Business Ireland Q4 2013

Q4 2013

PEOPLE POWER

The latest push for a directly-elected Lord Mayor

Detail in

RETAIL

Has the sector finally turned a corner?

TRADING WITH

TOURISM

Colm Carroll on the business of attracting more visitors to the capital

BUSINESS IRELAND Contents

619u Cool Grey 5u

Cool Grey 11u

On The Cover:

Trading with Tourism

24

Founder and chairman of Carrolls Irish Gifts, Colm Carroll, talks to Joseph O’Connor about the store’s evolution, the possibility of exporting the brand, and how tourism can be a major driver towards an economic recovery.

REGULARS

2

BRIEFCASE The latest business news.

8

career path Recent job announcements.

32 foLLOW THE LEADER

Votive Leadership Ireland believes followers in

the workplace are just as important as leaders.

Seán Travers discovers why.

10 Movers & shakers is huManly possiblE.

New appointments in the Dublin Movers & shakers in association with Manpower

business community.

05/09/2012 13:06:04

77 chamber UPDATE

Listing of new chamber members.

FEATURES 12

CREDIT WHERE IT’S DUE The Credit Review Office has been the voice of SMEs seeking credit in recent times. Phil Ellison talks to Credit Reviewer John Trethowan about their progress.

22 building blocks

Dean Van Nguyen explores the the history and

philosophy of Common Purpose Ireland and the

leadership programmes they offer.

PUTTING DETAIL BACK IN RETAIL

Colm Gorey looks at

whether the retail sector is finally turning a corner after some tough years of business.

34 NEW KIDS ON THE BLOCK

Business Ireland speaks to Moneycorp Ireland about

the company brand and their new set up in Dublin.

39 MASTERING THE MOCK

Seán Travers profiles Examcraft, one of the leading

suppliers of mock exam papers in Ireland.

41 A PLATFORM FOR SUCCESS

Business Ireland looks ahead to the inaugural

Laya Healthcare Pendulum Summit.

42 THE GIFT OF GIVING

Business Ireland profiles charities which companies

can partner with this Christmas.

58 motoring

Motoring Editor Michael Sheridan test drives the

instantly recognisable Mercedes Benz S-Class.

31 MAPPING OUT MEMBERS

Dublin Chamber of Commerce has a new online

15

mapping system for its members. Phil Ellison looks at the interactive tool.

28

REACHING THE SUMMIT

A SHIFT IN POWER

Conor Forest examines the push for a directlyelected mayor for Ireland’s capital.

36

Business Ireland attended the recent Dublin Web Summit and spoke to three separate start-ups about why they were there.

EDITOR: Joseph O’Connor COMMERCIAL EDITOR: Conor Forrest MANAGING EDITOR: Mary Connaughton CONTRIBUTORS: Phil Ellison, Conor Forrest, Colm Gorey, Michael Sheridan, Seán Travers, Dean Van Nguyen DESIGN: Leon Hayden ADVERT DESIGN: Alan McArthur, Seamus Neeson Photography: iStockphoto.com, Thinkstock, Livestream, NASA PRODUCTION MANAGER: Leonard Wilson PRODUCTION Executive: Nicole Ennis SALES MANAGER: Shane Kelly SALES DIRECTOR: Paul Clemenson BUSINESS IRELAND MAGAZINE is published by Ashville Media Group, on behalf of the Dublin Chamber of Commerce ASHVILLE MEDIA GROUP Old Stone Building, Blackhall Green, Dublin 7. Tel: (01) 432 2200; Fax: (01) 672 7100 Email: info@ashville.com DUBLIN CHAMBER OF COMMERCE 7 Clare Street. Tel: (01) 644 7200; Fax: (01) 676 6043; Email: info@dublinchamber.ie; Web: www.dublinchamber.ie Material printed in this journal is not necessarily endorsed by the Dublin Chamber of Commerce or by Ashville Media Group. All rights reserved. Reproduction by any means in whole or in part without the permission of the publisher is prohibited. © 2013

Briefcase D

u Dublin

ahead of New York in reputation stakes

The latest business news from Dublin.

u Collaboration

F

Delivers on Convenience

astway Couriers, Ireland’s leading franchise courier operator, has launched a new online product called Parcel Connect, www.parcelconnect.ie, an innovative new service that allows customers send, collect and return online goods via their local shop.

Speaking at the launch of Parcel Connect, Bobby O’Keeffe, CEO of Fastway Couriers commented, “Online shopping in Ireland is growing at a phenomenal rate and in particular we’ve seen a massive increase of retail sales into Ireland from the likes of Littlewoods, ASOS and Oxendales. However, barriers persist for customers around missed home deliveries and problematic and costly returns. With the introduction

2

of Parcel Connect both sellers and buyers can now enjoy a more convenient and cost effective service.”

The Parcel Connect service allows you can elect to have your parcels picked up from or delivered to a range of local shops, convenient for you. For this new chapter in Fastway’s journey they chose Payzone, Ireland’s largest consumer payments network, as their exclusive channel partner, and together they plan on changing how people use online shopping now and in the future. With just under 400 Payzone outlets already signed up, mainly across symbol group stores throughout the 26 counties, the plan is to reach 1,000 stores by the end of January 2014.

ublin has been ranked the 20th most reputable city in the world by City RepTrak® 2013, a significant improvement on last year’s 30th place ranking. Dublin ranked marginally ahead of cities such as New York (21st), Paris (22nd), Barcelona (23rd) and Rome (25th).

The results of the study, announced

by Corporate Reputations and the Reputations Institute, revealed that Sydney has emerged as the city with the best reputation. The other cities ranked in the top five were Toronto, Stockholm, Vienna and Venice. 22,000 respondents from across the G8 countries took part in the research – undertaken earlier this year – which forms the basis of the annual study measuring public perceptions of 100 cities. RepTrak™ studies delve deep into the emotional bond between stakeholders and destinations by quantifying the degree to which people trust, admire, respect and have an affinity for a city or country.

The City RepTrak™ study follows the recent Country RepTrak™ 2013 findings which placed Ireland as the 12th most reputable country in the world, improving from 15th place in 2012.

Commenting on the results, Niamh Boyle, Managing Director, Corporate Reputations said, “Cities are major drivers of economic activity and the success of Dublin, as a capital city, is crucial for Ireland’s overall economy. Therefore, having a strong reputation for a city is critical as it helps with attracting FDI, tourism, foreign knowledge and talent and with exporting our products and services – all of which further drive economic activity.”

it’s even easier to drive the amazingly fuel-efficient Honda CR-V 1.6 i-DTEC choose a deposit that suits you

¤369

¤479

¤579

¤10,060 DEPOSIT

¤6,535 DEPOSIT

¤3,330 DEPOSIT

PER MONTH*

Introducing HONDA NOW the easy way to finance your next new car. Visit honda.ie and find out how we can help you get that “new car feeling”.

PER MONTH*

PER MONTH*

Model

On the Road Price

Customer Deposit/ Part Exchange

Finance Amount

36 Monthly Payments of

Term

GMFV†† (Optional Final Payment)

Total Cost of Credit

APR %*

Honda CR-V 1.6 i-DTEC SE

¤32,595†

¤3,330

¤29,265

¤579

37 months

¤13,500

¤5,142.49

8% Fixed

¤6,535

¤26,060

¤479

37 months

¤13,500

¤4,747.49

8% Fixed

¤10,060

¤22,535

¤369

37 months

¤13,500

¤4,312.49

8% Fixed

†Includes delivery & related charges. Model is shown for illustrative purposes only. Honda CR-V 1.6 i-DTEC combined fuel consumption 4.5-4.7l/100km CO2 119-124g/km. ††The Guaranteed Minimum Future Value (GMFV) is payable if you renew or retain the vehicle at the end of the agreement. Further charges may be applied by your Honda Dealer subject to kilometre limits/condition of the vehicle.*Lending criteria and terms and conditions apply. Finance is provided by way of a hire purchase agreement. Finance example is based on a fixed rate APR of 8% and is inclusive of a once off documentation fee of ¤63.49. To qualify for this Finance Offer; a minimum deposit of 10% of the ‘On the Road Price’ and a maximum term of 37 months applies. Rate quoted is correct as at 1st of November 2013 and is subject to change. This offer is available on selected models registered/ purchased from 1st of November 2013 to 31st of January 2014. The credit provider is Bank of Ireland Finance which is a registered trading name of Bank of Ireland.

Briefcase Business News

u Masters

in Mediation

A

ramark Ireland has been recognised for its work in human resources at the Workplace Mediation Awards 2013. The event was held by the Mediators Institute of Ireland (MII) at their annual conference on Friday November 8th and was opened by President Michael D. Higgins.

ARAMARK’s submission was led by Human Resources Business Partner Michelle Hersee who outlined how ARAMARK has developed and implemented an efficient mediation process for effective conflict management in the workplace. At the Awards ARAMARK were recognised for their pro-activity and innovation in launching mediation within the large business sector.

Over the past number of years, ARAMARK has developed a small team of trained mediators

President Michael D. Higgins with Michelle Hersee

within its HR department to support the resolution of workplace issues such as allegations of bullying and harassment. The purpose of the service is to resolve differences

u Alltech

opens extended European HQ

A

Official opening of Alltech’s newly extended European headquarters.

4

lltech has announced the opening of its newly extended European Headquarters at the site of its facility in Dunboyne, Co. Meath.

President and founder of Alltech, Dr. Pearse Lyons, was joined at the official ribbon cutting by former EU Commissioner, David Byrne and Dr. Deirdre Lyons, co-founder of Alltech.

The expansion comes in response to Alltech’s growing presence in Europe, a region which has recently become number one for Alltech’s sales, globally. The facility in Dunboyne, now employing 102 people, has trebled in size and capacity from 1,200m2 to 3,600m2. Alltech has also upgraded its existing research laboratories, allowing much of

between individuals or groups at a much earlier and informal stage. It is a voluntary and confidential process and provides an opportunity to avoid lengthy and expensive investigation.

the molecular research into animal health to take place at the site. Some of the other departments based at the facility are European marketing, regulatory, sales, finance, customer service and Alltech’s quality control department. Alltech’s sponsorship of the Alltech FEI World Equestrian Games™ 2014 in Normandy will be activated from the facility as well as the Alltech Career Development Programme.

Speaking at the opening, Dr. Pearse Lyons, President of Alltech said: “Alltech opened its first international office in Ireland almost 30 years ago and I am extremely proud of what it has become; the focal point for Alltech’s European activities and a shining example of what we are about. We are experiencing tremendous growth globally and none more so than in Europe. This €10 million investment represents a commitment from Alltech to this region and to Ireland for the future.”

Elon Musk, Co-Founder and CEO of Tesla with An Taoiseach Enda Kenny. u Tech

Titans Attend Web Summit

T

he Dublin Web Summit – or ‘The Summit’ as it is now more commonly known – drew huge crowds last October, showcasing the work of some of the biggest players in the technology industry. The event took place at the RDS, Dublin on October 30th and 31st and played host to a wide range of internationally recognised figures such as Drew Houston, CEO and Co-Founder of Dropbox; Matt Mullenweg, Founding Developer of Wordpress and Jay Bregman, CEO and Founder of Hailo.

Other well known attendees included New York Times Journalist David Carr, Storyful Founder Mark Little, Elon Musk, Co-Founder and CEO of Tesla, and An Taoiseach Enda Kenny.

The Summit was founded by Paddy Cosgrave, Daire Hickey and David Kelly back in 2010 as a fairly modest convention. Since then, the annual event has grown exponentially and is now considered a major global gathering for the technology industry

6

as well as the biggest tech conference in Europe. This is in no small part due to the work of its three founders who in previous years successfully managed to attract Twitter cofounder Jack Dorsey and YouTube co-founder and CEO Chad Hurley to the event, helping to establish it within the global sphere.

The event was a truly multicultural experience with representatives coming from both small and large businesses across 97 countries, from Ireland to the UK to continetal Europe and North America, as well as from newly emerging technology markets such as Israel. Over 900 start-up companies were present where they received the opportunity to pitch ideas and attract investors.

Additionaly, there was good news for jobseekers with IDA Ireland announcing 335 new jobs with international tech firms in the country.

Meanwhile, Enterprise Ireland used the occasion to negotiate investment for startup businesses,

with the notion that Ireland would invest in international startups if other countries would invest here.

It wasn’t all about technology though. Guests of the event were also shown a good time with a number of side events including music performances by Le Galaxie, Cathy Davey and the Dublin Gospel Choir and up to 400,000 tastings of top quality Irish food and drink from over 60 Good Food Ireland-approved businesses.

The Summit proved its worth once again, managing to further cement Ireland’s status on the tech world stage. It was also a huge success for its founders who have seen the attendance rise rapidly in three years; from 500 guests in 2010 to a whopping 10,000 this year. Plans for next year’s event are already in place as The Summit is advertising tickets with a current deal of a 2 for 1 voucher costing €790. This deal is available from their website at www.websummit.ie. For more on the Summit go to page 36.

Briefcase Business News

u Investec

Raises Funds for Charity

S

Staff and management at Investec got physical recently to raise cash for Irish health and children’s charities. The firm managed to raise €160,000 for Laura Lynne Children’s Hospice, Pieta House, Cystic Fibrosis Ireland and the Ross Nugent Foundation.

The specialist bank and wealth and investment managers donated commissions on trades from their Institutional Equities desk and hosted fundraising events, such as Turbo Training and Tag-team cycling challenges, to raise the funds. The Investec Charity Day has raised over €2 million for charities in Ireland since its inception in 2003.

Aisling Dodgson, Head of Treasury, Investec, with Marie Peelo, Pieta House.

u Sage

launches Solution for SMEs

©shutterstock.com/Luciano Mortula

L

eading software provider Sage Ireland, which has over 40,000 business customers in Ireland, has announced the launch of Sage One Accounts Extra. The new solution combines the deepest and broadest online accounting capabilities Sage has on the market for small businesses, providing customers with more power, visibility and control over the most important aspects of their financial affairs.

Simon Hodgkins, Country Manager with Sage Ireland, said this new offering will enable business owners to both track and understand their company performance to a greater degree than ever. “In today and

tomorrow’s business world, our customers need to know what is happening with their company at any stage, regardless of whether they might be travelling with business or on-site with a client. Sage One Accounts Extra does just that and, with the multi-user capability, if you can’t check the data yourself, one of your colleagues will be able to do it instead.”

For the growing number of businesses seeking to trade overseas, Sage One Accounts Extra also offers the option to easily record income and purchase transactions in multiple currencies, automatically calculating exchange rate values and VAT for transactions. Payments can be recorded in any currency.

u Award

Win for Catering Company

B

rian Hogan, CEO of contract catering, restaurant and hospitality service provider, Kylemore Service Group (KSG), was named winner of the Industry Category at the 2013 EY Entrepreneur of the Year Awards last October.

KSG has created a customer focussed organisation and its dynamic management team has been able to deliver on attention to detail. They are now the fastest growing catering service provider in Ireland, with 50 per cent growth since 2008. The group now operates restaurants and hospitality services in the retail and commercial catering sectors and has grown to achieve an annual turnover of €50 million.

The company’s workforce is comprised of nearly 1,000 people operating in more than 110 restaurant locations nationwide where they prepare and serve fresh food to approximately ten million customers a year.

Accepting the award, Hogan said: “Henry Ford once said you can take away my factories, just give me my people. Tonight’s award is for the 1,000 people in KSG.” Speaking afterwards he also stated: “The economy is changing. The world is changing. You must be one step ahead all the time. That is why we are not a restaurant business anymore but instead a catering business.” g

Brian Hogan at the 2013 EY Entrepreneur of the Year Awards.

7

Career Path Job Creation

Business Ireland looks at companies expanding or starting operations in Dublin and the jobs that are coming on stream. uSentenial

Financial technology firm Sentenial has announced it will hire 110 staff as the company expands to meet demand for its payment technology.

Sentenial is Europe’s leading payments solution provider and implementation partner, helping banks and businesses prepare for the switch to the Single Euro Payments Area (SEPA) on 1st February 2014.

Sentenial’s technology has been chosen by five out of Europe’s top ten banks and in Ireland is used by all the main clearing banks. When the switchover to SEPA is made next year, Sentenial’s technology will be responsible for processing over €60 billion worth of payments a year for companies and banks across Europe.

Sentenial already employs 160 staff, having added 100 people in the past 12 months, making it one of Ireland’s fastest growing indigenous technology companies. The new roles will be filled by the end of 2014, with 30 to be advertised before Christmas. uAdroll

Adroll has announced it is to establish its European headquarters in Dublin.

It will create a total of 100 jobs by the end of next year, supporting its business in more than 12 countries.

The company, which offers an 8

online targeted advertising platform, helps businesses collect data on purchase behaviour and target marketing.

“Our belief is that every website’s most valuable marketing asset is its customer data,” said Adroll’s president Adam Berke.

Fifteen people are employed in Ireland, with the remainder of the jobs expected to be filled by the end of 2014. It is the company’s first international office. uIndeed.com

Recruitment website Indeed.com has announced the creation of 100 new jobs at the company’s Dublinbased Europe, Middle East and Africa headquarters. Recruitment for the positions in sales, client services, business development, marketing, finance and operations, has already begun and the positions will be filled over the next 12 months.

Established nine years ago in the US, Indeed.com now claims to be the world’s most popular online job search service, with sites in more than 50 countries and 28 languages.

In March last year, it opened an office in Dublin, and since then it has taken on more than 100 employees here.

US e-commerce company Gilt is to create 45 new jobs in Dublin. The new positions will be in software engineering roles as the company establishes a Platform Innovation Centre in Dublin over the next two years.

The company which currently employs over 150 people in Ireland said it will also add to finance and customer service positions in its Limerick office.

Speaking at the announcement in Gilt’s global headquarters in New York, Minister for Jobs, Enterprise and Innovation Richard Bruton said: “E-commerce is a major growth sector that we have targeted as part of our plans for jobs and growth, and in recent years we have seen significant progress in this area. uDECAWAVE

Irish semiconductor chip company DecaWave has announced the creation of 25 new jobs. The Dublin-based firm plans to fill the engineering, product management and sales and marketing positions over the next 18 months.

The new jobs come as the company launches a new semiconductor chip, which promises to make indoor location and communication more effective.

The technology has particular applications for high-value goods, for example in a warehouse, as it promises to make tracking and locating them much easier than existing technologies such as radio frequency identification or wi-fi.

Decawave is based in Dublin with offices in France, South Korea and China, and is privately held. g

©iStockphoto.com/studiovision

Career path

u Gilt

movers & Shakers appointments

Movers

Shakers

New appointments in the Dublin business community.

He has been regularly presenting his work in leading international management conferences, including the Annual Academy of Management meetings, and his research appeared in several journals. Recently, his paper on cultural intelligence (CQ) won the Global Education Best Paper Award at the annual Academy of Management meeting.

u

Dr

Jacob Eisenberg, Academy of Management

Dr Jacob Eisenberg, a senior lecturer at UCD Michael Smurfit Graduate Business School, has been appointed chair of the Management Education and Development (MED) division of the Academy of Management.

Dr Eisenberg is the first Irish academic to assume the role of MED division chair.

In his role, he will work to positively impact the scholarship and professional development of scholars, students and practitioners belonging to MED. The Academy of Management represents nearly 20,000 members from thousands of universities in 109 countries.

Dr Eisenberg earned his PhD in social/organisational psychology at Colorado State University. His research and teaching interests are primarily in areas related to organisational behaviour and cross cultural management.

as in-house PR and marketing manager in The Mardyke Entertainment Complex Cork, and was responsible for the roll out of new positions in the complex. This included bringing The Porterhouse and The Woolshed Bar & Grill to Cork.

Cox has a keen interest and vast experience in both event management and social media, having established her own blog which has been shortlisted for international and national blog awards in 2013.

u

Edel

Cox, Fuzion Communications

Edel Cox has been appointed PR consultant at the Cork office of Fuzion Communications.

Cox has a master’s degree in public relations and graduated with a higher merit business and management degree from Dublin Institute of Technology.

She worked as a PR account manager in Dublin-based Market Match, working on brands such as 11850, Littlewoods Ireland, Vichy, La Roche Posay and Roger & Gallet.

She moved to Cork in early 2012 and prior to joining Fuzion, worked

u Anne

Sheehan, Vodafone Ireland

Anne Sheehan has been appointed enterprise director at Vodafone Ireland.

Sheehan brings with her 16 years of experience in the ICT industry and will have responsibility for Vodafone’s business customers and business channels.

Expanding capabilitiEs 10

33120_Manpower_Banner.indd 1-2

movers & Shakers appointments

She joins the company from IBM where she was vice president of sales for the Nordic region. Prior to this, she was sales director for IBM Ireland.

Named among WXN’s top 25 women in business in 2012, Sheehan is active in a number of business industry groups.

A native of Clare, she has a degree in business studies, specialising in accounting and finance, and a graduate diploma in computers, both from the University of Limerick.

u Ciarán

Lavery, Jurys Inn

Ciarán Lavery has been appointed head of technical services by Jurys Inn. In his role, Lavery will be responsible for the management of capital expenditure, new developments and refurbishment projects across the group.

With over 16 years’ experience in project management and development, Lavery was previously project manager at Steve Cunningham & Associates where he worked extensively with Jurys Inn hotel group on the design, construction and handover phases of its Newcastle, Glasgow, Leeds, Chelsea, Heathrow and Exeter hotels, as well as project managing the r1 million refurbishment of its Galway hotel.

u Cera

Ward, Google

Cera Ward has been appointed country manager of large customer sales at Google.

Previously Google’s head of sales for Ireland, she succeeds Shane Nolan who has been appointed head of small and medium sized business, UK & Ireland at Google.

In her new role, Ward will head up a dedicated team within Google Ireland that helps large Irish businesses to maximise the use of Google advertising platforms and solutions to drive business growth in the digital economy.

A graduate and member of the Marketing Institute of Ireland, she is the current chairperson of the IAB Search Council.

u Paul

Moriarty, Newsaccess Media Intelligence

Paul Moriarty has been appointed as

Head of Insight at Newsaccess Media Intelligence.

Having gained extensive experience in the Irish broadcast industry, Moriarty brings an understanding of the impact of both traditional and emerging media sources on communications campaigns.

He has previously worked with radio stations such as Radio Nova and Q102. He has a bachelor’s degree in economics and insurance from the University of Limerick.

u Alex

Campbell, BT Ireland

Alex Campbell joins BT from eircom Business where he held the role of sales director since 2008. Prior to that he was CEO of a number of successful Irish software start-up companies and was also vicepresident and CEO of GMACCM Technology Europe, a subsidiary of General Motors from 2002-2005. He has also held senior management positions in IBM Ireland in both sales and operations.

In his new role Campbell will assume responsibility for the management of BT Ireland’s major accounts and government division and its sales strategy development.

A key focus of this role will be to spearhead BT’s strategy of providing managed services and ICT solutions to corporate and public service clients in Ireland. g

is huManly possiblE. Movers & shakers in association with Manpower

12/11/2012 16:17:38

11

Credit Where It’s Due

Since its inception in April 2010, the Credit Review Office has been the voice of many SMEs seeking credit. Phil Ellison talks to Head of the Credit Review Office, John Trethowan, about the work of the Office and the gradual growth of its workforce, budget and case load.

12

B

orn in Belfast, John Trethowan has had a lengthy and rather illustrious career in the banking sector. He spent the majority of his employment in Northern Bank, and was elected president to the Institute of Bankers in 2006. Having planned on retiring after his yearlong presidential spell, his services were once again required when he was head-hunted to oversee the Credit Review Office a week before the Budget in 2009.

The Credit Review Office was established in April 2010 to ensure the flow of credit to SMEs from the bailed out banks. There was no loan appeals process prior to this. The Office operates like an ombudsman, overseeing credit refusals by the banks and ensuring an independent

appeals process. For each case, a meticulous analysis or audit is required to correctly determine whether or not a business warrants a loan. The Office seeks to deviate away from the often binary loan review processes that SMEs often encounter, by working closely with AIB and Bank of Ireland. u Performing

Confidence

with

Before the crisis, banks were lending against property with people fronting the deeds to their homes or business to provide security for the bank.

In the current climate, banks have reverted back to prudential cash flow lending, which requires a greater deal of expertly executed investigation and a more thorough hands-on

feature credit review office

approach. Banks are up-skilling their workforce to be able to cope with the more complex cases to gain a further understanding of how to lend against cash flow, and this is where Trethowan and his team come in.

“We’re all very experienced bankers who were experienced in cash flow lending in the past. Our job is trying to find a solution to where a bank says a company doesn’t tick all of their boxes, but we can still see some potential viability in the business,” explains Trethowan.

A key indicator of success for Trethowan is the positive impact the Office can have on the economy through the amount of jobs they can help secure or save. “I think that the whole three years have been a success,” remarks Trethowan.

