Looking for New Markets, The UK Experience

Looking for New Markets The UK Experience Bank of Ireland Christine Esson 15th November 2013 UK Manager Enterprise Ireland

Our primary objective is to:

Who we work with…

High Potential Start-up’s Entrepreneurs starting companies with an ability to compete in world markets

Scaling Ambitious co’s with the ability to scale & achieve significant success

Established SME’s

Multinationals

Manufacturing & Internationally Traded services companies employing ten or more

Irish-based food and natural resource companies that are overseas owned or controlled

Potential Exporters

Research Community

Established SME’s currently focussed on the domestic market who have the ambition to export

Developing links with Irish enterprise, MNCs to support research collaboration, commercialisation of publicly funded research, and access to FP7, ESA

We work with clients in 5 core areas: Building leadership and management capability Entrepreneurship Exports and Market Intelligence Competitiveness Innovation

Why UK? •

Not an Extension of Home Market

•

Competitive Market

•

Business Culture & Practices

•

Common Language

•

Similar Legal Framework

Why UK? •

For every €10 of Irish Exports; €4 comes from exports to UK

•

In 2012 Irish Exports Increased by €1bn; €452m came from UK growth

•

178 HPSU clients in 2012 ABR said UK priority mkt

UK Market – our 3 Year Objective

• To support & influence employment

generating growth of non-food exports from Enterprise Ireland client companies into the UK, from €2.75 billion in 2011 to €3.4 billion by 2016

• Work with Key Sectors & New Market Entrants

EI UK Focus – Key Sectors • •

• •

Engineering, Electronics and Cleantech • Agricultural Machinery / Automotive / Aerospace • Distribution channels for Electronics clients • Energy Efficiency and renewables Construction • Prime Residential & Hotel • Precast Concrete Manufacture – across sectors • Timber – Across sectors • BIM Technology, Software and Services • Enterprise Solutions / Marketing services • Digital Content Financial Services & Business Process outsourcing • Insurance • In Market Sales & Marketing Support for BPO

Why we focus on New Market Entrants

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Circa 98 new Irish companies have set up per year in the UK for the last 5 years (ABR 2011 review)

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ABR 2012 – 178 HPSU clients note UK as Export Destination

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95 HPSU Investments to be completed 2013

What Exporting companies need to Consider

Ambition, Passion, Vision, Commitment

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Total clarity of ambition – what are your BHAGs?

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Do you regularly talk to your team about growth measured in t/o, market share, people, customer wins?

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Passionate about solving customers problems?

•

Focused on international growth because you want to or because you have to?

You Youwon’t won’tknow know what’s what’shappening happening in inthe themarket market unless unlessyou youhave have feet feeton onthe theground ground

Tracking TrackingProgress Progress ––its its all allabout aboutmeasuring measuringthe the data: data:the thedevil devilisisin inthe the detail. detail.

Break Breakdown downmarket marketinto into manageable manageablechunks chunks&& focus focuson ontheir theirneeds needs and andhow howyou youcan canbest best serve servethem. them.

Understand Understandthe the market marketand andits its complexities. complexities.

Much Muchharder harder&& longer longer to toget getfirst first sale salethan thanwe we expected. expected.

Client feedback: • • • • • • • •

UK and Irish markets seen as similar but enough differences to require time and money resources being directed at; Validating company’s proposed UK opportunity through in-depth market research Use market research to differentiate the company’s market offering Establish UK team - market and sell the company’s differentiated product Manage partnerships Manage Online and Offline presence Walk away from bad business, finances are key Commit long-term, success unlikely to come overnight

www.enterprise-ireland.com

@EI_TheUK