Tag: market

Understanding Business Representation: How Companies Stay Compliant and Secure

Starting a business can be exciting, but it also comes with legal and administrative responsibilities. In many countries, companies must appoint a local representative to meet regulatory requirements. This role helps businesses stay compliant with laws and ensures smooth operations, especially for foreign entrepreneurs or companies expanding into new markets.

But what exactly does this role involve? Why is it necessary, and how does it benefit business owners? Let’s break it down in simple terms.

What Does a Business Representative Do?

A business representative, often a local individual or organization, acts on behalf of a company to fulfill legal obligations. Many governments require at least one local representative for businesses operating in their country, especially for companies owned by foreigners.

The representative’s responsibilities depend on local laws but may include:

  • Ensuring compliance with government regulations and filing necessary documents.
  • Acting as a point of contact between the company and authorities.
  • Holding official roles in the business structure, such as a director position, without having control over operations.

This role allows companies to function smoothly without their owners needing to be physically present in the country.

Why Is It Required?

Many countries implement this requirement for legal and security reasons. It ensures that if a company faces legal issues, there is a local person who can respond to authorities. This is especially important for businesses with overseas owners, as governments need a way to enforce rules and protect stakeholders.

For example, if a company fails to file taxes or follow certain regulations, the authorities can communicate with the local representative. This helps maintain transparency and accountability.

The Benefits of Having a Business Representative

Besides meeting legal requirements, appointing a business representative comes with several advantages:

1. Easier Market Entry for Foreign Businesses

For entrepreneurs looking to set up operations in another country, navigating legal and administrative processes can be overwhelming. Having a local representative simplifies this process, ensuring the business complies with local laws without requiring the owner to be physically present.

2. Peace of Mind for Business Owners

Managing a business in a foreign country comes with challenges, including keeping up with legal changes. A representative helps handle these responsibilities, reducing stress for business owners and allowing them to focus on growth.

3. Professional Guidance

Experienced representatives are often well-versed in corporate laws and procedures. They can provide valuable insights on regulatory requirements, helping businesses avoid penalties and operate smoothly.

4. Maintaining Privacy

In some cases, business owners prefer to keep their names off public records for privacy reasons. A representative can take on official roles in the company’s structure without interfering with decision-making.

Things to Consider When Choosing a Business Representative

While appointing a representative is a legal requirement in many places, choosing the right one is crucial. Here are some factors to consider:

  • Trustworthiness: Since the representative’s name may appear on official documents, choosing someone reliable is essential.
  • Legal Knowledge: A good representative should be familiar with corporate regulations to ensure compliance.
  • Experience: Professionals with experience in corporate services can provide better support.
  • Non-interference in Business Operations: The representative should not have control over the company’s daily operations unless specifically agreed upon.

Common Myths About This Role

Because this role involves legal responsibilities, some misconceptions exist. Let’s clear up a few common ones:

  • “The representative owns the business.”
    – Not true. The legal owner remains the actual business owner, and the representative only serves an administrative role.
  • “They have control over company decisions.”
    – Unless given specific authority, representatives do not interfere with business operations. Their role is mainly regulatory.
  • “It’s only for big companies.”
    – Even small and medium-sized businesses may need a local representative, depending on the country’s regulations.

Conclusion

Having a business representative is a necessary step for many companies, especially those expanding into new regions. It ensures compliance with legal requirements, provides peace of mind, and helps businesses operate smoothly. While the role comes with responsibilities, choosing the right person or service provider can make the process simple and hassle-free.

If you’re planning to start a business in another country, understanding these requirements early can save time and effort. Many businesses turn to nominee director services to fulfill these legal obligations without disrupting their operations. With the right support, you can focus on growing your company while staying compliant with local laws.

Why Startups Should Leverage Freelancers for Rapid Growth

In today’s fast-paced world, startups are under constant pressure to innovate, scale, and deliver results—often with limited resources and tight budgets. One key strategy that has emerged as a game-changer for many startups is leveraging freelancers. The flexibility, expertise, and cost-efficiency that freelancers bring to the table are invaluable for businesses looking to grow quickly and effectively.

