Why Irish firms should dream big in key North American markets

THERE’S an old gambling adage that summarises how best to approach the North American market: if you bet small and win, you’ve lost. It’s the favourite aphorism often attributed to the owner of the Miami Dolphins and real estate giant, Stephen M Ross, which encapsulates his philosophy toward risk and reward, and realising vision.

He doesn’t bet small. The same can be said for Irish firms entering or scaling their existing presence in the North American markets of the US, Canada and Mexico.

Earlier this week, Irish businesses were urged not to sell themselves short when venturing into those markets at Enterprise Ireland’s Ambition: North America event in Dublin.

The scale of the export opportunities that the US and Canada alone provide should be incentive enough.

Despite the rise of China, the US remains an economic behemoth, currently enjoying a decade of unbroken growth — with last year’s rate nudging 4.95pc — and a GDP of $20.49trn (€18.38trn).

It is the world’s largest economy, with its service sector accounting for 80pc of GDP, and is the world’s second-largest manufacturer after China.

American imports rose from $2.9trn in 2017 to $3.1trn last year, with Enterprise Ireland client companies exporting $3.7bn in 2018.

Canada is no slouch either. Its healthy economy is the world’s 10th largest. Its CAD$2trn (€1.37trn) economy is expected to expand by the end of this year by 2pc.

EI companies exported just under €350m of goods and services last year, a 4pc increase on 2017.

With few language barriers and longstanding cultural links, Irish companies looking to set up or expand their operations in either country will be well-served — and the US is notable in granting Irish businesses face time.

Long-standing links in the US provide key networks for market entry and expansion, and it is of little surprise that Irish firms have a strong reputation — some 800 Irish headquartered firms employ around 100,000 people in the US. The roots run deep.

But one order or one North American client does not an export market make.

Irish firms should have scaling in mind from day one as part of their market entry plan, if they are to make the most of the opportunity afforded by these economies.

As Irish tech entrepreneur Aidan Kehoe, chief executive of Skout Cybersecurity, told delegates: “If you want to make more money, if you want to grow your company, you have to get used to winning.”

There is no reason why Irish companies cannot compete, as evidenced by the likes of Skout, and win.

Or amass 250,000 US customers, such as Irish firm Netwatch.

Irish companies have world-beating tech and world-beating innovation. Getting it to a market that will embrace it should be a top priority.

And in almost every sector, from AI, machine learning, fintech, medtech, agritech, pharma, life sciences and beyond, the US leads, and thrives, on innovation.

More patents are filed in the US than any other country; in fact, it files three times as many as its nearest competitor, Japan.

It is why if you have an innovative solution, be prepared for the US to, at the very least, give you face time.

And it is why Enterprise Ireland vests so much time and energy in our North American network of offices and advisers, to help Irish firms enter or expand into the markets.

This week, we announced the opening of our new office in Montreal to join the stable of those in New York, Austin, Boston, San Francisco, Chicago, Seattle and Toronto.

As the song goes, if you can make it there, you can make it anywhere. And not just in New York.