This is how Foreign Exchange works [Video]

Currency fluctuations can be good news or bad news for Irish businesses. These short videos explain what you need to know, especially in light of Brexit. Currency moves are not predictable so it’s important to plan ahead.  
 

Related Resource

Here’s a template to help you prepare for market changes in uncertain times and you can download this brief guide to creating an FX policy.

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Don’t sit back – prepare for Brexit

In this period of uncertainty, it is tempting to adopt a “wait and see” approach to Brexit. However, now is not the time to sit back. 
If your business is importing from, or exporting to the UK, you must consider the implications Brexit will have on your business, particularly when it comes to fluctuations between the Euro and the Pound.
Have you started planning? What’s your exposure? What level of currency risk can your business tolerate? Have you considered dual invoicing? What about ‘Forward Contracts’, are these the solution? Do you have a foreign currency account and should you have one? Have you spoken to someone who can advise you?
A six-step guide
Download this six-step Brexit guide that explains how your business can reduce currency risk as the repercussions around Brexit continue.
A good example of how currency risk can impact a business:
1. You are a manufacturer selling goods to the UK. The currency exchange rate is €1 =£0.90 (one Euro will purchase 90 pence Sterling.).
2. You purchase £10,000 worth of raw material from the UK at this exchange rate, so will have to pay €11,111.11 for the materials.
3. You sell the finished goods in the UK for €20,000, receiving payment in Euro.
4. Your profit in euro is €8,888.11. In Sterling your profit is €8,888.11 * (0.90) = £7,999.30.
If the Euro falls in value against sterling by 15%, which means that a Euro is now worth only £0.7650, what is the impact on your business profitability?

1. Your costs increase to €13,071.90 in Euro terms (i.e., £10,000/£0.7650) from €11,111.11, an increase of €1,960.79.
2. Your Euro profit falls from €8,888.11 to €6,928.01 a reduction of around 22%.
As you can see, any fluctuations in currency can have serious consequences for your bottom line. 

Related Resource

For a comprehensive list of resources and Brexit advice, visit the Brexit

This post was originally published here - https://www.thinkbusiness.ie/articles/a-six-step-guide-to-brexit-and-currency-risk/ on
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Three straight-A students build an Edtech business

ExamLearn, which was founded by three secondary school friends, is a fascinating new Irish Edtech startup. Here, one of the founders – Jack Manning – talks about building a business based on a big gap in the market. 

How and why did you start? 
ExamLearn was initially called JC-Learn. Me and two friends, Johnnie Bell and Eamonn Flannery, set it up shortly after getting our Junior Cert results (where we achieved a combined 30 As). We felt there was a lack of technology around the school study process. We also wanted to combat the need for expensive grinds and revision books so that anyone in Ireland could achieve a high grade, regardless of how much money they had to spend on education. We set about outlining all the most important features of an effective study plan: subject notes, A-grade past exam answers and expert study advice.
“Many older Edtech companies are behind the times when it comes to content and user experience”
How long did you spend on your business plan before your launch?
We initially didn’t spend any time on a business plan as we just got straight to work. We were completely inexperienced when it came to planning a  business model. However, after working on ExamLearn for a few weeks we became aware of the Student Enterprise Awards run by the Local Enterprise Offices. When we entered, we had to form a business plan and were given guidelines and workshops on how to do so. This provided some direction for our fledgeling business and allowed us to think about the more long-term business goals.
“We know exactly what students want because we are students ourselves.”
What is Examlearn’s USP?
The Irish ed-tech market is quite open. This has allowed a young startup like us to grasp a serious chunk of the market. Many older Edtech companies are behind the times

This post was originally published here - https://www.thinkbusiness.ie/articles/examlearn-edtech-startup-ireland/ on
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Do you have a great Fintech idea?

If you have an idea for a Fintech startup, wouldn’t it be great if you could test it and validate it before you start building it? Now you can.
If you have a very early-stage digital business idea with a financial services focus, and you want to validate it, then you are in luck.
NDRC, in partnership with Bank of Ireland, is looking for people with very early-stage digital business ideas with a financial services focus to join a new, part-time Fintech programme.
The closing date for applications is October 19.
What kind of ideas is the NDRC looking for?
NDRC is looking for people and teams who have a business idea in the following areas:
• Banking
• Fintech
• Enterprise solutions
• Funds administration
• Insurtech
• Payments
• Regtech
• Cybersecurity
• New solutions that use technologies such as Blockchain, IoT, AI and data intelligence.
The ideas with the most potential will be considered for investment by NDRC after the programme is completed.