Freelancers can help fill skill gaps without the commitment and overhead of hiring full-time employees. Whether your startup needs graphic designers, content writers, or developers, freelancers offer a wealth of expertise on demand. By strategically incorporating freelancers into your team, you can boost productivity and innovation while keeping costs in check.

The Rise of the Freelance Economy  

The freelance economy has grown exponentially in recent years. According to reports, the gig economy contributes billions to global economies annually, and the number of skilled professionals turning to freelancing continues to rise. This trend provides startups with an ever-expanding pool of talent to tap into.

For startups, this growth presents an opportunity to access specialized skills and experience that would otherwise be out of reach. Freelancers often bring diverse industry knowledge and fresh perspectives, enabling startups to adapt to market changes quickly and innovate without being hindered by traditional hiring processes.

Flexibility in Scaling Operations  

One of the most significant advantages of working with freelancers is flexibility. Startups often experience unpredictable workloads, and hiring full-time staff during uncertain growth phases can strain budgets. Freelancers allow you to scale your operations up or down based on current needs.  

For instance, if you’re launching a new product, you might need a team of content creators for a few months. Freelancers can fill this temporary need without requiring a long-term commitment. Once the project ends, you can scale back, conserving resources for other priorities.

Additionally, freelancers work on their own schedules and often remotely, making them a perfect fit for startups operating across different time zones or without dedicated office spaces.

Access to Specialized Skills  

Freelancers often have deep expertise in their chosen fields. They continuously upskill to stay competitive in the gig economy, giving startups access to highly skilled professionals who can deliver quality work without the learning curve associated with training full-time employees.

Need someone with expertise in UI/UX design, SEO, or app development? There’s a freelancer for that. By tapping into this vast talent pool, startups can ensure their projects are handled by professionals who bring the latest knowledge and best practices to the table.

Cost Efficiency  

Cost is a major concern for startups, especially those operating on limited budgets. Freelancers can help reduce costs in several ways:

 

  • No Overhead Costs: Freelancers typically work remotely, eliminating expenses related to office space, equipment, and utilities.  
  • Pay-for-Performance: Unlike full-time employees who are paid a salary regardless of workload, freelancers are paid for the specific tasks they complete.  
  • No Long-Term Commitment: Hiring freelancers allows you to avoid the long-term financial obligations associated with permanent employees, such as benefits, insurance, and pensions.  

 

This cost-effective approach ensures that startups can allocate resources to other critical areas, such as product development and marketing.

Faster Time-to-Market  

Freelancers are accustomed to working on tight deadlines and managing multiple projects. This efficiency is a boon for startups that need to move quickly to seize market opportunities or address competitive pressures.

For example, a startup launching an e-commerce website can hire a freelance web developer and content writer to complete the project in weeks rather than months. This speed ensures that startups can stay ahead of the competition and respond to customer needs in real time.

Enhancing Creativity and Innovation  

Startups thrive on fresh ideas and innovative approaches. Freelancers, who often work with multiple clients across various industries, bring a wealth of knowledge and creativity to the table. Their exposure to different challenges and solutions can inspire new ideas and approaches that in-house teams may not have considered.

By incorporating freelancers into brainstorming sessions or project development, startups can foster an environment of creativity and innovation that sets them apart in competitive markets.

Overcoming Geographic Limitations  

The rise of remote work has erased many geographic barriers. Startups no longer need to limit themselves to local talent pools. By hiring freelancers, businesses can access global talent and find the best person for the job, regardless of location.  

This global reach not only broadens the pool of potential candidates but also allows startups to gain insights into different markets, cultures, and customer behaviors—valuable assets for businesses looking to expand internationally.

Building a Diverse Team  

Diversity is increasingly recognized as a driver of innovation and business success. Freelancers offer an opportunity to build diverse teams by bringing unique perspectives and experiences to your projects. Whether it’s cultural diversity, varied professional backgrounds, or different ways of thinking, freelancers can enrich your startup’s approach to problem-solving and creativity.

