run by Enterprise Ireland, the Irish government trade and innovation agency. The Digital Disruptor Award, hosted at Deloitte Digital’s London office, is bestowed upon companies that are disrupting the marketplace through the innovative deployment of technology.
The finalists included Webio, Data Chemist, VRAI, UrbanFox alongside EdgeTier. The finalists were selected based on their capacity to introduce innovative technologies, with the potential to disrupt their market. Each of the finalists delivered a pitch, depicting how their business’ solutions and technology has the potential to better their unique marketplace.
EdgeTier was recognised by the panel of expert judges for its customer experience innovation. EdgeTier picked up the award for its innovative software that works seamlessly with customer service staff, guiding them through complex customer queries while raising the quality of consumer experience for each of its clients. EdgeTier’s automated agent assistant, ‘Arthur’, uses AI, analytics, automation and machine learning to generate personalised and accurate responses to every customer query. In turn, this drastically decreases response time while delivering better customer service.
This is the second year Enterprise Ireland has hosted the Digital Disruptor Award as part of its mission to help develop a pipeline of cutting-edge Irish companies, with the capacity to innovate the UK marketplace. As the second biggest investor in Fintechs worldwide and the third largest seed investor in Europe, Enterprise Ireland is one of the key driving forces behind the push to increase the adoption of innovative technologies; across a multitude of marketplaces.
Bart Lehane, CTO and co-founder of EdgeTier said: “We’re extremely proud to have been recognised by this incredible award, it’s a true stamp of approval of our product and it validates both our approach and USPs. The UK market has huge potential for us with over 6,000 customer care organisations, so to have the value of our proposition for the UK market recognised by such an esteemed set of judges, is a massive boost for EdgeTier.”
Padraic Geraghty, Senior Market Advisor for Digital Technology at Enterprise Ireland said: “This was our second year running the Digital Disruption Awards and once again, we had a fantastic cohort of companies showcasing the great talent emerging from Ireland in the Deep Tech and Disruptive Technology space. This year’s winner, EdgeTier, truly personified the high standard of Irish Tech companies, and the potential they hold for markets across the globe.”
Last year’s winner, Louella Morton, Executive Director at TestReach said: “Taking part in the Enterprise Ireland and Deloitte Digital Disruptor event last year was a great opportunity for TestReach. We were delighted to be awarded the top prize of Digital Disruptor 2018, as it was a strong validation of how we are disrupting the exam industry for the better. This award has also been a great point of interest for our customers and prospects as they are very keen to embrace new technology.”
With Enterprise Ireland’s NexTech19 event in London, the agency set out a unique offer for UK companies who can benefit from Ireland’s talent acquisition technology. The agency’s Global Lead for talent management, David Corcoran, is excited about the range and breadth of innovative solutions presented.
Few things are certain in life, and fewer still in the year ahead – but the acceleration of decisions in recruitment is pretty much guaranteed. More hires, faster hires, smarter hires, the pressure to find the very best candidate in a fiercely competitive and noisy marketplace continues to build and has had tech platform builders hard at work. Now we see a world-class array of companies offering specialised software and cloud solutions. In the talent management sector, it is an open secret that the best and brightest of those solutions are coming from Ireland.
Irish companies have cornered the market for talent platforms with speed and agility, thanks in part to a highly skilled tech workforce seasoned in attracting global companies and multinational HQs. Add a culture of entrepreneurship and a need for SMEs to scale up and punch above their weight very quickly and you have a winning combination. UK companies who need very particular solutions to their talent issues now have world-class technology operators on their doorstep.
However, that range and quality of choice also brings its own challenges. In a busy marketplace, where AI, machine learning, and cognitive computing tools are becoming the norm, making a distinction between one service provider and another has become a difficult hurdle to negotiate. Irish companies in the talent tech sector offer real track records in personalised experiences, optimisation, speed of execution, value and insight but finding the right one for your business can be a daunting prospect.
It inspires a curious question; if hirers turn to talent acquisition specialists to home in on the staff they need, then who do the specialists turn to? In the UK, more and more of them are turning to Enterprise Ireland for guidance on the best in talent management technology, for everything from remote working solutions to referral systems. Enterprise Ireland also supports UK companies in their digital HR and future of work journeys by offering a gateway to connect them to the most disruptive Irish HR tech providers.
Anyone in doubt about the speed of change in both HR and recruitment should see how the talent landscape has changed in just the last few months. The drive for talent acquisition is fast being matched by the need to retain and reward talent once hired. And it’s the companies that specialise in employee engagement who have been providing some of the most stimulating discussions at industry gatherings in the first quarter of 2019.
