Tests, masks and apps - Irish companies responding to new demands - Technology . Workplace wellbeing . Motoring . Food. Style - Dublin Chamber
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Q3 Wednesday, September 30, 2020 Tests, masks and apps Irish companies responding to new demands Technology . Workplace wellbeing . Motoring . Food . Style
Q3 Wednesday, Sept 30, 2020
06
04 Q3 news
06 On the cover Irish companies playing a
part in the global battle against Covid-19
10 Refinancing to Restart Financial
lifelines to keep your business
healthy through the Covid crisis
14 Christmas with Corona Coronavirus
10
has forced us to cancel a
ot of things What will it mean for
Christmas?
18 Motoring An Airbnb for charging your
electric car? That’ll spark some interest
22 Wellbeing Measuring the success of
wellness programmes in the workplace
24 Main Street Shopping in the Covid era:
the challenges physical stores face
28 Style Black is back while designers
14
put emphasis on longevity
heading into winter season
29 Technology Six essential gadgets to
get you through autumn-winter
33 Out to lunch New normal
dining options
46 The lighter side
DUBLIN CHAMBER
34 Op-ed Time to reset the economy on a
sustainable footing
35 Golf Day Socially distanced event
proves roaring success
36 Member News
40 Dublin Chamber on… Dart+, the
Employer Wage Subsidy Scheme and
18
the 15-Minute City
43 New member profiles
Editor: Barry McCall The Irish Times, 24-26 Tara Street, Dublin 2 Dublin Chamber, 7 Clare Street, Dublin 2
COVER IMAGE: ISTOCK / PREMEDIA
Managing Editor: Edel Morgan Email: bkeane@irishtimes.com Tel: 01 644 7200 | Fax: 01 667 6403
BUSINESSIRELANDMAGAZINE Production Editor: Kevin O'Hare Advertising: 086 8678581 Email: info@dublinchamber.ie | Web: dublinchamber.ie
A leading business publication focused on recognising the needs of Dublin's entrepreneurial and corporate business leaders, Business Ireland (published by The Irish Times) is a quarterly print
magazine produced in association with Dublin Chamber. Business Ireland aims to make a real contribution to encouraging economic growth through expert analysis of key business trends
and insightful commentary on the issues that directly effect the city's commercial needs.
THE IRISH TIMES | September 2020 | Q3 BUSINESS IRELAND | 03
Q3NEWS GREENINGIRISHFUNDS
An all-female team from BlackRock, SS&C and the Irish Youth Foundation took
top honours at the inaugural Irish Funds Grant Thornton Sustainathon, an ini-
INDIGENOUS TECH SECTOR
tiative centred on promoting collaboration and driving funds industry progress
towards achieving the UN’s 17 sustainable development goals.
Green Team Network members Magdalena Supernat, Aedín O’Leary, Shona
O’Hea and Suzanne Senior will lead the new Irish Funds Green Pledge initiative.
UNITES TO ENCOURAGE
This will include the exploration of a series of Green Pledge options tailored to
firms of all sizes and at all stages of the decarbonisation journey, with a new online
hub planned to act as a cross-industry resource.
INNOVATION FOR RECOVERY
The Sustainathon attracted entries from more than 130 participants from 40
firms and three colleges to identify and propose solutions to sustainability issue.
This year’s focus was on two of the UN’s Sustainable Development Goals – afford-
able and clean energy, and climate action.
Green Team Network member Magdalena Supernat, manager in the Investor
Services Department of SS&C Financial Services (Ireland) Limited, said: “ Sus-
Two in five Irish people anxious about tainathon seemed like an ideal opportunity to team up with like-minded people in
the industry to work together towards a cleaner and greener environment. I look
returning to their physical workplace forward to putting our plans into action.”
ive organisations representing the indigenous technology sector have
come together to lobby for measures to encourage entrepreneurship
and innovation in the upcoming budget. The Alliance for an Inno-
vation Driven Recovery comprises Euronext; HBAN (Halo Business
Angel Network); Irish Venture Capital Association; Scale Ireland and
TechIreland.
In its pre-budget submission the alliance calls for amendments to the Employ-
ment and Investment Incentive Scheme (EIIS) to encourage more equity invest-
ment by private investors which would reduce dependence on government finan-
cial support for start-ups.
Speaking on behalf of the alliance, Liz McCarthy, CEO, Scale Ireland, said:
“Covid-19 has seen funding to early-stage companies fall off a cliff, with invest-
ment down by 60 per cent in the first half of 2020, according to the TechIreland
funding report – a statistic that we can see playing out on the ground. We need
to take action in order to save a generation of high-growth tech SMEs from
being wiped out.”
Amongst other initiatives the alliance recommends the formation of a high-
growth SME task force to be established by the Department of Finance along
with the Department of Business, which would focus on indigenous enterprises
with exponential and export potential.
Recommendations for the EIIS include a special Covid emergency Capital
Gains Tax (CGT) exemption on all qualifying investments up to the end of 2021.
This would reduce the risk of insolvency due to current liquidity pressures and
support Revenue through reduced welfare payments while maintaining income
TACKLINGBREXITWITHBLENDEDLEARNING
and other taxes, according to the submission.
Commenting on the proposals, Anna Scally, partner KPMG, said: “Incentivis-
ing investment through enhancing EIIS would encourage private capital invest-
ment in risky start-ups, minimising the need for direct government support and
reducing the net cost to the exchequer.” An innovative new training app has been developed to help train people in cus-
In a separate pre-budget call, Family Business Network (FBN) Ireland has toms intermediary and customs clearance skills in advance of Brexit. It is estimated
urged policymakers to reform the Capital Acquisitions Tax (CAT) so that fam- that the number of customs declarations completed every year in Ireland will
ily businesses will invest locally instead of having to sell assets to ease the tax increase from 1.7 million to more than 20 million following Brexit, with 90,000
burden. Irish businesses affected by the increased administrative burden.