Tips for Successfully Leveraging Freelancers  

While freelancers offer numerous benefits, working with them requires a thoughtful approach. Here are some tips to ensure a successful collaboration:

 

  1. Define Clear Goals: Clearly outline the scope, deliverables, and timeline for each project. This helps freelancers understand your expectations and deliver quality results.  
  2. Communicate Effectively: Use tools like Slack, Trello, or Asana to maintain open lines of communication and track progress.  
  3. Check Portfolios and Reviews: Before hiring, review freelancers’ portfolios and client feedback to ensure they have the right skills and experience for your project.  
  4. Set a Budget: Discuss pricing upfront to avoid misunderstandings and ensure the project stays within budget.  
  5. Establish Trust: Treat freelancers as valued members of your team by providing constructive feedback, recognizing their contributions, and respecting their time.  

 

Common Misconceptions About Freelancers  

Despite their growing popularity, some misconceptions about freelancers persist. Let’s address a few:  

 

  • Freelancers are not committed: Many freelancers are highly dedicated professionals who take pride in delivering quality work.  
  • Freelancers are only for small tasks: While freelancers excel at handling individual projects, many are capable of managing complex, long-term assignments.  
  • Freelancers are unreliable: Like any professional, reliability varies. However, thorough vetting and clear communication can mitigate risks.  

 

When to Avoid Hiring Freelancers  

While freelancers are a valuable resource, there are instances where hiring full-time employees might be a better choice. For example, if your startup requires ongoing, day-to-day support or specialized roles that involve company-specific training, a full-time hire might be more appropriate.  

Additionally, roles requiring deep integration into your company’s culture, such as team management, may not be well-suited for freelancers.

Conclusion  

For startups aiming for rapid growth, freelancers provide a flexible, cost-effective solution to accessing the talent and skills needed to scale. By leveraging the freelance workforce strategically, startups can remain agile, innovate faster, and allocate resources efficiently.  

As the freelance economy continues to expand, now is the perfect time for startups to explore how freelancers can support their journey toward success. With clear goals, effective communication, and a commitment to collaboration, startups can harness the full potential of freelancers to achieve their growth objectives.

Global data centre market confident about AI fuelled growth, despite power supply concerns

Global data centre investors and operators are confident about the sector’s future, with 70% of respondents predicting increased investment in data centres in the next two years, new research by DLA Piper has found. Almost all respondents also foresee AI driving demand for data centres, primarily through machine learning and natural language processing.
Those surveyed have also expressed significant concern over the stability of power supplies for the rapidly-growing number of data centre sites worldwide. A total of 98% of investors and operators told the global law firm that they had concerns about the availability and reliability of power supplies when they made decisions about data centre projects, with half of respondents identifying the issue as a principal barrier to investment.
The global data centre market is expected to be valued at around USD 300bn in 2024, according to TMT Finance analysis, which carried out the research for DLA Piper. With a projected average compound annual growth rate (CAGR) of approximately 10% over the next five years, the market is expected to be valued at USD 483.15bn by 2029.
DLA Piper highlights that utility companies in the US are being flooded with power delivery requests for sites earmarked for data centres that they will not be able to satisfy until well into the 2030s. In response, utility companies are now requiring large upfront non-refundable payments from investors in land and a committed off-taker of that power.
The report also reveals utility companies are requiring developers to pay upfront for all the critical infrastructure, such as substations, needed to bring power to the site. Investors are also expecting sustainability concerns around data centre energy and water usage to continue to grow, with 70% of respondents saying they expected scrutiny and due diligence to increase over the next two years.
The EU has already introduced a range of measures which place significant obligations on data centre operators to report and take measures to reduce their emissions, including the European Climate Law and its Energy Efficiency Directive.
William Marshall, Energy Partner in DLA Piper Ireland commented: “Data centre capacity is central to the AI revolution and thus the global economy in the coming decades. It will take significant investment across the industry, and coordination between policymakers, investors and grid operators, to ensure that power supplies can meet the demand from industry and investors. In Ireland, large scale new investment in data centres have led to concerns and policy responses and although Ireland is far from alone in security of supply and decarbonisation concerns, digital infrastructure and tech are substantial high value sectors for the Irish economy. Consequently, it is hoped that following the current Commission for Regulation of Utilities (CRU) policy review, a clear and achievable path for connection of new data centres will be available”
See the PDF

Certa launches new lower carbon biofuel for home heating

Fuel supplier Certa has become the first Irish operator to launch a new lower carbon blended biofuel for the home heating market as it continues to pursue its strategy of delivering cleaner energy solutions for domestic customers.

