• 88 per cent of firms across the island either stable or growing
• 47 per cent of firms in Ireland are expanding compared to 34 percent in Northern Ireland
• 56 per cent of firms involved in cross-border sales experiencing growth compared to 40 per cent of those with no export sales
• Small increase in employment levels this quarter with 11 per cent taking on staff
• Sales performance has declined from 39% to 32% with more exporters increasing sales
• 68 per cent of firms plan to invest in the next year

Almost 9 in 10 firms are either growing or stable, with the number of companies expanding rising from 37 per cent in the final quarter of last year to 43 per cent in Q1 2015. This general position of largely stable and growing businesses is replicated across all sectors, although the leisure and retail sectors continues to lag.

The number of business who have increased employment over the past year remains quite low at 11%, however there is a growing number of firms particularly, large and export focussed businesses who expect to increase employment in the next 12 months.

Firms' investment intentions reflect the mood of caution that generally surrounds the economy and again reflects the lack of a feel good factor. Marketing, IT and staff training are the areas which most firms with investment intentions plan to develop.

The generally positive economic picture is reflected in an ongoing decline in key challenges facing business.  The cost of overheads continues to be the leading challenge but it is being felt by only 14% of businesses compared with a high of 25% in Q1 2014. Energy costs which had been the biggest challenge facing business has declined in significance perhaps reflecting the reduction in fuel prices and the importance of transport costs.

Although still small it is worth noting the growing significance of the sterling/euro exchange rate as a challenge.

So all in all, to sum up the latest InterTradeIreland Business Monitor, results paint a picture of a business landscape across the island of Ireland that is positive and stable but lacking a feel good factor.

The Elevate programme is 100% funded by InterTradeIreland and the application process is very simple.

How do I apply?

All you have to do is complete a short application form and if approved, you will then get to choose one of our consultants who will work with you to develop a winning cross-border sales plan for your business, kick start your sales and get on the fast-track to cross-border trading!

You’ll benefit from free one to one advice and support from your very own expert within your industry or sector to develop your own sales development plan.

Interested?

To find out more and to download an application form visit www.intertradeireland.com/elevate or contact one of the Elevate team on 028 30834143/110 (048 from Ireland).  

Elevate helped these small businesses.

Advance Machinery Installation Ltd, Antrim http://www.advancemi.co.uk/

One such company that benefitted from the Elevate Programme was Micro-business Advance Machinery Installation Ltd, based in Antrim. Advance was established in 2010.  The company specialises in the relocation of single pieces of machinery right through to complete factory moves and re-organisations.   

Before the Elevate programme, Advance carried out around 90% of its business in Northern Ireland with around 10% of work being carried out in the Republic of Ireland.  Alistair Carson, owner, believed that the cross-border market could offer new leads but he didn’t have the time or resources to investigate properly. 

“In the past we had approached the cross-border market sporadically and had never pro-actively searched for new business.  We knew that there could potentially be leads there for us but with a small team we were busy focusing on the clients we already had and servicing them. ” 

He goes on to explain:  “What we have achieved within the six months or so from the Elevate programme would have taken us years!  Where we had previously relied on the phone ringing to get jobs in the south, our Elevate consultant had turned this approach on its head and now we were actively pursuing business.  This targeted approach has been very beneficial to us and it has highlighted that there really are opportunities out there if you go looking for them.  

Since taking part in the Elevate programme, we have gone from 10% of our business being carried out in the Republic of Ireland to 30%.  We have secured orders in Ireland in the region of £240,000 through Elevate, including major contracts with Sonoco, Manninckrodt and Norland.  We were delighted with the success and have several other leads to take forward.” 

Stonewell Cider, based in Kinsale, Cork.  http://stonewellcider.com/

Stonewell Cider, based in Kinsale, Cork, is an independent craft cider producer. It was established in 2010 by local man Daniel Emerson, the company owner and sole employee at the time.  Today the company has a full-time staff of three with six additional part-time seasonal employees to assist with apple harvesting and bottling. 