Workhuman offers a cloud-based performance management platform with peer-led approval or social recognition as a key element. Making employees feel valued, with not just a sense of connection through tech innovation, but positive reinforcement and appreciation from colleagues, is now crucial. Platforms that acknowledge the need for human-centric work cultures are set to dominate retention strategies.
For its part, Wrkit is clear that cracking the problem of creating a happy work culture is a major business win and uses the phrase ‘holistic engagement’ to differentiate its product. It integrates employee benefits in financial wellbeing, nutrition, mental health or fitness in the workplace with an accent on retention as a key advantage for employers. With over 200 companies signed up, it boasts a 93% retention rate.
It’s a cliche that a company is only as good as its people, but it is a useful one to appreciate that constant change in business is inevitably affected by the changes in the working life of the people who run it. Technology, culture, demographics, and new products shape increasingly dynamic workforces that HR and recruitment professionals have to keep up with. Ireland’s tech sector offers an unrivalled diversity and sophistication of talent management tools to equip companies in the race to do that. Supporting them in choosing the right ones is the team at Enterprise Ireland.
New Research Reveals Disruptive impact of technology needed to harness new payment opportunities
29 April 2019, LONDON: The UK payments industry is undergoing an unprecedented transformation, driven by the twin engines of growing adoption of technology and changing consumer expectations. This has led to a race to launch innovative new payment products, services and business models to meet growing customer demand.
This is according to new research, Paytech: Reinventing Transactions. Commissioned by Enterprise Ireland, the second largest investor in fintech companies in the world by deal count. The research demonstrates traditional banks are being increasingly disrupted, as technology-enabled businesses carve out a completely different payments ecosystem. The result is a proliferation of new opportunities, as banks, long the cornerstone of the payments sector, are both challenged by – and themselves embrace – new digital payment options.
The customer demand and business case for an improved payment experience is clear. The UK market, in the past 10 years, has seen a 33% decline in the number of cash payments. 2018 alone representing a 15% drop. The changing consumer preference in the UK is further exemplified as the UK ranks higher than every other EU market for cashless payments. In addition, a consumer survey showed 82% of respondents were dissatisfied with the service received from incumbent money transfer operators and banks, citing slow, complex, non-transparent and inflexible traditional payment options.
Due to the slow pace of innovation over the years, incumbents are seen to lack the agility and capabilities needed to enable a seamless transition to more open, intuitive and secure methods for card-based payments, cross border payments and account-to-account payments. However, according to J.F. Clarke, Fintech Market Advisor at Enterprise Ireland, collaboration between the traditional banks and fintech companies is essential.
“In an environment where smart phones are ubiquitous, consumers have come to expect payment solutions that are seamless and available 24/7 across different channels. The UK market is no different. The pace of life in the UK has changed, consumers are more cash-rich and time-poor than ever before and businesses must adapt effectively to maintain their customer base. Traditional forms of banking have become almost obsolete, particularly across the younger generations who are far more familiar with digital software like Apps than cheques. UK banks must employ fintechs to modernise their systems and ensure the Paytech industry is striving for greater stakeholder collaboration and creating a more unique, innovative and competitive solution for customers.”
With a strong cluster of multinational and Irish-owned payments companies, Ireland is playing a driving role in the transformation of the UK’s payments industry. Webio, The Conversational Middleware Company, recently launched WebioPay which enables enterprises to take payments directly within conversational messaging streams such as SMS, Messenger and Whatsapp; across 120 Payment Service Providers. “It makes perfect sense to combine the explosion in messaging apps with the revolution that’s now taking place in the payments industry.” Said Cormac O’Neill, CEO of Webio. “British consumers are more comfortable conversing with brands via messaging so why not empower them to make payments within the same conversation? That’s what WebioPay does, it’s an exciting opportunity for businesses and consumers alike”. Webio are currently deploying WebioPay in some of the UKs leading brands in Retail, Utilities and Financial services.
Nuapay, a subsidiary of Irish-based Sentenial, is a pioneer of Open Banking and a leading Account-2-Account payment environment. As the authorised Payment Institution Nuapay is fully licenced by The Financial Conduct Authority in London and offers clients a fully comprehensive, integrated payment solution that removes traditional banking inefficiencies and costs. Brian Hanrahan, Chief Strategic Officer at Nuapay explains: “Nuapay is ideal for handling recurring payments driven by the expanding subscription-economy. Last year we were delighted to announce that we had extended our partnership with WorldPay, the world’s largest PSP, to support their merchants get the most out of direct debit payments across Europe.”