The group has also called for the removal of the 90 per cent cap to provide full Logicearth Learning Services developed Clear Customs, a free virtual training
relief from CAT when passing a business on to the next generation. This would programme, funded by Skillnet Ireland, which offers customs training to interme-
bring Ireland into line with the UK. diaries and businesses which frequently trade with or through the UK.
“Family businesses throughout the country embed themselves in their local “It is clear businesses are facing a range of challenges this year in light of Covid
areas,” said FBN Ireland executive director John McGrane. “When they grow and Brexit,” said Minister for Further and Higher Education, Research, Innovation
local people get jobs, regions get much-needed investment and communities and Science, Simon Harris. “The Clear Customs mobile app and virtual classroom
are strengthened. sessions provide an engaging and impactful learning experience for businesses.
“However, anomalies and unnecessary barriers within the tax system are act- We are calling on business owners to avail of this free training as part of the Gov-
ing as roads blocks to growth. This comes at a time when viable businesses are ernment’s Brexit Readiness Action Plan and ensure their businesses are prepared
facing a perfect storm created by Covid-19 and a no-deal Brexit. for the new customs requirements from January 1st, 2021.”
“Taxation reform needs to be a top priority in Budget 2021. If supported in “This hybrid training programme will boost the in-house customs capacity for
October, family businesses can help secure economic recovery across the regions, Irish businesses that frequently trade with the UK, by offering immediate and free
and ensure that companies in the heart of the country can grow from one gen- training in how to make customs declarations effectively,” said Eoin McDonnell,
eration to the next.” head of learning innovation at Logicearth.
04 | BUSINESS IRELAND Q3 | September 2020 | THE IRISH TIMES
GETTINGTOTHEHEARTOFTHEMATTER
Bank of Ireland Kernel Capital Growth Fund (NI) has increased its investment
in Belfast-based health tech company B-Secur to £1.45 million. The company has
developed a world-first software technique that uses an individual’s unique elec-
trocardiogram (ECG) in everyday technologies to provide health and wellness
insights.
Medical-grade ECG recording usually happens in the hospital environment
using expensive equipment, but B-Secur is embedding this into smartwatches,
cars and even clothing, and numbers some of the world’s largest technology com-
panies among its customers.
“The worldwide pandemic is accelerating demand for connected devices that can
monitor all aspects of human health and wellbeing,” said Kernel Capital partner
Siggi Saevarsson. “The world class team at B-Secur and their patented technology
is uniquely positioned to play a key role in the development of this next generation
of smart devices. Kernel Capital is excited to continue our strong support of the
company as it continues its growth.”
Above: Simon Keogh CEO of Rugby Players Ireland with James Lowe and Anthony
Brennan of Zurich Ireland launching the Tackle Your Feelings research report
MIXEDFEELINGSONWORKPLACERETURN
Two in five Irish people are anxious about returning to the physical workplace,
with women more likely to reveal their anxiety than men, 47 per cent and 38 per
cent respectively, according to research carried out on behalf of the Tackle Your
Feelings mental wellbeing campaign, funded by the Zurich Foundation.
On the other hand over half (54 per cent) of the respondents believe returning
to their physical place of work will positively impact their mental wellbeing, with
six in 10 people (62 per cent) reporting they have a good team in work who help
Above: Pictured at the launch of the KTI Review were Tánaiste and Minister for
them maintain their mental wellbeing. This increases to 74 per cent of 25- to Enterprise, Trade and Employment, Leo Varadkar and Dr Alison Campbell, director of
34-year-olds. Knowledge Transfer Ireland
However, the research also found that one in three people are concerned they
won’t have the mental wellbeing support they need when returning to their work-
place.
In addition, over a third (39 per cent) of respondents said their current working
ASTABLERESEARCHECOSYSTEM
situation has had a negative impact on their mental wellbeing; 40 per cent are Knowledge Transfer Ireland (KTI) has reported a significant increase in the vol-
unsure how to manage their mental wellbeing; over a third (38 per cent) said ume of research collaboration between industry and State research bodies during
work-life balance issues had negatively impacted their mental wellbeing; six in 2019. Some 2,168 research collaboration projects were ongoing at the year-end,
10 said the outbreak of Covid-19 has impacted on their mental wellbeing; with 49 while 26 new spinouts were formed in 2019. Revenue from licensing intellectual
per cent stating their mental wellbeing has diminished. property reached ¤2.7 million, up from ¤1.7 million in 2018.
The research also revealed some of the supports that employers have put in place KTI is the national office that works to make it simple for businesses to access
,with 46 per cent saying their employer or line manager has provided additional and benefit from publicly-funded research. As part of its work KTI collects and
mental wellbeing resources as a result of Covid-19. analyses data from Ireland’s third-level sector to produce the Annual Knowledge
More than two-thirds (68 per cent) believe seeing their work colleagues again Transfer Survey (AKTS). The survey covers a range of activities, including licens-
will have a positive impact on their mental wellbeing. ing, research collaboration, consultancy and spin-out company creation.
Yet half of the respondents don’t think their manager or line manager provides “Knowledge transfer is an important component in the innovation ecosystem,
adequate mental wellbeing resources for them and their colleagues, and four in and this year’s report shows that companies and entrepreneurs see the value in
10 say they are hiding a lot of issues and challenges they are facing from their engaging with the research base,” said KTI director Dr Alison Campbell.
employer. “Overall, the 2019 findings show that in Ireland the research ecosystem is stable
“The research also revealed one in 10 Irish people had to take time off work due and producing solid results, with many of the key indicators showing increases
to their mental wellbeing during the pandemic, and this rises to one in four 18- to or remaining broadly in line with previous years. Innovation through research is
34 -year-olds,” said Tackle Your Feelings campaign manager Hannah McCormack. thriving, and is an important contribution to the competitiveness of Irish compa-
“It highlights the significant impact this pandemic has had on people’s mental nies and multinationals based in Ireland.”
wellbeing, and that many are anxious about the supports from employers as they Welcoming the survey results, Tánaiste and Minister for Enterprise, Trade and
prepare to return to their physical place of work. With more and more people Employment, Leo Varadkar said: “Never has the ability to adapt and innovate been
returning to workplaces over the coming weeks and months, we believe the Tackle more important for Irish businesses. Covid-19 has radically transformed the trad-
Your Feelings programme and other wellbeing initiatives will be a critical resource ing environment of most companies. This report demonstrates the importance of
as people begin to adapt to their new working environments and try to take control sharing State-funded research to help enterprise in practical, useful ways. Ireland
of their mental wellbeing despite the uncertainty we are all facing.” is increasingly seen as a leading innovator, placing ninth in the EU.”