“We’ve tallied up approximately 1,600 jobs that have been created or preserved through our Office – that is the primary marker that I would use. We are massively concerned with the levels of support we can offer the Irish economy, and employment within Ireland. Based on these factors, we would deem our operation a success.”

Gaining Momentum

The team of reviewers that Trethowan employs has more than doubled since the start of its operations, and with the need for SME growth in Ireland at the moment – it is a welcome expansion.

“We’ve recruited more reviewers from the half a dozen we started off with.

We knew we were going to have to increase our capacity. In total at the moment, including myself, we have a strong team of 14 reviewers: two farming experts, one corporate expert, and the rest are experienced bankers.

“We will be needed for the foreseeable future, and the fact that we’ve increased the number of reviewers in our team, and we got the loan limit up to €3 million, indicates that the Government values us..”

We also have a good regional presence now with reviewers ranging from Donegal to Kerry, which means we can get out to business meetings to tell people what the Credit Review Office is about and how they can access credit. An important part of our business which can often be neglected is to listen to what the business has to say,” explains Trethowan.

The Office was initially empowered to assist in lending to the amount of up to €500,000, but with SMEs all over the country seeking further refinancing well in excess of that limit, the figure was increased to €3 million in the recent Budget.

This ensures the Office will not be precluded from helping certain SMEs previously outside of their financial limits. Having initially been set up as a short-term remedy for the failure of the market when the crisis was at its worst, this enhancement of the Office’s resources and reach demonstrates the recognition of their accomplishments. “We have evolved now because the number of banks active in SME lending has reduced to three (AIB, BOI, Ulster Bank).

There is not enough competition any more, and three banks isn’t enough for a market which is functioning properly. So we will be needed for the foreseeable future, and the fact that we’ve increased the number of reviewers in our team, and we got the loan limit up to €3 million, indicates that the Government values us,” says Trethowan.

Keeping Acquainted

Awareness is fundamental to the progression of the Office in the tightly monitored market. A recent industry survey shows that 70 per cent of SMEs are aware of its services, and because the Office operates in a finite market, in that it caters only for SMEs which have been previously refused credit, it’s crucial to get that percentage as high as possible.

“To gain publicity, our reviewers are dealing with SMEs at seminars spreading word of mouth about the Office. But unfortunately what we’re seeing is a reluctance with some

“Our job is trying to find a solution to where a bank says a company doesn’t tick all of their boxes, but we can still see some potential viability in the business.” businesses to approach us because they think they might damage their reputation with the bank. That would be another central thing to get across to SMEs – if you feel like you’ve been detrimentally treated by your bank, we will certainly intervene.” says Trethowan.

Shift in Climate

Credit is currently tight across Europe. A recent report published by Bain & Company entitled ‘Restoring Financing & Growth to Europe’s SMEs’, stated that Ireland was no different to the six other European countries that are going through financial difficulties at the moment.

Coupled with that, there is a section which outlines the ways in which the private and public sector have worked together to overcome the economic difficulties. “The change in the last year has been a move away from survival funding to more working capital; to actually grow the business again,” explains Trethowan.

“There is also the need to refinance away from the banks which are leaving Ireland. Danske have recently pulled the shutters up on everything except high end corporate banking.

Since the crisis began which lost Bank of Scotland Ireland, we’ve seen Anglo basically withdraw, and we had ACC announcing recently that they were withdrawing from the market. So we’re seeing quite a few businesses that were with those banks, which are trying to get refinanced with the three remaining banks, looking for a home. They’re not always bright shiny SMEs, but most of the time they are not completely ‘unbankable’. So that has been a shift in the business over the last year, and we’ve been paying close attention to it. We’ll continue to do that,” concludes Trethowan. g 13

Building business momentum

Talk to the bank that are lending to over 500 businesses and farmers every week. ✔ Great rates ✔ Straight forward process ✔ Meetings at times and places that suit you bankofireland.com/enterprise Ireland’s Enterprise Bank

Lending criteria, terms and conditions apply. Bank of Ireland is regulated by the Central Bank of Ireland.

Industry Spotlight retail sector

Putting Detail Back in Retail

In this issue’s Industry Spotlight, Colm Gorey looks at whether the Irish retail sector is finally turning a corner after a number of years of hard times and significant drops in consumer spending.

Image courtesy of Kildare Village

F

ew sectors in Ireland can claim to have undergone as much change in the fundamental ways they do business than the retail sector. The unarguable shift of consumer spending from the hustle and bustle of the high street to the internet has seen many traditional retail outlets struggle to maintain business against a competitor which doesn’t have the same overheads that affect stores such as electricity, heating bills and rent. This lack of overheads also means that online retailers can charge, in many cases, considerably less than their traditional counterparts.

What also needs to be taken into consideration is the crash in the property market and ability to negotiate business loans. The 2008

crisis may be falling into the realm of old news five years on, but its effects are still felt daily by the thousands of retailers across the country struggling to keep up payments and entice customers from the draw of online shopping.

While it is obviously attractive to the general public - especially in times of hardship - to take their shopping online, there is no denying that the retail sector in Ireland is still one of the nation’s leading employers.

According to a recent industry report, retail is Ireland’s largest employer accounting for over 250,000 jobs, 14.5 per cent of the nation’s workforce. u the

great pull out

The recent closure, and subsequent re-opening of HMV in Ireland was

one of the most publicised examples of one of the hundreds of store closures that have happened across the country in the last two years.

When it was announced last January that HMV was to close its 16 stores in Ireland with the loss of 300 jobs, the Irish public were made aware of how fragile some of the larger chain stores were in the market despite perceived high level of sales. Highlighting the volatility of the entertainment and electronic stores, Xtravision also closed its doors on many of its outlets as online sales and video-streaming hurt considerably. Some of these stores have since re-opened but not to the same degree that they once did.

Other stores have also found it increasingly difficult in the current market. Marks and Spencers 15

announced in August that four stores were to close with the loss of 180 jobs as well as Homebase, one of Ireland’s largest DIY stores, announcing in July it was to close three of its stores.

Despite these trends, Government figures would have you to believe that there are positive signs that we are beginning to get back on track. u immediate

gains, GOOD FUTURE?

The most recent figures released by the Central Statistics Office (CSO) show that for September this year, total retail sales have increased from the previous month by .05 per cent.

However, this may paint a rosier picture of the overall state of the sector since 2008. According to the CSO figures, the sales index was at

its highest over the last five years at 121.2; currently, this figure stands at 88.2. While the figure is actually an increase from the 86.2 seen at the start of the year, the current figure has come down from July’s height of 90.6.

What is clear is that the retail industry is tackling these challenges head-on by making the traditional retail experience as attractive as possible to the consumer. u DUNDRUM

TOWN CENTRE DON NUGENT CENTRE DIRECTOR

As the Centre Director for Dundrum Town Centre, Don Nugent has seen no signs of a major downturn in the retail sector in the popular shopping

Don Nugent, Centre Director, Dundrum Town Centre.

16

centre. Particularly when it comes to the amount of people entering the centre, known as footfall, Nugent believes that the centre’s management team are currently on track to achieving their targets: “Footfall is holding up well. We set ourselves a target of two per cent growth in 2013 which, in the scale of things, you normally see levelling after year five but we’re at year nine. We expect to finish the year with a growth of approximately one or two per cent.”

However, while footfall can be a good indication of how popular a store or centre may be, this doesn’t take into account actual sales figures which are obviously of the most importance. In regular discussion with the tenants that occupy Dundrum Town Centre, Nugent believes the centre is proving to be one of the most successful locations for the various companies: “In terms of sales, generally speaking, the tenants are telling us that Dundrum is performing well, relative to their business, particularly those who are located in other centres or on the high street. The majors are all performing very strongly.

For example, House of Fraser have their only store outside the UK here and it’s one of their top performing stores. Similarly with the other major chains, they’re all performing very well within the context of their own companies.”

It is generally understood that as the economy falls and people’s savings are threatened, the likely outcome is that spending patterns amongst consumers will simply cease or severely change. However, with regard to Dundrum Town Centre, Nugent feels that this is not the case and rather that consumers are actually adapting their shopping patterns to suit a tighter budget. Encouragingly for many retailers, previous consumer spending habits in relation to elite brands during the Celtic Tiger era are gradually being eroded, as Nugent explains: “Shopping behaviour has changed. People are conscious here because we have the range from Penneys, right up to House of Fraser and Harvey Nichols but there are

Industry Spotlight retail sector

some people who simply wouldn’t have shopped in what would have been perceived as the mass market shops. But this has changed in the last number of years from a feeling of denial where they would place a cheaper brand bag in the more expensive brand bag, to now being quite happy to show wherever they have shopped. I believe this behaviour will continue when things improve and I think that’s generally good for the customer and it’s generally good for the business because the ‘snob value’ attached to certain values has been diluted.”

Certainly one of the biggest questions in the retail industry is whether the prevelance of online shopping is pushing the traditional high street and shopping centres into relics of old? While certainly some areas of retail, particularly stores dealing with electronic and entertainment goods which can, in many cases, be obtained legally and illegally online at the click of a button have suffered, a large proportion of the retail industry realises that in order to survive, they must adapt.

As Nugent explains, for Dundrum Town Centre, the experience of shopping for many is more than just about purchasing something: “Online shopping is a fact of life and we have taken the view that we should embrace it rather than hope it goes away, as that simply won’t happen.

At the same time, Irish consumers in particular enjoy the social aspect of shopping. The fact that they have the opportunity to meet a friend for coffee or go to a movie is part of the shopping day. With footfall holding up and with spend holding up reasonably well, I think the bricks and mortar shopping will continue. With

“The release of next year’s budget in October this year was also a reason to maintain a level of optimism regarding consumer spending in the build up to Christmas.”

Maria McGovern, Kildare Village Business Director.

regard to online, people are selective with the products they buy and they might come in to see the product in person or they might order it online and collect in store. Some of the retailers are incentivising them to do it so I don’t think online will ever be a standalone option. They will both work side-by-side. From our point of view we watch it very closely and we’re very active in our social media as well.” u kildare

village maria mcgovern village business director

As part of the Value Retail Group, Kildare Village is one of nine other Villages located just outside some of Europe’s major cities like London, Berlin and Barcelona. Since the group was initiated 18 years ago, their focus can be considered unique among the retail industry as a whole in that while most retail centres put an emphasis on encouraging locals and perhaps, to a larger extent, people from the

surrounding cities or area to come to them, the Value Retail Group looks to tap in to the growing trend of retail tourism from the booming economic powerhouses in the Middle East and Asia. Since it was opened eight years ago, Kildare Village has put significant emphasis on the idea of the modern shopping trip being a ‘retail experience’.

Maria McGovern is Kildare Village’s Business Director and sees the international demand for a European shopping experience as their biggest contributor to footfall and sales: “The pattern across our group and the incredible growth in non-EU traffic through measures like tax refund has been essential. In the key markets, we’re seeing incredible growth as a result of many things including the waiver schemes that the Irish Government implemented a number of years ago. Many Chinese travelling out of China want to have the authentic product but they also want to have that authentic European experience. Our growth in terms of tax refund is ahead of the average of 17

Industry Spotlight retail sector

The focus that is put on Kildare Village being a place to visit, shop and see tourist attractions is plain to see when you consider that they offer a number of packages that cater to tourists and groups who would have recently arrived from Dublin Airport. the group. All the positive indicators from the group data from Fáilte Ireland in terms of traffic into Ireland, for the first time in many years, has shown a growth in visitors from Europe by 6.5 per cent but from the US it’s as large as 16.5 per cent. In all of the new and emerging markets, it’s tracking above 11 per cent so all of those indicators are good. Being part of this larger international business, all our Villages are being marketed globally through our sales reps in 14 non-EU markets. All of those efforts have shown traction.”

The focus that is put on Kildare Village being a place to visit, shop and see tourist attractions is plain to see when you consider that they offer a number of packages that cater to tourists and groups who would have recently arrived from Dublin Airport. Luxury Chauffeurs, fine dining and value cards for particular boutiques and stores incentivise tourist spending and make the Village a tourist destination as opposed to just a collection of stores. Their website has the options of four different languages and provides a web portal to encourage tourists to stay and visit local amenities while they visit the Village. The emphasis placed on overseas visitors is certainly a different one, particularly when the issue of online retailing is concerned.

However, the announcement of Budget 2014 has been seen by McGovern to be very beneficial to the Village, certainly in terms of increasing footfall of overseas even further: “With regard to Budget 2014, we will be pleased to see the abolition of the travel tax. Any initiative that is geared towards driving tourism footfall and traffic into Ireland is very favorable for us as well as a country.

We are built on shopping tourism and as a destination and we have a dedicated tourism team on the 18

ground who work with all of our partners.”

The coming year for Kildare Village is gearing up to be a successful one as they open ‘Phase Two’ which will add approximately 36 new units to the Village with a need for over 300 jobs. u kilkenny

group greg o’gorman marketing manager

For 50 years, the Kilkenny Group and its 11 stores across the country have been providing some of Ireland’s leading designer brands that appeal to the traditional sense of style with modern influences. In a similar model to Kildare Village, there is a strong emphasis placed on attracting foreign visitors and business to its store while keeping a strong national

consumer base. The importance of the consumer closer to home became more apparent for businesses like Kilkenny when tourism numbers fell sharply following the economic crisis of 2008. With one of their largest consumer bases greatly reduced, the national incentive to ‘buy Irish’ proved to be a very important move for retail companies as Kilkenny’s Marketing Manager, Greg O’Gorman, explains: “Our situation is a little bit unique because of the promotion of Irish design. We’ve definitely noticed in the last number of years that more and more consumers are aware of the importance of supporting ‘Brand Ireland’ and we have definitely seen a shift in consumers consciously purchasing Irish made and Irish designed, whereas before they might not have been as conscious. Off the back of a recession, there’s been a lot of positive messaging from the media in relation to supporting Irish business, Irish jobs and the economy and that messaging has helped us significantly.”

In the past year, and with the

Greg O’Gorman, Marketing Manager, Kilkenny Group.

recent announcement of the abolishment of the travel tax in April 2014, retail companies that have a significant stake in the numbers of tourists visiting the country have been breathing a sigh of relief as numbers have begun to grow again from the lows of three and four years ago. O’Gorman agrees that last

“People are selective with the products they buy and they might come in to see the product in person or they might order it online and collect in store.”

Products from Irish designer Orla Kiely, Kilkenny Store.

year’s visits of Barack Obama, Queen Elizabeth II and this year’s The Gathering tourism initiative have boosted international sales.

One area that Kilkenny has invested significantly in is their online presence. Last September, Kilkenny made themselves known for their collaboration with the online megaretailer eBay. As part of the deal, Kilkenny’s alliance with the website will introduce a potential consumer base of millions of people worldwide.

This, according to O’Gorman, can be of enormous benefit to Kilkenny: “To grow, we feel a partner like eBay is going to help by giving us that exposure and the awareness within 20

new consumer markets. I think there’s a credibility factor in being with eBay as its brand or reputation flows down.

Even for people who would not be familiar with the Kilkenny brand, its partnership with eBay gives an image of credibility and eBay alone has hundreds of millions of customers worldwide. A lot of the customers will be from North America which would be one of our largest international markets so it’s a great opportunity to get ourselves out there to a much wider customer base.”

However, while the benefits of such a partnership are clear to see, many retailers are anxious of how the power of online retailing will affect them and what it means to their business in the long term. For O’Gorman, their decision to partner with eBay was an example of how they see no separation between the online and the bricks and mortar shop, and rather as a way of using

both in tandem with each other and hopefully enticing return business with their stores across the country: “I think for both online and offline, for a successful retail organisation, you’re going to have to have an active and successful presence in both,” says O’Gorman. “Customers would do a bit of research, learn a bit more about the product or brand with the possibility of visiting one of your stores on their next day off. We find it drives huge traffic to our physical stores. Customers who wouldn’t have been familiar with us previously would have found us online through our digital marketing strategy and through that they would have learned a lot more about the brand and would visit one of our stores. We’ve done research on this and can speak confidently on it, the website has a dual purpose to convert sales itself but also as a window into what your brand is offering.”

So far the outlook is good for Kilkenny as the expected increase in tourists, as well as an increased online presence, is expecting to prove profitable for the Irish design retailer. However, while the outlook is certainly more promising for Irish retailers, according to O’Gorman, it is still difficult for the industry compared with five to ten years ago, as he believes the behaviour of consumers has changed to become more conscious of their spending: “It’s probably much harder work than it’s ever been before as consumers are now more cautious about where they’re spending their money and their expectation levels are probably higher. If you’re going to spend €100 on a gift, you want to make sure you’re getting the experience and service that that price deserves as well as it being a good product. Before, this might not have been the case.

There’s definitely less forgiveness from consumers now in that they won’t have a problem going to a competitor for the right reason but I don’t see that as a problem, you need to ensure you’re at the top of your game if you want to maintain and increase market share.”

Industry Spotlight retail sector

u arnotts

ray hernan, ceo

The Arnotts name is synonymous with the Irish retail sector for its history, reputation and list of quality brands. Opened in 1843, the store is not just Dublin’s oldest department store, but also the largest in the city centre. During this time, the store has witnessed many changes including the formation of the state, two world wars and numerous economic recessions and is now in the middle of an economic downturn. However, after a few tough years, Arnotts and its CEO Ray Hernan, believe that there is significant reason to be optimistic for the future of Ireland’s retail sector: “This year has been better than the previous years but we’ve had a few bumps along the way.

The very hot weather we had in July this year was right in the middle of our sale which didn’t help but apart from that, trade has been better and more consistent than it has been for a long time. What we’re now seeing is an improvement in areas that have been really affected by the impact of the property decline, particularly around items like furniture which is a large part of our business. The last eight weeks in particular have been very encouraging. This is after quite a number of years of single and double digit declines. I think the biggest challenge for us as any retailer is just because what we offer is very much discretionary in nature, most areas of your business will be impacted in a reduction in consumer confidence.”

The release of Budget 2014 at an earlier date has also been considered a masterstroke from the Government’s perspective as previous budgets only

“I generally believe that consumer confidence is showing slight signs of improvement and I think retailers would generally be reasonably optimistic for 2014 at this point.”

hindered consumer spending as Hernan reiterates: “The release of next year’s budget in October was also a reason to maintain a level of optimism regarding consumer spending in the build up to Christmas as compared to previous years where a harsh budget, poorly timed, led to considerable decreases in spending.

It was also good to not have the expectation and bad news in advance of the Budget as it was a much shorter process this time. I generally believe that consumer confidence is showing slight signs of improvement and I think retailers Ray Hernan, CEO, Arnotts. would generally be reasonably optimistic the business before they buy. That’s for 2014 at this point.” why we have continued to develop In its 170-year history, the our website and make our website trends, demands and tastes of the much more the look and feel of our consumer has obviously changed store and offer everything we offer in significantly. While certainly the store online.” same principles of fashion and value Another online innovation that for money have remained relatively Arnotts has developed is the creation unchanged, the way in which we, as of their Christmas guide app which consumers, purchase a product has replaces the traditional gift guide been revolutionised by the internet. that is distributed during the festive For Hernan, it had always been period. This app will make it more Arnotts’ belief that in order for the mobile and gives Arnotts the ability store to continue its reputation as a to put a lot more products on the leading retailer, it must embrace the app as well as creating a teaser for near-limitless opportunities that can customers by offering a gift for each come from an online presence: “I of the 25 days to Christmas, similar to think customers are doing a lot more an advent calender. This, as Hernan research on the web, no question says, is another means of not just about that, and even more so people attracting people to the website, but are now using their mobile phone getting traffic through the door: to do a lot more research where “You have to look at it as a means of they look online and then come communication with your consumers in store. Particularly for high-end instead of just an e-commerce site. products they will go on a website.

People have this concept that we have Our experience to date shows they to sell everything on the website, but want to see the item in person after some people still prefer looking at the research but a lot more people are product before coming in.” g doing research across all aspects of 21

Building Blocks or enabling better leadership to emerge wherever it can across society and the way that Common Purpose does that really is bringing people from public, private and not for profit sectors together,” says Programme Director David Duggan. “And then rather than delivering a classroombased experience, you’re providing opportunities for leaders to come together in the regions that they’re working in to engage with other leaders across sectors.”

© thinkstock.com

uDIVERSITY

For 17 years Common Purpose Ireland has run a number of leadership development programmes for participants across the public, private and non-profit sectors. Dean Van Nguyen discovered the group’s history, philosophy and what it has to offer.

F

ounded with the purpose of delivering leadership development courses to participants across a wide variety of industries, Common Purpose established itself in late eighties Britain and has since branched out to more than 50 countries. Today the group boasts an international graduate network of over 25,000 members. But while their reach grows ever larger, the central philosophy has remained largely unaltered from the fundamental idea envisioned by the company’s founder

22

– the author and former Industrial Society employee Julia Middleton.

Common Purpose Ireland was launched in 1996 with the aim of bringing their successful template to these shores. Having overseen the education of graduates through boom and bust, the group continues to run a variety of programmes with an emphasis on taking participants outside of the classroom or their usual surroundings and tackling problems first hand.

“The founding ethos of the organisation was essential in allowing

Duggan has been with Common Purpose for just over two years and is responsible for recruiting participants to the courses and delivering the most positive and beneficial experience possible. He describes himself as the “custodian of the space,” ensuring everything happens smoothly. Participants don’t learn from him but rather from each other and guest contributors who are drawn from a huge range of backgrounds. There are three main courses available via their Dublin operation (the company also has an office in Cork).

Unsurprising for an organisation functioning for as long as Common Purpose, the group boasts many a satisfied participant and its literature is peppered with several examples of positive feedback. Commenting on their Meridian Programme – which is tailored for senior leaders – Aidna Healy, Student Welfare officer at Royal College of Surgeons in Ireland, wrote: “The Meridian course allowed me to gain a different perspective from people with different backgrounds and sectors.”

Elsewhere, Jane Curtin of Jane Curtin Communications raved: “This has been a very effective use of my time and valuable experience. It gave me an overall view of business life in Dublin and different perspectives

BUSINESS IRELAND autumn 2013 SPOTLIGHT ARTICLE common purpose

from a variety of leadership perspectives. I would recommend it highly.”

Healy and Curtin represent just two of the varied backgrounds that Common Purpose attract. (“You can have playwrights alongside people working in banking, alongside senior civil servants coming together,” according to Duggan). But while Common Purpose attracts a wide variety of individuals, they have seen some common themes or threads among participants. According to Duggan, those who sign up are usually very technically qualified in their area and are looking for a practical opportunity to engage with leadership in a particular region, and all have an openness to be educated outside of their comfort zones. “What people I think really benefit from and really enjoy is the opportunity to step out of their own environment and to engage with leaders in a whole range of different settings and scenarios because it gives them the chance to reflect back on their organisation, the challenges they face and how they approach them,” he explains.

The wide variety of participants who sign up is reflected in the diversity of guest speakers, who in the past have included, among others, Father Sean Healy, Director Conference of Religious Ireland (CORI); Frank Cronin, Former CEO of Newstalk 106; and Dublin Chamber Chief Executive Gina Quin.

According to Duggan, he’s always eager to recruit those with interesting stories to tell, particularly interesting leadership journeys. “You’re just looking around at who may have stepped into a new role or who might have an interesting perspective to lend to a particular issue,” he affirms.

“You’re looking to give people some inspiration from people who have led change or brought their abilities to a different sector or a bigger context in their community or their business.” uA

advantage of the company’s global operation for the benefit of their participants, some of which have had the opportunity to attend other Common Purpose programme sessions in cities such as Belfast, London, Manchester, or as far flung as Johannesburg and Istanbul.

While the firm’s global presence may boost the attractiveness of their courses to some, other participants may be looking closer to home as a reason for signing up. With their impressive list of guest speakers and wide variety of participants, there’s always the opportunity for networking. Though the company doesn’t use networking potential to promote their programmes, Duggan admits it has been valuable to many members of their alumni. “With graduates, a lot of people would say that that was a big factor for them.

Maybe not necessarily to join a programme, but once they got there they started to realise there was a network there that they could be tapping into. And that could be for a range of different reasons. It could be for business connections but it could also be for development, or it could also be for support. The network, if you like, has a number of different strands to it.”

With participants coming into the Common Purpose programmes with various motivations and expectations, Duggan believes the courses’ benefits are very much unique to the individual. “I’ve heard

people say it’s helped them deal with their staff on a day-to-day basis. I’ve heard other people say it’s made them a much more savvy operator on a strategic level in their organisataion.

And I’ve heard other people say that it’s just given them an opportunity to get a different perspective on Dublin.” umoving

forward

Common Purpose’s central ideology may have gone unchanged since its inception, but they’ve still moved with the times. Certain elements change regularly to ensure the programmes are as up-to-date and relevant as possible.