The company specialises in producing an artisan range of premium ciders which are made solely from fresh apple juice and are fermented using natural champagne yeast.  As a craft cider, Stonewell uses only natural ingredients, with no artificial additives, unlike other commercially produced ciders on the market which can contain a high percentage of glucose syrup. 

 With a market share of half of one percent in Ireland, Daniel realised at a very early stage that it was important to seek out additional markets before saturation, which he felt would be at around 10% of the Irish market.  

Daniel commented:  “We were probably the first of the ‘modern’ batch of artisan producers to start looking at the export market and we realised the necessity to plan ahead, should domestic saturation be realised.  Exporting was always on the cards for us but being a micro-business, daily tasks are always driven by what needs to be done the most. Researching a new market, albeit one just across the border, was desirable but difficult to make a priority when other jobs were pressing.” 

He goes on to explain:  “With this in mind, when an email popped into my inbox stating that cross-border sales support was available for micro-businesses, I paid extra attention to it.  That decision has changed the business and we have gone from a company supplying the domestic market to an organisation with customers in Northern Ireland, England, France, Holland and as far away as Canada!” 

“The cross-border sales plan that was produced by our Elevate consultant was very solid and identified just who I should be talking to in terms of securing sales.  It provided us a ready-made toolkit to take the steps towards successful exporting. Our home market accounts for 92% of our business, and since the Elevate programme, we have taken the export side of our business from 0% to 8%, which is a great achievement for us and we will continue to work to grow this figure. . In terms of sales growth, through Elevate we managed to secure an additional €45,000 worth of cross-border sales as a result.”

www.intertradeireland.com/elevate

• The competition is open to all independent companies incorporated in Ireland or Northern Ireland in the seed, start-up or early stages of business development and ideally targeting international markets.
• Initial applications will be shortlisted by a selection panel with successful companies being invited to submit their full business plan.
• If shortlisted, companies then are invited to deliver an investment pitch in front of the judging panel comprising venture capitalists, business angels and some of the island’s leading industry entrepreneurs and business experts.
• Prior to attending regional finals, each company will be invited to attend an intensive one day investment pitch master class to help polish their presentation skills.

The Prizes

The winners of Best ‘Early Stage’ Company and Best ‘New Start’ Company stand to win €50,000. The overall winner will be chosen from these two and will win an additional €50,000 giving them €100,000 overall – with no equity stake being taken by InterTradeIreland.  There are also regional prizes of €20,000 and one Best Spinout prize of €10,000.

 
Closing date

The final date for receipt of initial completed application forms is Friday 29^th May and companies  can register their interest in advance at www.intertradeireland.com/seedcorn.   Regional winners will be announced in mid November before going on to compete in the all-island grand final which takes place in Dublin on the 25^th November 2015.

Follow us on Twitter

Companies interested in getting involved with Seedcorn can follow the competition on Twitter (ITI_seedcorn) or on LinkedIn (Seedcorn Network) where they can get valuable information and advice from experts. A series of videos to explain the competition process are available to view on www.intertradeireland.com/seedcorn.

Overall Winner

As overall winner, PanelDuct will receive a communications and advertising package from The Irish Times worth €150,000, along with a UCD Smurfit Business School scholarship for an Executive Education programme commencing in 2016 and a state of the art laptop.

NI Winner

Newry-based Nautilus NI Ltd also won the IT and Telecommunications category at this year’s Awards.  Nautilus NI Ltd, which is based in Newry, was nominated for its innovative anti-counterfeiting patented technology, Nautilus Tilt to View (T2V). This system is less invasive than holograms and features nano-embossing and printed hidden images. The company is already selling Nautilus Tilt to View in international markets.