(Caption: Pictured at the launch of the Review were Tánaiste and Minister for
Enterprise, Trade and Employment, Leo Varadkar and Dr. Alison Campbell, Direc-
tor of Knowledge Transfer Ireland)
THE IRISH TIMES | September 2020 | Q3 BUSINESS IRELAND | 05
COVER STORY
Taking the lead in
vanquishing the virus
Mimi Murray reports
M
any businesses are adapting in to market and sell our product,” Séamus Gorman
Companies throughout Ireland chief executive of HiberGene says.
on the Irish companies are playing a part in the global
battle against Covid 19, be
Hibergene’s Covid-19 test processes patient
swabs and detects positive samples typically
Covid-19
that through new methods in less than 30 minutes, with negative results
playing a part in the for testing, supplying PPE or confirmed within one hour. Their instruments has affected
global battle against
tweaking apps to help businesses cope with the
many challenges they face.
can run in groups of one to four samples at a
time and because the instrument is small and
everyone,
HiberGene has focused on development of new portable, banking of instruments could facilitate and many in
Covid-19 diagnostic tests for infectious diseases since
2015. Up to January 2020 they had developed
even a small lab to process hundreds of samples
per day.
society are
12 products that detect diseases like meningitis, “Covid-19 has affected everyone, and many in especially
group B streptococcus and sexually transmitted
infections. The company’s approach has been to
society are especially vulnerable in the context
of this disease. HiberGene is lucky enough to
vulnerable
simplify and innovate, particularly in the area of be in a position where we can contribute to the in the
sample handling and provide fast results for tests fight against it. The knowledge that, through context of
where time is an important factor. Hibergene and our Covid-19 rapid test, we
When the Coronavirus outbreak started to have the opportunity to have a direct impact this disease
spread towards Europe, they refocused their in helping to protect everyone, including those
research and development resources on a most vulnerable; this is the driver.
project to quickly develop a fast test for Covid-19. “Innovation is essential in every aspect of
“Almost all of our resources have focused on this pandemic if we are to overcome this and
Covid-19 since March. Initially, the activities facilitate whatever the new normal will be.
concentrated on the later stages of development, Everyone needs to be innovative in terms of
validation and clinical evaluation. Since how we work, how we travel and how we live
May, HiberGene has been concentrated on our lives day to day. Covid-19 has highlighted
engagement with existing and new distributors how unpredictable the future can be, and
06 | BUSINESS IRELAND Q3 | September 2020 | THE IRISH TIMES
For what’s next in sustainability. Together, we’ll help your business succeed in a low carbon world. Your Partner For What’s Next
COVER STORY
businesses have had to adapt significantly as a
result. Innovation in terms of business practices,
technology and our everyday life must continue
throughout this pandemic to ensure a return to a
positive economic position again,” Gorman says.
HiberGene is already looking to the future, past
the pandemic, which has demonstrated the need
for alternative perspectives and modernisation
of diagnostics.
“We share the view that some elements of
healthcare, and diagnostics in particular, can be
taken out of the traditional settings and closer
to the community and primary care. HiberGene
wants to be part of that shift through existing
and future innovation,” he says.
Since former lingerie shop owner Ciara Donlon
came up with the idea for Theya Healthcare,
her company has specialised in the creation of
healing underwear, designed and scientifically
proven to aid recovery post breast cancer
surgery.
Theya Healthcare specialises in health wear
made primarily from sustainably grown,
naturally antibacterial bamboo fibre. When
Covid-19 took hold, the company moved into the
production of reusable face masks.
“I wanted to create a mask that had no added
chemicals and was naturally antibacterial and Above left: up to date local information from key service both Ireland and Denmark have remained fully
was kind to the skin as well as the planet. It Ciara Donlon providers. SocioConnect uniquely positioned operational with essential sufficient supplies
was very important to me that our masks were us to partner with many local service providers during these unprecedented times,” Critical
scientifically tested and certified, which they Above right: Stephen
Malone, chief executive from multinational newsagent chains, to hair Healthcare’s Dr Anne Cusack says.
are,” says Theya founder Ciara Donlon. of Socio Local salons and gyms, to deliver that local message They were able to step in and support the gardaí,
The product was launched in July and the at scale. We’ve helped our customers connect to the Irish Prison Service and the Department
company is now working with a number of Bottom left: Seamus their customers at a local level,” he says. of Justice with PPE, despite shortages across
distributors around the world to bring its Gorman of HiberGene
Socio Local has had to digitise its entire sales Europe and at home.
sustainable mask to personnel in many sectors. process, which has removed barriers to entry for “Falck Europe nominated us to become their
Bottom right:
This will involve branding masks for clients and the company and its seen interest from some of PPE partner for a further three other countries
Dr. Anne Cusack of
offering them the masks in their brand colours. Critical Healthcare the largest retailers in the UK as well as having on top of Denmark, Germany, UK and Spain.