“In a practical sense we’ve changed the structure of the programmes in the last couple of years just to facilitate people who are particularly busy, but the key elements haven’t changed in nearly 20 years,” says Duggan. “How it would change on almost an annual basis is just making sure from our perspective that we’re keeping our programme current in terms of the leaders we should be bringing in to speak, or the topics or the issues that we might be looking at. So, for example, last year we had sessions on public sector reform around the time of Croke Park II. This year we might be considering doing something around access to credit for small-to-medium enterprises. You’ve got to make sure the programme in Dublin certainly – anywhere really – is current in terms of issues and leaders.” g

Global Operation

With Common Purpose outposts positioned around the world, the Irish branch frequently takes

A Common Purpose workshop.

23

Trading with Tourism More than 30 years after the first Carrolls store opened in Dublin, the brand continues to grow from strength to strength. Founder and chairman, Colm Carroll, talks to Joseph O’Connor about the chain’s shift from a souvenir store to a gift store, the possibility of exporting the brand, and how tourism can be a major driver towards the economic rejuvenation of both Dublin and Ireland.

T

here is more to Carrolls Irish Gifts than shamrock-branded sheep and leprechaun hats.

A stroll around one of their flagship stores in Dublin reveals just that.

Having last year celebrated thirty years since their first shop opened on Main Street, Dundrum, the company has grown to become one of the largest multi-site Irish gift retailers in Ireland. With 13 stores nationwide – including two in Belfast and one in Cork – and a staff of approximately 250, Carrolls is now renowned as a one-stop shop for a vast array of Irish clothing, music, jewellery and quality Irish gifts. The man behind

this nationally recognised brand, who developed this lucrative, specialist niche market in the early ‘80s, is Dublin native Colm Carroll.

Carroll began his working career as a civil servant in the ‘70s while playing the fiddle in a family musical group in Jury’s Irish cabaret at night and working in the Meath Street and Dandelion markets at weekends.

From these humble beginnings to now serving almost 2.3 million customers per year from every corner of the globe, you could say it’s been quite a journey. Carroll provides the statistics. “CSO figures state that between six and seven million

“The store has been offering an online shopping facility for ten years now and delivers locally as well as to 265 countries around the world.

Trading online has been a crucial asset to the company.”

visitors come to Ireland each year so Carrolls are serving about onethird of all visitors to the country,” he says. This makes Carrolls a good barometer of tourist trends in the industry. uTransition

What started out as a simple variety store, Carrolls has now developed into a professional Irish gifts niche retail operation, stocking products such as Guinness official merchandise, Aran Knitwear, Irish Pewter, crystal, and Irish designed jewellery. Carroll reflects on the transition: “The change in style of business began 15 years ago with the realisation that internationally, huge department stores were selling and cut pricing an expanding range of goods to the detriment

Carrolls Irish Gifts Store

24

Cover story carrolls irish gifts

of smaller independent retailers.”

Carroll saw the need to identify a niche specialist area that he could control and develop. Having already successfully experimented with a small range of Irish gifts, he made the strategic decision to concentrate totally in this area. He introduced a new retail model of an Irish gift store encompassing everything from quality designed keyrings and magnets through to up-market Aran sweaters and Irish designed jewellery.

Coupled with this new retail strategy, Carrolls developed and have continued to invest in their online business, through which they now sell to more than 150 countries worldwide. They believe that the policy of High Street retail stores along with a professional online sales offering is the correct business model for the future. Carroll claims they have the added advantage of offering the lowest prices as well as the tradition and credibility of being a totally Irish owned company in existence since 1982. Carrolls now also have a corporate sales division that supplies Irish themed memorabilia to companies, Irish pubs and clubs both at home and abroad.

Carrolls have also adapted to the changing nature of travel. With the onset of airline baggage restrictions, Carrolls introduced a new service for their retail customers, where their purchases are packed and delivered to their home address. They also offer the in-store facility to instantly refund VAT on purchases made by their non-EU customers. “Because of the airlines and the restrictions in luggage, which does affect tourism spend in a major way, we have introduced ‘You Shop We Ship’ which we have found very successful,” says Carroll. “So customers can come in, make their purchases and if people are on a European tour, they don’t have to bring the product with them.

They just give us their name and address, we’ll pack up everything and ship it to their home destination for them.”

Colm Carroll, Founder and chairman, Carrolls Irish Gifts. u Two-Pronged

Approach

For a business model like Carrolls’ and given their products are mainly marketed to visitors from abroad (Carroll suggests that ninety per cent of his customers are tourists), retail and tourism go hand-in-hand in terms of company strategy. Carroll himself is heavily involved in the areas of tourism and the future development of the capital. Along with his three co-directors, Ray O’Connell, Lorcan O’Connor and John Kingston, Carroll has property interests in Dublin and is very positive about the city’s future. One of their current projects involves the creation of an ‘Oriental Quarter’ in Parnell Street. “Most major cities have a Chinatown and it will be a great attraction for both locals and tourists,” he says.

The company directors are currently on the boards of Dublin

City Business Association and Dublin City Business Improvements Districts. Carroll himself chairs a tourism committee for Retail Excellence Ireland and recently Carrolls became a corporate member of the Dublin Chamber of Commerce. This demonstrates the group’s determination to have an influence in the future development of Dublin City. Speaking with Carroll, it is evident from the outset that tourism and measures to attract more visitors to our shores are issues very much on his mind and he speaks passionately about the potential they hold. “We believe there are too many disparate groups in the tourism industry, all with their own singular agendas and messages. We believe those groups should come together to develop a common tourism policy. We need one marketing logo for Ireland, along with a clear and coherent message of ‘welcome’.”

25

Cover story carrolls irish gifts

uTourism

is Key

Carroll is not short on ideas about how Ireland can attract more foreign visitors. Among them is his belief that it should be made easier for non-EU tourists to receive tax back at the airport, enabling the country to attract high-spenders seeking well-priced, high-quality goods. He is also calling for a comprehensive, informative and up-to-date events calendar for Ireland, which would incentivise tourists to visit and coincide their trip with major events or festivals. Despite the need for such measures, Carroll believes we are moving in the right direction.

“There are a lot of positive initiatives happening out there at the moment,” he says. “It’s great news that Ryanair and Aer Lingus are increasing their seat capacity to Ireland. It’s fantastic that the tourist tax is gone. We need to make access as cheap and as easy as possible and the Government and the general economy will benefit from the tourist spend.”

While recognising that the UK, Europe and the USA are our most important source of tourists, Carroll believes we must put further resources into attracting affluent visitors from the Middle and Far East. Consequently, he views visa applications to Ireland as being of critical importance. “The visa application for Ireland is nine

pages long with 100 very detailed questions. This process will have to be made more user friendly. We should be rolling out the red carpet to visitors from these countries. Get rid of the barriers and extend an Irish ‘Hundred Thousand Welcomes’.”

Direct flights from China is another issue Ireland must consider if it wants to compete with other European countries, according to Carroll. He also believes that Ireland will benefit from the current visa waiver scheme between England and Ireland after Britain made it easier for U.A.E. and Far Eastern people to visit there. “It should be made permanent. That will help to increase the numbers of Chinese and Japanese tourists who will travel to Ireland. There are 1.2 billion Chinese and we need to tap into that market,” he says.

Meanwhile, Carroll welcomes Tourist Minister Leo Varadkar’s current initiative of an open consultation process to develop a new tourism policy for Ireland and applauds the Minister’s request for input from the wider business community. u A

‘Franchiseable’ Model

Carrolls’ short-term retail focus is for further expansion in Ireland.

However, following the success of its move to Belfast, the company is now considering a move into markets

The Carrolls team accepting this year’s Retail Excellence Ireland Store of the Year Award.

26

further afield. “We believe we are the best at what we do,” Carroll says with confidence. “Our stores are cleaner, brighter, better merchandised, with a more innovative and wider product range than any of our competitors.

Our Cork store recently won the ‘Best Retail Store in Ireland’ in its size category at the prestigious Retail Excellence Ireland Awards. With the opening of our two stores in Belfast which involved a learning process regarding separate currency, different government and tax legislation, delivery logistics and product requirements, we now believe that we have a retail model that we can bring to other European cities.” By the sound of things, Carroll may well be commuting to the likes of Paris and Berlin in the near future. uPerspiration

With no plans to retire any time soon, Carroll will continue to be innovative in his approach to business with the possibility of foreign markets on the horizon.

Meanwhile, he will remain dedicated to helping develop a clear tourism strategy for Ireland; something that will enable his business to flourish even more. With his eldest son Jonathan having joined the business two years ago, currently managing one of the stores, I wondered what advice Carroll had for budding entrepreneurs looking to enter the retail space in Ireland at this challenging time? “It’s one thing to have an idea and to talk about it, but for it to work you must get up and take action. There is no substitution for hard work just as the old adage states: ‘success is 99 per cent perspiration and one per cent inspiration’. You must love what you do and build up a good team of people around you. I am lucky to have developed a highly motivated, dedicated team of people, many of whom have been with me since the very early days. Success is generally down to a hard work ethic and constantly trying and pushing the boundaries.” Something Carroll knows all too well. g

27

Lord Mayor Oisín Quinn canvassing on Dublin’s Grafton Street.

A shift in Power Conor Forrest examines the push for a directly-elected mayor for Ireland’s capital city.

F

or around a decade now, the idea of a directly elected mayor for Dublin City has been floating around the political sphere.

Now, with the recent publication of the Local Government Bill in October, the public could be handed the opportunity to make this vision a reality, with a plebiscite planned for next May to gauge public opinion.

“A directly-elected mayor could mean significant change to how local government is delivered in our capital,” said Mayor of Fingal, Cllr Kieran Dennison. “This proposal gives all Dubliners a vital opportunity to have a voice and tell us if they need or want a directly-elected mayor, and if so, what kind of mayor Dublin should have.”

For the last ten years, Dublin 28

Chamber has been one of the most vocal proponents of such a figure for the capital city, arguing that a directly-elected mayor would do wonders in terms of driving efficiency and promoting the Dublin region, not just in Ireland but on an international level. “All over the world, mayors with strong executive powers and real vision are transforming their cities and making a real and tangible difference to the lives of their citizens. Over the past decade, Dublin Chamber has championed the concept of a directly-elected mayor for Dublin with the powers required to drive efficiency and to promote the region internationally,” said Chief Executive Gina Quin. “Dublin needs a champion who will be directly accountable to the people of Dublin

as a whole on issues of regional importance. Such a champion would market the region internationally as an attractive location, drive the regional integration of infrastructure, and provide co-ordinated regional leadership.” uThe

Options

A discussion paper prepared by Dr Philip Byrne from the Institute of Public Administration, Dublin, recently looked to international examples, including those models employed in the UK and USA. Currently there are 16 directly-elected mayors in England. London’s elected mayor – currently Boris Johnson – has a great deal of executive power, in areas such as economic development, transport and police, with the elected

fEATURE dIrectly elected mayor

term running for four years. The Greater London Authority consists of the elected mayor and a 25 member elected London Assembly with powers of scrutiny. Seven deputy mayors are members of this assembly, appointed by the Mayor, with responsibilities in a wide range of areas. In the US, the majority of larger cities employ the mayoral system, directly elected. Two forms are generally seen – a ‘strong’ mayor with executive powers, usually responsible for making appointments, controlling the budget and exercising the power of veto if needs be. The ‘weak’ mayor has more limited powers, and the role is more representational. Current Mayor of New York City, Michael Bloomberg, is a good example of an elected mayor with strong executive powers, with the ability to appoint officials, oversee the city’s budget, while the mayor’s office administers all services in the city and enforces all laws.

Three options have been proposed for the role in Dublin. Option one involves an elected mayor with strong executive powers, working alongside a CEO and officials (employed by the local authority as opposed to appointed by the mayor). Option two would see the elected mayor operating with a cabinet chosen by him/her while the third option is a slight evolution of the current situation – an elected mayor with no executive powers but a strong representational role. One vocal proponent of this move is current Dublin Lord Mayor, Oisin Quinn.

“Firstly, you would have all of the relevant decision-making for Dublin brought under one roof. There’s also a very visible line of accountability between Dubliners and the person who is responsible for making the key decision,” he outlines. “You [would] also have a very visible person whose job it is to drive Dublin internationally. That’s key – Dublin is competing with a lot of cities abroad.

A directly-elected mayor who is responsible for the city region and has strong executive powers is a good way of promoting the city abroad and

“Dublin needs a champion who will be directly accountable uPositive for Business to the people of Dublin as a The Dublin City Business Association whole on issues of regional has positioned themselves firmly importance.” in favour of an elected mayor.

attracting Foreign Direct Investment (FDI).

In a position paper published in September 2013, the Association noted the need for a mayor with real power, a model employed successfully elsewhere. “We are living in the so-called century of the city. This is because more than half of all people on our planet live in an urban area.

The most successful world cities are governed by elected mayors. In 2012, Global Cities Index published their listing and at the top were New York City, London, Paris, Tokyo, all described as the most powerful cities in the world and, significantly, all having a directly-elected mayor. The same cities were listed in the same order in 2008 and 2010. Therefore there is a growing awareness of the connection between a competent mayor with powers and a successful city.”

If organised correctly, a mayor with sufficiently structured power could be a catalyst for real growth in Dublin’s economy, not just short term, but further ahead into the future.

Given responsibility over economic development and budgetary concerns, a directly-elected mayor would have the potential to both reform and develop the Dublin region, making local government more efficient and stimulating job growth. The OECD has identified the capital as the only region in Ireland which can compete internationally.

Combined with findings from Forfás in its report entitled ‘Our Cities: Drivers of National Competitiveness’ which concluded that “cities are increasingly seen as the drivers of national competitiveness and of economic and social developments,” the Dublin economy has the potential to act as a driver for that of Ireland as a whole, depending on how the growth is managed. “An appropriately structured mayoral office can improve the economy of Dublin city and its competitiveness

by promoting Dublin internationally, driving co-ordination, efficiency and better public services within Dublin’s four local authorities and being accountable for decisions made in local government,” said Gina Quin, an opinion with which Lord Mayor Quinn wholeheartedly agrees. “[For] business decisionmakers contemplating where they are going to set up headquarters, they only really look at cities which have a strong directly-elected mayor they can sit down with, rather than having to navigate a huge range of government departments, national bodies, local government etc,” he explains. uBuilding

Profile

As the consulting process continues, and proponents of a directly-elected mayor continue to engage with members of the public, it becomes ever clearer that such a move is in the best interests of an increasingly efficient system of local government and a boosted local economy with increased interest from foreign business interests who can deal with a figure which has broad understanding combined with the power to make things happen. “There’s going to be a lot more chance for debate. What we’re moving towards doing is getting the Government to put a vote before the people in May 2014, on the principle,” says Lord Mayor Quinn.

“All the indications are that they will – they have very much bought into the idea that a strong Dublin is good for Ireland.” What will matter, in the end, is the public, and their perceptions and understanding. “If you’re interested in this – and anyone living in Dublin should be – it’s a very exciting opportunity for Dublin to ‘up its game’. It needs to,” Quinn concludes. g 29

BUSINESS IRELAND autumn 2013 feature ARTICLE MEMBERS map

Mapping Out Members T

he Dublin Chamber of Commerce recently collaborated with Esri Ireland to develop a mapping system which pinpoints the Chamber’s members around the greater Dublin area.

Designed to harness the relatively new concept of mapping in order to add value to its membership, the map provides both an aesthetically pleasing and informative interface.

By simply clicking on an identifiable member on the map, a box will appear which provides the company name, the nature of their business, as well as contact details.

Paul O’Neill, Member Relations Manager at Dublin Chamber, explains its significance. “It is massively important for us to know where our members are. With the number of events that we hold annually, it’s imperative that we choose the right locations. It’s also an advantage for the members to know their proximity to each other, and by clicking on any individual member you will be redirected to further information relative to the company.”

The Chamber has managed to demonstrate how any company can utilise geography and mapping systems to enhance their analytical operations. “What we see, and what we would like to see, is our members using these systems to highlight certain sectors to develop their businesses,” says O’Neill.

“Particular companies will only be trying to tap into certain trades like the pharmaceutical industry, or the Information and Communication Technology (ICT) industry, and by using these maps companies can locationally emphasise appropriate areas to their business.”

Paul Synnott, Country Manager at Esri Ireland, outlines the benefits of using geographic systems such as this one. “Our business is always about ‘where’. Where are

Dublin Chamber of Commerce, working with Esri Ireland, has developed a new online mapping system to help analyse and assess database trends, while augmenting member services, writes Phil Ellison.

my customers? Where do I need to increase or decrease demand? Where are my assets? The Chamber has a membership database but they didn’t know exactly where their customers were. So by utilising their database, and by allocating a location to each of their customers in terms of where they were situated geographically, we can provide a better overall picture from which the Dublin Chamber can then assess and analyse any trends that might occur in their database.” u information

made easy

The mapping software revolutionises the way in which we can examine information, and rather than tediously browsing through excel spreadsheets and documents, the information is presented in both an accessible and visually pleasing manner, making research both more efficient and less laborious. “We provide the canvas, and a picture paints a thousand words,” remarks

Synnott.

Presently, the Chamber’s online map is only a snapshot of the various members around Dublin. This does, however, leave room for expansion and improvement as the software has the ability to incorporate an interactive element to its interface. “If a consumer is living in Rathfarnham for example, and is looking for an accountant that’s in the area, we can provide routing to that facility. So not only does the consumer have the database of accountants, but also the ability to get there. So we’re working very hard at integrating as many levels as possible,” explains Synnott.

With businesses in Ireland being more technologically advanced than ever before, and with less need for domain expertise in creating online mapping systems, the relatively painless task of developing this tool might encourage companies and Chamber members alike to discover what benefits they can gain from similar geographic technology. g 31

Follow the LEADER V

otive Leadership was founded in 2006, a company described by Keith Stanton as a “leadership-employee development agency.” The firm has expanded quickly in its seven-year lifespan with branches established in Ireland, UK, Romania and Poland.

Some of their top clients over the years include Google, Panasonic and Johnson & Johnson. So what exactly are the aims of Votive Ireland and how do they improve the working environments for a number of large blue-chip corporations such as Topaz, Bus Eireann and Jaguar Land Rover?

“The core ideas behind the company came to me when talking to the coach of a Premier Rugby team,” says Stanton. “He said something I found quite insightful which was: ‘On the field, I need fifteen leaders but I also need fifteen followers.’ That 32

immediately had me question the emphasis placed on leadership in our society. We talk about leadership so much. It is an industry in itself and there are countless corporate and academic texts written on the subject.

But what about followers? I felt this was a missing link in businesses.” uengaging

Staff

Stanton began researching figures on employee engagement with their working environments and it quickly confirmed his impressions of workplace management and staff morale. “Recent statistics from Gallup will show people that employee engagement is very low,” Stanton says. “Only about 25 per cent of employees are actively engaged at work on a regular basis and a very high 30 per cent of employees are actively disengaged. Votive intends

to make vital changes in this area for companies that wish for a better working habitat.”

Votive rejects the emphasis on traditional methods of leadership, instead stressing the importance of followership. “The thinking behind leadership is fundamentally flawed,” says Stanton. “We still view the leader as being in a hierarchy, as somewhat disconnected from the team. Using a rugby analogy once again, I’ll use the example of Brian O’Driscoll as captain of the Leinster team and how he operates. Yes, he’s a leader but a great leader absorbs themselves into the team like he does. He focuses on doing his job in the full knowledge that everyone around him is stepping up and doing their bit for the team.

We don’t currently have that level of teamwork in the great majority of businesses.”

© thinkstock.com

Keith Stanton is a Managing Partner at Votive Leadership Ireland; a rapidly growing, international leadership development agency. Helping to improve working environments in a number of high profile companies, he explains to Seán Travers how followers in the workplace are just as important as leaders.

sme feature votive ireland

So what exactly is going wrong in the majority of businesses?

Stanton believes that employers and employees fail to see the bigger picture when it comes to a productive environment. “We are still very much dominated by the accountancy paradigm. It’s all about hitting numbers but what people need to understand is that those numbers are hit by the people. It is up to the leader of the company to recognise the potential in each employee and use that to their advantage. Right now, we have an industrial mentality. It’s about taking resources, putting them through a series of processes and creating a shiny new product. This is how we treat staff and leaders. Really, we need to start thinking more like the farmer. Every year, he has to get the best potential out of his crop. But all he can do is prepare the ground to a put a seed in it, put the seed in the ground and spend the rest of the year managing the environment.” uA

The companies which Votive has worked with have seen a significant increase in business productivity. “In the case of Topaz, we dealt with a team who had experienced difficulty in achieving their targets for four years,” says Stanton. “We introduced a momentum programme. The programme contained a number of modules to help out the team.

We carried out very detailed, high-level diagnostics followed by modules in self-leadership, awareness, communications and influence, complete with coaching interventions. At the end of this, Topaz managed to hit 203 per cent of target last year and their Retail Director, Frank Gleeson, has said that we were the definitive factor in making that happen.” This year the programme won the prestigious ‘Sales Training Programme of the Year’ at the Irish Sales Champions Awards.

uGlobal Reach tailored approach Votive is a small company but

Votive Ireland boasts an impressive client list that contains top companies such as Topaz, Bus Eireann, Aramark and Laya Healthcare. So what is their strategy when it comes to improving leader-employee relations in each of these companies? “There is no clear-cut strategy,” Stanton reveals.

“We tailor our strategy after a detailed analysis into each company.

Once we are familiar with how the company is run, we then come up with a plan that is best suited to that establishment. Ideally, we like to first go to the senior team and do some strategic work with them. It is hoped, that with our training, they become sponsors for the organisation and they will work with the next level of management and our plan will be implemented right down through the organisation. In most situations, we are brought into a particular division and then work our way up from there. We work with the company in a partnering capacity for about two years where we provide training and ensure that the changes implemented remain in place.”

partnerships with wine and spirits company Pernod Ricard and Athlon, the largest car lease company on the continent. “We’re also going global with Jaguar Land Rover,” Stanton adds. “We’re heading out to their senior teams in emerging markets such as Moscow, South Africa and China. So the company is doing quite well.”

So what are Votive’s ultimate goals overall? “I don’t know any leaders who have a series of environmental targets as their KPIs,” says Stanton.

“They tend to be all numeric ones.

But the right environment brings the best potential out of an organisation and this leads to effective followership flourishing. Right now, followership is very low in most companies. We aim to change this one step at a time and offer the best possible service to every company so that these changes will gradually spread and flourish throughout the corporate sector.” g

“It is up to the leader of the its influence is spreading across the globe, largely thanks to their company to recognise the trained professionals. There are four potential in each employee and managing partners, including John Treanor, the 2000 winner of the UK’s use that to their advantage.”

Entrepreneur of the Year award. “Our employees have MSCs in Leadership Development and Employee Engagement and our Engagement Director, Helen Travers-Dade, has previously worked for a large Government agency in the UK,” says Stanton.

In Ireland, they recently formed a new partnership with RTÉ, working with television executives there.

In the UK, they work with Johnson & Johnson and in Keith Stanton, Managing Partner, Votive Leadership Ireland.

Europe, they have 33

New Kids on the Block

Less than 12 months after the establishment of their Irish output, Business Ireland spoke to Moneycorp Ireland Director Bryan McSharry about the company’s philosophy, the Moneycorp brand and why 2013 was a good time to set up in Dublin.

34

to their expertise and ethos.

Headquartered in London and owned by the RBS special opportunities fund, Moneycorp boasts over 1,000 employees worldwide and traded over €13 billion of FX for clients in 2012. In attempts to differentiate itself from banks, the newly-founded Irish branch is building its reputation on five key pillars: a promise of FX rates consistently better than that of their competitors; market-

leading online dealing and payments platform; forward hedging limits; zero payment charges; and direct access to what they claim is the most experienced FX dealing team in Dublin. u a

changing landscape

With a proven track record over an extended period of time, some may ask why it took so long for Moneycorp to make their first

© thinkstock.com/istock

A

globally recognised name in foreign exchange services for over three decades, Moneycorp finally established itself in Ireland last January with the opening of a Dublin office on Windsor Place. Quickly assembling a team with vast experience within the sector, the company’s presence in the Irish market has grown at an accelerated rate since its inception and they have rapidly built a considerable group of clients drawn

sme FEATURE MONEYCORP

foray into Irish territory. Indeed, in an economy that continues to trundle on unremarkably, why set up shop here at all? But according to Moneycorp Ireland Director Bryan McSharry, the company has been drawn here by what they saw as a growing opportunity to provide foreign exchange services to Irish companies at more competitive margins than were being delivered by the banks. “The landscape in Ireland changed since 2007,” says McSharry.

“You had a number of banks closing down – Anglo was closing, Bank of Scotland were closing – and a number of other players were changing the nature of the services they were providing in Ireland. So in summary, we felt Irish business wasn’t getting as competitive a foreign exchange offering as they should be, so we felt there was an opportunity to bring a non-bank specialist foreign exchange provider into the Irish market to offer Irish companies an alternative to the banks when it came to managing their foreign exchange exposures.”