The company, which is part of DCC plc, has said that its new fuel could enable each of the 700,000 Irish households who currently use liquid fuel heaters to lower their home heating carbon emissions by up to 20%. Ireland’s residential sector currently accounts for 10% of national emissions.

The newly launched biofuel comprises a 20%/80% blend of HVO (Hydrotreated Vegetable Oil), which is produced from waste plant matter, and kerosene. Householders can use this instead of home heating oil directly without any need to replace or modify their boilers.

The new lower carbon fuel will be rolled out across Certa’s national network of 23 home heating depots, starting this week with its depot in Tallaght which will supply customers in south and west Dublin and north county Kildare.

Kerosene is the most common fuel used in home heating systems in Ireland. Certa supplies almost 100,000 customers with 265 million litres of home heating fuel each year. The average household consumes between 1,000 and 2,000 litres of home heating fuel per annum.

The new product launch will be supported by a full marketing campaign across print, digital and out of home to promote and further encourage customers to switch to the new blended biofuel.

Orla Stevens, Managing Director, Certa Ireland said:

“Our goal at Certa is to make it easy for customers to transition to cleaner energy solutions that reduce their carbon footprint. We are leading the way in introducing solutions that are accessible and affordable. Switching to this lower carbon HVO-Kerosene fuel is easy. There is no requirement to upgrade your home heating boiler and it can be done with zero disruption to the household”.

“We are delighted to be the first fuel supplier in Ireland to launch a new lower-carbon fuel for home heating. We will empower our customers to make positive and impactful environmental changes in their own homes and to help Ireland achieve its longer-term ambition of net zero by 2050.”

The launch follows Certa’s success in attracting diesel drivers to switch to HVO to reduce their carbon emissions by up to 90%. Last year, it became the first fuel operator to open a fully-fledged HVO fuel station in Liffey Valley and has since become the first to offer HVO at 10 of its forecourts. One in five of Certa’s network of 49 unmanned, pay@pump forecourts now offers HVO alongside other fuels.

Certa’s commitment to making new cleaner energy solutions more accessible and affordable has also led to its acquisition of leading solar and renewable energy specialists Alternative Energy Ireland. AEI offers Ireland’s only cashback guarantee if the solar system does not perform as promised, providing customers with financial compensation for the amount of the loss concerned.

Certa has also helped a growing number of businesses and events to lower their emissions and to transition to HVO as a renewable fuel, including Amazon Web Services (AWS), John Sisk & Son Ltd., Dublin Airport, Dublin Port, The National Ploughing Championships, the Irish Open and Bloom.

The company is one of the first HVO suppliers in Ireland to be awarded International Sustainability Carbon Certification (ISCC) which provides full transparency and traceability throughout the supply chain. This certification enables Certa to create and assign Proof of Sustainability (POS) certification to the businesses that it supplies with HVO.

An Post Mobile Extends Market-Leading €12.99 Prepay Plan until October 31st

An Post Mobile, the value prepaid mobile network from An Post,  has extended its market-leading €12.99 mobile plan until October 31st. Plan benefits include 50GB of data, 500 any network minutes, 25GB EU and UK Roaming data and 300 minutes and texts to An Post customers all ‘locked in’ for life.  An Post Mobile operates on one of Ireland’s most reliable mobile networks, with unrivalled 99% 4G coverage nationwide ensuring An Post Mobile customers are always connected.
According to Amanda Campbell, Director at An Post Mobile “The average Irish mobile phone user consumes 13.6GB of data per month and our prepay plan has been designed with peoples actual usage in mind, offering 50GB of data which is three and a half times the average monthly usage. Inflation might be slowing but costs are still extremely high across the board for Irish consumers – this plan gives them everything they need and more at prices they can afford. The plan is easy to set up, with no set-up fees, bills, or contracts meaning our customers are always in control, with peace of mind that the €12.99 price is locked for life with no hidden fees or increases.”
‘Locked for Life’ Benefits
Includes 50GB of data and 500 any-network minutes in addition to 300 minutes and 300 texts with other An Post Mobile customers as well as 25GB EU & UK roaming data and 300 minutes. Customers can watch video content, listen to music, keep connected in their group chats, make Zoom calls, and browse Instagram and Twitter – all for €12.99 per month, for life.
Ease of topping-up
An Post mobile also makes topping hassle-free with their ‘Auto Top-Up’ option allowing customers to pick a day in the month when their account can be automatically topped up. This can be cancelled or changed anytime, and An Post is offering €10 free credit to customers on their first top-up.
Roaming Benefits
The plan ensures that customers can stay connected to loved ones overseas or when travelling abroad with 25GB EU and UK Roaming data and 300 minutes included in the deal. If required customers can also easily add on international minutes to their plan with 100 international minutes available for €5, or 400 international minutes for €15.
Customer Care
An Post Mobile customers have quick and easy access to An Post’s Dublin-based Customer Care experts by phone, email or Web Chat should they need help with their plan or handset with support and advice also available through the extensive Post Office network.
The €12.99 sim-only preplan is available as a limited offer until October 31st online or at any of the 900+ post offices across the country, open 6 days a week.
Further information about this plan and other An Post mobile plans on AnPost.com/Mobile.
An Post also offer a suite of mobile handsets which can be ordered in all post offices nationwide.