Pre-Covid-19, Socio Local provided software and conversations in both the US and Australia. It was quite an intense time as we ramped up
marketing services to the hospitality industry. “When it came to Covid, we moved our artificial production and supply to Poland, Sweden, and
They helped restaurants and bars market their intelligence module forward in our roadmap. It France. Most recently we have been awarded a
businesses online by giving them access to their creates on-brand contextualised social media place on the Department of Education contract
software and community team, who coordinated posts with no human input. Since its launch, the to supply primary, secondary and third-level
marketing campaigns through key digital data is showing us that our AI is outperforming schools with equipment to ensure a safe return
channels to drive footfall and customer growth. human-generated posts by 107 per cent, saving to school. In essence our company has almost
They had just begun expanding into the retail both time and money for our customers, but doubled in size as have our staff numbers and
industry when Covid impacted. even more importantly it enables our customers we continue to recruit, which is really positive
“Given our hospitality focus, the impact of Covid to maintain a connection with their customers at for Tullamore, where we are based,” she says.
on us and our customers was huge. Overnight a local level which is hugely valuable to them,” “What we do is important. It always has been. To
we had to adapt and implement a plan to help he says. have responsibility for ensuring the emergency
both us and our customers. Transparency is one services are equipped 24/7 is not a responsibility
of our core values at Socio Local, so I briefed we take lightly. With the added pressure of
the team in detail on the strategy and potential
PPESUPPLIES
Covid, we are very cognisant of providing the
outcomes,” says Stephen Malone, chief executive best service we can to support frontline workers,
of Socio Local. whether it is ambulance, fire, police or teachers.
They implemented a three-step plan to stabilise, They are pivotal to society and we are privileged
support and sustain, and grow. Critical Healthcare manufactures and supplies to play our essential role in supporting them,”
“Our customers were very much part of our medical, PPE equipment and medical devices she says.
three-step plan; without their success and for customers such as the National Ambulance “Our customers drive our innovation and on a
survival, Socio would have no future. We offered Service, Dublin Fire Brigade and Irish Coast daily basis they experience unique situations, so
payment breaks and reduced plans to those Guard and in the UK, NHS ambulance Trusts, our job is to find solutions that help them. We
severely impacted. It hurt our revenue but it was and EMS providers like Polaris, Elite, Falck UK are certainly experiencing a unique time now.
the right thing to do. Our customer success team and in Europe, Falck Germany, Denmark and We are continuing to expand, and are about to
worked fast to provide content on pivoting from Spain to facilitate the delivery of emergency embark on the next build of our software. We
dine-in to delivery and how to drive orders via patient care. They do this through their own have always pushed innovation. Medlogistix, our
SocioConnect, our marketing suite. procurement software, Medlogistix. procurement software, is proof of that,” she says.
“Once we stabilised and supported our “Critical Healthcare has been at the forefront Based in Dublin’s Digital Hub, Total Digital is
customers, we started to look at growth of the fight against Covid-19 by supporting all a digital agency specialising in crafting digital
opportunities. Grocery retail during Covid emergency services providers across Europe. products and experiences such as websites,
could be seen as an essential service and in Significantly, we have had sole responsibility for mobile apps, and bespoke software that deliver
the days of lockdowns, consumers needed ensuring that the national ambulance services in results for clients. The company has been
08 | BUSINESS IRELAND Q3 | September 2020 | THE IRISH TIMES
involved in the response to Covid-19 since March. Covid-19 tests including lab swabs and rapid sectors like pharmaceutical, exhibition centres,
“We were approached by Patient Mpower testing solutions. After being tested, people can training companies and sports institutes. Now
to collaborate on a project for the remote download the app and get quick and easy access we are focusing our efforts to help the food
monitoring of Covid-19 patients,” says marketing to their test results on their mobile device. This production and corporate sectors to create safe
manager Manuela Savini. “The platform tracks can be digitally scanned at a safe distance to work environments. Our technology can be used
patients’ oxygen saturation, an important allow people to go about our daily activities in to not only educate and train employees, but also
indicator of the severity of Covid-19, providing a safer way.” contractors, visitors and fundamentally anyone
real time information to healthcare teams.” Surewash has been teaching hand-washing who enters the premises,” he says.
Patients record the information using a medical techniques to healthcare workers with Despite what we’ve heard in the last few months,
device, which connects to an app via Bluetooth. healthcare facilities its primary focus to date, washing hands involves more than just singing
This also records temperature and other as it follows the World Health Organization happy birthday twice.
symptoms like breathlessness. In-app alerts and (WHO) protocol in its training. “It’s about making sure all the surfaces of the
data portal red flags provide warnings if oxygen “Our technology combines artificial intelligence hands are clean and the WHO technique is
saturation falls below set thresholds, with SMS and augmented reality to offer an innovative the best way to achieve this. Hand washing is
alerts for on-call monitoring staff. The data is approach to learning that shifts away from the a psychomotor skill so it is important to build
then fed back to the hospital in real time via a typical classroom setting training. The training muscle memory. The main issue is that it is
secure portal. is delivered via portable kiosks or our app and notoriously difficult to train and studies have
“We helped PatientMPower design the user includes practical training of the technique, found that it can take up to 32 training sessions
interface for the hospitals’ dashboard where but also has a lesson and quiz for it to become a habit. That is where we come
they can access all key patient information,” function to offer a complete into play and it is why we are now delivering
Savini adds. “This enables hospitals to monitor solution to hand hygiene education. training in multiple industries to the standard
patients with mild symptomsat home, preserving The system was developed to encourage self- of medical professionals globally,” he says.
capacity and reducing the risk of infection.” Above: directed learning with objective feedback, to “Everyone perceives handwashing as such a
The company was approached by existing client SureWash unit make hand hygiene training more accessible, simple task, however, even in healthcare it has
Roqu in late May to collaborate on the frequent, and convenient – subsequently proved very difficult to achieve competency.
development of a digital platform to support helping to reduce the spread of infections,” Fifty per cent of hospital acquired infections
rapid Covid-19 testing. Total Digital designed Cecil Ryan executive chairman of Surewash are as a result of poor hand hygiene making it
and developed the Health Passport platform says. one of the most essential practices performed by
which combines accurate testing with advanced This year alone, there has been approximately healthcare professionals,” Ryan says.
mobile technology.“This was a project of two million sessions across their SureWash In response to Covid-19, Surewash released
national importance with really aggressive units. They are supplying to an increasing a new and improved version of its mobile app
timelines – it meant a lot to everyone from the number of healthcare facilities around the and made it available for the general public
start, just knowing what was at stake and that world and have recently expanded into new to download. It is ideal for businesses to train
our work could make a difference,” says Savini. markets such as Israel and China. and educate employees in hand hygiene, as the
“The system is designed to work with all official “We have also been lucky enough to enter new training can be done remotely before returning
to the workspace.