Despite the closure of some high profile banks, foreign exchange remains a competitive market with long-established operators. Still, McSharry believes Moneycorp is well placed to compete in the sector with huge potential. “The foreign exchange market in Ireland every year is a couple of hundred billion euros and that’s made up of about 130 billion of the import and export of goods priced in currencies other than the euro, about another 40 billion for the import and export of services, and the balance then from investment flows,” he says. “So there’s a massive amount of foreign exchange transacted in Ireland every year and effectively, we felt that we could deliver a better offering than a lot of the banks and that’s what brought us here.” u global

network

Having spent 12 years in Investec and ten years with IBRC (formally Anglo Irish Bank), McSharry is an example of the Moneycorp team’s

background in the corporate foreign exchange sector, with some key members of the team having served time with AIB, Danske and Bank of Ireland, among others. Adding to the team’s in-house expertise, Moneycorp Ireland can also draw from the resources of the global Moneycorp network, meaning that security – an important factor for any potential client – is state of the art and the logistical problems of setting up a new company earlier this year were mostly painless.

“Effectively what we’ve done is we’ve brought together a team with a vast amount of experience in the corporate foreign exchange space because ultimately the service we’re trying to replicate for Irish companies is what the banks have traditionally provided in terms of foreign exchange management,” asserts McSharry. u Rapid

“The company’s presence in the Irish market has grown at an accelerated rate since its inception and they have rapidly built a considerable group of clients drawn to their expertise and ethos.”

Growth

Since the company’s establishment it’s gone from strength to strength.

From a standing start they’ve secured 150 corporate clients and at time of writing are in the process of recruiting at a senior level. In fact, such has been Moneycorp Ireland’s rise, they’ve moved ahead plans to enter the private client market as well. “When we brought the Moneycorp foreign exchange offering to Ireland we had initially intended to focus solely on the corporate sector and to provide foreign exchange services to Irish companies,” explains McSharry.

“But it’s become clear to us by some of the activity that we witnessed that there’s a clear opportunity to provide foreign exchange services to the private client market as well.

Over the next month we’re going to launch a private client business that will sit in parallel with our corporate foreign exchange business.

“We had always expected to do that but we hadn’t expected to do it so quickly. We felt our first two years would be spent building up the corporate piece. The corporate piece has gone so well and the opportunity

Bryan McSharry, Moneycorp Ireland Director.

in the private client piece is so clear that we’ve decided to accelerate the launch of a private client business, so we hope to announce that in the next month.”

Despite pushing ahead with these plans earlier than initially expected, McSharry claims he is not surprised by the company’s accomplishments, believing they have only taken market share by demonstrating that the firm can deliver value to the Irish corporate sector by providing better foreign exchange rates to them. “We believe there is a meaningful opportunity here for ourselves and we’re in the process of trying to capture significant market share in the shortest period of time possible.” g 35

Speakers take to the stage at this year’s Summit.

Reaching the Summit u Prisync,

TURKEY Burc Tanir, Co-Founder

Tell me a bit about your product.

Our team co-founded another start-up two years ago which was a completely different product. We developed it for a year, received funding but it in the end it failed.

So we all took to this new application last February and in four months we launched Prisync. In September we started gaining traction and in only one and half months we are actually profitable.

36

What we do is competitor tracking for online shopping sites. So we track the prices and stock availabilities of the online shops that are selling the same products at different prices.

Users can set their own optimum pricing in order to maximise their sales margins. We also send notification emails if a competitor changes its price, enabling our client to also change. It’s sort of spying on competitors for online shopping sites.

It is an application which works on every device.

How did you end up at the Dublin Web Summit?

We received a formal invitation through a Turkish tech blog. We have good PR back in Turkey and they said, “okay guys, you deserve to be there.” So we came here with their help. We are trying to meet international customers. We are actually more after customers than investors. We already have funding so we just need sales.

How has the experience been so far?

The problem here is that we are all start-ups so we are actually all selling something. There is sort of an excess in supply of services but there are also some e-commerce companies

Summit images © Livestream

Last October, up to 10,000 people attended the Dublin Web Summit. The event drew some of the most recognised names in the tech world, as well as 900 start-up companies which were given the opportunity to pitch ideas and attract investors. Business Ireland was there and spoke to three separate start-ups who had come from afar to peddle their wares.

BUSINESS IRELAND autumn 2013 Feature ARTICLE dublin web summit

that are potential customers so I’m just walking around, pitching the idea to them as a sales guy. It’s working out; so far we acquired two new customers which is not bad for one day.

For further information visit www.prisync.com u TUZZit,

belgium Francois Pirart

Tell me a bit about your product.

Our product is very simple. We virtualise the whiteboard that you can find in all meeting rooms, in all classrooms. It’s the perfect tool for collaboration and we wanted to recreate the easy feeling of collaboration online by connecting it to the web with other kinds of content. You can add videos, photos, you can share it on social media.

You can interact directly with your collaborators by chat and video conferencing.

How did you end up at the Dublin Web Summit?

It was easy to get involved. We went to the Pub Summit in Brussels where we met the organisers of this summit. We had a few beers of course, because we are from Belgium, and they were very interested in our collaborative tool and asked us directly to come here. It’s very good for us because we have just launched this application and we are getting more and more attention from universities, from the media in Belgium and here it gives us an opportunity to receive feedback from people all around the world.

Do you have investors on board?

Yes, we started last year. We did our first round with an investor in Belgium. They were really good to us. They invested around €400,000.

Here, we are not really looking for investors. We are looking more for user acquisitions because we are very confident that the tool can grow by itself for one year. In a year’s time we will seek a second round of funding.

The Tuzzit Stand (inset). Alpha Village, Dublin Web Summit.

How has your experience been so far?

The Summit has been very nice. It is tough of course because you are always rushing around as a start-up.

But the experience is amazing. The people in Ireland are very friendly.

Everyone comes to talk to you, to have a pint and to share ideas with you. Even the people that are not interested in the app are coming to us for chocolate. That’s how we created a little bit of Belgium here!

For further information visit www.tuzzit.com

also never been to Ireland before! It’s great because it’s very global. I get to see start-ups that I would never have heard of before. It was very interesting to see more start-ups at an early stage already contributing to our global economy.

u Markerly,

UNITED STATES Sarah Ware, Co-Founder and CEO

Tell me a bit about your product.

Markerly is a content agency that connects brands with bloggers, creates custom content, and amplifies content as recommended reading.

We advertise content to over 300 million people monthly. We have about 20,000 bloggers in our network and we connect brands to bloggers for digital product placement.

How did you end up at the Dublin Web Summit?

They reached out to me to check if I wanted to be part of it. I read about it and it seemed awesome and I had

Sarah Ware, co-founder and CEO Markerly.

What next for Markerly?

Sales and automation. Because our clients are increasingly moving over to a subscription with us we are focused not only on sales, but also on automating more of our account management so we can continue to give great service without the need to hire more staff.

For further information visit www.markerly.com g 37

CRISTINA STAMATESCU I m m i g r at i o n L aw S o li c i t o r s

Cristina Stamatescu Solicitor’s mission is to provide high quality legal services with integrity, professionalism and respect for clients and the community. We take a genuine interest in our clients, understand their objectives, and meet or exceed their expectations. For our clients, we will work hard, provide superior legal services on a timely, effective and efficient basis, and maintain the highest standards of professional integrity.

Areas of Practice

Contact Us

For scheduling a consultation

• Asylum and Immigration Law

Phone:

​• Personal Injuries

Mob:

01 477 3935

• Family Law​(Legal Aid)

087 1514292

• Criminal Law​(Legal Aid)

01 402 9587

Fax:

• Employment Law

Web:

• Social Welfare

Email: cstamatescusolicitors@gmail.com

www.cssolicitors.com

Harcourt centre, Block 4, Harcourt Road, Dublin 2

sme Feature examcraft

Mastering the Mock service the education system in various ways.”

© thinkstock.com/Fuse

u products

Examcraft is one of the leading suppliers of mock exam papers for Junior and Leaving Cert students in Ireland. With numerous changes in education over recent years, Examcraft is not narrow in its approach to business and meeting customer needs, writes Seán Travers.

P

hilip O’Callaghan is the Managing Director at Examcraft, one of the leading suppliers of mock exam papers and correction services for Junior and Leaving Cert students across the country. A former secondary school teacher who taught at CBS Naas and CBS Artane, O’Callaghan first became involved with the company in 2002. “One of the incumbents ceased trading and I purchased the trading name for Examcraft. We’ve been up and running ever since,” says O’Callaghan.

In its infancy, O’Callaghan says

the company faced some challenges but the company took necessary measures to counter this. “It was quite cyclical,” he says. “We would be very busy during that January to March period when students were sitting their exams but we would be very quiet for the rest of the year.

In those days, we had primarily temporary staff. To change this, we began expanding the business so we could balance the revenue cycle throughout the year. So now we have a number of different brands which come into play at different times of the year. However, all these brands

& services

Describing the different products and services the company offers, O’Callaghan splits them into different divisions. “Our biggest division is supplying mock exam papers and correction services to schools around the country,” he says. “Our next division produces communication resources for schools. These take the form of school websites, journals and prospectuses. We are also the only producer of some Irish language materials for Gaelscoils and we are the only supplier of mock exam papers through Irish.”

More than just being a supplier of products, Examcraft also visit schools to conduct seminars to help students with study. The provision of these personal development programmes is testament to the diverse range of services being offered by the company. “We deliver seminars to school students to help improve their study skills and also provide programmes in leadership,” O’Callaghan explains. “We deliver these programmes through The Super Generation brand. We have five trainers delivering seminars in schools to give students a methodology for studying that is tailored to suit them. With Transition Year students, we typically deliver the leadership programme to give them an opportunity to reflect on the beliefs that they may have about themselves and to assist them putting an action plan in place to achieve their goals. In keeping with the Transition Year programme, there is a great emphasis on personal development.” u The

Spanish Acquisition

Examcraft recently made a significant addition to their company with the 39

sme Feature examcraft

“Precision is key to Examcraft’s work and the company strives to ensure that its papers reflect the type of exams which students will face come the summer.”

Philip O’Callaghan, Managing Director, Examcraft.

acquisition of Spanish software firm, Class IS from The King’s Group.

This has led to them creating a technology division which they have rebranded as Learning Data. The new technology allows Examcraft to build management information systems (MIS) in schools in Ireland and overseas. Examcraft acquired Class IS over the summer, a move Callaghan describes as a “good opportunity” for the company. “We looked at internationalisation strategies with the assistance of Enterprise Ireland’s Going Global programme,” he says. “This particular niche of MIS gives students the correct tools for managing their academic and personal goals. We hope this product will help young people become more aware of the ‘quantified self ’. Through this, they will be able to record what they are doing, track how they are performing and modify their behaviour accordingly, depending on their skillset or area of interest.

40

Equally important in the current climate is that schools which use our system can save significant money by becoming more paperless.” u Ready

for Change

O’Callaghan says that he and the staff at Examcraft are acutely aware of the changes in education over the years and will continue to adapt to meet demand. From 2017, the current Junior Cert will be moving towards continuous-assessment with a lesser emphasis placed on exams. O’Callaghan is prepared for these changes. “It is likely that the requirement for external mock exams is going to be reduced because the emphasis on terminal exams will be reduced, in general,” he says.

“However, part of our strategy in joining the Going Global programme was to identify new opportunities such as Learning Data which we are now providing to schools. We can also similarly adjust to the new Junior Cert syllabus. While the nature of the Junior Cert may have changed, that does not mean the opportunity has gone. It just means that the nature of the opportunity has also changed.”

Precision is key to Examcraft’s work and the company strives to ensure that its papers reflect the type of exams which students will face come the summer. This is coupled with the firm’s goal of remaining innovative; constantly evolving with the education system as well as with advances in technology.

O’Callaghan explains what is essentially a twelve-month process in creating the exam papers. “We normally have two to three people who set the exam papers in February and they work collaboratively,” he says. “Collaboration takes longer but ultimately suits everyone in the long run. When these papers are set, generally in late summer, our editor proofreads them and then these papers are sent out to teachers so that we receive feedback. We don’t want the paper to be too difficult or too easy. We want it to be a close indicator of what the actual state

exam will be like. We endeavour to craft papers very similar to previous papers, both in terms of assessment and how they are marked, without rehashing anything.”

A number of Examcraft’s staff come from teaching backgrounds. This proves to be of great benefit to the company, giving them an inside track on the education system. “With quite a few of us being teachers ourselves, I think that gives us a critical advantage in understanding both the needs of the school and how the school operates,” says O’Callaghan.

“The head of our technical division, in his position as a former teacher, has that advantage of knowing what software would best be suited for a school. Similarly though, during product development, we always speak with the customer regarding their needs because perspectives which I personally would consider good may now be irrelevant since my teaching days many years ago.” u Engagement

Going forward, Examcraft intends to place a continued emphasis on software development which marks a significant advantage for them as a company both within and outside of the Irish market. Regarding the future of education and continuing growth of technology in schools, O’Callaghan says: “Technology presents many positives for young people. It allows students to engage with learning at a far deeper level. The role of the teacher can change from ‘sage on the stage’ to a facilitator. If you take the Junior Cert with its orientation towards project-based work, I think students can really learn with this technology.

They have the possibilities of personalising learning with adaptive learning software. However, nothing changes until the the modes of assessment begin to change. So as the modes of assessment broaden, technology is going to become more integrated into teaching and learning.” Whatever the changes, it can be expected that Examcraft will be ready to adapt. g

Q&A Pendulum Summit

A Platform for Success What is the Laya Healthcare Pendulum Summit?

The Laya Healthcare Pendulum Summit is the first International Business and Self Empowerment Summit to be held in Ireland.

It explores how everyone, from successful business professionals to aspiring academics, strive for something more, something bigger, and try to find the magic ingredients that will allow them to maximise their potential in every aspect of life.

Frankie Sheahan, Director of the inaugural Laya Healthcare Pendulum Summit tells Business Ireland about the event.

Where and when will it be taking place?

The Convention Centre Dublin on Thursday January 9th 2014.

How did the Summit come about?

From my sporting days, I was always

Canadian astronaut, Colonel Chris Hadfield, will be the keynote speaker at the event.

passionate about success and being as good as you can be. I always had a passion for constant improvement and have read lots of personal development and business books.

We also source speakers for events all the time with my company Front Row and deal with some of the best motivators and business people around. I wanted to bring all of these pieces together and have something that was industry and department inclusive with not just a ‘touch-feely’ approach but with a strong business element incorporated.

What are the main aims/goals of the Summit?

The Laya Healthcare Pendulum Summit will provide a platform for self-empowerment, learning, motivation and positivity. Through a series of interactive presentations and discussions, a key goal is to focus the delegates’ mindset on maximising their potential, creating a positive work-life balance, raising their performance levels, developing

a growth mindset and jumping out of their comfort zone!

Can people still get tickets to the event?

Yes, there are a limited number of tickets available. Tickets can be purchased via our website www. layapendulum.com. Currently we have a Christmas gift rate available for delegates at €365. We also have a number of corporate packages and exhibitor spaces available. You can email: welcome@layapendulum. com or call me directly on +353 21 427 8467 for more details. You can also keep in touch with us on Twitter @layapendulum, LinkedIn and Facebook.

Why should people attend?

This event could change your life and this group of speakers will never again be on a stage together, so get your 2014 off to a flyer. There is a great saying: “Never wish that life were easier; wish that you were better.” (Jim Rohn). g

©iSNASA

What speakers will be at the event, and what are some of the topics that will be discussed?

The theme of the inaugural Laya Healthcare Pendulum Summit is ‘Wisdom from Inspirational Minds’, and it will see the best line up of inspirational speakers for a one-day event in Ireland. Each speaker will deliver their key life lessons in one game-changing speech.

Colonel Chris Hadfield, the famous Canadian astronaut is our keynote speaker. Adressing the topic ‘The Sky is NOT the Limit’, Colonel Hadfield will focus on how he kept himself inspired and motivated in solitude. Other speakers include Paddy Cosgrave, Co-founder of the Web Summit; Formula 1 business guru Mark Gallagher; Sport and Corporate Coaching Consultant, Dr. Frank Dick OBE; and MD Twitter Ireland, Stephen McIntyre.

Irish philanthropist and business expert, Kingsley Aikins, CBE will MC the event and will be joined by broadcaster Miriam O’Callaghan, as guest interviewer.

41

The gift of giving. u BUMBLEance

BUMBLEance is the world’s first interactive children’s ambulance and is wholly owned by the Saoirse Foundation, a national children’s charity. Every parent knows how traumatic an ambulance journey is with a sick child. Our aim at BUMBLEance is to make every journey a happy journey.

BUMBLEance looks like a giant Bumble Bee on the outside. Inside, all of the necessary state of the art medical equipment is hidden and the child will experience a comfortable journey with their 42

parents, surrounded by all the latest gadgets and gizmos; including iPad Mini, Playstation, Nubi, sensory lighting and all the fun and games you can imagine. The Saoirse Foundation, which receives no state funding for this service, is very hopeful of support from the business community and members of the public. These donations are integral to the future of the BUMBLEance service in Ireland and its growth.

The charity is also hoping to collect 30,000 used mobile phones, sufficient to allow the service operate for 52 weeks of the year.

u Concern

Concern’s Corporate Gift of Hope Appeal is a wonderful way to show your company cares for the world’s poorest people. There are gifts to suit all budgets and your donation will go to those who need it most.

In return for your kindness, there are certificates, website banners and tailored e-cards so you can tell your clients about the generous gift you’ve made. For gifts over €250 your company name can be featured in a newspaper ad on December 19th and for gifts over €1,000 your logo can be

“Our goal is to create a leadership group of companies in Ireland that will revolutionise the relationship between business and disability.”

© thinkstock.com

Choosing the right charity to donate to this Christmas may seem like an overwhelming task. Business Ireland profiles some of the most respected organisations in Ireland which companies can partner with or contribute to during the season of goodwill.

BUSINESS IRELAND autumn 2013 Feature ARTICLE charities

featured in the ad. www.concerngifts. org/corporate (01) 4791301 or email corporategifts@concern.net u Gorta

Your business can help make a massive difference to the lives of people in sub-Saharan Africa.

Working with the Gorta model of ‘sustainable and long term development’, you can drive change and take advantage of a solid relationship which your company can build with Gorta. From staff fundraising to skills exchange and genuine collaborations with local enterprises in Africa, your input will make the world of difference.

Our three key areas of work are: Food and Nutrition, Water and Sanitation and Enterprise Development.

To find out more log on to www. gorta.org or contact Noel Keogh our Corporate Partnerships Executive: noel.keogh@gorta.org 01 661 5522 u Irish

Cancer Society

The Irish Cancer Society is Ireland’s national cancer charity. Established in 1963, 2013 is our 50th year.

The Irish Cancer Society provides information, support and care to those with, and affected by, cancer; funds cancer research; and advocates on behalf of those with cancer. The Society is almost entirely funded through the generosity of the public and receives less than five per cent government funding. This year the Society launched its new five year strategy entitled ‘A Future without Cancer’, which is the Society’s vision.

The mission of this new strategy is to eliminate cancer, with four key goals to achieve this; reduce the risk of cancer; improve lives; lead excellent collaborative research; inform and influence public policy.

To find out more about the Society, for information or support, or to make a donation - visit www.cancer.ie u Irish

Guide Dogs for the Blind

Eighty per cent of the Irish Guide Dogs for the Blind’s budget

“Working in over 150 countries across the world, UNICEF is committed to finding the best and most cost-effective ways to save children’s lives.” comes from voluntary donations.

Events and the sale of Christmas merchandise is one of the main ways in which the national charity generates much-needed revenue each year. The organisation provides its guide dogs to people who are visually impaired, assistance dogs to children with autism and its whole range of training services to people who require it completely free of charge.

Mairead Farrell, one of Ireland’s best-known radio presenters, recently launched Irish Guide Dogs for the Blind seasonally themed 2014 calendar and its range of Christmas goodies including some ‘pawsome’ Christmas cards and Christmas baubles. To purchase some puppytastic cards, calendars and Christmas gifts please check out www. guidedogs.ie.

For further details contact: Paula McGovern, Communications Manager, Irish Guide Dogs for the Blind, Model Farm Road, Cork.

Telephone: 021 487 8203 Mobile: 087 6402716 Email: pmcgovern@ guidedogs.ie u Kanchi

The Kanchi Network is a one-stopshop for businesses seeking to improve on how they include people with disabilities in all that they do.

Our goal is to create a leadership group of companies in Ireland that will revolutionise the relationship between business and disability, so that people with disabilities will be recognised and valued as consumers, talent, suppliers and members of the community.

We work with organisations across all sectors, providing training and consultancy services (including disability audits) across all areas related to disability and business.

Our general disability awareness training is eligible for 90 per cent grant funding for private businesses.

u Oxfam

Ireland

u Unicef

Ireland

Supported by people across the island of Ireland for more than 50 years, Oxfam Ireland works in multiple ways to change the structures that make and keep people poor.

Locally linked in a global movement working in more than 90 countries, we are a humanitarian, development and campaigning organisation with 51 shops and more than 1,000 volunteers.

You can support our work this Christmas through our 12 Days Humanitarian Appeal raising vital funds for our life-saving emergency responses, including the current Syria crisis, or by making life-changing, long-term projects possible through our Oxfam Unwrapped gifts.

See www.oxfamireland.org Working in over 150 countries across the world, UNICEF is committed to finding the best and most costeffective ways to save children’s lives, providing health care, nutrition and education to help every child realise their full potential.

Tens of millions more children have been able to survive with UNICEF’s support. Despite these successes, over nine million children still die each year, many from preventable causes. Right now, UNICEF is working to protect the millions of children who are in imminent risk in Syria. Our programmes in Syria are only 50 per cent funded. We are in urgent need of support.

UNICEF Ireland works with the businesses to find mutually beneficial partnerships that deliver lifesaving donations to our organisation as well as commercial and brand benefits to our partners. Contact mike@unicef.ie or 01 809 0278 for information on how you can help UNICEF and how UNICEF can help your company. g 43

Get SEPA ready with Sage

Single European Payments Area (SEPA) comes into effect on 1 February 2014, are you ready?

With Sage accounts and payroll software on your side, you will be.

Call us on 1890 88 20 40 or visit www.sage.ie/sepa

Feature EDAY

Time to

Cheque Out

The public sector will no longer issue or accept cheques in their dealings with businesses from September 19th 2014 in an effort to reduce cost and improve cashflow for Irish businesses. Here, a number of organisations and financial institutions explain the aims and benefits of e-Day.

F

riday 19th September 2014 has been earmarked as the date after which the Irish public sector will no longer make use of cheques in their dealings with businesses. The e-Day initiative is aimed at encouraging SMEs to migrate from using cheques – SMEs are the issuers and receivers of over 60 per cent of all cheques in Ireland.

It is envisioned that this move will reduce the time in which businesses get paid, and avoid further costs such as bank charges and postage.

uSage

Ireland

Simon Bell, Commercial Manager with Sage Ireland outlines the benefits of e-Day and why it makes sense to be prepared now. e-Day – the landmark day when the Government will move to only making electronic payments (ePayments) to and from businesses in Ireland, will be a day of significant change. The deadline of September 19th 2014 may seem like a long way off, but as it will have such a major impact, it’s well worth being aware 45

Feature EDAY

and prepared in advance.

Whilst change, especially for business, can often be seen as a hassle, it’s worth looking at the benefits that the Government’s move to ePayments brings.

Firstly, moving to ePayments to and from Government, its departments and agencies, brings about greater efficiencies in terms of payments processing. In the same way that businesses will recognise greater efficiencies, so will Government, and one of the key benefits of this is that payments effectively become data.

Data insight is infinitely more useful in terms of assisting decision-making for Government and businesses alike so anything that speeds up this process is certainly beneficial.

Then there’s the question of cash flow – a vital part of any business.

Traditionally it can take a long time to get payments in Ireland, thanks largely to a business culture that still uses cheques which take time to clear through the banks.

Also worthy of consideration is the ‘friendly’ economy. The small, close knit relationships between different businesses in the Irish economy can be a real benefit, but they also lead to flexible and rather casual credit arrangements. That can, therefore, make it difficult to decide exactly when flexible credit terms become bad debt, as well as making it hard to chase payments.

46

uFirst

Steps

So, by championing and supporting ePayments, the Government is enabling other businesses to follow suit by pushing them to make the first steps on this journey via their transactions with Government. This will help reduce the time it takes for businesses to pay each other and provide a clear benefit to their cash flow.

There’s no doubt this is a big change and it will have a considerable impact.

For most businesses, two of the biggest outgoings are staff wages and payments to government, such as VAT and rates.

So when both of these are made by electronic payment and clearing times are reduced, there’s likely to be a big impact on business cash flow.

