Tag: companies

Xiaomi Named One of TIME’s Most Influential Companies of 2024

TIME has named Xiaomi as one of its “TIME100 Most Influential Companies” in 2024. Xiaomi received the honor — for its first time ever — because TIME determined that it is making an extraordinary impact around the world.
In placing Xiaomi on the list, TIME cited on the company’s successful launch of its first smart electric vehicle, the Xiaomi SU7 Series, in Mainland China in March 2024. TIME praised the EV’s effort to integrate people, cars, and homes into a super-smart, people-centric ecosystem. Xiaomi set new industry records for the volume of locked-in orders and deliveries of the Xiaomi SU7 Series during the first month of its debut. Its “Human x Car x Home” ecosystem connects smart devices in unprecedented and seamless ways.
Xiaomi is committed to making sustainable investments in foundational core technologies and to continuously invest in technologies that will benefit humanity. It will invest more than RMB100 billion in research and development during the five years between 2022 to 2026. Through 15 to 20 years of effort, Xiaomi aims to become one of the top five global automakers as well as a leader in the evolving realm of global cutting-edge technologies.
“Xiaomi is honored to be selected for the TIME100 Most Influential Companies list for 2024,” said Xiaomi spokesperson. “We look forward to living up to this award by continuing to produce products that let everyone in the world enjoy a better life through innovative technology.”
To assemble the list, TIME solicited nominations across sectors, and polled its global network of contributors and correspondents, as well as outside experts. Then TIME editors evaluated each on key factors, including impact, innovation, ambition, and success. The result is a diverse group of 100 businesses helping chart an essential path forward.
See the full list here: time.com/100companies

Call-out to ambitious aquatech companies to apply for 2024 BIM Innovation Studio

Ambitious aquatech businesses are invited to apply for a ground breaking Bord Iascaigh Mhara (BIM) mentoring programme in a sector which has just attracted a €15 million investment from the Ireland Strategic Investment Fund (ISIF).

The ISIF has announced the investment to Hatch’s Blue Revolution Fund which focuses on early-stage companies who have the potential to transform aquatech.

Minister for Agriculture, Food and the Marine, Charlie McConalogue, today announced that BIM is partnering again this year with aquaculture accelerator, Hatch Blue, for its popular Innovation Studio.

This is a free, intensive two-week programme aimed at supporting young aquatech companies in all aspects of development including technology and investment. BIM’s Aquatech Development Programme is supported by the European Maritime, Fisheries and Aquaculture Fund (2021 – 2027) with an investment of €380,000 in 2024.

The aim of the BIM Innovation Studio is to grow Ireland’s €200 million aquatech business, and to position the country as the “Silicon Valley” of the sector.

Now in its seventh year, some 50 projects and companies have completed the Innovation Studio, and have attracted a total investment of around €15 million, creating more than 200 hi-tech jobs.

“I am delighted to announce applications are open for the 2024 BIM Innovation Studio which has fostered a wealth of innovation, energy and talent in Ireland’s growing aquatech sector since its inception seven years ago,” said Minister McConalogue. “This programme offers a unique opportunity for companies with technology applicable to the globally important aquaculture sector to improve their investor readiness and increase market access.

“Ireland is leading the way in the development of the aquatech sector with some 60 Irish aquatech companies turning over €200 million in 2022 with the potential for significant growth and job creation.”

The Minister welcomed the €15 million investment by ISIF in the Blue Revolution Fund which invests in early stage aquatech companies. “This is a huge vote of confidence in the sector which has enormous potential. Aquatech companies can advance the health of the oceans while providing sustainable seafood regenerative ecosystem services and community benefits.”

Aquatech is any technology or innovation driving sustainable seafood farming, and it can be applied progressively to the breeding, raising, and harvesting of fish, shellfish, and aquatic plants.

The BIM Innovation Studio offers opportunities for companies in areas such as pharmaceuticals, marine engineering, genetics, feed additives and artificial intelligence.

Applications for the BIM Innovation Studio are open until 19 July 2024. The BIM Innovation Studio takes place from 1 to 10 October at the Lee Hotel, Cork City. Several companies will then be selected to pitch at the BIM Aquatech Conference on 11 October where the winner of the BIM Aquatech Business of the Year 2024 will also be announced.

“The BIM Aquatech Innovation Studio provides a springboard for aquatech innovations, connecting participants with industry experts, mentors, and investors worldwide,” said Jessica Giannoumis, Hatch Blue’s Aquatech Community Manager for Ireland. “Whether it’s sensor technology, alternative seafood solutions, or water management strategies, this is the ultimate opportunity to refine your aquatech vision.”

Eight to ten successful applicants will be matched with experienced mentors to further develop their business strategy, product or service. They will also have access to a global network of aquaculture technical experts.

Several companies involved in the 2023 Innovation Studio attended a delegation to Southeast Asia last year with Hatch to grow their network and learn more about their potential market.  The delegation has secured potential business opportunities on foot of this.

Aquamonitrix, a Carlow based company, is delivering a dataset to the water industry on nitrates and nitrites that are toxic to fish, but which were previously impossible to measure in real time.