Adopt a
homeless
service
REFINANCING
Financial lifelines to keep your
business healthy through the
Covid crisis
These State-backed initiatives to support business could be just what the doctor ordered.
Sandra O’Connell reports
Restart Grant Plus to ¤25 million. The new scheme is also open to billion Covid-19 Credit Guarantee Scheme
The Restart Grant Plus is worth between ¤4,000 some who were ineligible first time around, such provides an 80 per cent guarantee for credit
and ¤25,000 to help businesses reopen their as rateable sports businesses or trading charity products ranging from ¤10,000 to ¤1 million, for
premises. To qualify they have to have less shops. Small company chains are eligible too, terms of between three months and six years. It’s
than 250 employees and have suffered a hit to but multinational companies are not. Apply available to all SME sectors, including primary
revenues of at least 25 per cent as a result of through your local authority. producers, with interest rates set below current
Covid. It’s a follow-on from the initial Restart market rates. To qualify you have to declare an
Grant, but if you’ve already availed of that Covid-19 Credit Guarantee Scheme adverse impact of a minimum of 15 per cent of
that you can apply for a top-up, to the revised A development of the SBCI’s (Strategic actual, or projected, turnover or profit due to the
maximum grant level. With Restart Plus, the Banking Corporation of Ireland) existing Credit impact of Covid-19. Available through AIB, BOI
turnover allowable has gone up from ¤5 million Guarantee Scheme, the Government’s new ¤2 and Ulster Bank.
10 | BUSINESS IRELAND Q3 | September 2020 | THE IRISH TIMESREFINANCING
Pandemic Stabilisation and Recovery Fund Sustaining Enterprise Fund
The Ireland Strategic Investment Fund (ISIF), Enterprise Ireland’s ¤180 million Sustaining
controlled and managed by the National Enterprise Fund provides funding from
Treasury Management Agency (NTMA), is ¤100,000 to ¤800,000 for manufacturing and
a ¤15.1 billion fund. It is currently assisting internationally traded services companies, with
medium- and large-scale enterprises through more than 10 employees. It’s aimed at businesses
the new ¤2 billion Pandemic Stabilisation and that are, as it puts it, “vulnerable but viable”,
Recovery Fund, which makes capital available with up to 50 per cent of the funding provided
on commercial terms via a mix of equity, debt being non-repayable, to a maximum non-
and hybrid instruments. The fund will consider repayable support element of ¤200,000. It’s
investments in enterprises in all sectors, with designed to ensure recipients have enough short-
minimum investment of ¤10 million. Though term liquidity to see them through the current
most transactions come via its network, you can crisis, which is why the repayable advances
contact the fund directly at isif.ie. element of the vehicle aren’t due for repayment
until years four and five – that is, no repayments
Covid-19 Working Capital Loan Scheme fall due for the first three years. Applications,
A repurposing of the existing Brexit Loan which require a Sustaining Enterprise Project
Scheme, this ¤450 million initiative helps to Plan, close in December of this year.
fund working capital requirements, or to fund
any changes to a business to mitigate the impact Sustaining Enterprise Fund - Small
of Covid-19. Loans of between ¤25,000 and ¤1.5 Business
million are available, at a maximum interest rate Smaller businesses are addressed through
of 4 per cent, over a term of between one and Enterprise Ireland’s Sustaining Enterprise Fund
three years. Crucially, it includes unsecured – Small Business instrument. This provides an
loans of up to ¤500,000, with the option of injection of between ¤ 25,000 and ¤ 50,000 in
interest-only repayments initially. short term working capital to support business
continuity through the crisis, with a view to
Covid-19 Online Retail Scheme strengthening recipients’ ability to survive,
Online has proven the big winner in Covid. For thrive and return to growth in three years time.
retailers looking to boost their online offer,
check out Enterprise Ireland’s ¤5.5 million Private equity
Covid-19 Online Retail Scheme, launched as part The crisis may have put merger and acquisition
of the Government’s July Jobs Stimulus package. activity on ice, but a mid-year review from law
It is designed to enable businesses enhance their firm William Fry sees indications of a thaw
digital capability, drive online sales and grow from May, as dealmakers returned to the table.
their customer base, at home and, hopefully, Ireland may look surprisingly good to funds
abroad. It’s a grant worth between ¤10,000 and right now, as the European Commission predicts
¤40,000, to cover up to 80 per cent of project GDP here will return to growth in 2021 at a rate
costs. It can be used to fund fees for service of 6.1 per cent (after contracting by 7.9 per cent
providers, to develop and implement a digital this year) compared with a predicted EU average
strategy, supported by in-house training, and to of 4.8 per cent. With valuations attractively low Above: Hazel there to assist any viable business having
Cryan, Head of difficulty in accessing finance for whatever
enhance your website and related systems. The and little else providing much by way of return
Debt Advisory with reason, including the business impact of
competitive funding round opened at the end of on investment, private equity will be of interest KPMG Ireland
August and closes September 28th. to some. Covid-19. Its strike rate is impressive – 90 per
cent of the business owners it supported had
Trading Online Voucher Peer-to-peer lending unfavourable credit decisions taken by their
For smaller businesses at an early stage of their Linked Finance funded more than ¤5.2 million banks overturned.
ecommerce journey, Local Enterprise Office in loans to SMEs since the start of lockdown. It But debt isn’t necessarily the complete answer,
(LEO) Trading Online Voucher Scheme is worth provides loans for working capital, new kit or according to Hazel Cryan, head of debt advisory
up to ¤2,500 to help them boost their online to hire staff. To proceed you need six months’ with KPMG in Ireland.