Businesses will need to understand their cash position at any point in

time leading up to an ePayment and ensure that the cash flow into the business is sufficiently managed to ensure there is no shortfall. The best way to make sure they have the capital to cover their costs may be to make sure they get payments from their customers quickly, by themselves accepting ePayments which will cut credit and clearance times.

With the inescapable facts surrounding how future business will be done in Ireland that come with the National Payments Plan (NPP) and e-Day, coupled with the imminent SEPA deadline of 1 February 2014, a significant requirement for change will be placed on businesses, in more ways than perhaps previously considered. Cash flow is the lifeblood of any business so in order to ensure that this is correctly managed in the lead up to e-Day, now is the time to act so that business risk is mitigated ahead of the September deadline. uDanske

Bank

The problem of late payments is an acute one for Irish businesses, and Ireland’s cheque culture is a significant contributor to this. Moving towards electronic payments will benefit businesses and Government, and should radically reduce costs for both over time, according to Danske Bank.

The NPP targets savings of up to one billion euro per annum which can be achieved through a shift away from cash and cheques towards

Terry Browne, Country Manager, Republic of Ireland, Danske Bank.

Feature EDAY

electronic payments. Research recently commissioned by Danske Bank showed that Irish companies are broadly supportive of the Government’s plans but many are unaware of the specifics involved.

The survey of 300 of Ireland’s senior financial decision-makers across a range of multinational, large corporates and some small businesses showed that 57 per cent are unsure of the potential impact of the NPP. Just 30 per cent of those surveyed expected it to have a positive impact. uThe

Plan

Danske Bank has been advocating a move to electronic payments since 2007 when it made its first call to Government to implement an ambitious plan to phase out over 90 per cent of cheques, and to reduce Ireland’s high dependency on cash. Danske believes that reforming Ireland’s payments system will provide cost competitiveness, greater security and convenience for businesses as well as individuals.

The bank’s advanced technology platform is ideally positioned to facilitate the implementation of the NPP. The Credit Union Service Organisation for Payments (CUSOP) recently appointed Danske Bank to provide payment capabilities to credit unions across the country. The service has the potential to allow the transfer of euro payments from bank accounts, employer or social welfare offices directly into credit union accounts.

Danske Bank’s Country Manager, Terry Browne, commented: “The work we are doing with CUSOP to put the credit unions and their members at the heart of the payments solution is evidence of the role we will continue to play in Ireland through the provision of wholesale solutions for Corporate and Institutional customers and our continued support for the National Payments Plan.”

Kevin O' Donovan, CEO at CUSOP said: “The vision driving this initiative is that all credit unions who wish to provide payments services should be in a position to do so, thereby enabling them to provide

more and better services in the future. Together with Danske Bank, CUSOP has created an environment and infrastructure where much needed electronic payment services are more accessible for all credit unions. We know that these services are in demand by members and that credit unions are eager and willing to offer them – we have now delivered the means for them to do so in a safe and secure environment.” uCentral

Bank

Russell Burke, Senior Advisor on the National Payments Plan at the Central Bank, shares his thoughts on the significance of e-Day. The particular focus of e-Day is to encourage SMEs to migrate from cheque usage as they currently account for the issuing or receipt of more than 60 per cent of all cheques in Ireland. Cheques can be expensive for businesses with bank charges, stamp duty, postage and especially bounced cheques adding to the overall cost of doing business.

A shift from cheques to electronic payments as a preferred method of payment will result in reduced costs and improved cash-flow for the overall business sector. According to the European Payment Index 2012, it takes an average of 74 days for businesses to get paid by other businesses in the top six chequeusing member states, whereas the average for the rest of the EU is 44 days. It is hoped that with the State leading by example, and with many businesses already using electronic payments rather than cheques, other businesses will follow suit and switch to electronic payments resulting in a reduction in the cost of doing business and a positive impact on cash flow. Dublin Chamber of Commerce has also been active in this space with its ‘Pay Online, Pay On Time’ programme as part of ‘Activating Dublin', its joint initiative with Dublin City Council.

This cheque reduction initiative is part of the National Payments Plan (NPP) which was approved by Government in April 2013. The NPP

Brian Hayes TD, Minister of State for Public Service Reform and the Office of Public Works announcing the launch of e-Day.

seeks to reduce the cost of Ireland’s payment system (estimated at 1.4 per cent of GNP) through the increased use of more efficient payment methods which will lead to increased competitiveness and efficiency. The NPP estimates that if Ireland was to match best practice in Europe, savings of up to €1 billion per annum could be made across the economy.

The plan targets a doubling of the number of electronic payments in Ireland between 2011 and 2015. e-Day, a core recommendation of the NPP, was announced by the Minister of State, Brian Hayes, last month. e-Day, set for September 19th 2014, is the date from which Government departments, local authorities and state agencies will no longer issue or accept cheques in their dealings with businesses. This initiative was also the subject of a circular by the Department of Finance on 6 August 2013 to all Departments, local authorities and state agencies.

A copy of this circular is available at http://circulars.gov.ie/pdf/circular/ finance/2013/01.pdf. In order to ensure a smooth transition to the new arrangements, and to give both the various public sector bodies and the affected businesses plenty of time to make arrangements for paying electronically, a one-year notice of its implementation has been given.

47

Feature EDAY

John Hogan, Assistant Secretary, Dept. of Finance, Brian Hayes TD, Tony Grimes, Chairman, NPP (National Payments Plan) Steering Committee and Russell Burke, NPP Senior Advisor, at the launch of e-Day uImpact

of e-Day

Consumers will not be impacted, but businesses will need to prepare for e-Day. If a public sector body currently pays a business by cheque, this will no longer be the case from e-Day so such businesses should ensure that whoever is making the payment has full bank account details so that the payment can be made electronically.

Businesses which make payments by cheque to public sector bodies will need to check with that body as to what alternative arrangements have been put in place. These are likely to include EFT (electronic funds transfer), direct debit and card payment options and, while it is expected that the various Government departments, offices, state agencies and local authorities impacted will be advising their customers on the available options, businesses are also advised to check with their own banks to ensure that they have access to these electronic alternatives. uCheque

Usage

Ireland is one of only a handful of countries that still uses a significant number of cheques for day-to-day payments. Ireland’s cheque usage is about 17 cheques per person per annum, which is about twice the EU average. This average is deceptive though, as it incorporates both France and the UK with their high 48

populations. In reality, typical EU member states are all but finished with cheques with 19 member states using only one cheque or less per capita per annum. Apart from France, Ireland and the UK, only Malta and Cyprus are in double digits for cheque usage per capita.

In countries where cheques are no longer used, considerably greater use is made of electronic bank transfers, direct debits and card payments. These payment methods are becoming more developed in Ireland with an ever-increasing take up of electronic banking. The use of the smartphones for payments is becoming commonplace with all the major banks now offering mobile banking applications. The NPP also contains many other recommendations to promote the use of electronic payments including the development of a mobile based solution for consumers and businesses, the rollout of ‘contactless’ debit cards, public and private sector e-Payments acceptance plans and a broad education and support campaign to drive a change in payment habits. uPayment

Trends

For the last number of years, cheques have been declining at a rate of about ten per cent per annum in Ireland, while card transactions have been growing steadily, driven primarily by the popularity of debit cards, which have grown by over 40 per cent in

the last four years. The NPP targets a doubling of electronic payments in Ireland between 2011 and 2015.

This should result in a corresponding drop in the use of both cheques and cash to close to EU levels. In the case of cheques, this would see usage drop to about 30 million per annum (76 million in 2012) or about seven cheques per capita per annum. In the case of cash, the result would be a shift in value of about €8 billion per annum from cash, mainly from the ATM network, to payment cards, mainly debit cards. Migration to SEPA (the Single Euro Payments Area), the continuing growth in both 'e' and 'm' channels, the emergence of 'contactless' payment cards and the development of mobile alternatives and other NPP recommendations will all contribute to drive these trends. uThe

Goal

Achieving these NPP targets would see Ireland in a very good place relative to its European peers and no longer a laggard when it comes to modern payment methods.

Businesses will benefit from quicker transactions, improved cash flow and lower costs, while consumers will be enjoying continued improvements in both convenience and security while enjoying an ever-increasing choice of payment products, services, providers and channels to cater for their ever-evolving needs. g

Feature

Making Your Presence Felt Having an online presence is essential for the survival and growth of any firm. Three separate companies explain why and what to consider when making the move.

I

rish consumers currently spend around €3.7 billion per year online and it is expected to grow to €5.7 billion by 2016. Despite these impressive figures, only one quarter of current online sales goes to Irish businesses, and a mere 23 per cent of Irish SMEs are trading online.

This is at a time when international research shows that SMEs which adopt online trading grow twice as fast and export twice as much as their offline competitors. Dublin Chamber of Commerce has responded to this, and is aiming to get 40 per cent of Dublin SMEs selling online by the end of 2013 as part of its ‘Activating Dublin’ initiative.

A series of activities have been undertaken by Dublin Chamber as 50

part of this programme, including a pilot programme which provided twenty businesses mentorship from three of the world’s largest internet services firms – Google, Facebook, PayPal and eBay. “The pilot programme is part of a joint set of initiatives undertaken by Dublin Chamber of Commerce and Dublin City Council, entitled Activating Dublin, aimed at generating growth and employment in Dublin that will benefit Ireland,” said Patrick King, Policy & Communications Manger at Dublin Chamber. “The pilot involves working with central government to help develop a national programme.

There is a major challenge for business and Government as Irish consumers currently spend €4bn online annually,

but only €1bn of that goes to Irish businesses. The amount spent online is only going to grown, so retaining more spending in Ireland will be essential.” u Dovetailing

business and technology for your success

The world of eCommerce, in all its varied forms, presents outstanding opportunities for virtually every business. You can expand into new markets, realise remarkable efficiencies, improve customer service and attract new customers.

Getting your business online may seem like a difficult challenge, but it need not be. You know your business and going online is simply a way of adding a new sales channel, or

iStock/thinkstock.com

Making Your Presence Felt

Feature Making Your Presence Felt

Martin Wallace, Dovetail Technologies.

enabling a new relationship with a trading partner. The technicalities of banking, payment processing, design and implementation can be capably handled by a proficient, professional solutions provider.

You need an expert, proven partner who can tell you what is possible, what is realistic, and to spot opportunities for your business.

Trusted Partner

Dovetail is that trusted partner for many successful Irish businesses. We have have helped organisations of all sizes and sectors to develop online services. We work with large corporates like IKEA and Aramark; state bodies including Inland Fisheries Ireland and Dublin Bus; and many smaller firms much of our work is done with SMEs and owner-operated businesses.

All these companies had a common requirement: to develop an online aspect to the business, whether that was creating an online sales channel, integrating with a partner, or seizing some other business opportunity. All of these also had unique challenges particular to each organisation - and the same will be true for yours.

Dovetail, founded in 2002, has the following mission: to help you achieve profit or other success through highly effective technological advice and expertly crafted software systems. Your business knowledge and our technical expertise dovetail to provide exceptional online results.

For a no-fee conversation on your

ambitions for your company, please call Martin on 01-4100774 or email info@dovetail.ie, and take the first step towards getting your business online.

As stated above, recent research by the Dublin Chamber of Commerce shows that only 23 per cent of small and medium enterprises in Ireland trade on the Internet. Irish consumers are currently spending up to €4 billion online so it is clear that Irish businesses need to make greater use of Internet technologies to build fully featured e-commerce websites in order to achieve greater competitive advantage online. u IE

Domain: Online Opportunities

Research shows that Irish firms remain slow to capitalise on the opportunities afforded to them by the internet and new technologies. Small firms need to take action, upgrade their websites and tap into the 24 hour sales and marketing channel that is the internet.

To highlight the issue the IEDR, the company which is responsible for the management and administration of Ireland’s official internet address – .ie – launched the ‘OPTIMISE Fund’ in 2011.

OPTIMISE is an e-Commerce Website Development Fund for Irish SMEs to develop or upgrade their web presence and the e-commerce functionality of their websites. The Fund has grown from ten winners in 2011 to fifteen in 2012 and increased to offer support to twenty Irish SMEs or micro businesses in 2013. These 45 companies have been

assisted by the fund in very practical, tangible ways such as adding shopping carts, online catalogues, facilitating online bookings, implementing social media campaigns and much more. The main goal of the OPTIMISE Fund is to help Irish SMEs grow their business using online methods.

It also should be noted that Ireland has a terrific brand in the .ie domain name and it is imperative that Irish businesses use it to fulfil their potential online. A .ie web address offers consumers and businesses the benefits of a secure e-business platform. The .ie namespace provides a solid and trusted foundation to afford Irish businesses the freedom to build the strongest possible online presence for their own brands, products and services.

Secure Registry

The IEDR operates a managed registry which means that there are rules and procedures governing the registration of .ie domain names. New applications are reviewed to ensure compliance with the terms and conditions of registration. For example, IEDR will verify an applicant’s companyregistered number with the CRO, or its patent reference number with international databases. This contrasts with .com or .eu where there is no manual review, and the domain applied for will be automatically registered – once the name is available. This traceability provides consumers with the confidence to transact on a .ie website.

IE Domain Registry CEO David Curtin, Finance and Operations Manager Angela Butler (centre) and past winners of the IEDR OPTIMISE e-Commerce Website Development Fund.

51

Make sure your online address is a .ie

A postal address tells people who you be with .ie

needn’t

A .ie web address not only tells customers in Ireland searching for information about your organisation and services where .ie that information is too because .ie search engine rating than websites using .com, .org and .net.

.ie can help to ensure that your customers know exactly who they are dealing with.

• Safety – you and your customers benefit from .ie being consistently ranked in the top five safest domain names in the world* with fewer incidences of cyber crime, identity theft or fraud.

Registration is easy Visit www.why.ie/registrars for a complete list of .ie Registrars who can assist with your registration.

So what will a .ie do for my business?

• Guaranteed Irish – to have a .ie domain name you must prove a real and substantive connection to Ireland.

IE Domain Registry, Harbour Square, Block 2, Dun Laoghaire, Co. Dublin Tel +353 1 236 5400 Email Hostmaster@iedr.ie www.iedr.ie

* McAfee Mapping the Mal Web Report.

Feature Making Your Presence Felt

The IEDR also runs an online resource for Irish people who are looking to find out more about .ie domain names. The website www. why.ie serves as an informational resource which seeks to simplify the process of registering a .ie domain while also providing some tips and insights into developing a strong web presence for people that could be relatively unfamiliar with such an undertaking.

As an Irish SME, by choosing .ie for your business, you are guaranteeing that your website has a connection with Ireland, that you are who you say you are and that anybody who visits your site can do so safely and securely.

Because the IEDR authenticates and verifies who is behind a .ie website, consumers are safer using .ie websites. This is because there is less cybersquatting, spam, identity theft and credit card fraud in the .ie namespace, compared to .com and others. This aspect has been independently verified, and .ie has been consistently ranked in the top five safest domains in the world, according to international security specialists McAfee. u ByrneWallace:

Legal Considerations

Any company wishing to establish or expand their online trading operations needs legal advice, irrespective of whether they will be selling goods or services. Darren Daly of ByrneWallace explains the legal issues surrounding the online expansion of businesses.

It is imperative that websites have appropriate legal disclaimers and documents to protect the business. Darren Daly is a partner in the Corporate Department at ByrneWallace, one of the largest full service law firms in the country, and known for having a strong reputation in the technology sector. Daly is a transactional technology lawyer who heads up the Information and Communication Technology (ICT) division. He advises clients on an array of issues such as software development, data protection, and online trading.

ByrneWallace offers bespoke

packages to customers who approach the firm seeking a review of their online operations, advice on any potential problems, and how these issues can be remedied. “We focus on providing proactive and pragmatic solutions, because unlike other sectors, the technology industry is very fast-paced where deals are done quickly. We have a team of dedicated problem solvers,” explains Daly.

A Clear Direction

The type of guidance and consultation offered is multifaceted and versatile.

In certain cases, companies are simply looking to create an online presence while others also want to sell their goods and services via the website.

“Companies allow us to come in and access the information on their website. We can then evaluate the principal documents the client has or needs, focusing on the terms of use, legal disclaimers, and basic terms and conditions of sale,” explains Daly.

“Allied to that, there are also branding issues, because trademark protection in particular typically works on a country-to-country basis. If someone has been primarily operating in the domestic market, we need to ascertain whether they can use their brand abroad if they are looking to expand online.” Companies which face these international jurisdictions may be trading in unfamiliar territory. This is where ByrneWallace comes in. They can quickly help to identify if a company’s use of a brand internationally will be infringing any other brands that already operate in overseas markets. This helps to reduce the risk of disjointed advertising if a business has to change any part of their brand to avoid infringement issues with existing international brands.

The Online Marketplace

ByrneWallace is seeing an upsurge in the number of companies seeking advice, particularly with clients looking to trade online. There are specific legal regulations that need to be addressed before a business can successfully begin trading on the internet. Daly

Darren Daly, Partner, Corporate Department at ByrneWallace.

elaborates: “They are above your normal legal considerations. We can adapt a company’s existing legal terms and conditions to be applicable to online trading, and also ensure that the online contract formation process is properly constructed on the website.”

Daly also concerns himself with data protection and privacy policies which are extremely important if a company wants to begin collecting information about consumers. “Irish businesses need to comply with Irish data protection law. For example, new legislation was introduced recently which set out new requirements and procedures for seeking permission from individuals to enable computer cookies, which collect small pieces of information on users. Compliance with data protection laws is a massive part of what we do.”

Companies which have multiple websites face a more complex challenge. They often have multiple sets of terms, conditions and privacy policies to adhere to. “We have a process called standardisation,” says Daly. “We gather all of the data online and look to streamline and standardise it, so it is uniformly compliant to EU regulations. Additionally, we also develop specific template contracts that clients can use for contract formation that are again compliant with all regulations,” he concludes. g 53

FEATURE THOUGHT LEADERSHIP

Driving Ireland

Forward

Are innovation and entrepreneurship still alive and well in Ireland today? We asked Mark Cunningham – Director of Business Banking from Bank of Ireland, Dr Johnny Ryan, Chief Innovation Officer at The Irish Times and DCU’s Richard Stokes, Director of Innovation and CEO of Invent DCU to share their thoughts and experiences.

I

nnovation and entrepreneurship play an essential part of holding together any economy, and encouraging growth within that region. With the recent success of the Dublin Web Summit in October, the topic is once again on the lips of government, business, press and academia. There’s no doubt that the economic downturn has negatively effected confidence. However, the question must be raised of whether Ireland is doing enough to promote and encourage these attributes. Below are the thoughts and endeavours of several Irish organisations who stand out as shining examples of innovation in Ireland today.

uBank

of Ireland

Mark Cunningham, Director of Business Banking at Bank of Ireland, considers the need for entrepreneurship driven by innovative thinking.

An economy thrives on confidence.

Confidence and self-belief is what drives entrepreneurs. Innovators sometimes take pleasure from the beauty, simplicity and brilliance of a new creation. For some, that is enough. Entrepreneurs, however, are driven by the desire to transform that brilliance into sales and growth and to capitalise on the opportunity presented by the new creation.

Entrepreneurs are driven by the will to win and the will to succeed. Self54

confidence is key to this drive.

Regrettably, over the last number of years, business confidence has taken a huge battering.

Businesses that were in families for generations have been caught badly in the downturn.

Businesses with seemingly enviable trading numbers have been badly hit as many of their customers have gone under.

Entrepreneurs who tried to expand at the peak of the market have been stung by the economic collapse.

This has had a Mark Cunningham, Director of Business Banking, Bank of Ireland. shattering effect uReturn in Confidence on confidence as businesses batten down the We are slowly beginning to see some hatches, lay off staff, look to minimise of that confidence return. As the risk and trade their way through this recent Web Summit has shown, here turbulent period. in Dublin our innovators are the

FEATURE THOUGHT LEADERSHIP

“Entrepreneurs, however, are driven by the desire to transform that brilliance into sales and growth and to capitalise on the opportunity presented by the new creation. Entrepreneurs are driven by the will to win and the will to succeed. Self-confidence is key to this drive.” create and sustain the entrepreneurial culture that will be required to help rebuild Ireland as one of the fastest and most dynamic economies in Europe. uThe

Irish Times

The Irish Times’ Chief Innovation Officer, Dr Johnny Ryan, explains what the news organisation is doing to continue a tradition of innovation.

Through the first 154 years of The Irish Times’ existence, information and insight were both scarce and expensive. The next 154 years will undoubtedly be different.

Information is now so abundant that it creates a white noise effect of unreliable sources. But there is a paradox in the new information market: the increasing volume of information reduces the value of information per se, but raises the value of dependable insight.

Harnessing Big Data to assist our journalists in delivering this insight is a key part of The Irish Times’ plan for the next 154 years.

The memorandum and articles which govern The Irish Times, (which is owned by The Irish Times Trust) mandate that it ‘enable readers to reach informed and independent judgements and to contribute more effectively to the life of the community’. In other words, part of its raison d’etre is to turn people into thinking citizens.

Delivering insight is its core mission.

To achieve this, The Irish Times is re-discovering the spirit of invention that made it one of the first half dozen newspapers in the world to launch an online edition in 1994. Earlier this year at the annual conference of the World Association of Newspapers and News Publishers in Bangkok we told our colleagues around the world that we had begun to develop a multi-million, multi-annual, Big Data R&D programme focussed on radical innovation in the newsroom. This is

iStock/thinkstock.com

equal of any in the world. Enterprise Ireland, with its wide range of support programmes and its High Performance Start Up unit (HPSU), is straining to try and rapidly capitalise on this innovation. Entrepreneurs, however, are needed not just in the tech world but in every sector of the economy. Entrepreneurs are needed not just for creating new things but having the courage to expand and grow existing businesses. We need these entrepreneurs to capitalise on the changing and exciting economic growth opportunities presented by our nearest trading partner, Britain, the opportunities opening up with the forthcoming abolition of the milk quota and the huge opportunities offered by the increased openness to trade with Far Eastern markets. Having the requisite technological environment in both infrastructure and competent and qualified graduates will be a prerequisite for success.

The government continues to work to help create both this environment and this new, more optimistic and confident culture. While some of this is about appropriate taxation policy, much more is about creating the atmosphere and culture whereby success is celebrated, entrepreneurs are lauded and risk-taking is appreciated as a pre-requisite for creating a dynamic and growing economy.

We as bankers have to have the courage and capital to back these innovators and entrepreneurs. We need to encourage them while also critically analysing and dissecting their projects. We also need to get the vast majority of these decisions right.

At present we are lending to 500 businesses and farmers every week and 28,000 businesses will participate in our new Business Start-up Package this year.

We are clearly making progress but we have much further to go to

in parallel to The Irish Times’ innovative work with start-ups (see www.irishtimesidealab.com) on new forms of advertising.

We have been working with Enterprise Ireland, Science Foundation Ireland and with the leading computer science research centres in the country to build a world class consortium for data science R&D. And crucially, where many organisations have made customer data the primary focus of their data work, our focus at the outset is to find and help deliver the critical insights that separate a story worth reading from just another distracting titbit.

Already, three in every five of our users believe that they receive too much information every day in the form of e-mails, newsfeeds, social media updates, etc. (Sample: just under 1,800 respondents from among users of Rewarding Times,

“Information is now so abundant that it creates a white noise effect of unreliable sources. But there is a paradox in the new information market: the increasing volume of information reduces the value of information per se, but raises the value of dependable insight.”

55

FEATURE THOUGHT LEADERSHIP

Richard Stokes, Director of Innovation Dublin City University and CEO of Invent DCU.

The Irish Times’ upmarket group discount service. 94 per cent of respondents are regular Irish Times readers online or in print). We at The Irish Times are pioneering Big Data that cuts through the white noise and delivers real insight to the citizen. u Dublin

City University – The Question on Innovation & Entrepreneurship

Richard Stokes, Director of Innovation, Dublin City University and CEO of Invent DCU highlights the need for tax incentives for start up founders and promoters.

The capital gains tax incentives introduced in the recent budget provide a very welcome incentive to investors to re-invest. Investors can get exemption and relief from capital gains tax if they invest gains from the disposal of an asset in a new venture.

However, the overall picture is that Ireland is still at a clear disadvantage for private investors in equity, particularly in high-risk technology start-ups, as compared to the UK. In the UK, founder promoters of companies are exempt from capital gains tax up to £10m in gains, while in Ireland they are now taxed at a rate of 33 per cent.

It is essential to provide incentives 56

to equity investors, particularly in high-risk science-based ventures, but it is equally important to provide incentives to employee founders and promoters who typically forego significant income for several years.

There should be some way to provide exemptions from high personal rates of tax to those who are already taking a reduced income by virtue of starting a new venture.