 
Congratulations

The Innovation Awards were attended by Northern Ireland’s Minister for Enterprise, Trade and Investment Arlene Foster at a ceremony with over 220 guests at Belfast City Hall on the 17th April. The minister said: “These awards showcase companies here who are leaders in their field. Innovators like those companies being showcased here in Belfast tonight are and will play a major part in contributing and promoting economic recovery.  I’d like to congratulate all of the winners and those shortlisted in particular  I would like to recognise the Newry based Nautilus NI who have won the IT and Telecommunications category. Their success is due to the hard work and dedication of all their staff and I’d like to praise them for their determination to be a leading company in their field.”

Aidan Gough, Director of Strategy and Policy at InterTradeIreland congratulated the award winners: “Innovation opens new opportunities for businesses no matter what sector they’re in as the diversity of the finalists in the 2015 All-island Innovation Awards shows.  InterTradeIreland congratulates the award winners and finalists.  We know that innovative companies generate growth and create jobs and we look forward to following their future success.”

Michael McAleer, Innovation Editor at The Irish Times, said, “The Innovation Awards showcase and reward excellence in innovation across a range of groundbreaking products and services on the island of Ireland. Year on year, it is exciting to see companies big and small  creating the next big innovation and this year is no exception with the high quality  of winners in the awards.”

 
Other winners

The winners of the other categories, who will receive a €10,000 Irish Times media deal and an i-Pad, are: 

•           Agri-Food winner: Ocean Harvest Technology - Galway

•           Bioscience winner: Embo Medical - Galway

•           Creative Industries winner: WholeWorldBand - Dublin          

•           Manufacturing winner: PanelDuct - Mayo (Overall winner)

•           Energy & The Environment winner: REDT Energy – Dublin


North South Collaboration Award

The ‘Best North/South Collaboration’award went to BFree Foods from South Dublin. BFree was nominated for its wheat free fajita kits which it claims are a world first. After carrying out some market research BFree decided to branch out from bakery to create the first ever allergen free Fajita Kit that is also only 127 calories per serving – a healthier, convenient alternative to the traditional category.

For more information on all the winners please visit: www.irishtimes.com/business/innovation/innovation-awards-2015

Why attend?

• This event will provide you with a unique opportunity to meet and talk with public sector buyers from across the island at the various buyer stands and learn about up and coming opportunities.
• Hear and learn from other companies sharing their experience.
• There will also be representatives from the main business agencies who can advise you on current funding opportunities and business supports available.

The benefits of attending

• Think of the time you will save on researching all about these buyers - We will even give you a directory guide to take away with you ;
• You will get names of other suitable people to contact; and
• you will get a better understanding of the buyer and their requirements.

How do I register?

Full registration and programme details are available on our website. These events are alway very busy so register early!

Ocean Harvest Technology

Based on its patented seaweed-based feed, Milltown based Ocean Harvest Technology has developed a new patented marine algae formulation which tackles a variety of diseases in farmed fish while also increasing their omega 3 levels by up to 30%.

The feed improves the health of the fish and its immune system while also helping to produce a healthier product for the consumer. 

The company was founded in 2005 by Dr. Stefan Kraan an internationally recognised scientist and expert on seaweed applications and Patrick Martin, a 25 year veteran of the global salmon aquaculture industry. Since then Ocean Harvest Technology (OHT) has grown from a single headquarters in Milltown in Co Galway, to having a strong presence in North America, Asia, Europe and Australia. For more information, log onto www.oceanfeed.ie.

 Dr Kraan said that with 10 employees in Ireland, 32 in Vietnam and 4 in the Philippines the company is expanding all the time and looking to bring new products to market. 

“This win is recognition of the innovation culture which exists at Ocean Harvest Technology and which is key to the current and future success of the company. It will open many doors for our products in the Irish market and beyond” he said.

InterTradeIreland has proudly supported the Innovation Awards as Joint Partner for the last six years.  

For more information on all the winners or to view all the shortlisted videos, please visit www.irishtimes.com/blogs/innovation-awards