sales. Where previously the scheme was set up bank statements, two years’ accounts, and a tax “The suite of supports the Government has
on a 50:50 matched funding basis, it’s now 90 clearance certificate. Applications take minutes introduced is a welcome boost in supporting
per cent funded by the LEOs. A portion of it online and, once you get the documentation in, Irish businesses through this recovery,” she
can be used for online advertising and if you’ve decisions come within 24 hours. Loans are for notes. “Many of the supports that are available
already received one, you can now apply for a anything from ¤5,000 to ¤300,000. provide debt at market rates. We would
second one to upgrade your online offering. recommend that finance directors fully evaluate
Covid-19 Business Financial Planning Grant their liquidity requirements across a range of
Covid-19 Business Loan Not sure what kind of financial assistance you scenarios and stress cases, and then decide on
Local Enterprise Office clients can also avail of require? There’s a grant for that too. Enterprise the appropriate mix of debt and equity funding
lower-cost loans (at interest rates of between 4.5 Ireland’s Covid-19 Business Financial Planning to ensure their business survives and maybe
per cent and 5.5 per cent) from Microfinance Grant gives qualifying companies ¤5,000 to even thrives.”
Ireland. Keep an eye out for its Covid-19 Business help them develop a robust financial plan, to get
Loan offering. Though currently closed to new through the current crisis. The money can also
applicants, if it receives new funding it will be be spent preparing the documentation required
able to offer business loans of up to ¤50,000, to support applications for external finance from
for terms of 36 months which include an initial banks or other finance providers, enabling you
six-month interest-free and repayment-free put your best foot forward.
moratorium. If it doesn’t work, it’s worth remembering that
the team at the Credit Review office is always
12 | BUSINESS IRELAND Q3 | September 2020 | THE IRISH TIMESCHRISTIMAS WITH CORONA
Coronavirus:
Will we know
it’s Christmas
time at all?
Coronavirus has forced us to cancel a
ot of things What will it mean for Christmas?
C
ovid-19 has forced us all to have conversations we
didn’t think we would ever have. Conversations around
whether we can travel or take holidays, or whether
our children will be able to go back to school. Other
conversations – most revolving around whether we can
return to normal life in 2021 – we can defer for now.
But there’s one conversation we know we can’t put off for much
longer. It’s the reindeer in the room, the tinsel-covered topic we’re
all trying to avoid. Sooner rather than later, we’re going to have to
talk about Christmas.
Covid-19 has disrupted pretty much every aspect of our lives,
but somehow, there’s a tiny, childlike part of us that still believes
Christmas can be preserved in aspic, and that somehow the magic
of the season will exempt it from restrictions, lockdowns and
cancellations. We won’t need to worry, because Santa will save
Christmas from the virus.
But are we just fooling ourselves? With the festive season fast
approaching, we need to start thinking of the practicalities of
celebrating Christmas in the year of coronavirus 2020.
Whether we like it or not, Christmas will have a very different
flavour this year. A lot of the things we take for granted at this time
of the year will have changed, and a lot of the activities we normally
associate with the season will be either curtailed or completely off
the agenda.
Luckily, Santa is not afraid of catching Covid-19, and he’ll still be
able to get on his sleigh on Christmas Eve without so much as a
sniffle. After all, he’s been delivering presents in the midst of the
flu season since time immemorial, so this new bug won’t knock a
feather off him. Besides, Mrs Claus always makes sure Santa gets
plenty of hot meals and hot drinks to protect him from colds during
his busiest time. And Santa’s beard works far better than a face
mask at warding off germs. You might just want to leave a small
hand sanitiser out for him to use along with the carrot for Rudolph.
But what about all the other seasonal reliables? Will it be business
as usual, or will coronavirus mean Christmas is cancelled?
14 | BUSINESS IRELAND Q3 | September 2020 | THE IRISH TIMESGoodbye Frustration
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CAROLSERVICES
What is Christmas without carols and cheesy seasonal ensembles have been associated with the spread of
tunes? Eerily quiet. We’re used to the constant hum of Covid-19. Epidemiological studies have suggested that
music when the festive season comes around, from the singing – which requires you to project your voice – can
Christmas pop hits of yesteryear pumping out of the send aerosols across a greater distance, increasing the
department store PA, to the warm, comforting sounds chances of spreading the virus. However, the centre also
of carol singers wafting from the rafters of the cathedral. acknowledges the importance of choral music within the
But this year could well strike a very different tone in the faith tradition. It advises choirs and musical groups to
music department. We will not be able to crowd into a adhere carefully to social distancing and hand hygiene
candlelit venue to hear Once in Royal David’s City, In the protocols, and to be aware of the potential risk for
Bleak Midwinter or To Us a Child Is Born, but will we vulnerable members.
get a chance to hear any heavenly choir this Christmas? Currently, churches are allowed no more than 50 people
“The Christmas Mass would be the key event, but we in the congregation, but larger churches can have larger
really haven’t given any thought to it at this stage,” congregations as long as they can be separated in pods
says a spokeswoman for the Dublin Diocese. “There’s of no more than 50 worshippers. Webcams have been
new guidance coming out every few weeks, and we’re the saving grace of many churches during lockdown,
following that guidance, but we won’t be making firm with parishioners able to watch Mass online from their
plans for Advent until near the end of October. homes, and this is likely to continue until people feel it’s
“The guidance for choirs is that they have to social safe to come back into their local church.