Who can apply?
The idea owners who are looking to check the validity and strength of their idea. You can apply here.
Who else can apply? People who have specialist skills – creatives, customer experience experts, and business professionals – who would like to volunteer their time to help get a new Fintech venture off the ground.
What will I achieve if I take part?
Firstly, you will get to hone and test your idea in an intense pre-accelerator programme. You will also get to meet and learn from a host of mentors who have created and launched successful startups. And, you will get access to tools and expertise in areas such as technology, business development, design, and commercialisation.
Become a ‘pitch master’ 
Importantly, you will create a stronger and more refined pitch to help you land future investment. This pre-accelerator can also act as a stepping-stone to other NDRC investment programmes.
So, what are you

This post was originally published here - https://www.thinkbusiness.ie/articles/ndrc-bank-of-ireland-fintech-startups/ on thinkbusiness

Starting a beauty therapy business in Ireland

April Kavanagh is the founder of NurseCare, a business that marries two of her passions – nursing and beauty therapy. This is how she started and grew her business. 

In the beginning
When I was filling out my CAO form, I told my mother I wanted to be a beauty therapist, and she convinced me to be a nurse. So, after my four-year degree, four years as a scrub nurse in theatre and, two years doing a HDip in Midwifery, I found a way of marrying my love of beauty and aesthetics and nursing.
I got a job working in The Ailesbury Clinic under Dr Patrick Treacy. This was the beginning. I knew I could offer more of myself if I were out on my own. I knew I had an aesthetic eye and I have an excellent bedside manner. After my wedding, I bit the bullet and put every penny of our wedding present into funding my venture.
“After my wedding, I bit the bullet and put every penny of our wedding present into funding my venture.”
The trials of business planning
My business plan was a giant convoluted mess in which I spent about a month banging my head against a wall. It was full of self-doubt and fear of failure. There was one reason for this; I am a nurse. I had no business background except for an eight-week accounting module in the fourth year in school. I then met with a very sound minded businesswoman in Partas in Tallaght, and she advised me to pare it right back and look at the essentials and what market I was to target.
My USP
I am my USP. That is not meant to sound conceited, but when I am in a room with a client, nothing else matters but my client. I genuinely care about the

This post was originally published here - https://www.thinkbusiness.ie/articles/april-kavanagh-nursecare/ on
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Starting a beauty therapy business in Ireland

April Kerr is the founder of NurseCare, a business that marries two of her passions – nursing and beauty therapy. This is how she started and grew her business. 

In the beginning
When I was filling out my CAO form, I told my mother I wanted to be a beauty therapist, and she convinced me to be a nurse. So, after my four-year degree, four years as a scrub nurse in theatre and, two years doing a HDip in Midwifery, I found a way of marrying my love of beauty and aesthetics and nursing.
I got a job working in The Ailesbury Clinic under Dr Patrick Treacy. This was the beginning. I knew I could offer more of myself if I were out on my own. I knew I had an aesthetic eye and I have an excellent bedside manner. After my wedding, I bit the bullet and put every penny of our wedding present into funding my venture.
“After my wedding, I bit the bullet and put every penny of our wedding present into funding my venture.”
The trials of business planning
My business plan was a giant convoluted mess in which I spent about a month banging my head against a wall. It was full of self-doubt and fear of failure. There was one reason for this; I am a nurse. I had no business background except for an eight-week accounting module in the fourth year in school. I then met with a very sound minded businesswoman in Partas in Tallaght, and she advised me to pare it right back and look at the essentials and what market I was to target.
My USP
I am my USP. That is not meant to sound conceited, but when I am in a room with a client, nothing else matters but my client. I genuinely care about the

This post was originally published here - https://www.thinkbusiness.ie/articles/april-kerr-nursecare/ on
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‘I would like to see more positivity towards entrepreneurs’

Cronan McNamara is the founder of Creme Global, an Irish firm with most of the biggest food companies in the world as clients. Here he talks about running a global business from Ireland and what more can be done to encourage entrepreneurship.
It’s nearly 20 years ago when I started working within the food safety sector. It’s funny while taking physics in college if someone had forecast the industry that I would be working in – I probably never would have believed it. However, the food sector is an exciting area; lots of data; lots of interesting work from agriculture to the finished product; issues ranging from shelf life; to food safety; to working on areas like the microbiome and DNA sequencing.
I always had an interest in maths, science and building things and so studied physics, because of the mathematical element and the real world nature of it. I also started to enjoy the computing side and followed with an MSc in Computing. After college, I began working in financial risk analysis, writing financial-risk software for derivative options pricing.
“Cash is king. We avoided investors, which I would recommend if you can.”
Later, I met my former professor, who at the time was working on a food-risk analysis project, linked with the Trinity Innovation Centre, which involved working with multiple partners across Europe. I then decided to go back and work on the technology, developing the next generation food-risk analysis system for Europe. It was delivered using web-based software, which was quite innovative at the time. This work became the genesis of Creme Global, which then subsequently evolved as a Trinity spin-out.
“Build your product as lean as possible, get something out onto the market, iterate and build on that.”
What was your first major project?
From a consumer and nutritional perspective, we were involved in an IBEC

This post was originally published here - https://www.thinkbusiness.ie/articles/cronan-mcnamara-predict-conference-and-creme-global/ on
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100 tools to help startups survive and grow