FinTech Depowise, platform handling €800bn in assets, enters the UK and Irish market

Depowise, the Estonian-founded oversight and process automation startup for financial services firms, is expanding into the United Kingdom and Ireland. The company aims to increase its current 5% market share tenfold in the domiciled funds market of Luxembourg, Ireland, and the UK, valued at more than €16.5 trillion. Over the next five years, Depowise plans to achieve a volume of assets on the platform of €8 trillion and become a market leader.

Leading this significant expansion is Leonid Belov, the newly appointed Managing Director for the UK and Ireland. Belov has a wealth of experience across front-to-back and cross-asset-class solutions, having worked in leading financial institutions such as BlackRock, State Street, MSCI, and Bloomberg.

“Having known Leo since our Bloomberg days, I have always admired his drive and insight. During one of our chats, I brought up my ambition to develop Depowise, and this resonated strongly with Leo, who thought we could disrupt the status quo and bring about meaningful change,” says Artur Reiter, Co-Founder and Co-CEO of Depowise. “We are beyond delighted to welcome Leonid Belov to our team. His exceptional talent in growth engineering, coupled with his strategic approach, sales expertise, and extensive financial technology knowledge, will undoubtedly secure our success in these new markets.”

Mr Belov shares the excitement: “Depowise has incredible growth potential that I couldn’t resist being a part of. The dedication and achievements of the team in just three years – developing a market-leading end-to-end tool for the depositary market – are truly impressive.

Market starving for automation

The global asset servicing and management industries are in dire need of technological advancement. “Despite the significant pace of automation, a meaningful proportion of the industry still relies on manual processes for critical tasks. We see this as a big market opportunity for Depowise – our modern technology can unlock scale and achieve viable efficiency for our customers,” notes Belov.

In Queen Elisabeth II’s time, asset custody and oversight were managed primarily in Excel; in King Charles’s time, we aim to move it into Depowise, and by the time Prince William picks up the reigns, it will be largely driven by AI,” says Belov.

Depowise offers a comprehensive automation solution that streamlines compliance, oversight, safekeeping, reporting, and record-keeping tasks, significantly reducing manual efforts and inherent inefficiencies.

Unicorn-size market potential

Based on discussions with Depowise clients and prospects, we note that around a third of asset servicing and management companies in the UK and Ireland currently use multiple service providers to manage different parts of operations, around another third use in-house solutions, and nearly every organisation still heavily relies on Excel. The market size for automation in this sector is projected to grow to over €7bn by 2027, and with no complete, end-to-end competitors, Depowise aims to become the market leader within five years.

Our 2022 customer survey showed that Depowise increased efficiency for our customers by up to 82%. “You don’t have to spend your mornings searching for discrepancies because Depowise does the checks for you in the background,” Sven Peekmann, Co-Founder and Co-CEO of Depowise, explains the efficiency phenomenon. “Now, when nearly 90% of daily work is done automatically, Depowise allows you to focus on the issues with the most significant business impact.”