CHRISTMASSHOPPING
distance and keep as far back from the congregation Many look forward to Christmas Day Mass in the Pro
as possible. In many cases, churches are using just one Cathedral in Dublin city centre, when the Palestrina
cantor rather than a choir, to minimise the number of Choir performs. The diocese is waiting for updated
The retail trade is looking forward to Christmas with a people in the church outside of the congregation.” guidance to see if it’s possible for the choir to perform
certain trepidation, and there’s a worry that the usual According to guidance by the Health Protection at Christmas Mass, possibly in a pared-down version.
seasonal uplift won’t happen this year. Retailers have Surveillance Centre, performances by choirs and musical “If I know the Palestrina choir, they’ll find a way to get
been hammered by Covid-19 over the past few months, the music across.”
with many stores having to close for weeks on end,
and, when they reopened, having to reconfigure their
premises and introduce all sorts of protocols to ensure
the safety of staff and customers. We’ve become used to
queuing up outside shops waiting for the green light to
CHRISTMASLIGHTSANDCRIBS VISITINGSANTA
You know Christmas is near when the festive lights start Every good boy and girl knows what they want for
go in, and we’ve grown accustomed to wearing our masks going up in Grafton Street, O’Connell Street and other Christmas, and they can’t wait to tell Santa what’s on
while shopping. public places. Traditionally, crowds would flock to a town their list. But will the kids be able to safely visit Santa’s
But what happens when and if the Christmas shopping centre to watch a Jedward or a Goggleboxer officially grotto this Christmas, or will they have to just email
season kicks off? In our desperation to find those last- switching on the Christmas lights, but that will have to Santa with their request? At the Santa School run by
minute presents, will all regard for personal safety be be rethought in light of public health guidelines on out- the Ministry of Fun in the UK, the faculty is working
thrown out the shop window? During the festive season, door gatherings. hard to ensure that visits to Santa this year are safe and
crowds flock to shopping centres and main streets, and One programme that may escape the effects of Covid stress-free for both kids and parents. In fact, classes are
on December 8th, it’s a tradition for people to visit is Dublin City Council’s Winter Lights Festival. For the starting earlier this year to ensure that the student Kris
Dublin from the country to do their Christmas shopping. past three years, illuminated projections have lit up such Kringles are fully trained and ready to do their seasonal
It’s a recipe for overcrowding, and a potential social- city landmarks as City Hall, the Custom House, the GPO, duty even in the midst of a pandemic.
distancing disaster. the Mansion House and the Samuel Beckett Bridge, The Santa School, in Southwark, claims to be the only
Although major department stores such as Arnotts and bathing them in massive moving images with a magical professional Santa school in the UK, and the Father
Brown Thomas haven’t put in their seasonal crowd- Christmas theme. Christmas class of 2020 will learn all about setting up
management plans as yet, they have decided to hold The council is holding discussions and drawing up feasi- their grottoes to maximise space and ventilation, how to
back on getting the Christmas frenzy started, mindful bility studies to make sure it can safely light up our sea- manage queues outside the grotto and how to make sure
that people may not yet be in the mood to think about the son this year, from December 1st to New Year’s Day. The the elves maintain social distance. The Santas themselves
season just yet. That’s good news for those of us who are council will work closely (but not too closely) with local will wear special red masks to go with their red suits,
sick of seeing Christmas stock magically appear on the artists and communities to develop the content for this and instead of handing presents to the kids, Santa will
shelves before the summer holiday has even been cleared year’s Winter Lights, and will be following all Depart- be leaving them on a sleigh for the kids to pick up on
out. Arnotts is delaying the opening of its Christmas ment of Health and HSE guidelines for public health and the way out.
Shop until early October, while Brown Thomas waited safety, as well as carrying out risk assessments with help All well and good, but what if you’re planning on making
until the middle of September to deck its halls; it usually from HSE, Dublin Fire Brigade and An Garda Síochána. the trip to visit the real Santa at his home in Lapland?
opens its Christmas shop as early as August. Another gathering point for people at Christmas time is Because this will entail flights, accommodation and
It’s a different story in the UK, though. Covid-19 seems the crib, and one of the most popular is the Live Animal transport to and from Santa’s workshop, the logistics
to have sparked a rush to get the Christmas season Crib at the Mansion House, which goes up on December are a bit more challenging. Sunway run trips to Lapland
started, and John Lewis opened its online Christmas 8th, and many families visiting the city centre make a every Christmas, and this year the trips are going ahead,
shop during the last week in August, citing a fourfold point of popping by the crib after they’ve cleaned out and teams in Dublin and Finland are busy planning the
surge in searches for festive products compared with last the Disney Store. The crib is a collaboration between programme for 2020. Trips are selling well considering
year. According to the retailer, British shoppers are so Dublin City Council and the Irish Farmers’ Association, the economic and health crisis, says Sunway chief
sick of lockdown and Covid restrictions, they’re looking and this year the council and IFA are putting their heads executive Mary Denton, although sales are not at
to the magic of Christmas to sweep all their coronavirus together (though not physically together) to come up pre-Covid levels, reflecting a general caution among
worries away. with a plan to stage the crib for 2020, in conjunction with the public around making foreign trips. This year’s
It’s safe to surmise, though, that the internet is going to the current Government Covid-19 regulations. Let’s hope Lapland trips are flying out of only one airport, Dublin,
be where you’ll find the crowds this Christmas, so if you we’ll be able to see those cute lambs and donkeys – and as a precautionary measure, but capacity at regional
want to avoid disappointment on December 25th, you’d of course the baby Jesus – again this year. airports is available should demand increase coming
better start getting your online orders in now. closer to December, says Denton. “It’s early in the season
for Lapland so it’s all still evolving, but Sunway is still
making Christmas memories for lots of Irish families.”
16 | BUSINESS IRELAND Q3 | September 2020 | THE IRISH TIMESCovid-19
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An Airbnb for charging
your electric car? That’ll
spark some interest
Irish-based EVE wants to remove obstacles to buying an EV such as lack of charging
points, writes Neil Briscoe
W
hile sales of electric vehicles
are actually up in Ireland this
year, providing one of the
very few bright spots in an
otherwise relentlessly gloomy
car market, they are perhaps
not as high as they ought to be. Certainly, they’re
nowhere near as high as they need to be if we’re
to have any hope of meeting the target of one
million electric cars on the road by the end of
this decade.
That’s in spite of a glut of new EV models
arriving onto the market, including some at
price points much lower than has been the case
for electric cars in the past. So why are we not
buying?