Startups fail, but they don’t have to. Here’s how to give yourself the best chance of survival.
It’s time to change the narrative around startups and failure. 60% of Irish startups will make it in business for five years or more. Those who make it are the ones capable of creating solutions to problems. 
There are over 100 links in this article to help entrepreneurs create solutions for every step of their business journey. Whether early stage or an established brand, the list provided might be the difference between long-term success and failure. The emphasis is on Irish startups, but the list will be relevant for most countries. 
Fail, fail, fail again … blah, blah, blah …
Every blog I read on startups seems to allude to failure. Why do we always need to use the word fail? Sure, less than 30% of startups survive past the 10-year point. Agreed. But why must we always have to talk so negatively about the industry and create a stigma around it?
Startups create jobs and jobs foster communities
We should encourage our population to get involved in creating a business.
What if I told you that if you started a company today, you’d more than likely be still up and running for the following five years, what would you say to that?
“We need to promote the high survival rate and stop striking a fear of failure into aspiring entrepreneurs.”
60% of the time
I was once invited by the Irish Government to take part in a review of entrepreneurship policy. In reading the documents presented, I saw the figure for new startups annually – some 12,000. However, it was the next number that took me by surprise – 7,200. This figure represents the average survival rate for the first five years for Irish startup.
7,200. That’s an impressive 60% of the total number. Everyone seems so

This post was originally published here - https://www.thinkbusiness.ie/articles/100-tools-to-help-startups-survive-and-grow/ on thinkbusiness

16-year-old inventor wins major award at the Ploughing

Tractor Safe Lock, a device that automatically engages the handbrake in a tractor when the driver leaves the seat, has won the Innovation Arena’s People’s Choice Award at the National Ploughing Championships.
The Kerry-based company, founded by student Jack Nagle (16), was one of 69 companies exhibiting at the 2017 Innovation Arena.
The Tractor Safe Lock, invented by Nagle, is activated – once the driver takes the machine out of gear – through a pressure switch on the seat, pushing up the handbrake of the tractor to stop the vehicle from rolling.
“Jack Nagle and Tractor Safe Lock, represents one of the youngest winners of the Innovation Arena to date and he shows how Irish innovation is contributing to making farming safer.”
“The level of interest in the Innovation Arena People’s Choice Awards this year – from client companies, exhibitors, and the public, in general, has been huge. Jack Nagle and Tractor Safe Lock, represents one of the youngest winners of the Innovation Arena to date and he shows how Irish innovation is contributing to making farming safer. We wish Jack all the best in his business and Enterprise Ireland looks forward to working with him in the future,” says James Maloney, senior regional development executive, Enterprise Ireland.
“We look forward to seeing the new designs and innovations in agri-tech coming through in the next year, and we wish Jack and Tractor Safe Lock the very best for the future,” says Anna May McHugh, managing director, National Ploughing Association. 
The People’s Choice Award is voted for by the general public. The number of votes received was 3,000 with Tractor Safe Lock receiving over two-thirds (67 percent) of the overall vote.
The Award is in association with Enterprise Ireland, the National Ploughing Association, and the Irish Farmers Journal.

This post was originally published here - https://www.thinkbusiness.ie/articles/jack-nagle-tractor-safe-lock/ on thinkbusiness

Brewing beer on a hilltop in Clare

Maeve Sheridan of Western Herd talks about brewing beer on a hilltop in Clare, the inspirational Irish food and drink scene and how mistakes make you stronger. Maeve will be the fireside chat guest at Founder Friday Clare in Ennis on Friday, September 22. It’s free to attend but you need to register here.
This is how we started
I was working in Luxembourg for a large American bank in risk and compliance. I lived there for nearly seven years, and with Germany and Belgium twenty minutes away in different directions, I was surrounded by great beer and loved trying new styles and regional varieties.  
Over a few beers at Christmas, my brother Michael suggested converting a haybarn on our family farm into a brewery. Michael, a civil engineer by trade, was managing a busy bar in Dublin after being made redundant from his engineering job during the recession and he could see how craft beers were growing in popularity.   
“There is something unique about brewing beer on a hilltop farm on the West coast of Ireland using fresh farm spring water.”
Our USP?
We noticed that there was no one in Clare brewing beer. Nearly every other county had a brewery in 2014, and with Clare’s growing reputation as a foodie destination and with over a million visitors to the county annually, there was a need for a locally produced beer.  
As well as being the only commercial brewer in Clare, there is something unique about brewing beer on a hilltop farm on the West coast of Ireland using fresh farm spring water as our main ingredient.
“We plan to open a visitor centre and tasting room so we can start running brewery tours and sell directly to the public from the farm.”
Funding the business and our growth plans
After seven years in Luxembourg, we

This post was originally published here - https://www.thinkbusiness.ie/articles/maeve-sheridan-western-herd-beer/ on
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