Siemens Premium Multi Door design refrigerators impress with the most powerful ice maker on the European market

Refreshment at the highest level – the new Premium Multi Door refrigerators with Quick ice system deliver up to 5 kg of ice per day. With innovative solutions and an expressive design and refined details, the Multi Door refrigerators make a real statement in any sophisticated kitchen.

Whether it’s a festive occasion or just a warm day, ice-cold drinks are an absolute must. With the integrated Quick ice system, the new Multi Door refrigerators from Siemens supplies crushed ice, ice cubes and chilled, filtered water at the touch of a button. The Quick ice system guarantees an impressive output of up to 5kg of ice per day, enough for up to 30 glasses (220 ml), making it the most powerful on the European market.

Aesthetics and innovation combined

Choosing a freestanding Multi Door refrigerator from Siemens is not only an investment in quality, but also a clear statement of exquisite design: “At Siemens, we strongly believe that design offers a lot more than aesthetics. It encompasses enhancing the way we live. Our commitment lies in crafting appliances that captivate visually but also offer practicality and user-friendliness. The decision to buy a free-standing refrigerator affects the entire kitchen. Design plays a key role in creating an atmosphere of sophistication and modernity where form and function merge” says Sonja Schiefer, Head of Global Design for the Siemens Home Appliances brand.

Flexibility and adaptation to personal needs

Value category Premium | iQ700  
Colour   Black Steel  
Special Features ●    fixed water connection

●    illuminated rear panel

●    water filter

 

  
Highlights ●    integrated water and ice dispenser

●    Quick ice system for up to 5kg ice/24 hours

●    individual water fill volume memory via Home Connect

●    flexible storage options for groceries thanks to individually adjustable ladder system with 4 glass shelves

●    additional Multipurpose shelf

●    HyperFresh drawers <0⁰>:

fresh food compartment for fruit/vegetables – 27.8 ltrs

fresh food compartment for meat/fish – 31 ltrs

●    total capacity: 574 ltrs

refrigeration compartment 375 ltrs

freezer compartment 199 ltrs

●    all drawers are accessible when the door is opened 90°
Connectivity ●    temperature and door alarm

●    variable usage modes (Vacation, Eco, Fresh, Sabbath)

●    child safety lock

●    filter change warning signal (only for models with fixed water connection)

●    tank empty warning signal (only for models with water tank)

●    sleep mode
Design ●    side LED light strips in the refrigerator compartment

●    freezerLight (underside of door front)

●    antiFingerprint surfaces

●    metal applications

●    characteristic French doors

The interior also reveals the practical side of the design: innovative solutions allow the storage space to be adapted to personal requirements in terms of volume utilization and storage. Both the individually adjustable ladder system and the Multi-purpose shelf enable highly flexible use. The refrigerators offer a total capacity of 574 litres[1].

Further customizable usage options are available via the Home Connect app and various modes, such as eco or vacation mode, can be freely selected according to individual requirements.

Labour Market Pulse reveals generative AI will be a catalyst for enhancing workforce productivity & Ireland’s competitiveness

IDA Ireland, in collaboration with Microsoft and LinkedIn, has today published the latest in its Labour Market Pulse report series which provides insights and trends from the Irish labour market to help inform decision-makers across business, academia and public policy.

The latest edition of the Labour Market Pulse entitled Unlocking the Future: Ireland’s Prosperity with Generative AI, is focused on how generative AI can unlock the potential of Ireland’s workforce and the AI skills that will be central to enhancing the global competitiveness of Irish businesses.

Generative AI Enabled Workforce

According to the Labour Market Pulse, generative AI is set to be a catalyst for enhancing workforce productivity and reinventing work.

Based on data from over two million LinkedIn members in Ireland, the Labour Market Pulse indicates that it is older workers who have the most to gain from generative AI tools. 60% of Gen X (1965-1980) in Ireland have occupations where generative AI can complement or transform the work they do, freeing up their time for more value-added and creative work.

Millennials (1981-1996) were also identified as having a significant opportunity to leverage generative AI, with 56% in jobs where generative AI can complement or transform their role. For Gen Z (1997-2012), this number drops to 52%, with the remaining 48% currently working in roles whose core skills are less able to leverage generative AI.

Sectoral Impact of Generative AI

According to data from LinkedIn, Technology, Information and Media is the sector with the greatest potential to harness generative AI tools and technologies. More than 2 in 3 (72%) of occupations in the sector can use generative AI to transform key responsibilities.