“My dad was planning on buying an electric
car,” Sarah Rust, of start-up company EVE, tells
Business Ireland. “Just from looking at what was
available then, it was terrible. You would lose so
much of your freedom of movement, and your
time in planning and trying to figure out where
you could charge. My dad ultimately decided
that while he wants to buy an electric car, he’s
more profitable for those with chargers to spare. car drivers in with the promise of a charge-up,
going to wait until the infrastructure catches up.
“Our assumption was that charging hopefully a few extra coffees and sandwiches can
And I thought, if he thinks like that there must
infrastructure is the biggest problem that be sold, too.
be other people that are thinking like that. So,
prevents people from switching,” Rosca Of course, security plays a big role in all of this
we started talking to friends, family, people that I Our explains. “Back in February over 400 EV as well. Rust and Rosca explain that the locations
knew, and it quickly turned out that this was the
main reason why people didn’t buy electric cars.”
assumption drivers in Ireland and Germany confirmed that of the chargers will not be disclosed until a
this is a problem. People don’t necessarily have definite booking has been made (rather similar
German-born Rust, together with business was that a problem of finding the location of a charger, to the way Airbnb works) and that reviews can
partner Oana Rosca, who originally comes from
Romania, have set up EVE to try to help electric
charging but they are worried that it isn’t going to be be given for both renter and rentee, so that
car buyers tackle the issue of slack charging infra- available when they get there. So, we’re creating
a platform where you can find a charger, reserve
the process will be, up to a point, self-policing.
On the reverse side, renting out a charger in a
infrastructure. The idea is a relatively simple
one: why not rent a charger from someone who
structure is it, and also find public chargers when you need residential area might be more appealing for
has one at their home? Effectively, the idea is the biggest to.” some drivers than using public charging points,
some of which are located at the dingier end of
rather like Airbnb for car chargers. While you’re
out at work, during the day, your car charger
problem that Hotels retail parks.
is presumably not in use, so in theory, through prevents There are other angles to the EVE idea too,
including potentially drumming up business
Can you make money from it yourself? If
depends how much you charge for your charger,
the EVE app, you could rent it out to some poor people from from EV owners for hotels and restaurants but EVE reckons that, at a nominal level, and
soul in search of a charge. Life is therefore made
easier for electric car owners, and potentially switching with charging facilities. By tempting electric renting out your charger for an hour a day, you
18 | BUSINESS IRELAND Q3 | September 2020 | THE IRISH TIMEScould rake in around ¤500 per year. “We’re not
going to establish a pricing policy at all,” says
THEMOSTAFFORDABLEELECTRICCARS
Rosca. “We may give them some tips based on
the data that we have, such as the average price
for a home charger in your area. We’ll give them We’re not
tips like that but ultimately it’s up to them, if going to
they want to charge and how much they want
to charge.”
establish If you fancy going electric for your next car, but are worried about the potential costs,
the good news is that those costs are coming down all the time. All fully electric cars
a pricing currently come with a ¤5,000 grant from the Sustainable Energy Authority of Ireland
Accelerator
EVE has just been added to the Alchemist
policy at all (SEAI) and a further ¤5,000 reduction in their Vehicle Registration Tax (VRT), and those
discounts are usually included in the display price.
Silicon Valley-based accelerator, which comes In terms of brand new cars, the cheapest electric vehicle (EV) currently on sale is the
with some financial supports, and some Renault Zoe, which has a (grants inclusive) starting price of ¤26,720. That has a one-
Dragons’ Den-style mentoring. The app, which charge range of 395km, so should be long-legged enough for most people. Puegeot’s e-208
is currently only in its basic form, will begin beta- and Opel’s new Corsa-e, which share a common chassis, battery and electric motor, are
testing in Ireland and Germany this October, only slightly more expensive at ¤27,334 and ¤27,338 respectively, and both have a one-
with an expected full roll-out in January. EVE charge range of about 330-340km. For those fancying something a little more sporty,
has been working with the ESB here to include there’s the new Mini Cooper S E, which costs from ¤27,764, but only has a range of 225km.
its public charger locations. The next generation Also very good value right now is the Nissan Leaf. This is a significantly larger car
of the app will include their availability, and than the Renault, Peugeot or Opel yet costs from as little as ¤27,595 for the most basic
EVE hopes also, eventually, to include payment XE model. That said, it’s also packing less range – just 275km on a full charge, but the
services for public charging so that you’ll be able trade-off between range and spaciousness may well be worth making for some owners.
to pay through your phone, rather than worrying There are also some new compact SUV electric models coming onto the market, includ-
about remembering yet another RFID card. ing Peugeot’s e-2008, which starts at ¤31,845, while the potentially game-changing Volk-
It may even encourage people who don’t swagen ID.3 – a roughly Golf-sized hatchback with a range of 420km from a 58kWh
actually have an electric car to start fitting battery, will go on sale very shortly at a starting price of ¤33,625.
chargers to their house. “We’ve got some Now, it’s worth pointing out that – the Nissan excepted – the prices for these cars are
feedback from people that were saying they don’t all around ¤5,000-¤10,000 more than you’d pay for an equivalent model with a petrol
have an electric car yet, but in the meantime, engine. A basic Opel Corsa, with a 1.2-litre engine, for example, costs just ¤17,975.
they are interested in installing a home charger Then again, you will be making savings. Even with the ESB now taking payment for its
and leveraging their parking spot. Perhaps they public charging network, the minimum you stand to save, compared to a conventional
live in a nice area and they will be in a prime diesel-engined competitor, is at least ¤1,000 each year, and that’s without even taking
location for something like that,” says Rosca. into account the discount electric car drivers receive on toll roads. Electric cars generally
have lower maintenance costs, too.
Of course, if you want to go really cheap, there’s always the second-hand market. The
market for used EVs is still pretty small, but we have found cars as cheap as ¤4,300 for
a 2011 first-generation Nissan Leaf. Now, the battery in a car of that age is likely to be
on its last legs, so range will be limited to say the least, but for those looking to get an
affordable foot on the electric car ladder, it might be worth checking out.
THE IRISH TIMES | September 2020 | Q3 BUSINESS IRELAND | 19You can also read