The company had previously participated in the BIM innovation Studio.

The Innovation Studio supports the ambitious goals set out in the Department of Agriculture, Food and the Marine’s Food Vision 2030 Strategy, including to promote Ireland as a knowledge base for aquaculture technology and research and attract external investment into the sector.

Significant growth occurred in the seafood-tech sector over the last five years with the number of active companies growing from 42 in 2016 to 62 in 2021, according to BIM’s Business of Seafood 2022 report. Over this period employment in these companies increased from 517 in 2016 to 892 in 2021 while turnover increased from €86m in 2016 to €217m in 2021

For further information and to apply visit:  https://bim.ie/news-and-events/news/bims-2023-aquatech-innovation-studio-programme-now-open-for-applicants/

Why TV production companies need to keep their eye on the dollar

You might imagine that the world of TV and film production is a million miles away from international exchange rates. When you picture a TV production company, you immediately think of creativity, comedy, and pitch meetings around a large table with takeout food and long hours. It’s certainly a long way from the cliched suited and booted traders working the stock and currency markets.

What you may not realise though is that production companies care a lot more about exchange rates, particularly the strength of the dollar, than you might think.

Let’s think in the most candid terms. TV and film production comes down to money. As much as we like to think it’s about the creative idea, it’s ultimately about funding and production costs. If there isn’t the money or a project is too expensive it’s simply not going to get made.

It’s vital that production companies take into account all the economic factors that can impact their costs and profitability. TradingView’s DXY chart is a valuable tool for keeping an eye on the dollar rate compared with some of the most important currencies in the world.

How exactly does the strength of the dollar impact production companies and how they make their money? The first way that it can play a role is via investment, as this tends to fall when the economy is unstable. This is due to the increased levels of uncertainty around what the immediate future holds, causing more risk to investors. 

You need to consider where the investment is coming from. If a foreign investor is looking to put money into a US-based production company for example, the strength of a dollar against the investor’s home currency is going to determine how much the investment is worth. The dollar has been performing well over the last 12 months as the Federal Reserve increases interest rates to tackle inflation, but as other countries catch up with rate rises, this could level the playing field.

If the production company makes money through subscriptions, the value of these vary too depending on the strength of the dollar. Take for example a US-based company using a subscription fee model, charging a monthly fee of €9.99 to Irish customers. If the value of the dollar increases by 10%, the value of those subscriptions falls too. Add in the fact that US cable subscriptions in the first quarter of 2023 fell to their lowest levels since 1992 and you can see why income might feel unpredictable.

The good news is that this works both ways – a stronger dollar means goods and services from abroad become cheaper, as you have more buying power for your money. 

This could definitely be a good thing if you’re a production company based in Ireland and looking to sell TV programmes or films into the US, as it makes your prices more competitive compared to your American counterparts. 

Wherever you’re based as a production company, you can see why it’s so vital to have an understanding of how the dollar is fluctuating both now and in the medium term.

Your business really does depend on it.

Five women-founded companies selected for unique scale-up programme by Endeavor Ireland, in conjunction with Philip Lee LLP

Five women founded companies have been selected to take part in a new scale-up programme delivered by Endeavor Ireland, in conjunction with Philip Lee LLP.

The programme is the first of its kind in Ireland and will see each of the successful applicants receive 10 one-on-one mentorships over the next five months, tailored specifically to their individual needs.

Endeavor is a global not-for-profit organisation with a mission to support and accelerate high-impact entrepreneurs by connecting them with talent, capital and a worldwide peer and mentor network. It runs scale up programmes around the world and this is the first programme to be offered in Ireland, after the opening of its Irish office in 2019.

Following a call for applications last October, the following women-founded companies have been selected to take part: Chupi; Axonista; inclusio; Orphan Drug Consulting; and Riley.

The programme kicked off with a session in Dublin led by Anne Heraty, Endeavor Ireland Board member and Anna Hickey, Partner at Philip Lee.

Rory Guinan, Managing Director of Endeavor Ireland, said; “Endeavor is a not-for-profit organisation with a focus on supporting entrepreneurs with high-impact potential to scale up, and to ultimately provide a societal benefit for Ireland.  We’ve been very impressed with the entrepreneurs we’ve worked with since establishing in Ireland and eleven founders have now come through the rigorous selection process for our core entrepreneur programme.

We’re delighted to confirm that Katie and Philip McGlade of Thérapie Clinic came through the selection process last week. They have experienced phenomenal growth in their business in the last number of years, and we’re looking forward to working with them to build on that even further.  It’s great to have Katie on board in particular, because she is the first woman entrepreneur to make it through the selection process since we established in Ireland. We want to work with more ambitious women entrepreneurs and that was the  main motivation for establishing this new five-month scale-up programme for women entrepreneurs.

“We had a huge response to the call for applications and we’re excited to get started with the successful founders. When entrepreneurs are asked what had the biggest impact on them as they build their business, two of the most common responses are having access to quality mentors and a network of trust. That is what we will provide in this programme through our global network and our hope is that it will help the founders to build on the significant success that they’ve already achieved,” he said.