The research also outlines how recent mandatory regulations such as PSD2 and GDPR and their impact on the payments industry, will encourage the use of technology, such as Machine Learning, Artificial Intelligence, Big Data Analytics and Blockchain.
“As the global payments industry undergoes unprecedented transformation, Irish innovation is helping to reinvent payments around the world. This is due to the expertise that has emerged in Ireland, as an internationally acknowledged global fintech hub” added J.F. Clarke.
“Implementation of advanced technologies such as machine learning, artificial intelligence and big data analytics facilitate automation and predictive analytics; applications based on these capabilities add value across multiple functions. Innovative products, services and business models create new growth opportunities and increase agility of enterprises,” said Adrian Drozd, ICT Research Director at Frost & Sullivan and author of the new research.
 Telegraph, 2018
 UKTN, 2018
 Amdocs Consumer Survey, 2016
New Enterprise Ireland office in Manchester makes Ireland the first country to open a dedicated trade agency presence in Northern Powerhouse region to strengthen presence in the UK’s major growth region.
55 Enterprise Ireland clients participating in Trade Mission focused on strengthening business ties through collaboration and partnership.
Thursday, 11th April 2019: Reaffirming Ireland’s commitment to maintaining the strongest trading relationship with the UK, in a post Brexit era, the Irish Minister for Business, Enterprise and Innovation, Heather Humphreys will lead Ireland’s trade and innovation agency Enterprise Ireland’s three-day trade mission to Manchester, as part of the “Northern Powerhouse” and Birmingham and the West Midlands as part of the “Midlands Engine”. Commencing today, the trade mission will focus on key growth regions in the UK and growth opportunities across construction, manufacturing, digital technologies and smart solutions, with fifty-five Enterprise Ireland clients participating on the trade mission, from major players; PM Group and Mergon, to innovative new high growth companies; Over-C and CitySwifter.
Enterprise Ireland today also announced the opening of a new Enterprise Ireland office in Manchester, its second office in the UK. With Ireland being the first country to establish a trade office within the ‘Northern Powerhouse’, Enterprise Ireland will be focused on strengthening ties and boosting Irish companies’ contribution to the region. Irish companies contribute significantly to the economic success of the UK, with Enterprise Ireland clients employing over 100,000 people in the UK. The new office will provide an opportunity for local businesses in the region to partner and collaborate with some of the most innovative SMEs in the EU and access an Irish workforce that the OECD ranked as the most productive in the world.
Irish Business Minister Heather Humphreys who is leading the trade mission said: “The UK is our long-standing trading partner and the Irish Government, through Enterprise Ireland, is committed to consolidating our exports to the UK market and continuing to contribute to the success of the UK. Currently over 100,000 people are employed by Enterprise Ireland backed companies in the UK. With such strong historic, business, cultural and heritage ties between Ireland and Manchester, we are delighted to witness its renaissance and we are committed to the strengthening ties and building new partnerships into the future. The opening of Enterprise Ireland’s office in Manchester will be instrumental to this.”
“Regardless of the outcome of Brexit, Ireland wants the closest possible trading relationship with the UK after Brexit because this works for businesses on both sides of the Irish sea. It remains our strong hope that the UK parliament will ratify the Withdrawal Agreement to make for as seamless as possible a transition to a new trading relationship between the EU and the UK.” added Minister Humphreys.
Welcoming the Irish trade mission to Manchester and the opening of Enterprise Ireland’s new office in Manchester, Sir Richard Leese, Leader of Manchester City Council said: “The opening of a new base for Enterprise Ireland in Manchester is a significant boost to our close trading and cultural relationships with Ireland, which have endured for many years and will continue to flourish in the future. As a proudly outward-looking city, we will continue to welcome close partnerships with friends from around the globe and so this mutually beneficial development, with the potential to foster new economic opportunities and technological innovation both here and in Ireland, is hugely welcome.”
Deirdre McPartlin, UK Manager, Enterprise Ireland said: “We are pleased to announce the opening of our new office in Manchester and I believe that Ireland is the first country to establish a trade agency presence in the region. The establishment of a new Enterprise Ireland office, outside of London, very much reflects that Manchester and the Northern Powerhouse region is an exciting and dynamic growth region in the UK. We have strong business ties in the North-West and many Irish companies, proven to be dynamic partners, have committed to the region by establishing their own local presence. The trade mission this week will demonstrate Irish capabilities across construction, manufacturing, industry 4.0 and digital technology, with a focus on deepening mutually beneficial collaboration with our UK partners.”
The opening of the office was celebrated at a business networking dinner in Manchester with guests including Sir Richard Leese, Irish Minister for Business Heather Humphreys and a number of Irish companies that have opened an office in Manchester over the last 2-3 years.