In the UK, the Patent Box scheme now offers a tax rate of 10 per cent as compared to Ireland’s 12.5 per cent which could be a real threat to foreign direct investment when profits from intellectual property are taxed in the UK at the 10 per cent rate. Ireland closed off really good incentives for investors and employees that were available under the Patent Dividend Scheme. The net result is that while Ireland remains an attractive location for multinational companies, for young indigenous technology companies it is not as attractive as elsewhere. Startups, especially science-based ones, do not make profits for many years and so other incentives need to be put in place. The tax credit for research and development goes some limited way to creating a means to reward certain employees who are involved in R&D but, on the whole, it is of limited scope in this respect.

“It is essential to provide incentives to equity investors, particularly in high-risk sciencebased ventures, but it is equally important to provide incentives to employee founders and promoters who typically forego significant income for several years. There should be some way to provide exemptions from high personal rates of tax to those who are already taking a reduced income by virtue of starting a new venture.”

The Employment and Investment Incentive Scheme (EII) is a significant source of capital for early stage companies but not enough is coming from this source. Certain restrictions on the EII scheme that prevented high earners from availing of the full tax relief were removed in the recent budget and that should help to provide a higher level of capital to EIS funds. However, the Irish EIS scheme is significantly less favourable than the UK equivalent as it still involves a very high capital gains tax liability if the venture is successful. While a lot of government money has been put into seed capital and venture capital funds, they typically invest through redeemable convertible preference share mechanisms that put EIS investors at a disadvantage. This should be addressed to ensure a greater flow of direct equity investment.

For many companies there are significant obstacles to accessing finance for working capital. The government should consider creating a new industrial bank like the former Industrial Credit Corporation. ICC played a significant part in providing finance to companies that might have been unable to access funds through mainstream banks. g

BI Survey KPMG

Innovation Matters Fostering innovation is widely regarded as fundamental to delivering a sustainable economy. Government strategy has helped encourage innovation, particularly through the continued improvement of incentives such as the R&D tax credit, writes Ken Hardy of KPMG.

D

espite the challenges facing many Irish-based companies, it is evident that all businesses should seek to become more innovative. The benefits can be significant - from reducing costs, accessing incentives and funding, to making products and services that secure a competitive advantage. To further improve levels of innovation in Ireland, it is important to know what is working and what needs improvement. We recently produced a report in conjunction with Red C Research called Innovation Monitor.

It highlights many of the issues affecting innovation in Ireland, while assessing the innovation-focused policy choices Ireland faces. uThe

Results

uThe

R&D tax credit

Ninety per cent feel that Irish companies are either more innovative or the same since the onset of the recession, with large companies in general feeling more positive. Irish companies are more positive this year about the Government’s support of innovation, though 43 per cent feel that there is more to be done. Over half would like to see more financial incentives and grants. 89 per cent of companies feel access to funding is very, or somewhat, important to the successful completion of an innovation project. Only one in five respondents feel there is enough information available on funding options for R&D and innovation projects. A fifth of companies (19 per cent) are in receipt of grant funding for R&D or innovation; this is a slight increase on last year (15 per cent).

A quarter of companies that describe themselves as innovative are claiming

the R&D tax credit; medium and large companies are twice as likely to be claiming as small companies.

The primary reason given for not claiming the credit is that the company is not conducting R&D (58 per cent), but 60 per cent of those companies describe themselves as “currently innovative”. This means up to 35 per cent of companies that are not currently claiming the credit could, in fact, do so. u Collaboration

innovation

for

This year, fewer companies are collaborating on an innovation project with a third-level institution, dropping from 16 per cent to 9 per cent. Only 13 per cent of firms feel there is sufficient information available on collaboration with third-level institutions, unchanged from last year. Of those that have collaborated, only one-third say there was enough information available.

Our research shows that overall, Irish business seems to be optimistic about the innovation environment in Ireland.

In addition, firms are more positive than last year about the Government’s ability to support innovation. Finance is consistently highlighted by firms as one of the key drivers of innovation, yet many respondents indicate insufficient access to funding. Our research shows that the biggest issue regarding financing innovation is not a lack of incentives, but rather a lack of information on existing incentives.

The research also indicates that almost a third of companies in receipt of a grant for their R&D/ innovation do not claim the R&D tax credit for the remainder of their expenditure. This is a recurring issue, relating partly to the fact that the

Ken Hardy, KPMG.

eligibility criteria for R&D grants and the R&D tax credit are not aligned.

We recommend that all Government agencies work together to develop clearer, more uniform guidance on the eligibility of activities. We encourage these same agencies to continue their existing information campaigns, in particular highlighting the benefits of collaboration to small firms and the steps required in finding an appropriate collaborative partner.

Finally, the availability of qualified personnel is the most influential factor on a company’s decision to innovate. However, in Ireland a higher rate of personal taxation kicks in at an earlier stage relative to many competitor locations for R&D. Given that the availability of skilled personnel is vital to innovation, we encourage Government to keep this under review to ensure that this tax issue is not detrimental to achieving Ireland’s economic objectives. g Ken Hardy heads KPMG’s R&D Tax Credit Team.

57

Built to Brag The instantly recognisable Mercedes Benz S-Class is now in its sixth generation. It will undoubtedly provide lucky owners with bragging rights in the boardroom, writes Michael Sheridan.

S

-Class has always been the daddy of big saloon cars but pressure from Audi A8, Jaguar XJ, BMW 7 Series and Lexus LS600h has seen its star fade. The 6th generation (W222) MercedesBenz S-Class has just been launched and it is set to shine brightly. For starters Mercedes has knocked €4,000 off the price to deliver an S-Class at below the €100,000 mark.

S-Class over the years has always been innovative. The big four-door was the first mass production car to feature ABS brakes as standard, it had the first airbag, while more recently MB gave us night vision radar. The latest super saloon features all of today’s technologies and some of tomorrow’s! When the new S-Class was revealed for the first time at the Frankfurt motor show, it drove onto the stage autonomously i.e. without a driver. Now while this technology is yet to be licenced for use on public roads – in time, it will be.

58

On the road S-Class is instantly recognisable as it features elements of the exclusive Maybach coupled with sporty curves, dynamic body creases and of course a massive, unmistakable Mercedes grille and star emblem. From launch, two body styles feature in the range, namely the standard car and a ‘long’ wheel base version, i.e. the one to be driven in.

Inside, the cabin is wide and airy but not as spacious in the rear as you might expect. Skoda Superb owners will still be able to point out that their car has more rear legroom. The quality of the interior is first rate. The dashboard features two widescreen electronic displays that have a real ‘wow’ factor. The navigation map is so large you could almost fold it! The gadgetry in S-Class is breathtaking and innovation can been seen even further with the all LED lighting system. There literally isn’t a conventional incandescent bulb to be found inside or outside the S-Class.

We took the standard car with the entry-level S350 ‘BlueTEC’ diesel engine for a spin. S-Class features soft suspension that floats effortlessly on the motorway. With the press of a button sport suspension can be selected, which surprisingly is still quite soft. S-Class is quick but not a car for enthusiastic drivers. It offers a relaxed, unruffled driving experience. Another innovation that caught our attention is ‘Magic Body Control’. This remarkable system literally looks at the road ahead and adjusts the suspension settings to deliver the most comfortable ride.

Later in 2014 a full range of engines that include hybrid petrol and diesels will be available – all with incredibly low CO2 emissions. The S-Class will also give us a breathtakingly beautiful S-Class Coupe that takes over from the CL. This machine is simply ridiculously handsome.

During the boom, Mercedes-Benz sold 400 S-Class in a year but in 2014 a modest 50 units will find homes in Ireland. If you are one of the few with a confirmed order you will certainly have the bragging rights in the boardroom.

test drive motoring

On another Note Nissan has the solution for those on a budget with growing kids; the new Note.

T

he second generation Note hits the streets at a time when more than ever buyers need value for money and to this end it doesn’t disappoint.

The five-door Note is based on a stretched version of Nissan’s small car platform that is already used to great success in the Micra and Juke.

Note is far from being a bedroom pin up but the design team has worked hard to deliver a car that isn’t bad looking at all - despite being built to be ultimately functional, Nissan has managed to throw in a few curves and body creases to interest the eye.

Note is also lower than the original hatchback, which was also more boxy. The new Note manages to be acceptable looking, if not a little anonymous, but the exterior styling is not what Note is about.

Inside the cabin makes for a good impression of a Tardis. The five-seat machine is slightly narrower than a

Ford Fiesta but longer at 4.1 metres.

Note’s interior is massive relative to its footprint on the road. The amount of rear leg and headroom is very impressive in this budget people carrier. The boot is huge for its class at 295-litres. Fold the rear seats down and you can have up to 2,012-litres of cargo space. There is a very high level of standard kit and optional extras available too. Bluetooth and steering wheel stereo controls are just some of the standard equipment on show. The dash layout is good and the driving position fully adjustable. Visibility is good and all the secondary controls are easy to use.

There is one 1.5-litre diesel engine and two 3-cylinder, 1.2-litre petrol engines in the range and an automatic version is also available.

The diesel is more expensive and if you do high mileage it’s a good choice but I would pick the higher powered ‘DIG-S’ supercharged

1.2-litre petrol for a bit of fun and peppy performance. In truth though, the entry-level engine is adequate and will most likely be the big seller.

The driving experience is as you might expect from such a practical machine; far from exciting. Note is however a very easy car to drive and to live with. Nissan offers a number of options combined in value for money ‘packs’ such as the technology pack or family pack. There are a host of safety features available too that make Note more high-tech than its rivals.

Note is a perfect fit for drivers who want an economical car that doesn’t cost the earth yet offers big car versatility. Nissan now has the most comprehensive small car range with its entry point Micra that is excellent value for money, stylish Juke crossover and now the very practical Note which manages to tick a lot of boxes.

59

ROAD Rapid BMW has made substantial changes to the latest and much loved X5.

T

he design team is keen to stress that the third generation X5 is an evolution of the big machine we first saw in 1999. When viewed side on, you hardly notice a change but you will see a more estate-car look. Plus there are new aerodynamic ‘Air Breather’ slots just after the front wheels. The front end of the imposing machine is more upright and the grille has been made even more prominent.

An automatic electric tailgate is now standard and thankfully this puts an end to dirty hands from opening and closing it. Overall we can’t argue with the designer’s description of the styling as an evolution, but it is clear that the design is intended to appeal strongly to the two biggest car markets, China and the US. Inside the cabin remains simple but classy. BMW has used clever ‘layering’ of materials in the dash area to make the tall machine more luxurious. The standard SE

60

specification is good but as with all cars these days you can be very indulgent if you have the cash. The options list features various ‘packs’ that bundle certain types of extras together for a discounted price. We tested the top of the range X5MSport50d X-Drive (aka four-wheel drive) that was so full of equipment and high technology we almost felt the need for night classes in it! Of course the price tag for this machine is best described as reassuringly expensive. There is light at the end of the tunnel for those seeking to join the X5 club but who want to spend less than €110,000. The good news for new buyers is the availability for the first time of an entry-level, rearwheel drive X5 at a sub €70,000 price.

The X5, S-Drive (BMW speak for rear-wheel drive), 2.5d is two-wheel drive only and this machine should be a perfect fit for those buyers with no desire to stray from the odd kerb and venture into a field!

Our X5 M-Sport 50d test car was outrageously powerful and rapid on the road. The car rides on adaptive air suspension and it is fair to say that in this form the X5 is the best handling SUV or as BMW calls it an ‘SAV’ (sports activity vehicle) bar none. While Range Rover and Range Rover Sport offer brilliant all round performance, X5 is a superb road car.

The 50d accelerates faster than most GTIs and corners at speeds flatter than a pancake! We also took the opportunity to go off road in the new X5. Despite the car riding on tyres the size of Leitrim (315/35/R20), the big machine climbed and desended hills with confidence and easily coped with a forest trail and wet grassy field without fuss. Off-road it is ultimately no match for Land Rover products but it will still go a lot further than its sophisticated looks would have you believe.

There’s no doubt about it, the new BMW X5 impressed us.

test drive motoring

Crisis averted Opel has given the Insignia a mid-life facelift.

T

here is a bigger grille and some tasty chrome trimmings to give the illusion of a wider more purposeful Opel Insignia. Inside there are some new materials and trim options but the biggest change concerns the dashboard. Insignia’s designers have decluttered the dash by dramatically reducing the number of buttons on the centre console. Depending on specification, you now get a touch screen interface that is usable in three ways: by simply touching the screen, via a new touch/click pad located behind the gear lever or via the steering wheel controls.

‘Finger Gestures’ – using one, two or three fingers – allow you navigate

and operate a whole load of functions like the navigation system, stereo/media etc. This is a first in this class of car but Audi drivers will be familiar with the touchpad. The position and operation of Opel’s pad would be easier if it was set a little further forward. The most useful function is a three-fingered swipe that brings up five shortcut keys that can be programmed to a favourite radio station or to a frequently

used navigation destination.

Engine revisions see a very frugal 140hp diesel that is both green and economical on juice. The tank range is impressive too. Overall Insignia’s revisions have improved upon a solid performer. With Ford’s new Mondeo arrival date being pushed further back, now is the time for Opel to try to seize a bigger piece of the market.

Savings with Honda The Honda CRV has been given a greener engine with a leaner price tag.

H

onda’s SUV gets a smaller, greener engine but more importantly for cash strapped buyers - a slashed price tag. The five-seat 1.6-litre CRV can be bought for a whopping €7,000 less than the existing 2.2-litre version. This dramatic saving is due to a couple of factors: with the 1.6 diesel, as used in the Civic, powering just the front wheels and not a complex on demand four-wheel drive system saves a heap of cash.

Additional savings are made in CRV’s construction by the use of a less complex suspension, while drivetrain components coupled with lower tax band A emissions (119g/km) explain the big price reduction.

On the road, the imposing 120hp SUV might be down on power next to the 2.2 but the loss of a few horses

isn’t really missed in day-to-day driving. Even on a typical wet Irish day the two-wheel drive CRV grips and performs well. Fuel economy, as with the tax band C 2.2-litre is shockingly frugal for a big family car. The vast majority of drivers

will opt for the more affordable 1.6 CRV and in all likelihood won’t miss the clever all-wheel drive system unless they are heading off-road or towing a horsebox. For now, buyers who want an automatic CRV will have to get a 2.2 as the self-shifter is only available in the all-wheel drive version. In a full year Honda Ireland expect to sell 300 1.6-litre CRVs. g

61

special report TMG Corporate Services

Security Through Obscurity:

A Fool’s Paradise Angela Maia of TMG Corporate Services outlines the importance of being diligent when considering the security of your personal data.

A

fool’s paradise according to one idiom is “to be happy because you do not know or will not accept how bad a situation really is”. According to an online source, security through obscurity is a pejorative referring to a principle which attempts to use secrecy of design or implementation to provide security. If your laptop at work, your computers at home, your small business’ IT system, your domestic security or your personal security environment relies on contractors that subscribe to the principle of security through obscurity then you will have theoretical or actual security vulnerabilities; but your supplier believes that if the flaws are not known, then attackers will be unlikely to find them. It’s just a little naive, isn’t it? And more worryingly – it’s a common occurrence. It is analogous to a homeowner leaving the rear door open, because it cannot be seen by a would-be burglar.

From the excellent blog post by Adam L. Penenberg, entitled ‘I challenged hackers to investigate me and what they found out is chilling’: “What I learned is that virtually all of us are vulnerable to electronic eavesdropping and are easy hack

“According to an online source, security through obscurity is a pejorative referring to a principle which attempts to use secrecy of design or implementation to provide security.”

62

targets. Most of us have adopted the credo ‘security by obscurity’, but all it takes is a person or persons with enough patience and know-how to pierce anyone’s privacy — and, if they choose, to wreak havoc on your finances and destroy your reputation.”

Pawel Wawrzyniak notes from his experiences as an operator (he does not state whether he is a black hat or white hat hacker but that matters little): “You have to attack with many different vectors, where the vast majority of them are related to gaining a physical access first. No matter, if we have to visit someone’s workplace, break into someone’s house or just have to spend five minutes with his computer or smartphone left without control. We just have to start with physical access to gain enough information and to put our piece of malicious code or spying device on the victim’s side. We have to somehow – get inside – then we can take more and more control and escalate the attack. Therefore, no matter how much effort we put into IT security we should always remember that the best IDS, firewall or antivirus solution are not enough.

The security starts with physical protection – this is the first and the most important layer of securing any information. Strict physical access control procedures are a must in such place [SIC]. With this [SIC] being implemented, the life of an attacker will be much harder. However, there are even more sophisticated methods of information leaks possible, like those presented on DEF CON 16 – imagine, how many things one can

“All it takes is a person or persons with enough patience and know-how to pierce anyone’s privacy — and, if they choose, to wreak havoc on your finances and destroy your reputation.” do with a resistor and IR camera or blinking LEDs. Especially today, when all these devices are accessible for anyone.”

Do not delude yourself into thinking you are protected from prying eyes - the Government, your employer, your friends, your significant other or anyone else’s - if they belong to someone with the right combination of skills, resources and determination, you are hackable and identity theft may be the least of your worries.

special report TMG Corporate Services

The Perils of Assumed Security Sofia Grudov of TMG Corporate Services explains why private citizens and organisations should not solely rely on a third party to handle their security concerns.

T

he vast majority of private citizens and organisations proxy their security concerns to a third party; their telco provider, their ISP, their hosting provider, their network router designer, assuming these suppliers know how to handle their security concerns. In reality many of these outfits neither cater for or are even aware of the layers of vulnerability that exist in their infrastructures which, once compromised, can provide streams of data to be used by unethical organisations to facilitate everything from identity theft, fraud, illegally obtained marketing / consumer profiling data for sale, all the way up to corporate espionage and trading in secret government information - for those company employees and public servants who take their work laptops home.

The simple tactic of “pretexting” - for example, calling a telephone operator or government department to gain information that will generate leads to facilitate a hack - on the “pretext” that the person calling is the hack target - is a widely used tactic and despite being an entry level one, it is often

the most effective tool of the unethical hacker or unscrupulous investigator.

Assumed security also refers to a principle that a system is safe from attack due to an attacker assuming, on the basis of probability, that it is secure. Assumed security is the opposite of security through obscurity.

A system relying on security through obscurity may have actual security vulnerabilities, but its owners or designers deliberately make the system more complex in the hope that attackers are unable to find a flaw.

Conversely a system relying on assumed security may make no attempt to address its security flaws but instead relies upon potential attackers simply assuming that the target is not worth attacking.

The reasons for an attacker to make this assumption – which is relied on – may range from personal risk where the attacker believes the system owners can easily identify, capture and prosecute them to technological knowledge where the attacker believes the system owners must have sufficient knowledge of security techniques to ensure no flaws exist, rendering an attack moot. g

63

BI Survey Esri Ireland

Has Irish online security decreased over the last two years?

New research shows a startling decrease in online security practices among Irish computer users, with worse results in all categories of a comparative 2011/2013 survey.

I

n 2011, ESET Ireland has commissioned the first survey with Amárach Research, to determine how Irish computer users comply with their Antivirus software’s warnings.

The results weren’t optimistic back then, as large percentages ignored their Antivirus’ warnings and voluntarily exposed their computers and networks to infection.

In 2013 we asked Amárach to repeat the survey, to see what the situation is like now and, unfortunately, the results we received show that the situation has deteriorated in every category we asked about.

complied with the warning (previously 66 per cent), 19 per cent stayed on a website they received a warning about (was 15 per cent), 24 per cent ignored the warning when they tried to open a potentially infected file or program (was 14 per cent), 8 per cent actually disabled their Antivirus, because it wouldn’t let them open a file or a program or look at a website (was 6 per cent), and 6 per cent use no Antivirus software at all (was 4 per cent).

The demographic breakdown shows some very interesting patterns.

The youngest generation (ages 15-24) is the only one where complying

to have hit the 35-44 year-olds hard, as they have shown the worst decline.

Of 74 per cent that used to trust their Antivirus’ warnings only 45 per cent do so now, and they are the worst age group when it comes to dodgy websites, as now 20 per cent ignore warnings and continue surfing, while only 9 per cent used to. They are also the worst when it comes to opening suspicious or infected files or programs, as 26 per cent now ignore warnings, from the previous 11 per cent.

While it is somewhat comforting that the percentage of people without any Antivirus protection is still relatively low, it is quite concerning that so many have it, but don’t comply with the warnings. uMalware

uComply

or Ignore

So…when an Antivirus, any Antivirus, alerted the users something potentially bad was detected, now only 52 per cent 64

with Antivirus warnings has actually increased (from 35 per cent to 46 per cent), so they seem to be taking things more seriously than they used to. But the midlife cyber-crisis seems

Any Antivirus tries to automatically prevent infections and the spreading of viruses and other malware. But that cannot work if computer users ignore or disable the protection, because they’re intent on doing something with the computer, regardless of the consequences.

Malware is not used just to annoy users, but to steal their passwords, banking and credit card details, entangle them in scams and fraud, etc., all things that can have serious financial consequences. Is visiting that one dodgy site really worth that risk? Can we seriously expect our information superhighway traffic to be safe, if only one half of the drivers notices the traffic lights, one quarter willingly ignores them and one in twelve drives without brakes? g More info at www.eset.ie

BI Survey Safetica

Managing Social Media with Moderation in the Workplace Internet and social media use at the workplace is a significant productivity issue for many employers.

I

s it possible to create a middle-ofthe-road solution that limits Internet use within given boundaries, without creating privacy issues or a management enforcement nightmare?

The question is not about making a full prohibition; it’s about setting reasonable restrictions. Internet and social media use are a known productivity issue in the workplace. And while use of Facebook, Twitter, and other social media is growing, organisations are unsure whether they should completely block employee access to suspect sites, issue an Acceptable Use Policy (AUP) for their employees, or find some other method to moderate their employees’ online activities.

u Productivity

losses due to social media use are huge

The numbers of employees using work time to surf the Internet are substantial. A Safetica Technologies survey of employees in Ireland found that 35 per cent used their computer during office hours to check on various social media unrelated to their work. When it comes to

effective productivity at work, social media definitely impacts it. Faced with this drag on their productivity, organisations have two major ways to limit Internet and social media use – technical blocks and legalistic AUPs – and both have significant problems. u Block

or talk: two common defense strategies

There are a number of ways to block specific sites. Organisations can block a specific domain or IP Address at the network or at the individual browser level. However, there are also many ways for employees to circumvent these restrictions by using a Virtual Private Network (VPN) or an anonymous proxy server. In addition, a blocking strategy prohibiting employee access to the Internet could hit employee morale and make the company a less attractive place to work.

Organisations can also try to reduce Internet use though an Acceptable Use Policy, establishing the conditions and the penalties for unapproved Internet use in the office. Typically, an AUP is a legal document with limited or no technical enforcement mechanisms.

It is often used as giving the grounds for employee termination and not limiting behaviour beforehand.

Safetica Technologies found that the percentage of employees using

the Internet for personal purposed dropped a bit when they knew it was against their company’s policy, but only to a limited extent. u Reasonable

restrictions are possible with Safetica

New monitoring software Safetica Auditor, the monitoring component in Safetica 5.0, enables organisations to list the sites their employees are visiting and to chart the time spent at these sites. Employee behaviour and internet use will vary by company so the first step is to map out the specific situation.

Armed with data on actual internet and social media use, employers can establish rules that meet their specific needs and block targeted sites. With Safetica, an employer can set time limits for Internet or specific social media use by department or the individual. Once this boundary is crossed, an alert is triggered.

The question is not about making a full prohibition; it’s about setting reasonable restrictions. It’s important to give employees a clear time limitation and have the software – not the individual manager – sound the alert. Direct control of internet use by a manager will be inconsistent and dominated by temper tantrums – and this isn’t in anyone’s best interest. u Get

legal and get your employees on board

Use of a monitoring tool such as Safetica 5.0 must be used in accordance with the individual right to privacy. It’s important to remember that respecting the individual employee’s rights – and involving them in establishing the boundaries for Internet and social media use – is a critical part of the process. g More info at www.safetica.ie 65

BI Survey DCU

Open Innovation at DCU Open Innovation is thriving at DCU, Ireland’s University of Enterprise, which aims to make it as easy as possible for companies to do business with the university. A fast track licensing scheme offers companies access to a range of technologies and the new Cleantech Innovation Campus will be a location of choice for cleantech start-ups, SMEs and larger companies.

S

ince opening in 2001, Invent DCU, the university’s enterprise and innovation centre has become known as one of Ireland’s most progressive technology transfer centres.

The Centre’s primary mission is to work with companies and university researchers to translate new ideas and innovations into commercial reality.

Even more important strategically is DCU’s ambition to work with companies at the earliest possible opportunity to identify the key challenges they face and to partner to find solutions. A critical element of Invent’s operation is to make it as fast and easy as possible to conclude legal and other partnership agreements.

to companies that are not currently involved in collaborative research programmes on generous terms with no royalties payable for four years and only then at a rate of 1% annually. The idea is to incentivise companies to invest further in medium term innovations with no up-front investment cost and no long drawn out legal negotiations.