Anna Hickey, Partner at Philip Lee, said; “We’re delighted to partner with Endeavor Ireland on this Scale Up Programme. Over the next five months we are looking forward to working with the five successful applicants, to help them realise their ambitions to scale their businesses globally.”

Speaking at the inaugural session of the programme, which was held at the Philip Lee office in Dublin, the founders, which work in a diverse range of industries, made the following comments:

Claire McHugh, CEO at Axonista, pioneers in livestream video commerce solutions, said; “I’m very excited to be taking part in this programme. Endeavor’s purpose aligns with our own ambition to scale quickly and be at the forefront of building an emerging new ecosystem that is innovating interactive experiences and making video commerce accessible to brands across the globe.  I know Endeavor’s targeted support will help me realise my goal to make Axonista a world leader in interactive, live video commerce.

Chupi Sweetman, CEO at Chupi Fine Jewellery said; “I’ve been very impressed by what I’ve heard about Endeavor since it established in Ireland, so I’m excited to take part in this programme. The calibre of the people on the Endeavor Ireland Board is truly inspiring and having access to the Endeavor global network is a great opportunity that I know will be a huge support as we continue growing Chupi globally.”

Sandra Healy, CEO at the science-based diversity and inclusion platform inclusio, said; “I’m looking forward to building my network and learning from the experts in Philip Lee, and from the global Endeavor network. Getting advice from people like Anne Heraty is such a great opportunity, and I’m thrilled that the other founders are at different stages in their growth and working in a varied range of sectors– we’ll have a lot to learn from each other as well as through the 10 one-on-one mentorships that will be organised for us all.”

Evelyn Kelly, Chief Executive of Orphan Drug Consulting, said; “We have ambitious plans for growth – we aim to increase our sales three-fold in the next five years. To do that we are targeting new markets so it’s ideal timing for us to tap into the support of the Endeavor network and the mentorship offered through this programme.”

Fiona Parfrey, Aine Kilkenny and Lauren Duggan are co-founders of Riley, the sustainable period care company. Fiona Parfrey said; “We are ambitious for scaling Riley internationally, so this programme has come along at exactly the right time for us. The one-on-one support tailored to our specific needs, and access to the global Endeavor network, will be invaluable to us as we look to build market share in international markets.”

Aine Kilkenny said; “We’ve seen the calibre of the companies that have gone through the Endeavor selection process and they all speak so highly of it so we’re delighted Riley has been selected for its first Scale Up Programme in Ireland. We are less than two years old so the hands-on support will be really beneficial for us as we work on growing our business.”

Companies Leading the Way in Pensions

Setting up a private pension fund sooner rather than later has long been the advice of financial experts. But with more and more businesses offering private pension services, which are the leading companies, and how do you distinguish between the options? 

Starting a Private Pension Fund 

Distinct from the public pension contributions or those offered by workplaces, personal pension funds are assets put into investments, like stocks and shares. Most workplaces now offer enrolment automatically into a pension fund. Choosing a private pension provider gives you a chance to consolidate your pensions together, making it easier to manage and track.

Tax is a significant consideration when looking into private pension investments. Regardless of which company you choose to invest with, any earnings on pension fund investments are tax-free. Also, income tax paid on money allocated to private pension contributions has a certain percentage of tax relief. Tax relief and allowance are, of course, limited and assessed on individual circumstances. Pension providers generally work best for self-employed individuals or those who don’t have a workplace pension or are working towards an early retirement goal. 

Top Pension Providers

Depending on an individual’s circumstances, one pension provider may be more attractive than another. This can be due to the size of the pension pot, how active the pension contributor will be in investing, and employment status But who is the best pension provider in the UK? The top-performing pension providers include Prudential, Invesco, Phoenix, Moneyfarm, and Vanguard. It should be noted that each has pros and cons for particular circumstances. 

For example, many opt for a company that offers ready made personal pension solutions and are suitable for anyone with no previous investment experience. This type of pension means that it is possible to contribute regularly monthly payments as well as lump sum payments. Ready made options are straightforward to manage, and the pensions company takes all tax relief. Moneyfarm, for example, offers a ready made personal pension service with a very low minimum contribution.  

Assessing Personal Pension Providers

There are many pension providers in the UK and Ireland, so how do consumers assess each company’s services? The entire point of a private pension fund is to invest the maximum amount in the most profitable way possible. For this reason, the first consideration should be fees. Carefully assess administration fees, transfer fees, penalties, and management costs of each pensions provider, as this will, over time, make a massive difference to your bottom line. 

The private pension provider should be registered with the appropriate financial and regulatory body. Who regulates pensions in the United Kingdom? The Pension regulator (TPR) regulates workplace pension schemes, and the Financial Conduct Authority (FCA) regulates private financial firms. This is an essential criteria for a company providing pensions funds to meet, protecting themselves and their customer’s money. 

Before making a decision, it is always best to seek advice from a regulated financial adviser and do plenty of homework on each company.