Matching Growing SMEs with Global Opportunities
Varying in size, scope and agility, the gulf between scaling SMEs and multinational giants can seem vast. However, a new programme from Furthr (formerly Dublin BIC) and Skillnet Ireland – The Innovation Exchange – is unearthing opportunity between the two
An Innovation Marketplace
Coined a ‘marketplace for innovation,’ the programme connects indigenous tech SMEs offering innovative solutions to large multinationals with problems to solve. Going beyond a marketplace, skills development is vital to the process. SMEs receive one-to-one mentoring on preparing proposals, pitching and negotiating terms, as well as a qualified sales pipeline, face time with prospective customers and pitch opportunities.
Highlighting the SME opportunity, Mark Jordan, Chief Strategy Officer, Skillnet Ireland, said: “I strongly encourage indigenous SMEs to consider the programme for a great opportunity to collaborate with leading multinationals. The potential benefits for scaling companies extend way beyond signing a contract. By building the right capabilities, firms can access a qualified sales pipeline and get face time with prospective customers.”
The benefits are also abundant for large multinationals facing digital transformation challenges they’re struggling to solve inhouse. Participating corporates can publish challenges to a bank of innovative, scaling SMEs who can offer fresh solutions.
Brian Leahy, Digital Incubation Hub Manager at Glanbia, a participating multinational, emphasised the potential benefits for large corporate partners. “The Innovation Exchange has been hugely positive for the company. It has given us exposure to lots of different companies who are innovating in lots of different ways that can help Glanbia accelerate at speed,” he said.
Surging Demand
Launched in February 2022, The Innovation Exchange has seen demand surge past expectations. To date, 22 large corporate partners have come on board, including Musgrave, Heineken, Ryanair, Glanbia, ESB and AXA, and it’s expected that 30 innovation challenges will be published for SMEs in 2022 alone. Interest from SMEs has also been robust, with over 200 SMEs joining the programme since its launch. The higher-than-expected appetite from MNCs has seen the programme secure additional funding, and The Innovation Exchange is calling on 100 further SMEs to join to meet the growing demand.
Conor Carmody, Programme Director, The Innovation Exchange, commented: “The Innovation Exchange has had a strong start and the calibre of both corporates and SMEs participating has been very high. We are delighted to open applications for new technology SMEs to join the programme. We’re not only looking for tried and tested digital transformation solutions, but also for the ability to collaborate with large businesses who want to put their stamp on the end solution.”
From Concept to Success
With the first anniversary of The Innovation Exchange’s launch still months away, evidence of the programme’s potential continues to mount. To date, over 20 SMEs have moved to deeper engagement with a large company, while one has signed a paid pilot. This involves Exertis, an IT services company of DCC, and The Éclair Group (now Digital Workforce), a technology scale-up focused on robotics process automation. Several other SMEs are in proof-of-concept discussions with a view to establishing longer-term collaborations.
With a target of working with 1,000 companies over the next four years, Carmody added: “If you’re a growing, solutions-focused SME, we would urge you to join The Innovation Exchange at a time when there are so many corporate challenges on the table.”
To join The Innovation Exchange, visit: https://theinnovationexchange.ie/register