The only requirement to avail of one of these licences is a credible business plan. Above all, the legally binding licence agreement is a simple two page document, which is a first for any Irish university.

u Licence

The range of activities managed

by Invent DCU includes research commercialisation, licensing, innovation partnerships and spin-out companies.

There is high demand from technology start-up companies to locate near an enterprising university and the Invent DCU Innovation & Enterprise Centre offers excellent facilities and a range of business support services to young technology companies. To date, the team at Invent has assisted over 150 start-ups to develop new products and services targeted at the international marketplace.

Scheme

Express

Launched earlier this year, DCU’s innovative Licence Express fast track licensing scheme offers companies access to a range of technologies. These are still at the developmental stage but need further industrial involvement and investment to ensure that their continued development is aligned with commercial needs. Licences to the Licence Express technologies are offered

u Invent

DCU Innovation & Enterprise Centre

u Cleantech

Innovation Campus

Professor Brian MacCraith (right), President of DCU, with Richard Bruton, Minister for Jobs, Enterprise and Innovation, at the opening of the university’s new Cleantech Innovation Campus.

66

The university’s capacity to work on a larger scale with industry has now been enhanced by the opening of DCU’s Cleantech Innovation Campus close to the main campus in Glasnevin. The Campus has been established as a new national centre for innovation in the Cleantech sector, one of the fastest growing areas of econimic activity. It will be a location of choice for cleantech

start-ups, SMEs and larger companies, expected to drive significant green economy growth in the greater Dublin region. The Cleantech Innovation Campus will leverage the capabilities of DCU teaching and research in renewable energy, sustainability, green finance, ICT, big data/smart cities and sensor technology among others. This facility aims to develop a cluster of next generation innovative companies that are focussed on clean technologies, goods and services that address local and global needs. u Accelerating

Innovation

DCU continues to work closely with Enterprise Ireland, Science Foundation Ireland and the Irish Research Council the IDA and ‘The Green Way’ Initiative to ensure that Irish and international firms can accelerate their innovation efforts in partnership with DCU by leveraging significant national incentives for companies to develop new products and processes. g For further information on opportunities to collaborate with DCU please contact: Richard Stokes Director of Innovation DCU richard.stokes@dcu.ie www.dcu.ie/invent Ronan Furlong Executive Director Innovation Campus ronan.furlong@dcu.ie www.dcu.ie/innovationcampus

BI Survey Independent Trustee Company

Taking control Jennie Faughnan of the Independent Trustee Company tells Business Ireland how self-administered pension investments are giving people absolute control over their pension affairs.

P

ension investors would be forgiven for feeling slightly disillusioned with their pension arrangements in recent years. We seem to be bombarded with negative comments about costs, investment performance and Government attacks on pensions.

But what if there was a pension scheme that you had total control of, to invest and manage in a way that is tailored to your needs? The majority of pension savers do not realise that they have the option to take absolute control over every aspect of their pension affairs and do so more cheaply than they may realise.

By using a self-administered pension scheme, pension investors can build a portfolio of investments that fits their appetite for risk, their budget and their retirement target. Rather than delegating the responsibility for the investment of your pension scheme to an unknown and unseen (and not to mention expensive) fund manager, you can choose your own investments - and the range of options available are wider than you may realise.

In recent years, with the changing economic environment, we are seeing some interesting trends in the types of investments pension investors are choosing. Some of these include: uProperty

Following a period in which property values took a major hit, in the last 12 months we are seeing more and more pension investors dipping their toes back in to the property market.

Many pension investors have large cash funds available in their pension schemes and the rates of interest they are generating are disappointing. With little borrowing available from the

banks, cash purchasers for property are in a strong position. Many pension investors are purchasing properties with good rental yields which generate returns to fund pension payments in retirement. Both residential and commercial property can be purchased through a pension scheme, the pension scheme can borrow to purchase if funding is available and the scheme can even be registered for VAT if required. u Cash,

Bonds & Structured Products

Jennie Faughnan, ITC Consultant.

Through a self-administered pension scheme, the full range of bank deposits and structured products is available to the investor. Property funds, equity funds and long term deposit accounts can all form the basis of an investment portfolio within the pension scheme. In addition, many more individuals are investing in lower risk investments such as Government bonds as an alternative to cash deposits.

is an option many more pension investors are availing of.

This is just a flavour of the types of investments that are available to pension investors through self-administered pension schemes. It is an option that an increasing number of pension investors are availing of, particularly those who are not satisfied with how their funds have been managed in the past. The option to create a portfolio of investments tailored to your individual needs is one that should be considered.

After all, this is your pension that will fund your retirement, so why shouldn’t you control how it is managed? Selfadministered pension schemes allow you to take that control back and put your pension scheme to work for you. g

uInvestments

in Private Companies

Another very popular investment, which some pension savers may not realise is available to them, is an investment in a private company.

With bank funding harder to come by for small and medium sized companies in Ireland at the moment, pension investors with cash funds available who wish to support a start-up or existing Irish company and generate a return on their investment can make a loan to a private company. The pension scheme receives interest and capital repayments on their loan and the company receives the funding it requires to grow their business. It

Jennie Faughnan is a consultant in the ITC Consulting team, a team of pensions lawyers and specialists.

She is a qualified tax adviser and accountant. To find out more about any of the points raised in this article, please contact Jennie Faughnan at jennie.faughnan@independent-trustee. com or on 01-603 5140 or the head of ITC Consulting, Jeremy Mitchell at jeremy.mitchell@independent-trustee. com or on 01-614 8064.

67

“Thank You,

Let us on your behalf say...

you are very important to us”

...with great style.

Hampers & Co is focused on providing consistent, quality hampers & gifts at great value combined with an exceptional

Contact us or drop us an email to discuss what we can do to help.

from Ireland & around the world in order to create hampers that make exceptionally special gifts that are beautifully packaged and are delivered in perfect condition directly to the recipient’s front door, wherever that may be.

T: 01 851 1098

We know from our 20 years experience that nothing excites as much as a beautifully presented Hamper or Gift Box & no one does this as well as we do.

W: www.hampersandco.com

F: 01 851 1060 E: info@hampersandco.com Find us on Facebook

BI13 BI13

Thought Leadership Esri Ireland

Geography:

A new business platform Paul Synnott, Country Manager with Esri Ireland, outlines why taking geography into consideration when examining key performance indicators and current market conditions brings to life patterns and influences that are otherwise difficult to recognise.

O

ver the last two years I have written in Business Ireland many times, about how maps make sense for business, exploring why I believe geospatial information (geography) is the new working language for business; a new business intelligence tool and a means of turning location into a valuable source of competitive advantage.

Given the unique ability for geospatial information to provide a common canvas on which to make complex business decisions, I now put it to you that ‘geography’ should be considered a new business platform for change and transformation at local, national and global levels of business. Taking geography into consideration when examining key performance indicators, evaluating current market conditions, and analysing trends brings to life patterns and influences that are otherwise difficult to recognise when using tables or graphs.

The concept of geography as a platform may be new to the business world but evidence suggests there is no better way to assimilate and communicate business information and market trends than understanding and knowing

‘where’ things are – a picture paints a thousand words. The power of ‘place’ provides valuable insights for business. Knowing where things happen, where your coverage is poor, where your assets are located, where your resources are best deployed, where you have undersupply, where you are prone to certain problems, where your services are needed, where demand is coming from and where it’s likely to increase, are all fundamental ‘location’ based questions that businesses need to answer. And if we accept this proposition then every aspect of driving business success and maximising return on investment should be considered ‘location’ dependent.

Geography, encapsulated as geospatial information helps ensure that we are asking the right questions by gathering, analysing and visualising the impact and evidence on which to make better business decisions.

Location is a powerful way to connect people to place, transactions to actions, responses to trends, and customers both to where they do business and what kinds of business they do. However, in today’s constant battle for customers,

“The concept of geography as a platform may be new to the business world but evidence suggests there is no better way to assimilate and communicate business information and market trends than understanding and knowing ‘where’ things are – a picture paints a thousand words.”

it is the customer and the consumer that are holding the cards. It’s no longer a case of “build it, and they will come”; it’s no longer about bringing the consumer to your business, it’s more about bringing your business to the consumer. But you can only do this if you know where the consumer is.

As a result businesses are recognising that ‘place’ is an increasingly important variable in the provision of value for their customers. The fundamental premise behind this realisation is the need to deliver a marketing message that is localised to where the target user is located. By knowing ‘where’ customers are and, just as important, ‘where’ they are not, allows businesses to build up a micro-geographic view of their markets and their future potential.

We all know that better business decisions are made by asking the right questions. Taking geography into consideration when examining key performance indicators, evaluating current market conditions, and analysing trends brings to life patterns and influences that are otherwise difficult to recognise when using tables or graphs.

And by using geography as a platform to make better sense of complex business problems, decision makers now have the ability to stand over any proposed investments in people, time and effort, providing clear evidence of more prudent use of company resources and cash reserves. g 69

Trade and Investment Promotion Section Embassy of the Republic of Poland in Dublin With the big domestic market, highly skilled and motivated workforce, an economy that is one of the fastest growing in the EU and the business friendly environment...

4 The Vicarage St. John’s Road Dublin 4 Ireland

POLAND is just the place.

T: +353 1 269 1370 F: +353 1 269 7662 E: dublin@trade.gov.pl W: www.dublin.trade.gov.pl

Trade and Investment Promotion Section of the Embassy of the Republic of Poland in Dublin is a point of first contact for potential investors and companies looking for business partners in Poland.

Use our free and comprehensive advice to learn more about Poland, business and investment opportunities, administrative regulations, macroeconomic factors, legal support and business incentives available for new companies setting up in Poland.

Help build Ireland’s social capital Join the Companies for Social Innovation Network and tap into the energy of Ireland’s youth

Great companies need great partners Sometimes they need partners who work quietly in the background.

No fuss - Just delivery and performance.

If you are looking to outsource or seeking an alternative quote, contact;

barry.maye@rigneydolphin.ie M: 00353 85 7117326 Established in 1990 Rigney Dolphin is an ISO9001 & ISO27001 accredited Company providing innovative customer service and connected health outsourced solutions.

www.rigneydolphin.ie Waterford Dublin Derry Cleveland OH

Young people are a powerful and largely untapped force for change in Ireland. Each year, through Young Social Innovators, thousands develop inspiring projects addressing complex social issues and improving the lives of others.

Our Companies for Social Innovation Network invites organisations to invest in young people and help build a fairer more equal society. Members will discover new ways of fulfilling their corporate social responsibility at local and national level, highlighting their brand through our much loved national programmes, activities and events, in addition to tailored company employee engagement schemes.

Contact Young Social Innovators: www.youngsocialinnovators.org 3 Dawson Street, Dublin 2, Ireland Phone: +353 (0)1 645 8030 Email: pat.edmondson@youngsocialinnovators.ie

BI Survey CurrencyFair

Global Connector Business Ireland talks to CurrencyFair’s Brett Meyers about the firm’s recent investment and the path they plan to take.

uInvestment

Typical users include British ex-pats living abroad, in receipt of a British sterling pension which would be transferred between countries.

SMEs make up roughly one-sixth of CurrencyFair’s business by volume. “A typical example might be an Irish car dealer who is buying cars from the UK, paying invoices in a foreign country,” he explains. The recent €1.8 million investment by Frontline Ventures and a number of angel investors is a testament to the possibilities of the model which CurrencyFair employs.

“We have to maximise the opportunity that we have with a great product and it’s a big market,” Meyers adds. “The market for this is huge globally, so it’s expansion money really.” uVision

Brett Meyers, CEO, CurrencyFair.

A

peer-to-peer currency exchange which is the brainchild of Australian ex-banker Brett Meyers, CurrencyFair.com matches up customers from across the globe, allowing them to exchange currency far cheaper than if using the more traditional methods. “We’re a cheaper and quicker way of sending money internationally,” says Meyers, the firm’s CEO. “That is the core idea.”

Operating local bank accounts in the 17 currencies in which the company deals, CurrencyFair takes advantage of domestic payment networks, which tend to be both very quick and cheap/free. “We end up converting international transfers into local transfers. This means not only are you cutting out all the fixed costs, but you’re also cancelling out most of the margin,” he explains. “Basically our transfers work out at about 90 per cent cheaper than the equivalent transfer through the bank and at the

same time, they get it quicker. It’s pretty compelling.” uHidden

Savings

One of the major reasons as to why the organisation is gaining popularity revolves around the savings its users can accrue over the more traditional banking system. CurrencyFair has completed €600 million in transfers, and Meyers estimates customer savings in the region of €25 million altogether. “People are surprised by how much money can be saved.

One of the problems we have is that some of our potential customers don’t realise with the banks how much margin is being built into the exchange rate,” he explains. “What we have to do actually is not just tell people that we exist but explain to them that 1) they’re paying money and 2) they don’t have to. So people are surprised. Some do know they are getting ripped off and with them, it’s an easier sell.”

Until now, the organisation was expanding largely through word of mouth, and the recent investment means that CurrencyFair can target a wider audience in the future, which is looking increasingly bright. “In the short term, it’s about growing the user base, letting more people know about us. We’re also putting greater emphasis on our website and helping people to refer the product as that’s the way for it to grow. Long term, CurrencyFair’s marketplace makes sense. We are an order-driven market effectively and what we’re doing is that this kind of transaction doesn’t require a dealer in the middle quoting prices and taking big margins. An order-driven market with people works, so there’s no reason our network can’t plug into domestic payment systems. CurrencyFair is the infrastructure that connects all these domestic payment systems so it’s a viable and superior method, certainly from a charges and efficiency perspective. Longer term, we’re looking for our marketplace to be that global connector across currencies,” Meyers concludes. g 71

BI Survey DHL Express Ireland

The Art of DeliverinG

Performance Excellence Bernard McCarthy, Managing Director of DHL Express Ireland, tells Business Ireland why any company’s first priority should be to deliver service excellence

I

t’s quite a challenge: To deliver performance excellence in an economic environment which, despite all the clichés about ‘green shoots’, remains downbeat. With financial constraints, increasing competition and customers demanding higher levels of service at an even lower price, where should a business turn? In these circumstances some might advocate that a business should focus on cost management and just ‘do the best you can’ to maintain services. I don’t subscribe to such a position and would argue that despite the difficult environment, your first priority should be to deliver service excellence. And you can only deliver great service to your customers if your business is underpinned by an organisational approach and mindset which focuses on performance excellence.

In DHL Express I start from the basic premise that if we want to have engaged and loyal customers we must have engaged and motivated staff.

We have a simple ‘Focus’ strategy: to build a highly motivated team which understands its role in delivering great service quality in order to create loyal customers; these loyal customers will in turn enable us generate a profitable business. It’s a simple strategy which everyone can buy into, irrespective of their role or seniority in the organisation. Every employee should understand how their role contributes to the execution of this strategy. Just as important, they must also understand the negative impact to our customers if they don’t deliver consistently high performance.

To deliver its ‘Focus’ strategy DHL has invested heavily; both locally in Ireland and across their global

72

network. For example, in 2010 a learning and development programme called “Certified International Specialist” (CIS) was introduced globally. CIS was designed first and foremost as an engagement tool to be delivered by local management.

The programme focused on giving all employees a clear understanding of the history of DHL and its entrepreneurial roots as well as ensuring that all staff, no matter what their function, fully understood the fundamentals of international shipping. Linking back to DHL’s ‘Focus’ strategy, the CIS programme demonstrated to every employee the importance of their role and the interconnectedness of the DHL Express business. CIS has gone from strength to strength with continued focus and investment in the programme, with functional training modules and management training modules being subsequently developed.

I’ve said that our ‘Focus’ strategy starts with motivated people and it’s important that this is something we invest time, effort and money into – otherwise it’s just a worthless corporate slogan. The opinions of our employees are very important and as a management team we need to know how our people rate our performance.

Each year an Employee Opinion Survey is conducted which is a great information gathering exercise. But it only becomes real if we follow up on the findings and put meaningful change into practice. We’ve managed to do that successfully and as a result have seen our ratings improve every year since 2009.

Other recognition and reward programmes are also important. We have a staff incentive scheme where

Bernard McCarthy, Managing Director, DHL Express Ireland.

every member of staff earns a cash bonus if we achieve our quarterly financial targets – I don’t think too many companies in Ireland can say that! There are a range of other programmes and events including Employee of the Year, Long Service Awards and Focus Recognition Awards to acknowledge the contribution of top performers.

And of course we need to listen to the voice of our customers. We’ve had customer interaction and satisfaction surveys for a number of years and in 2012 we introduced NPA – Net Promoter Approach. I’m a big fan of NPA as it provides ongoing customer feedback. Most importantly, it enables us to make small fixes and improvements to enhance the customer experience. g

BI Survey Cristina Stamatescu Solicitors

A Pioneering Practice With vast experience in Irish and EU law, Dublin Chamber of Commerce member Cristina Stamatescu Solicitors has burst onto the scene with a passion for human rights.

F

ounder of Cristina Stamatescu Solicitors, Cristina Stamatescu was admitted to the Role of Solicitors in Ireland after sitting exams with the Law Society of Ireland. Her background, however, lies in Romania, where she obtained a Bachelors in Law from the University of Bucharest. With a vast knowledge, understanding and practice of both the French and Anglo-Saxon legal systems, Cristina became known in the immigration and asylum legal sphere during her time at a Dublin firm between 2008 and 2013, before establishing Cristina Stamatescu Solicitors earlier this year. Providing legal services in both Romanian and English, Stamatescu is proudly supported by the Romanian Embassy in Ireland.

Legal Services

With an immeasurable passion for human rights and for providing legal services suited to each individual, Stamatescu helps each of the firm's clients make an informed decision with regard to their legal issues and appropriate solutions. Stamatescu's main area of practice is Immigration law and has a growing interest in all legal points arising from same. Irish citizens and nationals of all countries of the world find understanding and legal support of high professionalism at Cristina Stamatescu Solicitors.

Practice

Stamatescu's experience is quite broad – ranging from immigration and asylum to personal injuries, employment social welfare and family

law. Immigration law, however, remains a large part of the operation.

“With regard to immigration law, [we] provide legal services for visa applications, residency applications, family re-unification, de facto relationships, EU Treaty rights applications, business permissions which have specific criteria and the exceptions of some of the requirements, employment permit applications, together with assisting with refusals and renewals of these applications, together with assisting with refusals and renewals of these applications,” says Stamatescu.

The Difference

With a vast expetise in the High Court, Supreme Court and European Court of Justice, Stamatescu makes a point of meeting all of her clients and is a member of the Independent Advocacy Programme within the Irish Refugee Council, attends numerous Human Rights conferences and organises talks alongside the Romanian Community of Ireland organisation, to inform Romanian nationals of their rights. As Ireland's only Romanian solicitor, Stamatescu's firm provides a service which clearly separates the firm from its competitors. “As most of the matters have a sensitive element, within our firm the presence of an interpreter for the Romanian language is not needed,” she explains. “Clients are more comfortable this way. The benefit the clients get is that they speak directly to the Solicitor and nothing is lost in translation.”

Cristina Stamatescu, founder of Cristina Stamatescu Solicitors.

Looking Forward

Still only in its first year of existence, the future appears to be bright for Stamatescu and her new firm. “We intend to expand our team due to the high level of interest in our firm and the services we provide, and continue promoting through the Romanian Community in Ireland and the Romanian Embassy; through business networking which is an invaluable support for the business person, as well as the networking and growing of the business,” she says.

“We are happy and passionate about law and the practice of law and we treat each case, each client, on an individual level. All our applications are suited to each individual client.

We practice law with the hope for a better world.” g 73

BI Survey Airport Club

Hassle free travel Parking Plus at Dublin Airport provides Unlimited Fast Track and Car Parking.

We have 3 options for you to choose from;

F

•G reen €999 Unlimited annual Fast Track and parking in the Red Express long term car park and exclusive member discounts.

or frequent Dublin Airport customers, Parking Plus is a premium service with the following benefits: • Speed – Entrance to the carpark is automated by registration recognition for speedy entry. You can also avail of unlimited access to the Fast Track security lanes in both terminals.

• Convenience – Never book parking or Fast Track again - one annual payment and expense receipt.

• Member discounts – At the Loop retail outlets, executive lounges, VIP, car valet and more.

uParking

Plus

• Silver €1,999 Unlimited annual Fast Track and parking in the short term car park and exclusive member discounts.

Providers of effective technological advice and expertly crafted custom solutions.

Based in Dublin, we have been solving IT challenges since 2002 for clients including IKEA, Dublin Bus, LUAS, Canon and many local SMEs. 74

• Gold €2,999 Unlimited annual Fast Track and VIP parking in the executive car park, 20 complimentary visits to the Executive Lounge, 1 complimentary visit to the VIP suite and exclusive member discounts. g Visit www.parkingplus.ie Contact us +353 1 814 4898

T: 01 410 0774 E: info@dovetail.ie W: www.dovetail.ie Guinness Enterprise Centre, Dublin 8

BI Survey Collins Crowley Solicitors

Retailer Rights and Obligations Vincent Crowley of Collins Crowley Solicitors believes that knowing the difference between a legal obligation and a gesture of goodwill is a retailer’s duty to its customers. Here he differentiates the two.

A

s the festive season approaches, retailers across the country will be looking forward to an increase in footfall and an upturn in sales. However, they can similarly expect to experience a rise in customer complaints, service issues and product returns. In such circumstances it is essential that retailers are aware of their legal obligations towards customers that exist under the various pieces of legislation.

u Sales

of Goods and Supply of Services Act 1980

All goods sold by retailers to consumers are subject to the Sales of Goods Act. This piece of legislation imposes on a retailer an implied undertaking that any goods sold to a consumer are of merchantable quality, fit for intended purpose, and sold as described. These requirements prohibit a retailer from misleading consumers with exaggerated claims about a product, and protect a consumer from purchasing defective goods. u Returning

items

When a product sold has not met the requirements of the Sales of Goods Act, the retailer is required to remedy the problem by either refunding, replacing or repairing the item. If the retailer cannot repair the item it is their duty to return the good to the manufacturer.

If a consumer was aware of the defect but purchased anyway, they will not be entitled to any relief on that basis. If a consumer simply made a mistake in respect of the product, for example purchasing something in the wrong size, they likewise have no

entitlements. A consumer who causes damage to the product is not entitled to any relief. u Change

of Mind

If someone simply has second thoughts the retailer is not required legally to take any action. However, Vincent Crowley of Collins Crowley Solicitors many retailers will oblige their customers in accordance and hold businesses to account. The with a company policy which may Act prohibits commercial practices extend to a credit note for the shop if that are unfair, misleading or the item is returned promptly. aggressive towards a consumer.

Breaching the Act is a serious u Pricing obligations matter and any retailer discovered to A retailer is required under law to be engaging in such practices may display all prices of goods sold in a find themselves liable on summary clear and accurate manner and it is conviction for a fine of up to â‚Ź3,000 an offence to engage in misleading and even potentially a period of pricing. If the price of a product has imprisonment. been mistakenly labelled at a lower The legislation in this area is entirely price, there is no obligation on a aimed at consumer protection and retailer to accept the displayed price achieving a balance of power in in exchange for the item. In such the relationship between customer circumstances the consumer should and retailer. It is important retailers be informed of the error so that they are made aware of their rights and can reconsider whether to purchase. obligations so that they do not leave themselves exposed to a visit from the u Consumer National Consumer Agency or trip to Protection Act 2007 the Small Claims Court. g Many consumer rights and entitlements are embodied in the For further information contact: Vincent Consumer Protection Act. This Act Crowley, Collins Crowley Solicitors, 2A saw the establishment of the National Christchurch Hall, High Street, Dublin Consumer Agency, which has the 8. Telephone: (01) 7093631 Email: power to enforce consumer rights info@ccsolr.com Web: www.ccsolr.com 75

BI Survey Danske Bank

Danske Bank on SEPA The deadline for SEPA-readiness is fast approaching, and many Irish businesses still aren’t prepared. Danske Bank’s Barry Manning outlines how they can help. an element of testing required before going live in February. IPSO provide an online testing tool but most businesses should conduct testing with their bank,” said Barry. “If some customers don’t make it on time there’s an expectation Barry Manning, Head of Corporate Cash Management Sales, Danske Bank. that banks will offer he standardisation of Euro a conversion service, but that’s not payments through the use of a what SEPA was designed for. It’s not single automated channel will sustainable and there may still be benefit both debtors and creditors. disruption to payments if you are But, warned Barry Manning, Head of not ready.”