This is followed closely by the Financial Services sector in which generative AI can transform 70% of roles in the sector, and the Professional Services sector, with more than half (63%) of job roles ready to be transformed by the technology.

Skills Vital to Ireland’s Competitiveness

Ireland is in a strong position to maximise the potential benefits of generative AI by accelerating the shift to a skills-based labour market. According to a recent joint study by Trinity College Dublin and Microsoft Ireland, 49% of organisations in Ireland are already using generative AI in some form, and Ireland has a strong skills foundation with  the highest level of third level attainment and highest level of STEM graduates per capita in the EU[1].

Data skills, digital problem solving, and digital communication and collaboration were identified by LinkedIn as some of the core AI skills required by workers across all industries and functions. As generative AI tools are adopted by industry, skillsets required will continue to change.

Upskilling and reskilling among the current and future workforce will be vital to harnessing the opportunities presented by generative AI and to maintaining Ireland’s competitiveness in the era of AI.

Developing these skills in the workforce will enable businesses in Ireland to apply generative AI to generate new levels of insight, drive efficiencies, increase productivity and improve how people experience work.

Minister of State for Trade Promotion, Digital and Company Regulation Dara Calleary TD commented: “AI skills are vital for maintaining and enhancing Ireland’s competitiveness globally. As AI continues to transform the nature of work and revolutionise every sector of our economy, businesses will increasingly rely upon those with the skillsets to harness the potential of generative AI.

“I welcome this latest Labour Market Pulse published by IDA Ireland, Microsoft and LinkedIn, which spotlights the huge opportunities for both workers and businesses who develop and invest in AI upskilling and reskilling. By taking a collaborative approach across Government and industry in preparing our workforce for the AI transformation, we can ensure our businesses have the skills they need for the future and, in turn, better support our companies to innovate and compete at a global level.”

Commenting on the Labour Market Pulse, Michael Lohan, CEO of IDA Ireland said: “An AI-enabled workforce is now critical to transforming our enterprise base and supporting future investment to Ireland. The latest Labour Market Pulse, delivered in partnership with Microsoft and LinkedIn, provides important insights into Ireland’s readiness to embrace the transformative and ground-breaking power of generative AI.

“With AI set to transform a wide range of industries and occupations, leaders will need to be proactive in upskilling their workforce to develop the AI skills and knowledge necessary to leverage the technology. By continuing to invest in upskilling opportunities, we can unlock the true potential of Ireland’s workforce and ensure we remain a highly attractive location to do business well into the future.”

Commenting on the Labour Market Pulse, James O’Connor, Microsoft Ireland Site Lead and Vice President of Microsoft Global Operations Service Center, said, “Generative AI is a transformative technology that has significant potential to empower our workforce, enhance productivity and unlock exciting new business opportunities. Findings from the latest Labour Market Pulse point towards the need for Ireland to move to a skills-based labour market.

“As generative AI becomes more prolific in the workplace, it is crucial that industry continues to collaborate with Government and academia to empower the current and future generations with the AI skills and knowledge to take full advantage of the technology. At Microsoft, we’re playing our part to help skill up Ireland for the era of AI by rolling out a national AI skilling programme that aims to provide everyone across Ireland with the opportunity to develop the necessary skills. We believe that by taking an all-of-society approach to digital skilling, we can ensure that everyone can fully harness the AI opportunity and advance our digital economy.”

Head of LinkedIn Ireland Sue Duke added: “The skills that professionals need to thrive in an AI-powered world of work are dramatically changing. We expect to see a 73% change in skills needed in the Irish workforce by 2030, up from a 54% change expected before the rise of generative AI. By policy makers, companies and professionals focusing now on building the right skills in the workforce to adopt and complement generative AI, we have the opportunity to be at the forefront of this transformation and maximise its potential for Ireland’s economy.”

For more information, access the full report here: https://www.idaireland.com/latest-news/publications/labour-market-pulse-edition-10.

