Finance & Management
Finance & Management News

Finance & Management News

New Initiative to help Brexit-impacted companies develop new markets

On 29th March 2023 the Minister for Enterprise, Trade and Employment welcomed a new initiative from Enterprise Ireland that will help Irish companies impacted by Brexit to explore international growth opportunities in new markets outside the UK.

Under the new offer – called the ‘Post-Brexit Market Growth and Diversification Grant’ – eligible Enterprise Ireland and Bord Bia client companies can access a fast-track strategic market development programme that will assist them to develop a strategy to enter and grow new markets outside of the UK.

The new grant has been developed under the Brexit Adjustment Reserve funding, negotiated by Ireland with the EU Commission to support impacted industries post-Brexit.

To qualify companies will have to demonstrate that they have suffered a 5% reduction in UK sales in 2020, 2021 or 2022 compared to 2019 levels. The grant support will see companies receive up to 50 days of consultancy in developing a ‘go to market’ plan. The grant will be provided at a rate of 80% subject to a maximum grant of €36,000. To qualify, companies must complete a Brexit impact declaration form and submit their application by 31 May 2023. Claims must be submitted by 31 October 2023.

AI talent is on the rise – new skills required to meet the demands of digital transformation
On 4th April 2023 IDA Ireland, in partnership with Microsoft and LinkedIn, published its latest Labour Market Pulse, which provides an overview of current insights and trends across the Irish labour market to help inform decision makers across business, academia and public policy.

This edition of the Labour Market Pulse highlights the rising importance of Artificial Intelligence (AI) skills among today’s workforces and takes a closer look at the growth of AI in Ireland. AI, and the skills related to it, are central to empowering businesses to digitally transform their organisations.

The growth of AI is anticipated to positively impact jobs and skills across multiple sectors and many businesses are currently in the early stages of identifying their potential use of AI.

Demand for AI skills continues to outpace supply and skills availability has been deemed the most important obstacle to the adoption of AI for companies.

The World Economic Forum predicts that 97 million jobs involving AI will be created between 2022 and 2025 and overcoming current skills gaps will require targeted efforts.

The latest Labour Market Pulse also places a spotlight on gender diversity and AI teams.

LinkedIn data shows that 1.36% of women and 2.55% of men in Ireland were considered AI talent in 2022. Despite this gap, progress is being made, with the number of women considered AI talent growing faster year-on-year.

Between 2016-2022, there was a 40.5% increase in the number of women in AI compared to 34.7% in the number of men considered AI talent.

AI in Ireland

In 2022, LinkedIn members in Ireland working in the Education sector held the highest share of AI talent, at 6.36%, reflecting Ireland’s strong position as a hub for research and innovation. Globally, LinkedIn members employed in Technology, Information and Media possessed the largest share of AI talent.

Ireland is responding to the shortage of AI skills by focusing on upskilling and reskilling employees and introducing initiatives to build capacity in AI, including the appointment of an AI ambassador, the introduction of a National Masters in AI, and a digital strategy for schools.

There are more than 105 courses in AI and related areas available across Ireland, which, combined with the highly skilled workforce and culture of innovation, make Ireland well positioned to lead in the development and adoption of AI.