Corporate Cash Management Sales at In terms of what else businesses Danske Bank, “a lack of preparation can and should do right now, Barry for SEPA can place businesses at risk noted that businesses need to know of delays in making and receiving their own BIC and IBAN and to share payments to and from suppliers, staff this with their staff (particularly staff and customers once the February 1st in accounts payable and receivable), 2014 deadline passes.” According to customers and suppliers. They should the ECB, only 15.3 per cent of Credit also be aware that the full payment Transfer Originators are SEPA ready. advice of up to 140 characters must More worryingly, only 6.7 per cent be forwarded in full, from the of Irish Direct Debit Originators are payer to the payee with no changes SEPA ready. Barry urged businesses although this should make the who haven’t addressed the issue to do reconciliation process easier. Finally, so immediately, because “February 1st they need to know the timeframe for 2014 is not a target, it’s a deadline.” making a payment – Euro transfers within SEPA take place within one u business day of being generated.

Need for testing A key change under SEPA is that u New Business Service existing bank account numbers will be The inclusion of an eight week noreplaced by BIC and IBAN. However questions-asked refund right under the companies need to be alerted to the mandatory Core SEPA Direct Debit need for testing. “There is definitely

T

76

scheme was met with some concern

by Irish businesses collecting from other businesses. The alternative SEPA Business to Business (B2B) scheme does not provide this eight week debtor refund right. Whilst Danske Bank can offer the SEPA B2B Scheme to eligible customers today, most domestic banks in Ireland do not offer SEPA B2B at present. As the SEPA B2B Scheme requires that both the creditor’s and debtor’s bank be scheme participants, this greatly restricts businesses transacting within Ireland from availing of the SEPA B2B Scheme.

A new SEPA Business Service has been developed by IPSO as an interim alternative to the SEPA B2B scheme. This service will facilitate an agreement between creditors and their debtors to waive the Core Scheme’s eight week debtor refund right.

Danske Bank will participate in the interim SEPA Business Service, available in Ireland from 1st December 2013. The service will run until the 1st February 2016, by which time it is anticipated that SEPA B2B Scheme will be widely available in the Irish Market.

Barry concluded, “The most visible benefit of SEPA will be standardisation. There should be no difference in the information required, terms and conditions, and settlement time frame when paying or receiving funds under SEPA in any of the 33 countries. With SEPA, a payment to a supplier in Ireland will be the same as to a supplier in Germany. For larger corporates operating across multiple European geographies there will be an opportunity to rationalise the number of accounts and with less accounts comes easier management of cash and liquidity. SEPA also promotes the concept of centralisation so initiatives such as payment factories and Shared Service Centres are easier to accomplish”. g For more information visit: www.danskebank.ie/SEPA

Dublin chamber NEW MEMBERS

New Members Association of Friends of St Patricks Hospital www.stpatricks.ie Caroline Sherlock Fundraising Manager csherlock@stpatsmail.com

Brooks Brothers

Contract People

Maria Kenny Business Development Manager mariakenny@contractpeople.com

Frankie Sheahan, Managing Director frankie@frontrow.ie

CSS Faciliclean Ltd

www.irishmirror.ie Mark Whyte, Trade Marketing & Innovations Manager mark.whyte@mgn.co.uk Jonathan Eakin jonathan.eakin@mgn.co.uk Maria Scannell, Advertising Manager maria.scannell@irishmirror.ie Joanne McGreevy joanne.mcgreevy@mgn.co.uk Joanne Friel joanne.friel@mgn.co.uk

Neil O’Leary, Owner neiloleary1@gmail.com

www.brooksbrothers.com Alan Tiernan, Store Manager atiernan@eu.brooksbrothers.com Edel Maloney, Supervisor emaloney@eu.brooksbrothers.com

Currencies Direct

Business Plus Magazine

David Cantwell Photography

Siobhan O’Connell, Director Siobhan@businessplus.ie

Carrolls Irish Gift Stores www.carrollsirishgifts.com Lorcan O’Connor, Director Lorcan@carrollsirishgifts.com Colm Carroll, CEO Colm@carrolls.ie

CK Computer Solutions

www.cksolutions.ie Christian Kortenhorst, Owner hristian@cksolutions.ie

Cleere Financial Control

www.cleere.ie Karl Cleere, Managing Director info@cleere.ie

Colours International Ltd www.colours.ie Brid Pentony, Director brid.pentony@gmail.com

Front Row

www.currenciesdirect.com Damian Moore National Account Manager damian.m@currenciesdirect.com

www.davidcantwellphotography.com David Cantwell, Proprietor david@davidcantwellphotography.com

Dublin Citi Hotel

www.dublincitihotel.com Omar Darouiche, Hotel Manager omar@dublincitihotel.com

Enterprise Solutions www.enterprise-solutions.ie Tristram Dyer, Marketing Manager tristram@enterprise-solutions.ie

EP Keane & Company Solicitors www.keanesolicitors.ie Eamonn Keane, Principal eamonn@keanesolicitors.ie

Escher Group (IRL) Ltd www.eschergroupholdings.com Liam Church, CEO liam.church@eschergroup.com Fionnuala Higgins EVP Sales and Marketing fionnuala.higgins@eschergroup.com Jonathan,O’Connell Chief Financial Officer jonathan.oconnell@eschergroup.com

Irish Daily Mirror

James Mullally Coach Hire

www.jamesmullallycoachhire.com James Mullally, Managing Director sales@jmcoach.com

JB International Services Gerard Bradshaw, MD clearway@indigo.ie

Join.ie

www.join.ie Jane Norton, Director info@join.ie

Kerman & Co Solicitors

kermanco.ie Sean Nolan, Managing Partner graham.sellors@jordanmedia.com susan.whelan@kermanco.ie

Link Receivables Management www.linkfinancial.co.uk Gerald Elliott Communications Director

77

Dublin chamber NEW MEMBERS

New Members London Speakers Bureau

Mary Menton mary@conferencespeakers.ie Moran Eilish, Business Development eilish@conferencespeakers.ie Vivien Atkinson, Office Manager Vivien@londonspeakerbureau.ie

Martinsen Mayer

ww.martinsenmayer.com Mouna Kenzaoui Managing Director mouna.kenzaoui@martinsenmayer.com

Maybe International www.maybe.ie Rhoda Nolan, Partner rhoda@maybe.ie

O’Connells Restaurant

Tom O’Connell, Managing Director nfo@oconnellsballsbridge.com Tara Gorman, Marketing marketing@oconnellsdonnybrook.com

Olive Safety

Kevin Doyle, Director kdoyle@olivesafety.ie Brendan Kavanagh, Director Bkavanagh@olivesafety.ie

Ormond Meeting Rooms

www.omr.ie Louise Gallagher, Manager RobbieFitzpatrick@callpageboy.ie

Pembroke Vending www.pembrokevending.com Brendan Mallon, Owner

Performance Marketing Limited

Vincent O’Kelly, Managing Director vincent.okelly@ performancemarketing.ie Treacy O’Connor Business Development treacy.oconnor@ performancemarketing.ie

PrintCom

www.printcom.ie Diarmuid Everard, Business Owner info@printcom.ie

Red Tree

www.redtree.ie Eamonn O’Reilly, MD eamonn@redtree.ie Noreen O’Keeffe, Director noreen@redtree.ie Mark Middleton Head of Banking/Financial Services mark.middleton@redtree.ie Stacey Lennon Marketing and Sales Support stacey@redtree.ie

Rigney Dolphin

www.rigneydolphin.ie Barry Maye barry.maye@rigneydolphin.ie

Pageboy Contact Centre

Rogers Recycling

KC Peaches

Samsung IT & Mobile Ireland

www.callpageboy.ie Robbie Fitzpatrick, Head of Sales ade.dare@nicoc.ie www.kcpeaches.com 78

Katie Cantwell, Owner katie.cantwell@kcpeaches.com

Declan Rogers, Director cdrogers@live.co.uk

www.samsung.com/ie

Cosette Byrne, Marketing Manager c.byrne@samsung.com Michael Kennedy, National Account Director m.kennedy@samsung.com Gail Weston Head of Product Management g.weston@samsung.com

Sásta Fitness www.sastafitness.ie Fiona Egan, Owner fiona@sastafitness.ie

Seabridge Logistics Services Diarmuid Murphy, MD dmurphy@seabridge.ie

Select Executive Search www.selectfinancial.ie Seamus Boylan, Director sboylan@selectfinancial.ie

Watermark Coffee Technology Alan Rafferty Business Development Manager alan.rafferty@watermark.ie

Wolfgang Digital www.wolfgangdigital.com Alan Coleman, CEO Alan@wolfgangdigital.com Brendan Almack brendan@wolfgangdigital.com Siobhan,McGinty siobhan@wolfgangdigital.com

Xava

www.xava.ie Amit Wadhwa, MD amit@xava.ie

Dublin chamber MEMBERS Profiles

Members Profiles u Brooks

brothers

Since 1818, Brooks Brothers has been providing classic yet stylish clothes to our customers. The Brooks Brothers name has become synonymous for a certain kind of classic elegance that is at once both stylish and impeccably correct. While fashions come and go, Brooks Brothers has demonstrated that the desire for quality and good taste remains constant.

Brooks Brothers are markers and merchants, innovative with their design such as the original button down polo shirt, the all cotton, noniron shirt and of course the Sack suit and the Repp tie.

Our logo, the Golden fleece symbol, was adopted as the company’s trademark in 1850. A sheep suspended in ribbon had long been a symbol of woollen merchants and an emblem used by the knights of the Golden Fleece as a sign of prestige and honour.

Our notable customers include JFK, Abraham Lincoln, Andy Warhol, Clark Gable, Madonna, Michelle Obama and Kermit the Frog (Yes really!). u Carrolls

Irish Gifts

Carrolls Irish Gifts are a fully Irish owned company established in 1982 and are one of the leading retailers of quality Irish clothing, jewellery, souvenirs and gift products. If you have visited Ireland, you will have surely visited one of our many famous stores! We stock leading Irish products such as Guinness, Aran Knitwear, Solvar, Trinity, Mullingar Pewter and many more.

We carry thousands of gift and souvenir products across a wide range of categories.

In 2012 we celebrated 30 years in business delivering the highest standards of customer service and a

massive range of top quality products at the keenest prices. u Cleere

Financial Control

At Cleere Financial Control (www.cleere.ie) we provide outsourced financial control services such as bookkeeping, payroll, management accounts, financial direction/consultation, access to funding, business plans and projections for businesses.

Our target market is Irish businesses where the owner/manager is trying to drive the business and its finances and where each role may be suffering as a result, as well as Irish businesses that need an accountant but cannot afford to hire one full time.

Talk to us at 01-9055528 to discover how our value added, independent and bespoke services can help you and your business – plus first month free! u Conference

Speakers

Conference Speakers is directed

by Mary Menton and is part of The London Speaker Bureau global network.

Mary has over 25 years’ experience of organising events and speakers and likes to share her expertise to source and deliver speakers for your event.

In these challenging times our speakers provide leadership and inspiration.

At Conference Speakers you buy expertise and reputation and save valuable time and money. The speaker is the most vital component to the success of every conference or event.

When you consider the cost of the venue, the refreshments, your staff time away from the desk – you need us to work with you to source and deliver the best speakers each and every time.

u Contract

People

Contract People were established in 1995 by Niall Benson and Brendan O’Reilly. Currently, we are Ireland’s No.1 independent field marketing and contract recruitment agency.

We specialise in below the line marketing solutions, providing sales, merchandising and auditing staff on an outsourced or contract basis.

Our objective is to provide companies with “people as good as your own” and we currently employ in excess of 400 staff nationwide.

This is a people’s business and we are passionate about people. Our approach is one of partnership and trust and this applies to both our clients and staff. We have developed solutions for some of Ireland’s leading companies predominantly in the FMCG sector such as Diageo, Procter & Gamble, McVities and GSK. Further information is available on our website at www. contractpeople.com. u David

Cantwell Photography

David Cantwell, a native of Navan Co Meath, has been creating images for over 20 years. In 1998 he and his wife Naomi opened a photographic studio in Dublin, Ireland.

David specialises in commercial and advertising photography and has worked with leading companies from all over the world, creating images for brochures, advertising campaigns and websites.

David has photographed portraits of presidents and business leaders such as President Bill Clinton, David Rockefeller, Henry Kissinger and many more.

“If you can engage with the client and earn their trust, their true personality will shine.”

79

Dublin chamber MEMBERS Profiles

Members Profiles u Dublin

Citi Hotel

Best accommodation in the heart of Dublin City.

Dublin Citi Hotel on Dame Street is poised to offer you the best in Irish hospitality with an ideal location near key shopping districts, the lively Temple Bar and top Dublin tourist attractions.

The 27 bedrooms in the Dublin Citi Hotel have been designed with comfort, warmth and convenience for the valued guest. Each bedroom is tastefully decorated, bright and designed to international standards, everything you need for a pleasant stay.

The hotel provides the perfect base from which to enjoy one of the best capitals in the world.

Address: 46 - 49 Dame Street, Dublin 2.

Phone: 01 679 4455 Email: reservations@ dublincitihotel.com Web: www.dublincitihotel.com u Enterprise

Solutions

As an accredited partner of Citrix, Enterprise Solutions have been a leading provider of Citrix solutions since 1997. We have a core team of highly experienced engineers, all accredited to work with products such as Citrix, VMware and RES software.

We have a rich history of providing professional services and a high level of support to business critical platforms and to a range of companies; from some of the biggest Citrix user bases in Ireland, to many SME companies around the country to whom we are providing top quality managed services to, while also providing cost effective IT procurement to all. u Front

Row Media

Front Row sources high profile 80

speakers to enhance company events and add that extra wow factor. As a non-exclusive company, Front Row can match, source and book the perfect speaker for your event. Their Irish and international speakers extend from the world of motivation, entertainment, business, IT, leadership, innovation, sport and more. Founded by former Ireland and Munster hooker and current TV sports pundit, Frankie Sheahan, Front Row also offers a full sports management service for professional athletes, and an extended marketing and sponsorship consultancy.

For more information visit www.frontrow.ie. u JB

International

JB International was established in November 1992. Gerard Bradshaw (MD) has over 35 years’ experience in the shipping industry and after working his trade for a couple of the biggest shipping companies in his early career he decided it was time to venture out on his own in 1992.

We are a small independent company and cater for all imports and exports, large or small. We work in conjunction with some of the world’s largest shipping companies and are respected throughout the country for our Customs Clearance expertise. The staff has been hand picked because of their experience within their particular fields and have gained much experience by working in a close-knit logistical team.

With such vast experience in the shipping industry we have built up a very good working relationship with Customs Officers in Dublin Airport and Dublin Ferry Port alike. u KC

Peaches

The simple joy of making, serving and enjoying great-tasting, nutritious food led to the creation of KC Peaches Whole Food Shop, Café &

Wine Cave. By delivering nature’s freshest flavours in an accessible and affordable manner, KC Peaches serves as a healthy oasis in an urban setting providing healthy, fresh, all-natural food free from additives, preservatives, artificial flavours or colours. We strive to impart as much wholesome goodness as possible into every bite—providing true nourishment from nature. u Martinsen

Mayer

Martinsen Mayer is an elite Irish owned recruitment agency based in Dublin. We are committed to the highest professional standards in talent acquisition and employment solutions. We provide a tailored and flexible solution for all your recruitment needs and we strive to find the right talent for our client organisations.

With 50 years’ combined experience, our consultants have the sector-specific expertise to find, appraise and place the best possible candidate for our clients.

We cover the following sectors: Medical, Multilingual, HR, Legal & Professional, Banking, Accountancy & Finance, Sales & Marketing, and Technology.

Phone: 01 – 6144900 Email: info@martinsenmayer.com Web: www.martinsenmayer.com u OfficeClean.ie

OfficeClean.ie is a 100 per cent Irish owned and operated business. With over 200 employees and operating contract services in every county in Ireland, no job is too big or too small. We believe that office cleaning is much more than just making sure that work spaces are clean and tidy. It’s about projecting a positive image of your organisation, to both employees and customers. We offer all kinds of office cleaning services, window cleaning and building

Dublin commercial chamber feature MEMBERS Profiles xxxxx

maintenance as well as a locksmith and removals service.

Call us today to find out how to get free quarterly window cleaning!

(Maximum 60ft. reach wash system used). u Ormond

Rooms

Meeting

Ormond Meeting Rooms (OMR) is a modern, state of the art, meeting room facility hosting mediations, arbitrations, legal consultations, disciplinary hearings, seminars and events. Our full-time staff are on hand at all times and we provide a comprehensive range of back-up services to make your experience with OMR a pleasant one. Our layout is specifically designed for those with accessibility requirements. Based on the ground floor of Ormond Building, OMR is a modern, spacious facility with automatic doors, spacious corridors and accessible toilet facilities. The Induction Loop system equips OMR to offer all clients a comfortable visit and access to all our facilities. This enables clients with hearing difficulties equal access to information and announcements.

Located just a stone’s throw from the Four Courts, our city centre location is ideal and convenient to train, bus and Luas services. u Pageboy

Pageboy™ Contact Centre is an ISO 9001 accredited company established in 1972. From our Dublin offices, we provide personalised call management, out calling and outsourcing services 24x7x365.

We look to partner with prospective clients, tailoring with them the most effective solution to meet their requirements.

We pride ourselves as being a high value partner when service really matters.

We have a wealth of experience in both inbound and outbound services with some of our customers using us to answer all their calls on a 24x7x365 basis or as an overflow point when their reception is busy

or unavailable.

The outbound services we provide are across every business sector, varying from customer satisfaction campaigns with service companies to lead generation and appointment setting for sales teams. u sásta

sásta is an Irish franchise offering a fast and sustainable way of losing weight, toning and keeping fit in a fun way. The sásta fitness pod is an Irish designed and manufactured treadmillbased exercise machine which utilises vacuum technology and is solely available via sásta studios. sásta also has a nutrition plan based on Low GL (Glycaemic Load) all about the sugar and carbohydrate in food...no faddy low fat expensive food just normal food educating on good choices and not feeling deprived in any way. We also weigh and measure every week. Our 15 minute toning programme is completed after your 30 minute fitness pod workout. sásta has a 100 per cent money back guarantee ensuring that clients lose a clothes size in their first month or 100 per cent refund.

We invite clients for a FREE trial so call us today on (087) 774 8686 or email hello@sastafitness.ie. We look forward to hearing from you. u Select

Select is an executive search firm specialising in mid to senior level appointments across a range of industries. We are a boutique, and have access to a wider market as we avoid the off-limits restrictions facing larger firms.

Seamus Boylan, Select’s Principal, has completed executive search assignments for 15 years. He began his career in Bank of Ireland London in corporate treasury, and later in private banking in the Channel Islands. He has subsequently worked at director level in executive search, and founded Select in 2002.

Engaging Select means working with the Principal; no novice mistakes, no turnover of recruiters

and no superfluous communication - just a professional, effective and timely service from start to finish.

Seamus Boylan, Director, Select Executive Search.

Address: 30 Upper Pembroke Street, Dublin 2.

Phone + 353 87 230 6669 + 353 1 477 3700 Email: sboylan@select.ie Web: www.select.ie u Solgari

Solgari provides Cloud Integrated Communication Services, including Cloud Contact Centre, Cloud PBX, Unified Communications and Data Analytics to corporate, shared service and contact centre customers around the world. Our SaaS services enable our customers to (i) significantly improve customer and staff interaction by placing multi-channel integrated cloud telephony services and data at the heart of the business and (ii) drive out costs by replacing legacy on premise telephony infrastructure and software with a single global cloud solution across all sites. For further details contact sales@solgari.com. u Wolfgang

Digital

Wolfgang Digital, the digital marketing scientists, are a team of a dozen digital marketers. We are passionate, driving and optimising profitable traffic to websites. We won the Grand Prix Prize in the Digital Media Awards 2013 and Google are big fans of our work, having published a number of our client campaigns as Google Success Stories.

We’d love to talk digital with you! u Xava

“Build Your Dream Business Online” At Xava we translate your business vision into a strong and recognisable online brand that will set you apart from the competition, establishing a connection with your target audience. We empower start-ups and SMEs to spread their vision, placing a strong emphasis on content sustainability and social media integration.

81

Dublin chamber picture gallery

Dublin Chamber

Kindly Sponsored by:

annual dinner 2013

Bernard Byrne, Director of Personal, Business & Corporate Banking at AIB, Liam Kavanagh, President of Dublin Chamber of Commerce, Dan Doctoroff, CEO and President of Bloomberg and Gina Quin, CEO, Dublin Chamber of Commerce.

Gina Quin, CEO, Dublin Chamber of Commerce and An Taoiseach Enda Kenny

An Taoiseach Enda Kenny

Dan Doctoroff, CEO and President of Bloomberg

82

commercial Dublin feature chamber xxxxx picture gallery

Dinner in Camera with Minister

for Finance, Michael Noonan

Kindly Sponsored by:

Brendan Jennings, Managing Partner, Deloitte, Liam Kavanagh, President, Dublin Chamber of Commerce, Gina Quin, CEO, Dublin Chamber of Commerce and Michael Noonan TD, Minister for Finance

Ronan Harris, Google

Minister for Finance, Michael Noonan TD, Brendan Jennings, Deloitte and Louise Phelan, PayPal

83

Dublin chamber picture gallery

Leaders Series with

Kindly Sponsored by:

Patrick Coveney, CEO, Greencore

Gina Quin, CEO, Dublin Chamber of Commerce, Patrick Coveney, CEO, Greencore and Alan Murphy, Managing Partner, Eversheds

Patrick Coveney, CEO, Greencore

Dublin Chamber Council, Reception with Lord Mayor of Dublin Oisín Quinn

Liam Kavanagh, President, Dublin Chamber of Commerce, Lord Mayor Oisin Quinn, Gina Quin, CEO, Dublin Chamber of Commerce and Olivia Kelly, The Irish Times.

84

Lord Mayor Oisín Quinn

commercial Dublin feature chamber x x xgallery xx picture

Networking Breakfast with Lord David Puttnam at the Irish Times

Kindly Sponsored by:

Gina Quin, CEO, Dublin Chamber of Commerce, Lord David Puttnam, Liam Kavanagh, President, Dublin Chamber of Commerce

John McGrane, Ulster Bank, Barry Reynolds, DAC Beachcroft, Katie Da Gama, DAC Beachcroft

Lord David Puttnam

85

Dublin chamber picture gallery

SMART Series with David Gentle, Director of Foresight at Fujitsu

Kindly Sponsored by:

Gina Quin, CEO, Dublin Chamber of Commerce, Regina Moran, CEO, Fujitsu Ireland, David Gentle, Director of Foresight, Fujitsu and Liam Kavanagh, President, Dublin Chamber of Commerce.

David Gentle, Director of Foresight, Fujitsu

David Gentle, Director of Foresight, Fujitsu, Dr Johnny Ryan, Chief Innovation Officer, The Irish Times and Noel Rushe, ESB

Amie Peters, An Post

Liam Kavanagh, President, Dublin Chamber of Commerce

86

commercial Dublin feature chamber xxxxx picture gallery

SMART Series with Richard Bruton TD, Minister of Jobs, Enterprise and Innovation Kindly Sponsored by:

Gina Quin, CEO, Dublin Chamber of Commerce, Richard Bruton TD, Minister of Jobs, Enterprise and Innovation, Louise Phelan, Vice President of Global Customer Services for Europe, Middle East and Africa with PayPal and Regina Moran, CEO, Fujitsu Ireland Regina Moran, CEO, Fujitsu Ireland

Richard Bruton TD, Minister of Jobs, Enterprise and Innovation.

Gina Quin, CEO, Dublin Chamber of Commerce

87

Dublin chamber picture gallery

Networking Reception at the

Department of Foreign Affairs and Trade

Tánaiste Eamon Gilmore TD, Liam Kavanagh, President, Dublin Chamber of Commerce and Aebhric McGibney, Director of Public Affairs and International, Dublin Chamber of Commerce

Kindly Sponsored by:

Liam Kavanagh, President, Dublin Chamber of Commerce

Green Economy Forum, with Pat O’Doherty, CEO, ESB

Pat O’Doherty, CEO, ESB

88

Paul Hallam, Chair, Green Economy, Gina Quin, CEO, Dublin Chamber of Commerce and Pat O’Doherty, CEO, ESB

When it comes to online legal issues, We don’t have our head in the cloud!

We’re focused on your legal needs...

Our award winning approach to client service and comprehensive legal offering make ByrneWallace the law firm of choice for both innovative public bodies and private companies across all key industry sectors.     

Responsive Partner Led Innovative Efficient Tailored Solutions



Commercially Focused

Contact Darren Daly, Partner, ddaly@byrnewallace.com 88 Harcourt Street, Dublin 2, Ireland Tel: +353 1 691 5000 www.byrnewallace.com

For business on the move

When you have meetings outside Dublin, take the train.

It’s like taking your office with you.

Enjoy all the benefits and comforts of an office on the move. With free WiFi you can always be on top of things.

Now with Iarnród Éireann Irish Rail Business Tickets, you have all the flexibility you need.

No booking required - just arrive at the station and travel on the next service.

Available in books of 10 tickets and valid on all services.

To order business tickets, or for more information email sales@irishrail.ie or call 1850-366-222 and choose option 1