 

[1]  Education attainment – Population with tertiary education – OECD Data

Useful Information You Should Know About Co-Branding

Strategic collaborations can often be a game-changer. Co-branding is one such powerful strategy that businesses employ to amplify their impact in the market. Whether you’re a business owner looking to expand your reach or a consumer curious about the alliances behind your favorite products, here’s some crucial information about co-branding, shedding light on its benefits, potential pitfalls, and essential considerations. 

What is Co-Branding?

At its core, co-branding is a marketing strategy where two distinct brands collaborate, leveraging each other’s strengths to create a mutually beneficial partnership. This can manifest in various forms – going over examples of co-branding opportunities can help you discover anything from joint product launches to shared marketing campaigns. The fundamental goal is to tap into each brand’s existing customer base and, in turn, enhance the overall value proposition. It’s a strategic dance where two brands unite, aiming for a harmonious synergy that results in a win-win for both parties involved.

The Power of Shared Values

For a co-branding venture to truly resonate, shared values are paramount. Aligning on core principles and objectives creates an authentic connection that consumers can identify with. This connection goes beyond the tangible product – it’s about telling a compelling story that resonates with your audience. When choosing a co-branding partner, consider whether your values complement each other and if the collaboration strengthens the narrative you want to convey to your customers.

Potential Pitfalls to Watch Out For

While co-branding can be a catalyst for success, navigating potential pitfalls is crucial. One common challenge is the risk of diluting brand identity. If not executed thoughtfully, the partnership may confuse consumers rather than strengthen brand perception. Additionally, issues may arise if there’s an imbalance in the contribution each brand brings to the table. Clear communication, meticulous planning, and a comprehensive understanding of each other’s brand ethos are essential to mitigating these risks and ensuring a fruitful collaboration.

Extending Reach and Market Impact

One of the most significant advantages of co-branding is the potential to reach new audiences. By tapping into each other’s customer bases, brands can exponentially expand their market reach. This collaborative approach not only introduces products to a broader demographic but also enhances brand visibility. The ripple effect of a successful co-branding initiative can lead to increased sales, heightened brand awareness, and an elevated market position.

Elevated Credibility and Trust

Collaborative efforts often instill a sense of credibility and trust among consumers. When two reputable brands join forces, it signals to the market that both parties vouch for the quality and value of the products or services involved. 

Sustained Market Presence

Successful co-branding initiatives have the power to establish a sustained market presence. As the collaborative products or services gain traction, the impact extends into the long term, solidifying the market position of both brands. This enduring effect is a testament to the strategic value of co-branding as a dynamic and forward-thinking marketing approach.

Selecting the Right Partner

The success of a co-branding venture often hinges on selecting the right partner. When considering potential collaborators, evaluate their market standing, reputation, and how well their audience aligns with yours. It’s not just about finding a brand with a large following – it’s about finding synergy in your target demographics. 

Conduct thorough research to ensure that the partnership not only expands your reach but resonates authentically with the shared audience. A thoughtful selection process lays the foundation for a robust and enduring co-branding alliance.

Legal and Contractual Considerations

Before embarking on a co-branding journey, it’s essential to delve into the legal and contractual aspects of the collaboration. Clear agreements outlining each party’s responsibilities, the duration of the partnership, and how profits will be shared are imperative. 

Addressing potential conflicts upfront and having a comprehensive understanding of intellectual property rights can prevent legal entanglements down the road. Legal diligence ensures that both brands are protected and that the collaboration remains a positive and fruitful endeavor.

Adapting to Market Dynamics

Markets are dynamic, and consumer preferences can evolve rapidly. Co-branding initiatives need to be adaptable to these changes. Regularly assess the market landscape and consumer trends to ensure that your collaborative efforts stay relevant. Flexibility is key, and a willingness to evolve the partnership based on market dynamics can be the difference between a fleeting success and a sustained, impactful collaboration. Stay attuned to shifts in consumer behavior, emerging technologies, and market demands to keep your co-branding strategy ahead of the curve.

Armed with an understanding of the collaborative landscape, the importance of shared values, potential pitfalls, and the intricacies of selecting the right partner, you’re well-equipped to navigate this dynamic marketing strategy. 

As you venture into co-branding, remember that success lies in the details – from shared values shaping your narrative to legal safeguards ensuring a smooth collaboration. Co-branding, when approached strategically and with diligence, has the potential to be a transformative force, propelling your brand into new dimensions of success.